Send it to India & Save Billions!
Appraisal? Obviously its only worth ten bucks – off to India with it…
Most appraisers (and consumers) know the difference between ‘right and wrong’. We don’t need the tortuous, twisted ambiguities of ASB straddling the fence, on all issues to know what is and is not okay. So far ALL they do is hypothesize that bad products can theoretically be used, IF they conform to all the USPAP rules that we all already know they fall short of.
As in every single exception being sought for regulatory exceptions in the financial sector, only impractical, not very probable, best case scenarios are held up as examples of how the ‘exception’ services or products will work.
Only a damn fool thinks a fully USPAP compliant hybrid appraisal can be credibly developed and reported for $25, let alone $10! Stop the pretense ASB! It’s time to look at the entire process rather than viewing issues through a narrow straw in the context of conditions that simply don’t exist in the real world.
Maybe if TAF/ASB had addressed C&R fees back when it might have done some good, there’d be an accepted public record of WHY it is necessary for fees to be commensurate with the probable time and complexity of appraisal assignments. Remember that little obligation about protecting and preserving the Public Trust?
Using a narrowly focused straw sized aperture lens like ASB uses, we could save the banking interests and consumers billions rather than mere millions.
- Start listing property using Outsourced Indian brokers! Instead of 6% commissions, they could be as low as 1/10th of a percent. I mean all agents do is open doors and say “This is the kitchen”, right? We can pay the guys doing the appraisal picture taking $10 over their picture taking fees and they can show the houses at same time.
- CMA for the pricing? Heck Zillow, Trulia and CoreLogic can take care of that. No charge at all!
- A Bangalore Bandito could write up the contract, submit it and negotiate counter offers. Say, for around $10.
- Escrow fees are too high. All escrows could be handled through the Bank of India (which now has a presence in America) and they could sub the work out to the real estate experts back in Bangalore. Maybe another $10 for escrow costs!
- Title insurance is one of the biggest costs in an escrow. It’s really not necessary is it? Everything is in a title plant database already. Let’s contract the title officers job to india too! Say another $10.
- Appraisal? Obviously it’s only worth ten bucks – off to India with it (they will have been done at the first property showing to save money; anyway, see #1 above)!
- Funding and closing services, (recording, etc.) why that’s mindless drone work isn’t it? Send it to India!
Whole package under a couple hundred bucks or so except for the commission of 1/10th of 1%.
ALL that would be necessary for any of these functions is to modify a few state and federal laws; and ASSUME THAT LEVERAGING BIG DATA AND WORLDWIDE COMPETITIVE PRICING will produce services that are just as good as the traditional ones established after many decades of experience with America’s unique real estate issues, and established laws.
When the collapse hits, taxpayers and consumers can always go back to the folks in India for loss reimbursement, right?