Waivers, huh?

[George Hatch]

so what i they are not using waviers on all 0-80 % loans - they are using them for a lot.

You completely misunderstood me regarding LTV loans. It has nothing to do with comp choices - it is such an inane point I can't even respond to it.

I am not blaming AMC;s for taking the hybrid work out of the hands of the appraisers - Get a grip ! I am laying the accountability on Fannie and Freddie who deemed only an approved list of AMC's can do hybrids ( a lender cannot order one directly from an appriser ) , and the same wrt the PDC collection for a waiver - an approved list of AM's do them-talk about an entitlement -the

You work for direct engagement lenders, most likely as part of an approval panel. All my clients operate off of such lists. That's their prerogative. So yeah, it's entirely appropriate for you to attribute to the GSEs the accountability for the decisions and choices they make WRT who they will and won't accept hybrids and PDCs from. That's my way of saying I completely agree with you on that point.

You may recall back when we were discussing hybrids a lot of AF members declared they would never do one. At that time I repeatedly mentioned that those decisions were 100% their prerogative, but it wouldn't inhibit the lenders' ability to get those assignments done. My reasoning at the time was that they don't need all or even most of the appraisers to participate. They only need a relative few appraisers to satisfy that demand. And there will always be some appraisers who will choose to do those if that's their only alternative. Heck if UCBruin were to retire to Brazil and do 3 or 4 desktops a week he could live large on a part time gig like that.

 

[djd09]

.
it is a good thing they cut the scum bag mortgage broker out of the loop...what a dum dum

can't have it both ways...flip flop fish

 

[George Hatch]

What a lender seeks - what a lender seeks-
IT IS NOT THE LENDERS' MONEY AT STAKE IT- since they usually do not lend their own funds on these mortgages - therefore the minimum of what the lenders seeks should not be the only decider and in fact was not the only decider until recently-
The users of the appraisal - the investors who buy the loan are usually not the lenders who order the loan and investors IMO should get a hgher standard then the profiteers do - the taxpayers back all of it for the lower interest rates and prefer terms of res mortgage so the public trust is a thing and the public trust is not always what the lender seeks to make a quick profit and on to the next loan

Apparently those investors - and the govt - disagree with what appraisers think they need. That's unfortunate.

Here's a hypothetical for you to answer:

If the market correction which follows the current upleg of this RE cycle DOESN'T reveal a significant number of grossly overvalued-at-the-time appraisals, then what? If the numbers don't support the talking point that the lenders' usage of the AMC scheme and sloppy/lazy AMC appraisers and of other alternative modes of valuation isn't the cause of the pain at the investors or the taxpayers then what's your next move? Because such a fact pattern - if that's what emerges - guts the "it's a THREAT.....to the ECONOMY !!" accusations that some appraisers have been making.

And while we're at it, such a hypothetical outcome would also completely justify the move to reduce or eliminate the level of control the outside loan originators had over those appraisals.

IMO, if significant losses in the coming downleg aren't attributable to gross overvaluations then there is no chance the AMC conduct or bundled fees will be prohibited by the govt in the future. And almost no chance the lenders will divert from what they've been doing except to do more of it. From there, the math does itself.

So lemme ask you: how confident are you that the lender and AMC conduct has resulted in a significant percentage of grossly overvalued-at-the-time appraisals? Put a percentage on your confidence level.

 

[djd09]

where is DW...Mr. ACE...he can explain it all away too

 

[Mike Ault]

Heck if UCBruin were to retire to Brazil and do 3 or 4 desktops a week he could live large on a part time gig like that.

I think you may have just inadvertently revealed Walker's location…

 

[George Hatch]

I think you may have just inadvertently revealed Walker's location…

Nah, he's in Bali.

 

[George Hatch]

where is DW...Mr. ACE...he can explain it all away too

My PFA guess is that if DW was in a position to disclose everything his employer knows about the situation - which they obviously hold as proprietary and confidential information - it would make you guys even more unhappy.

The GSEs KNOW how the 1004 appraisals stack up against hybrids and AVMs and PDC inspections in terms of reliable results; and vice versa, how the alternatives stack up against the 1004s. Over time and going all the way back to when they first started using the various alternatives. They don't need to engage in any speculation or guesswork on what the limitations are for each.

Even if their conclusions are incorrect or unreasonable, they have access to more of this information than any of us outsiders can see. That puts them into a position to hold a more informed opinion of what actually is or isn't.

Hypothetically, if hybrids were returning results that were equal in "quality" to 1004 appraisals as a group, is that even a fact you would want to be aware of? Or would you prefer that information remain a GSE secret so you could get away with the self-serving speculation?

 

[djd09]

maybe you should go the appraisal waiver forum to discuss the under handed workings of the scum bag mortgage brokers and the unethical stakeholders...

 

[Mike Ault]

"Independence" is a metric which should be measured and weighted in the GSE oversight decision tree…

 

[Zoe]

You work for direct engagement lenders, most likely as part of an approval panel. All my clients operate off of such lists. That's their prerogative. So yeah, it's entirely appropriate for you to attribute to the GSEs the accountability for the decisions and choices they make WRT who they will and won't accept hybrids and PDCs from. That's my way of saying I completely agree with you on that point.

You may recall back when we were discussing hybrids a lot of AF members declared they would never do one. At that time I repeatedly mentioned that those decisions were 100% their prerogative, but it wouldn't inhibit the lenders' ability to get those assignments done. My reasoning at the time was that they don't need all or even most of the appraisers to participate. They only need a relative few appraisers to satisfy that demand. And there will always be some appraisers who will choose to do those if that's their only alternative. Heck if UCBruin were to retire to Brazil and do 3 or 4 desktops a week he could live large on a part time gig like that.

"NEED" is a deep word GH. Can you clarify? LOL