Waivers, huh?

[Tiffany Gibbons]

What losses at the GSEs are not ultimately backed by the taxpayers? Similarly to the VA, the GSEs are not operated exactly like a conventional lender. The "enterprise" part is, but there are strings attached to the "government sponsored" part. And the parties pulling those strings reside in each of the three branches of the federal govt; Executive, Legislative and Judicial.

VA didn't get a bailout. The VA Loan Guarantee is for our nation's Veterans and their dependents as a benefit they earn for serving the country. Not the same as Fannie and Freddie.

 

[Tiffany Gibbons]

I don’t think there’s anything more cowardly than not having what it takes to stand up for your profession.

He doesn't have to stand up but he doesn't have to suck up this much either.

 

[George Hatch]

VA didn't get a bailout. The VA Loan Guarantee is for our nation's Veterans and their dependents as a benefit they earn for serving the country. Not the same as Fannie and Freddie.

The point of comparability is who covers their losses, not what role they play in the mortgage market. So are VA losses covered by the taxpayers or not? How about FHA or the others?

 

[George Hatch]

It appears that some of you are in need of a safe space. Perhaps Wayne should set up a separate subforum for you that will be insulated from dissenting observations or opinions or speculation. Or facts.

We could call it the "Appraiser's Forum Drum Circle" and ban anyone (like me) who isn't an unconditionally kind, sensitive, nurturing and supportive ally of the disenfranchized, marginalized and oppressed victims of the Evil Banking Hegemony. Maybe put Tiffany in as the moderator and give her the conch so that the feral lost boys don't take over. We could have called it the Mortgage Broker Outpost except I think that name was trademarked by the loan salesmen.

 

[Tiffany Gibbons]

It appears that some of you are in need of a safe space. Perhaps Wayne should set up a separate subforum for you that will be insulated from dissenting observations or opinions or speculation. Or facts.

We could call it the "Appraiser's Forum Drum Circle" and ban anyone (like me) who isn't an unconditionally kind, sensitive, nurturing and supportive ally of the disenfranchized, marginalized and oppressed victims of the Evil Banking Hegemony. Maybe put Tiffany in as the moderator and give her the conch so that the feral lost boys don't take over. We could have called it the Mortgage Broker Outpost except I think that name was trademarked by the loan salesmen.

No thank you. I'm too busy. But I get it. The appraisal world as we know it will end and only you and the cock roaches (your property data collectors) will have any appraisal work. Never mind where Fannie and Freddie gets their AVM data for their waivers. Algorithms are never wrong, etc. You just don't have to state it ad nauseum, in my opinion.

 

[Terrel L. Shields]

Question
Does anyone think that if AMCs were banned and banks had to create their own ordering department and vet appraisers themselves, that appraisers would not net higher fees while at the same time the BORROWER would pay LESS for the appraisal. The miniscule additional cost of managing a credit department or whatever you want to call it hardly justifies the sort of arbitrage an AMC is able to garner. After all, even using the AMC a bank will and does still have to process the request, review the reports, and vet the AMC as well as the appraisers. It's not like the AMC is free to the bank.

 

[djd09]

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i had to roll back to the archives...

 

[Tiffany Gibbons]

The point of comparability is who covers their losses, not what role they play in the mortgage market. So are VA losses covered by the taxpayers or not? How about FHA or the others?

VA doesn't do waivers so doesn't apply to this thread. Does FHA? I don't think so. I mean it's your bragging up waiver thread.

 

[George Hatch]

VA doesn't do waivers so doesn't apply to this thread. Does FHA? I don't think so. I mean it's your bragging up waiver thread.

The erstwhile complaint was about the GSEs being backed by the taxpayers, to which I pointed out that it isn't just the GSEs. Heck, even some of my clients (FRT Lenders) are ultimately backed by the taxpayers to some extent. It isn't just the GSEs and has never been limited to the GSEs.

Now you're going back to waivers for 0-80% LTV mortgages somehow resulting in some big threat to the general economy and the taxpayers. But that's a connection nobody here can connect the dots for.

 

[Tiffany Gibbons]

Question
Does anyone think that if AMCs were banned and banks had to create their own ordering department and vet appraisers themselves, that appraisers would not net higher fees while at the same time the BORROWER would pay LESS for the appraisal. The miniscule additional cost of managing a credit department or whatever you want to call it hardly justifies the sort of arbitrage an AMC is able to garner. After all, even using the AMC a bank will and does still have to process the request, review the reports, and vet the AMC as well as the appraisers. It's not like the AMC is free to the bank.

VA doesn't go through an AMC. As long as a bank has their own approved panel of appraisers, they shouldn't need an AMC for anything. It wasn't supposed to be the borrower paying a full fee and the AMC taking half of whoever bids the lowest. And I bet even the "waivers" cost an equal amount of money from the borrower. They just hide it in closing costs. The borrower probably isn't even privy to what is going on.