Where are the orders!

[Dublin ohio]

My appraisal reviews in recent years have not been as thorough picked apart or criticized as 20 years ago (maybe there good now).
Sometimes I had a concern with an issue in my report that a real appraiser may ask for clarification. Reviewer doesn't.
The review software the lender goes over my review picks on the "nonimportant" issues. Important appraising issues can't be picked up by computers.

20 years ago was prior to the AMCs taking over the market. Any review generally was done by the lender. Not a checkbox monkey. So no real comparison

 

[Mejappz]

Remember 3 years ago when AMCs and lenders in general were begging for appraisers to take their orders and appraisers had full schedules and were "ghosting" them or demanding outrageous fees? Well, the lenders do! Classic business case of "what goes around, comes around". Now they have an abundance of appraisers looking for their drastically reduced orders. They remember the ones who would increase their hours of operation to say, "yes" to the orders and still provided quality appraisals for an elevated but still reasonable fee.

Not to toot my own horn (but yeah, I am) but I never said "no". I was working 10-12 hour days, hell, due to covid, I wasn't going anywhere, anyway. Now, I have many clients-many I got from covid times- who remember me and give me the work. Sure, it is far less than those times but at least I am working.

I have always said, you gain clients during the good times, not the slow times. Also, AMCs go for the low-hanging fruit. Stick with AMCs and you are bound to a life of low fees and stiff competition.

Really? That certainly wasn’t happening in my area. How do I know this? Well because I have the fee schedule for the largest AMCs during COVID in my area and the fees hardly changed.

 

[Dublin ohio]

What difference does Coes online make? You are another schill for the AMC system. Do you work for one

GFY

MLS is MLS whether it was online or not, and it came online here in the early nineties. But whether the MLS was in a book or online, it was the same info as now - doh

Are you really that dense

 

[George Hatch]

Why are you always defending low-fee CPR? What is in it for you, since you do not even do mortgage lending work? You chime in to defend the worst predict repeatedly on these threads.

That is a false, opinion-only statement with no proof that the higher fee appraiser don;t do teh work either. What proof do you base that unfounded statement on ? Do you personally see appraisals from across the nation every day and see the fees paid to the appraiser each ? The appraisals from both direct order and AMC's and compare them? I highly doubt it.

If a high fee appraiser does not do the work then fire them, same as a low fee appraiser. But higher fees world, allow more time to spend on each order and attract more experienced and competent appraisers

What I'm doing is pointing out what these regs actually say and what these regs allow these lenders to do. And what some of the appraisers do. The actual minimums are not as high as a lot of appraisers believe. If you thought that the lenders are required to select Mejappz on the basis of superior performance then that is a misperception on your part, because they aren't required to engage the best appraiser; they're required to engage an appraiser who is adequately qualified to perform competently.

In the Instructor's course they make the point - which escapes many appraisers - that the first step to attaining credibility is to establish reasonable expectations. Expectations that can be met. Not unreasonable expectations that we know will never be met. Hence the utility of not getting out too far over our skis as to what actually and effectively is/isn't required. If more appraisers really thought about these requirements as only extending to "qualified to perform competently" instead of "most qualified" they wouldn't be so outraged at the IRL outcome.

Minimum requirements are just that - minimums. The users have the discretion to require more, but they also have the discretion to not require more. And if they are never checked they then have the effective means (via govt ineptitude) to get away with not even meeting the minimums.

By definition, what "should be" usually..."isn't". Not only is that not my fault, it is neither immoral nor adverse to your interests for me to remind you of such.

 

[Mejappz]

As long as those who select the appraisers are profiteers who get a cut of the fee and therefore have an incentive to choose the least competent and experienced if teh fee is lower so they can make a buck, then licensing is very limited with public protection. ( the public trust )

JG comment and attach those files.

Regulations.gov

www.regulations.gov

 

[Fernando]

So your MLS was available online in the early 90s

20 years ago was prior to the AMCs taking over the market. Any review generally was done by the lender. Not a checkbox monkey. So no real comparison

AMC is middleman. Lenders still have their requirements which AMC have to deal with.

 

[Dublin ohio]

AMC is middleman. Lenders still have their requirements which AMC have to deal with.

Typically assignment conditions. Checkboxes for the AMC

 

[Tom4value]

Really? That certainly wasn’t happening in my area. How do I know this? Well because I have the fee schedule for the largest AMCs during COVID in my area and the fees hardly changed.

Same here. Covid put me in rehab and I kicked by AMC addiction. I went after direct lenders that I got orders either directly or through a portal. Even with the portal fees I was making more than what the AMCs were willing to pay. I knew when things died down their fees would only get lower, not higher.

 

[George Hatch]

Don’t worry though you will soon have one, the GSEs come out with their monthly newsletter stating that 95% of the appraisals they revive have a risk score of 4.5 and above for overvaluation. Or the FHFA will write a lengthy study on how appraisers don’t know how to adjust time adjustments in changing markets. And of course, you will have the state boards flooded with complaints. Keep bidding away.

FHFA is trying to crack down and bring about change, and not a moment too soon. But that begs the question: why didn't they or their predecessors go to these lengths 20 years ago?

None or almost none of the offending appraisals could ever have been used by the GSEs if they had been rejected by the GSEs. Or rejected by the lenders who originated those transactions. Insofar as the continued usage of these appraisals by both the lenders and the GSEs go, whose fault is that?

 

[ucbruin]

Technology giveth and taketh....