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Warranted Avms

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Mike Kennedy

Thread Starter
Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Mitigating over-valuation in AVMS.......
 
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Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Looks like E & O for the AVMs. Also looks like less work for the appraiser on cookie cutters. Could the end be near for the residential appraiser??
 

Lloyd Bonafide

Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
I don't think insured AVMs are new.

If lenders start using them for higher LTV loans, it won't be too long until either the insurance companies go broke, or the insurance part of the AVM will get really expensive.
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
Should issues arise with a loan after it closes — and if overvaluation is suspected — the lender submits a claim if a loss has occurred. First, a retrospective appraisal is ordered to determine if the original AVM appraisal was overvalued.
I find this amusing.
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
Me too, Non. Can you imagine the pressure on the appraiser who gets that retro assignment? There'll be more than just an LO's commission at stake in this one.:rof:

This is along the same lines as the 'instant insured appraisals' that some try to market. The individual companies' policies are stuffed with exemptions and loopholes that favor the issuer.
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Oh, see, I found this funny:

"Although most valuations are accurate..."

Yeah, right!
 

TEL2002

Elite Member
Joined
Jan 16, 2002
Professional Status
Retired Appraiser
State
Louisiana
What about the part where they refund the cost of the avm if the loan does not close? This is every MB/LO's dream.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
I suspect in a declining market, having old data, their values are going to be over what a diligent and honest appraiser would produce.
 
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