Comments on: FNMA Rural High-needs Appraisal Waiver

By: Mike Ford, AGA

Mike Ford, AGA — Tue, 09 Oct 2018 00:55:45 +0000

In reply to Advocate.

Done! Thank you!

By: Mike Ford, AGA

Mike Ford, AGA — Tue, 09 Oct 2018 00:46:09 +0000

In reply to EJ.

Good question. Most states have no license requirement. Absent that, from personal experience and first hand knowledge I know ASHI Certified Appraisers have extensive training and a comprehensive two part test. A practical inspection and a written demo report.

Others, usually owned by Title Insurance Corporations or conglomerates like First American are nothing more than warranty or limited appliance insurance policies. They MAY cover service to the dishwasher or FAU, but NOT if the entire termite eaten upper floor collapses; or the under house gas leak causes the house to blow up (ASHI FOUND such a leak in the REO my best friend bought).

By: Mike Ford, AGA

Mike Ford, AGA — Tue, 09 Oct 2018 00:40:41 +0000

In reply to LANoble.

Lawsuit targets would be brokers; inspection companies and lenders but the DEEPEST pockets that hold the greatest accountability imho is FNMA.

I’d start designing a special web page & marketing program to promote this new source of potential business to replace that lost to appraisal waivers. I’m serious.

By: chris

chris — Tue, 02 Oct 2018 22:27:26 +0000

In reply to Advocate.

I just did…thank you !!!

By: EJ

EJ — Tue, 02 Oct 2018 22:05:08 +0000

In reply to EJ.

Oh yea. I saw somewhere that the home inspection runs $370.

By: EJ

EJ — Tue, 02 Oct 2018 22:02:58 +0000

Well, since GA does not license “home inspectors” I think I’ll get some new business cards to say “inspector”. I bet I can do an inspection in 30 minutes and that includes measuring the house. Since I’m 67 now, who cares, by the time they catch up with me I’ll be gone anyway.

By: Jeff Weeks

Jeff Weeks — Tue, 02 Oct 2018 21:56:57 +0000

Rural appraisals don’t fit in their little box

By: Jeff Weeks

Jeff Weeks — Tue, 02 Oct 2018 21:55:27 +0000

In reply to chris.

yeah who comes up with this stuff I mean really. It baffles the mind

By: chris

chris — Tue, 02 Oct 2018 21:33:00 +0000

Ya, lets not do appraisals in rural areas LMAO !!!

By: Advocate

Advocate — Mon, 01 Oct 2018 16:46:06 +0000

Tell Fannie Mae directly your thoughts on the Waiver Program.

https://www.ric-surveys.com/se/720530077CC21BE3

By: EJ

EJ — Mon, 01 Oct 2018 16:45:02 +0000

In reply to EJ.

Is it a home inspector?

By: EJ

EJ — Mon, 01 Oct 2018 16:42:40 +0000

What is a state licensed inspector? What are the requirements for a state licensed inspector? I’ve never heard of these in Georgia.

By: Baggins

Baggins — Mon, 01 Oct 2018 16:14:41 +0000

This will quickly become a free for all, effective measures to make sure consumers are aware of their options and risk are not currently in place. Sales agents, mortgage agents, attorneys if fsbo, and consumers themselves should all have to sign the same several page document with additional very clear disclosure explaining basic details and options pertaining to waivers, hybrids, auto exceptions like low ltv, etc. Want to cut out the appraiser, make sure consumers know the risk. Consumers should be given time to think, and more robust checks and balances protections implemented rather than less. We’re living in a bubble and these guys just want to slam dunk more deals.

By: Jack Of All Trades

Jack Of All Trades — Mon, 01 Oct 2018 16:09:40 +0000

Fannie Mae just wants appraisers to do hybrids and not inspect, the ceo said so a while back

By: Advocate

Advocate — Mon, 01 Oct 2018 16:04:06 +0000

Waiving appraisals in rural areas is the most riskiest move ever. Most rural areas are impacted more when the economy turns south. Rural areas do not have continuity among property types, condition or even parcel sizes. Allowing the borrower to go over 100% LTV, that is just reckless! How are they verifying the purchase price is not overinflated? We all know the UAD data can not determine an appropriate comparable. This will destroy rural communities not if, but when the economy turns south. It is time for states and localities to pass legislation preventing any real estate transaction without an appraisal by a licensed professional appraiser!

The GSE’s have taken away the risk to the lender and have shifted it to the taxpayer. This is nothing more than corporate greed! Someone please explain how this is protecting the public?

How did this get past the public comments required by FHFA? Oh wait, there were none!

By: Jeff Weeks

Jeff Weeks — Mon, 01 Oct 2018 16:00:59 +0000

Every day I have lenders calling me asking me which counties I service because the AMC cant find an appraiser in the area. One after another. Yet I have yet to receive a call from the AMC. Get rid of the AMC and you will find plenty of appraisers who now will be looking for/or willing work

By: MD appraiser

MD appraiser — Mon, 01 Oct 2018 14:33:28 +0000

I don’t get it. Is Baltimore City affected by this waiver process and considered RURAL high-needs?

By: LANoble

LANoble — Mon, 01 Oct 2018 13:57:50 +0000

Saddens me deeply Dave that High Appalachia was targeted and carved out in this appraisal waiver strategy. One would think with 1,000-year floods and environmental concerns, this would be the last place to start cutting corners. There is no shortage of appraisers ~ there is, however, a shortage of clients willing to pay appraisers the cost of doing business properly and want to take on the task themselves. I’m unsure of the savings to homeowners because inspections in rural areas aren’t cheap, either. In that respect, the concept of consumer savings is a moot point. Layer bad data and undeniable demographic shifts, I’m just uncertain this is a well thought out plan for the long-term for my state. I’ve resolved the movement is going to have to run its course but confident the eyes of regulators and attorney’s are watching because WV is one of the most litigious states in the nation. I hope REALTORS are well informed of this liability coming.