We need to clean up FNMA and Freddy

[djd09]

it is like what coester AMC used to say...'we are not in the business of killing deals'

 

[George Hatch]

No appraiser is supposed to be in the business of killing deals. Or reviving dead deals. That's basic.

 

[Surf Cat]

However bad you think the AMCs are doing at being the firewall, there's still better vs worse; and the current appraiser-impartiality environment could and would be considerably worse if the MBs were still in charge or if they were returned to power. There's no way around it.

I disagree, but that's just my opinion. Mortgage brokers have access to the avms and collateral underwriter which immediately takes comp checks off the table.

Do you really think that mortgage brokers are following the guidelines when drawing up those waiver forms? Boots on the ground, licensed appraisers (not Uber drivers) would provide a more accurate assessment of the locational attributes, externalities, and conditions
(deferred maintenance, water damage, etc.)

But lenders don't want that do they? Hence, residential appraising is on the brink of extinction.

AMC's....they want the green, "can you complete a purchase appraisal without a executed contract" appraisers to control and give crumbs to. Cash grab. No interest in ensuring appraisal Independence or quality control or reducing errors.

 

[George Hatch]

Sorry, but the usage of comp checks was never limited to what an MB or other loan originator actually knew or could know. The question they asked, often phrased in these terms, was "what can you support in an appraisal?" That's not the same thing as what the property is actually worth. Besides, most of the action is with the most nominal deals, not the sure thing.

An avg of $1M a month in 2004-2006 dollars. That's the dollar amount of the overages in appraisals I was catching when reviewing appraisals (part time) coming in via their wholesale lines, and those are just from the appraisals that got kicked into review. Part time and at my own pace, not being paid by the hour the way their staff reviewers were working. And almost all of those overages were enabled by outright dishonesty, not opinion.

Can you imagine how many good appraisals it takes for a lender to break even on the potential losses from just a few bad appraisals?

 

[TerryRohrer]

Sorry, but the usage of comp checks was never limited to what a n MB or other loan originator actually knew or could know. The question they asked, often phrased in these terms, was "what can you support in an appraisal?" That's not the same thing as what the property is actually worth.

A distinction without a difference!

 

[George Hatch]

You can say that, but 90 bad AMC appraisals is still fewer than 100 bad MB appraisals. If that's actually the case.

Now if you can say that there is zero difference between the two groups then we should be making those complaints and sending these AMCs and (more significantly) their lender clients to the FHFA because there will be a paper trail of these discussions and these offenders will have basically caught themselves in the act.

 

[djd09]

they should change the thread name to...hip hip hooray unethical stakeholders

 

[TerryRohrer]

Ever filed one of those complaints? Ever gotten a response? Know of even a single instance where any enforcement action was taken?

 

[Surf Cat]

i feel bad for the appraisers who couldn't say no to the mortgage broker...

So easy right? Only weak-minded appraisers kowtowed to the mortgage brokers.

during the glory days of COD...i would not charge WWll vets...how about you?

Yeah.... when Grandma was counting out her cash out on the table to give me for my services, to better her monthlies and I looked at her surroundings, I left some cash behind and gave her the bro deal.

cash on delivery...collect at the door...dont appraiser like cash...or are they happy coester and their minions milk your neighbors

Way worse for the borrower....

i never had one issue with payment from the borrower...but when the unethical stakeholders stole my business the bitter and angry borrower started to question my fee

Right!?

they should change the thread name to...hip hip hooray unethical stakeholders

Evil triumphs....

 

[Surf Cat]

Ever filed one of those complaints? Ever gotten a response? Know of even a single instance where any enforcement action was taken?

Doesn't anyone remember? We have an Appraisal Hotline!

Oh, wait....