USPAP class for the thirteenth time

[djd09]

What are you talking about? What "unlicensed mortgage broker appraisers"?

how do they determine the V in the LTV with an appraisal waiver? well duh

 

[George Hatch]

AVM. As they have already explained.

In any case, what "handcuffs" could possibly be removed from the appraisal standards which would enable you to compete-by-fee with a $20 AVM?

 

[djd09]

AVM. As they have already explained.

link? or just hear say

 

[djd09]

When a DU loan casefile receives a value acceptance offer and it is exercised by the lender, Fannie Mae accepts the value estimate submitted by the lender as the market value forthe subject property...

i dont see them using the avm...but keep trying

 

[George Hatch]

We've been through this and you just refuse to read for content. What exactly do you think the highlighted sentence means OTHER that their use of an AVM? What else would you call that process? They're running their database through their proprietary analytics (CU) to come to a determination of accept/reject the value. There is no mention of a blindly and unconditionally accepting a MBs opinion for anything.

Their process has never been the hypocritical flip-flop on MB-select that you have attempted to reference. It may be a hugely unwise decision to reduce their reliance on the conventional 1004s but their system obviously isn't blindly trusting on the unconditional basis any element of the loan package the MB submits - it's all subject to review and "verification" protocols in their system. However weak/strong those protocols are.

 

[djd09]

When a DU loan casefile receives a value acceptance offer and it is exercised by the lender, Fannie Mae accepts the value estimate submitted by the lender as the market value forthe subject property...

i dont see them using the avm...but keep trying

Fannie Mae accepts the value estimate submitted by the lender as the market value forthe subject property...

https://singlefamily.fanniemae.com/media/5916/display

i provide facts...other wallow in their feelings

 

[Fernando]

Yes

Yes, there's a rule or yes, I can take same USPAP class in same year?

 

[Mejappz]

I can't do it online anymore, I have to take in person just to catch up on gossip and ASA at least feeds you breakfast and lunch.

I considered taking the course live because I've heard some describe it as a political manifesto. However, after seeing who would be teaching it, I decided against it. I’m concerned that I might lose my temper during discussions.

 

[Terrel L. Shields]

IMO, "You have no right to criticize me because my client made me do it"

No one says the client makes them do it. They are cutting corners in order to keep from starving to death. If you are going to starve out and change careers, what is a sanction going to matter? The clients demand you do it cheap. So, you do it cheap by cheat or you decline and have no money. The clients are blaming the appraiser who is supposed to be their protector against over-valued property. And in a small bank where the loan officer could lose his job over a bad loan, they function that way. My clients do not dictate the fees to me. And they expect a good bullet tight report. But commission-based loan originators are off loading these loans to secondary market and have no skin in the game. Without SITG, they are free to browbeat the appraiser with impunity. Cheaper and faster and if an AVM will do, they will go for it.

So, the appraiser can seek sales that support the contract or Loan amount. Define the neighborhood accordingly. "Push" the condition and quality ranges...whatever it takes to make the client happy. Forget deep research in the sale - depend upon all your numbers from the MLS no matter how flawed or suspect. Don't waste time contacting the agent or buyer/seller. Just get 'er done. And for many appraisers that works out just fine because everyone is happy. It is only when you come in low that you face the music, get complaints and lose clients, worse get to face the board.

So, all these racial bias claims. How many involved an appraiser over-appraising the property? Not one single one. Would these cases be filed if it was over-appraised. Over-appraisal is only a problem, mostly in divorce, in court. And clearly a high percent of complaints is over divorce appraisals. Our director noted that several years ago. There "over-appraisal" is a problem. In secondary market lending, it almost never is.

 

[George Hatch]

Fannie Mae accepts the value estimate submitted by the lender as the market value forthe subject property...

https://singlefamily.fanniemae.com/media/5916/display

i provide facts...other wallow in their feelings

Here's the entire sentence that you so creatively edited:

​

When a DU loan casefile receives a value acceptance offer and it is exercised by the lender, Fannie Mae accepts thevalue estimate submitted by the lender as the market value forthe subject property and provides relief from enforcementof representations and warranties on the value, condition, and marketability of the property

You can see the graphic and their explanation for how they make the decision, right above the additional explanation in the entire sentence from which you clipped that fragment. DU issues the acceptance AFTER their analysis of the entire package, not in lieu of any analysis. The talking point you've been trying to use is simply untrue, and is directly contradicted by their own explanations. Not to mention contradicted by all common sense.

Answer the question: if "using Fannie Mae's database of 61 millions appraisals in conjunction with proprietary analytics from CU" doesn't describe the use of an AVM then what other thing does it describe? Why reference either the database or the analytics in a comment about DUs acceptance process if they aren't using them?

How do you think those Wells LOs got caught trying to sneak those properties into the waiver program despite their actual value exceeding the dollar limitations in the program? Because their estimates were so far out of line with what Fannie already thought those values were via their CU process.