Unintended consequence of reviews

[timd354]

I bet it does confuse the general public, though, as well as RE agents and others. When they see an appraisal was reviewed, I doubt they conceive it as a low-paid non-appraiser hired ot check a list of rote error items

I doubt that most members of the general public think about it one way or another. The only thing that most borrwers care about is whether the loan they want gets approved.

 

[J Grant]

I doubt that most members of the general public think about it one wya or another. The only thing that most borrwers care about is whether the loan they want gets approved.

They may not think of it on a regular basis, but they have an assumption of the reliability of the system since the general public backs the mortgages in the event of a loss. The loss accrues to the general public, not just those who own homes or took out a mortgage.

The fact that borrowers only care about whether the loan gets approved is why the system needs a check and balance on that, since each loan represents hundreds of thousands of dollars, and a critical mass of bad loans or loans based on bad valuations can send the market into loss and chaos - as we have seen before.

 

[BRCJR]

They may not think of it on a regular basis, but they have an assumption of the reliability of the system since the general public backs the mortgages in the event of a loss. The loss accrues to the general public, not just those who own homes or took out a mortgage.

The fact that borrowers only care about whether the loan gets approved is why the system needs a check and balance on that, since each loan represents hundreds of thousands of dollars, and a critical mass of bad loans or loans based on bad valuations can send the market into loss and chaos - as we have seen before.

Very small percentage of the general public even knows what an appraisal is, much less the process of appraisal-to-appraisal review.

 

[timd354]

They may not think of it on a regular basis, but they have an assumption of the reliability of the system since the general public backs the mortgages in the event of a loss. The loss accrues to the general public, not just those who own homes or took out a mortgage.

The fact that borrowers only care about whether the loan gets approved is why the system needs a check and balance on that, since each loan represents hundreds of thousands of dollars, and a critical mass of bad loans or loans based on bad valuations can send the market into loss and chaos - as we have seen before.

Stop with the self-serving nosense already...the only thing you really care about is protecting appraisers' income.

 

[Sadie]

They may not think of it on a regular basis, but they have an assumption of the reliability of the system since the general public backs the mortgages in the event of a loss. The loss accrues to the general public, not just those who own homes or took out a mortgage.

The fact that borrowers only care about whether the loan gets approved is why the system needs a check and balance on that, since each loan represents hundreds of thousands of dollars, and a critical mass of bad loans or loans based on bad valuations can send the market into loss and chaos - as we have seen before.

Its weird that the Kelly Blue Book check is just an accepted part of getting a car loan, but an appraisal is a big scary thing. They serve the same purpose, but one seems to be vilified more than the other.

 

[DWiley]

Its weird that the Kelly Blue Book check is just an accepted part of getting a car loan, but an appraisal is a big scary thing. They serve the same purpose, but one seems to be vilified more than the other.

I think that is due in large part to the certainty factor. Go to three dealers and their KBB numbers will all be the same.

On the other hand, it is not unusual at all to see real estate appraisals on the same property that vary by a huge amount. Just look at some of the lawsuits that have hit the press over the past few years for examples.

 

[J Grant]

Stop with the self-serving nosense already...the only thing you really care about is protecting appraisers' income.

It is our opinion that all of it is self-serving nonsense -

All the profiteers care about is reducing the appraiser's income and diverting it to themselves.

At least appraisers are accountable for what we do and have and license ( and more training )

 

[alebrewer]

All the profiteers care about is reducing the appraiser's income and diverting it to themselves.

Proof please.

 

[djd09]

dont they have unlicensed appraisals reviewers in india or somewhere...can't be any worse then their unlicensed mortgage broker appraisers or the unlicensed home inspectors...cheap and fast

 

[sputnam]

I undersand USPAP appled to the conduct of appraisers, but it also contains diviions of what appasial practice is and is not and uses terminlogy that is associated with appraisal praice.

Which no one who isn't an appraiser is required to use.