Waivers 50%. Hybrids 30%.

[Surf Cat]

Yo ho, yo ho, a pirate’s life for me.
We pillage, we plunder, we rifle and loot.
Drink up me ‘earties, yo ho.
We kidnap and ravage and don’t give a hoot. Drink up me ‘earties, yo ho.

 

[djd09]

Wells Fargo Workers Went on Appraisal-Fraud Bender​

by Jeremy Bagott · Published October 11, 2022

Loan officers at Wells Fargo altered values in the bank’s database, so loans would qualify for so-called appraisal waivers…
It feels like Ground Hog Day all over again. Who can forget the Wells Fargo banker who, stressed from opening fraudulent accounts in the name of hapless depositors, had begun guzzling hand sanitizer? That was in 2016. New revelations from the nation’s second-largest mortgage lender will make the U.S. taxpayer want to take a good long pull on the nearest bottle of hand wash.

Dozens of loan officers at Wells Fargo altered values in the bank’s database, so loans would qualify for so-called appraisal waivers, according to recent reporting from Business Insider. In some cases, Wells Fargo employees slashed $1 million or more off home values, reported the publication. The mortgages, based on the chicanery, were then sold to Fannie Mae and Freddie Mac, both of which are in federal conservatorship.

Business Insider’s reporting indicates loan officers at the bank changed values, since waivers were available only to properties valued below $1 million. Reducing the value of a home in their system below that threshold triggered a waiver. In some high-cost areas where Wells Fargo does considerable business, like the San Francisco Bay Area, databased values – some questionable to begin with – may have been reduced from, say, $2 million to below $1 million.

The American Enterprise Institute warned of potential manipulation of appraisal waivers months earlier. Researchers Edward Pinto and Tobias Peter believed loan officers would rely on Zillow and Redfin and then play Freddie and Fannie against one another. This warning turned out to be prescient.

Wells Fargo Workers Went on Appraisal-Fraud Bender

Loan officers at Wells Fargo altered values in the bank’s database, so loans would qualify for so-called appraisal waivers... It feels like Ground Hog Day

appraisersblogs.com

i thought the avm kept the mortgage broker appraiser in check...eh, J ?

 

[DWiley]

It will end for most and it has begun. Go on to other forums and speak with some agents and lenders. The increase in the number of appraisals coming in low are being reported.

People often "report" things on the internet that are contrary to what is actually occurring.

 

[Non Sequitur]

People often "report" things on the internet that are contrary to what is actually occurring.

Don't be so hard on yourself. We're all just try to get to the truth.

 

[Zoe]

you only need a couple bloated sales to set new market highs...i think they call them outliers around here

Yes. Read the definition of market value carefully.

 

[Zoe]

People often "report" things on the internet that are contrary to what is actually occurring.

Can you elaborate? I am like blue tick hound on an escaped prisoner. LOL

 

[Justinjla]

Will someone answer this for me, please?

Now accounts for over 40% of all valuations.

Where did that number come from? Are they saying that in recent months, 40% were waivers?

Where are you getting it?

 

[NC Appraising]

Where are you getting it?

Prevalence of GSE Appraisal Waivers

The use of appraisal waivers at the GSEs has exploded in recent months and now accounts for over 40% of all valuations.

www.aei.org

 

[Justinjla]

Prevalence of GSE Appraisal Waivers

The use of appraisal waivers at the GSEs has exploded in recent months and now accounts for over 40% of all valuations.

www.aei.org

Where are you seeing 40%?

 

[NC Appraising]

12456