They still need licensed appraisers to work for slave wages. The bottom feeders currently doing this garbage will be run out of business from low fees, disciplinary actions against their license and increased E& O premiums. States have already seen hybrid complaints come in and they are not holding back on actions against the appraisers completing these products.

Nobody has a ‘right’ to get a safe loan. In fact, there is no such thing as a safe loan. A loan is nothing more than a contract to pay. If consumers are willing to sign such contracts without checks and balances in place, that’s the risk they accept. Consumers and ‘the public’ will first need to protect themselves before anyone else will have have an open door to assist them.

https:// www. youtube.com/ watch?v=ywsc4JhYYxE

The above link is intentionally spaced out, so that it does not bring the oversized embedded player.

I believe the appropriate answer to that problem would be private insurance. Stop thinking like a lender. Appraisal is an application of the check and balance to power, a fundamental inclusion in a free society, self governed with contract law. The necessary evil is that we have to abide lenders in the first place. But really, that’s always been a voluntary consumer option. If people don’t like the way companies do business, the solution is to stop doing business with them.

You can’t make me take out a superfluous loan, boy! OH billy, they really do jump for those loan products don’t they? They got exactly what they asked for. Know your history, or be condemned to repeat it. Consumers should not be surprised that if they entrust the title of their property to a lender, that the lender will have a motivation to keep it for themselves if any term of the contractual obligation is breached.

With another round of quantitative easing just around the corner, and a mountain of previous QE finally coming home to roost as negative rates are hitting various supportive markets, the raise in demins will be yesterdays news in very short order. Rampant inflation is here. The final result will be of course, higher taxes.

They admit that over 70% of our ml workload will go away. As if losing over 90% of available full fee orders over the past decade was something so easily brushed off.

Checks and balances are a fundamental cornerstone of a sound economic system managed by We The People. If those checks and balances are absent, that is a clear indication we are no longer in control of our own financial systems. How’s ‘globalism’ working out for you personally?

Go get another loan from a lender to ease your pain. I heard they have brand new offerings!

That’s sounds pretty significant to me….

…it may not be as dire? So who is protecting the public trust in these situations, the lender, the amc, the government?

These lenders have nothing to lose. If it is as dire as appraisers are warning then they’ll just tap the taxpayers again and again. No worries right?!

Seek the truth.

While I agree with the impact of this decision may not be as a big deal as some are claiming, but when you add in the fact the GSE’s are issuing waivers and there is a push for more evaluations and hybrids it has the potential to be a much greater impact. Time will tell on how this all plays out.

Another concern, and a happy one, more amcs are going under. Any appraiser who does mostly amc work should be looking for other avenues to diversify. The impact of all the changes happening will impact each appraiser who does lender work. Factor in the depression of fees and the false claim of an appraisal shortage is being executed to its full potential as many will move to other professions. As you said, every appraiser need to diversify their business.

One thing is for sure, as long as the investors accept the mortgages without appraisals the lenders will continue to do the bare minimum. Maybe a pipe dream, but it would be nice if the lenders were required to own the loans they make without appraisals till they are paid in full.