We need to clean up FNMA and Freddy

[Surf Cat]

Dude - I lived through that. I think we, as humans, have a tendency to recall past events more favorably than they actually were. The MB world was an utter disaster - as evidenced by the crash. Appraisers were under constant pressure to make values, were removed when they didn't, were left with thousands in unpaid invoices with no avenue for satisfaction - other than throwing folks out windows. As jacked up as the appraisal world is RN, I still prefer it to those slimeballs.

I guess my experience was better than yours in regards to mortgage brokers. Were a lot of them scumbags? Sure. Did I get pressured or threatened to be dropped if I didn't play ball? Of course. It was part of the game.

Just like it is said that there are good AMC's (I haven't experienced any) there were, in my experience, good mortgage brokers who knew my hands were tied to the competitive sales of the subject in the market area. End of story.

I was paid at the door, full fee, and I didn't have to produce the report in 24 hours or my "rating" would drop and thus given less gigs. I was able to multitask without grinding on one, half fee appraisal sweating to get it in @ 12:05 to save my rating. I got stiffed a couple times. But it was by the homeowner's bouncing checks, not the mortgage brokers.

I stopped the Comp check nonsense too. Some mortgage brokers would call me " hey, we didn't get your range". I said "I'll make you a deal, you send me the engagement letter, I'll do the report". Even with that arrogance, I still did better than with AMC's. I was under more "constant pressure" as you say from AMC's with their nonsense ROV sales which were nothing like the subject. Then I had to write a dissertation on why the sales they sent $ucked.

Yes, I know it's not going to happen But, I'd go back to the mortgage broker days in a heartbeat. The appraisal profession is on the cusp of being non-existent anyways.

 

[Sadie]

I live and work in Virginia. I have a democrat congressman and senator. Have no voice. We need to let Trump Administration know of the mess at FNMA and Freddy. Woke has got to end and action against innocent appraisers has to end. Also FHA and HUD. We need to clean house and get back to doing good quality and honest appraisals without fear. Also, the AMC's need to go. Charging full price for appraisals and then seeking the low bid. They are parasites.

Chances are they will try and do away w/ F/F, rather then make any changes. Any changes being made will probably not benefit us.

 

[Sadie]

Have a cite or link?

Google Trump appraisals for his pent house and Mar a lago.

 

[Dublin ohio]

Google Trump appraisals for his pent house and Mar a lago.

Doesn't change anything because there is nothing

 

[alebrewer]

I was paid at the door

When this happened, it was like a gift. But you do see the reason this is not the status quo any longer right?

 

[Zoe]

BTW, what happened to those appraisers that overvalued Trump properties?

I'll double post give me a minute.

 

[Tim Hicks (Texas)]

"Pay at the door" muddies the waters about who is the client. How did you get "pay at the door" for sales?

I just wish Fannie and Freddie would not believe they are better at valuations than actual feet on the ground appraisers. The whole system (CU, databases, scoring, etc) is designed for cookie cutter properties. I just don't see that many cookie cutter properties anymore. There seems to be an appraisal problem for every assignment (lot size, ADU, condition, smallest/largest house in the neighborhood, power lines, busy road, etc.).

 

[alebrewer]

The whole system (CU, databases, scoring, etc) is designed for cookie cutter properties.

This is such an understated point. I think one of the unintended consequences of the waiver program is that waivers are typically offered at higher rates for homes that are easier to apply an automated valuation to (at least that's been my experience). Which means that the ones getting appraised don't fit their model(s) very well, resulting in unnecessarily high risk assignments by CU and LCA.

 

[Terrel L. Shields]

The Agency may approve a waiver of this requirement only if a specialized appraiser does not exist in a specific industry.

That's why farm and poultry farm appraisers have stayed busy. There are only a couple of them in the region that specializes in agri properties.

 

[George Hatch]

I guess my experience was better than yours in regards to mortgage brokers. Were a lot of them scumbags? Sure. Did I get pressured or threatened to be dropped if I didn't play ball? Of course. It was part of the game.

Just like it is said that there are good AMC's (I haven't experienced any) there were, in my experience, good mortgage brokers who knew my hands were tied to the competitive sales of the subject in the market area. End of story.

I was paid at the door, full fee, and I didn't have to produce the report in 24 hours or my "rating" would drop and thus given less gigs. I was able to multitask without grinding on one, half fee appraisal sweating to get it in @ 12:05 to save my rating. I got stiffed a couple times. But it was by the homeowner's bouncing checks, not the mortgage brokers.

I stopped the Comp check nonsense too. Some mortgage brokers would call me " hey, we didn't get your range". I said "I'll make you a deal, you send me the engagement letter, I'll do the report". Even with that arrogance, I still did better than with AMC's. I was under more "constant pressure" as you say from AMC's with their nonsense ROV sales which were nothing like the subject. Then I had to write a dissertation on why the sales they sent $ucked.

Yes, I know it's not going to happen But, I'd go back to the mortgage broker days in a heartbeat. The appraisal profession is on the cusp of being non-existent anyways.

The term "appraiser independence" refers to supporting appraiser impartiality and objectivity.

Regardless of what the individual is capable of doing WRT appraiser impartiality issues, any appraiser engagement requirements have to be established based on what happens at the group level. And if you think ROVs would never have become as common as now under MB-select then that's a clearly unreasonable expectation. Word-of-mouth was the thing at one point but now the advice and strategies spread via the internet regardless of the individual RE broker's co-corkers.

The RE brokers already blackball appraisers for not being team players by denying entrance. Inasmuch as they are frequently the source of the MBs referral they would still retain all that leverage in the outcome of the MBs appraisal. Even moreso when the RE broker is patronizing one MB and that MBs favorite appraiser.

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.