Comment on Lenders (and AMCs) Responsible for Appraisal Quality? by Billy Bach

Wow, this appraisal compliance thing seems like a really critical deal. Which begs the question: When an appraiser who produces a quality work product is discovered why are those in charge of procurement, like AMCs, beating those appraisers to death over the fee???

Source: Working RE Magazine

Comment on Lenders (and AMCs) Responsible for Appraisal Quality? by M Alley

As usual, the appraiser is burdened with the responsibility of upholding the entire lending industry. I guess the rules that apply to appraiser competence do not apply to underwriting or the AMC “technical” reviews. I find that a VERY high percentage of my appraisal work is returned for inane reasons: reasons that, when boiled down, reveal that the reviewer or underwriter just doesn’t like the way a statement is worded. As a result of these subjective reviews and appraisal conditions, the “uniform” part of USPAP has become MEANINGLESS.

Source: Working RE Magazine

Comment on Lenders (and AMCs) Responsible for Appraisal Quality? by Brad Bassi

Mr. Wells, well written article. However, it does bring a smile to my face. Are you aware that most appraisers receive multiple requests to join AMC panels, especially when they land a new client in an area that they currently don’t have coverage. All of those request that come through to me, ask me for my license, W9 and of course the all important E & O insurance declaration page. Notice that I did not mention one thing about work sample or my resume/CV, which is why I had to smile at your article. For all the yaking about quality, I find it mildly interesting that no one cares about the quality of a report prior to assigning someone just get me you E & O and tell me how little you will charge me and can I have it back in 3 days. When the industry as a whole stops the insanity of driving appraisal fees below $400 ro $450 ( I know Washington and Oregon appraises are in the $800, I really should consider moving up there) and stop with the 3 to 4 day turn time including the weekend, then maybe just maybe you might see a drop in the issues your firm is finding. The good news at my end is that I managed to avoid the AMC fray, mainly because the AMC’s don’t like me fee structure, so we typically don’t cross paths. Every now and then I do get one or two, mainly because they couldn’t find anyone to do a rural complex property. Course when they do hire me they loose money, because I am sure the lender tells them to pound sand on the fee increase so the AMC is left to swallow hard and take the beating. I guess I must be missing something in this whole process. It seems to be me, to be more focused on volume/production than quality just in the shear craziness of the AMC structure and what the 8,000 lb gorillas like B of A, Citbank and the world famous Chase think of the whole appraisal process and AMC’s in general. Pretty sad in my opinion, but hey I am just one beat up old cowboy, whose opinion really doesn’t matter. Good luck with your work and I hope you can figure out how to handle all the requests from the 8,000 lb gorillas that will be squawking to get appraisers to go out to properties in Texas and tell them the damage from a drive-by and pontoon boat. Personal Regards.

Source: Working RE Magazine

Comment on Lenders (and AMCs) Responsible for Appraisal Quality? by EJ Brown

Why is it that if an AMC is to select the most competent appraiser for an assignment I keep receiving blast for orders hundreds of miles out of my coverage area ?

Source: Working RE Magazine

GDP estimate surges to 3% in second quarter

Gross Domestic Product increased to a full 3% in the second quarter, a level not seen since the first quarter of 2015. This increase puts the Trump administration one step closer to its campaign promise of 4% GDP.
Source: HousingWire Magazine

[Video] What's next for former HUD Secretary Julián Castro?

After two and half years at the helm of the Department of Housing and Urban Development, former HUD Secretary Julián Castro’s political ambitions are far from over. But unlike most politicians, there is one unique factor that goes into Castro’s next move. He has a twin brother who shares similar goals in politics. Will their shared interests create a problem?
Source: HousingWire Magazine

Majority of Hurricane Harvey homeowners uninsured and face billions in damages

Hurricane Harvey hit South Texas as a Category 4 storm, flooding the city and destroying thousands of homes. Kroll Bond Rating Agency predicts $35 billion in flood damage alone, levels not seen since Katrina. However, this time, the number of homeowners without flood insurance is significantly higher.
Source: HousingWire Magazine

MBA calls on Senate to confirm Pam Patenaude as HUD deputy secretary

Citing the important role that the Department of Housing and Urban Development plays, especially in times of tragedy, the Mortgage Bankers Association is urging the members of the Senate to confirm Pam Patenaude as deputy secretary of HUD.
Source: HousingWire Magazine

Fannie Mae, Freddie Mac suspend foreclosures and evictions in wake of Hurricane Harvey

With officials declaring that Hurricane Harvey dumped more water on Texas than any storm in history, Fannie Mae and Freddie Mac announced Tuesday that each of the government-sponsored enterprises is suspending foreclosures and evictions for borrowers in the affected areas.
Source: HousingWire Magazine

Do you live for mortgage lending? Here’s where all the money is going

[Last chance to register, webinar today!] Mortgage lending is awash with capital right now and we’re going to explain it all tomorrow with a slideshow presentation that exceeds 40 slides; just for HousingWire readers! Be sure to join our panel of experts.
Source: HousingWire Magazine