Treasury Department Recommendations

[Eli]

 

[Mr Rex]

That's the plan. Being offered by our governments myopic visionaries. As you point out in many links provided, the mortgage real estate industry is fast becoming a hot potato that everyone's passing around. In the end there will be so many fingers pointing in every which way direction it will be impossible to assign accountability and responsibility to any one entity.

Is the VA going to point the finger at FHA who will point a finger at Fannie and Freddie? Meanwhile, the likes of Corelogic et al and other re-engineering appraisal aka " modernization" advocates sit in the galleries laughing and frolicking.

When they stop receiving appraisal data they will be relying on their own dated data to keep the ship afloat.

Nah they will just use Zillow ,Trulia,or Corelogic aggregated data. I’m 100% sure Fannie is running their aggregated data against the former(s) to see if it’s close. Given 3% downpayments and 6% concessions appraisers are a non necessary regurgitator of already available data that they don’t really give a rats arse about anyway.

 

[Non Sequitur]

The ASA responds:

http://www.appraisers.org/docs/defa..._reponse-to-treasury-report_0818.pdf?sfvrsn=2

 

[Renee Healion]

What a clearly-expressed, cogent response--excellent!

 

[Tim The Enchanter]

The proposed changes are likely to have a negative effect
on prudent lending and sound valuation practices, as well as on the protection of homebuyers.

The gov't doesn't know the meaning of prudent anymore it seems.
.

 

[Evincere]

What a clearly-expressed, cogent response--excellent!

I have always held the ASA in high regard. Anything they write regarding responses to appraisal issues is always straight forward and presented with very dignified, Old Guard professionalism.

It’s interesting that Vcap did a survey regarding contract dates and when the appraisal order is placed. They are totally correct and I would dare say 9 days is a conservative number.

More surveys (or better documented data) are needed to refute claims that it is Appraisers causing the delays. I have seen contracts weeks and months growing ripe prior to the Lender actually placing an appraisal request.

None of the let’s blame the appraiser agendas can be refuted without evidence and Appraisers actually DO have the evidence in their files.

Other Coalitions should reach out and supplement and support the VCAP efforts

 

[TRESinc]

I have always held the ASA in high regard. Anything they write regarding responses to appraisal issues is always straight forward and presented with very dignified, Old Guard professionalism.

It’s interesting that Vcap did a survey regarding contract dates and when the appraisal order is placed. They are totally correct and I would dare say 9 days is a conservative number.

More surveys (or better documented data) are needed to refute claims that it is Appraisers causing the delays. I have seen contracts weeks and months growing ripe prior to the Lender actually placing an appraisal request.

None of the let’s blame the appraiser agendas can be refuted without evidence and Appraisers actually DO have the evidence in their files.

Other Coalitions should reach out and supplement and support the VCAP efforts

i just got one today. came over as a "super rush" with a contract date of 7/13/18...

 

[Non Sequitur]

It’s interesting that Vcap did a survey regarding contract dates and when the appraisal order is placed. They are totally correct and I would dare say 9 days is a conservative number.

More surveys (or better documented data) are needed to refute claims that it is Appraisers causing the delays. I have seen contracts weeks and months growing ripe prior to the Lender actually placing an appraisal request.

None of the let’s blame the appraiser agendas can be refuted without evidence and Appraisers actually DO have the evidence in their files.

Other Coalitions should reach out and supplement and support the VCAP efforts

The VaCAP survey isn't worth anything, here's the fatal flaw: They have no way to know when the borrower gave it to the lender, so the assumption is the contract is handed to the lender the day it's signed and the survey takes that date as the date the lender should order the appraisal. They didn't factor in that borrowers shop lenders, many times borrowers write contracts over holidays and weekends then give it to the lender days later, some contracts have clauses/contingencies that have to be fulfilled before the appraisal is ordered, and I know it's hard to believe but some borrowers are just plain slow and take days or weeks to move forward.

I'm not defending those who blame appraisers for delays, but the way the survey was conducted shows a lack of understanding of the process on the front end.

 

[gregb]

Have yet to see the study documenting the added speed benefit attributable to the AMC. With all those emails, pesty phone calls and website updates, one might wonder about a net loss in speed on top of quality to the lender and borrower.

 

[Randolph Kinney]

Nah they will just use Zillow ,Trulia,or Corelogic aggregated data. I’m 100% sure Fannie is running their aggregated data against the former(s) to see if it’s close. Given 3% downpayments and 6% concessions appraisers are a non necessary regurgitator of already available data that they don’t really give a rats arse about anyway.