We need to clean up FNMA and Freddy

[djd09]

Evil triumphs....

they will not give appraisers one inch...because if you tasted freedom, then there would be no looking back

 

[J Grant]

I keep saying it because it's true: if the current setup has reduced the number of dishonest appraisals by even 10% then that economically and morally justifies 100% of the collateral damage to appraiser fees and working conditions. Appraisers don't matter to anyone other than appraisers. If we did then the govt would protect those interests.

Cruel and "not empathetic" to people's feelings, but true nonetheless.

10%- would you go to a dentist who screwed up your teeth in 9 out of 10 procedures? Hire an accountant who badly messed up 9 out of 10 tax returns?

IDk know if they even managed to weed out 10% of dishonest appraisers, but if that is all the AMC standard, it is abysmal. In my opinion, the AMCs reward appraisers who are willing to play ball with value or overlook a condition at a rate similar to that of the mortgage brokers' system - only the AMCs do it on the back end, not the front end.

The AMCs;s for the first year or two did fulfill the function of a firewall, then it quickly devolved to the for-profit business with the AMC's needing to keep their lender customers "happy" to retain their business - and happy means a small percent of appraisals that don't; hit the number. The AMC;s did not just decimate fees, they stripped the ranks of the appraisers willing to work for them and drove some of the most competent and experiences out of business.

The field is in flux now anyway, too late for most of these issues which wrecked the profession to be addressed now. It is unknown if, depending on Congress and the Senate, there will even be Fannie or Freddie or where appraisals might fit in the new paradigm.

DT is no fan of accurate values, lol, and Musk, who was put in charge of "govt efficiency," is known for mass firings of people and stiff resistance to high wages. I do not expect much far from either of them wrt appraisers - we're the enemy, part of the deep state, part of the regulatory swamp that needs to be gone. PAVE will be gone too, not that it would matter if the work goes away with it.

 

[Surf Cat]

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.

And what happened to those pumpers pushing for their pimps? Did they lose their licenses? They should have....

 

[TerryRohrer]

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

Oh, wait....

I have requested the contact information for the lender's compliance department from AMC who were engaging me. Never had a response yet.

 

[George Hatch]

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

So how do you think that outcome figures into an appraiser's estimation of their IRL exposure to liability?

 

[George Hatch]

And what happened to those pumpers pushing for their pimps? Did they lose their licenses? They should have....

Of course. And I explicitly recommended such to the lender. They held off because they (said) they didn't want to get sued by the appraisers.

 

[Surf Cat]

I have requested the contact information for the lender's compliance department from AMC who were engaging me. Never had a response yet.

You were probably dropped from the roster right then and there.... or at least move down to low man on the totem pole.


Your dedication to the profession, continuing education to better yourself, expertise, and all the years of knowledge... that does not matter to AMC's.

 

[djd09]

You were probably dropped from the roster right then and there.... or at least move down to low man on the totem pole.


Your dedication to the profession, continuing education to better yourself, expertise, and all the years of knowledge... that does not matter to AMC's.

before when you said no to a mortgage broker, you lost one broker...now if you say no, it is whole financial institutions

 

[Surf Cat]

Of course. And I explicitly recommended such to the lender. They held off because they (said) they didn't want to get sued by the appraisers.

But instead, they were labeled the "go to appraiser" and got all the gigs....

So in essence, all the laws, rules, and regulations do not matter. It's just a farce. A complete breakdown somewhere in the chain of what "was supposed" to happen but didn't.

 

[TerryRohrer]

So how do you think that outcome figures into an appraiser's estimation of their IRL exposure to liability?

It was your recommendation. How do you think it matters? From my standpoint, if I get no work, I got no liability. I would have other issues, though!