is this what they are currently doing?? Wow

If they are lending their own money, they can do what they want.

One of my bank clients hired someone out of college at 30k per year to do all of their in house loans under 250k. No training at all. They just take a picture of the property from the street and plug the tax record data into an avm. That is what they are using as a qualified individual.

That would be great, I’m all for it.

Andy, Appraisers assume most of the liability and get paid less and less over the last 20 years. With my Finance Degrees time value of money we should all be getting paid over $500 per appraisal.

@Baggins, yes, I knew that about deposits. I learned that from reading The book I linked, and others by the same author. That’s why I’m concerned that it will be taxpayers footing the bill the book I linked is pretty well researched and talks about why this stuff occurs, who plans it and who profits.

What I dislike is spending YEARS to become an appraiser only to be made semi-obsolete. For lack of a better phrase: that blows. Certainly, appraisers won’t go away over night but it may be difficult to be viable. For now, I’m delivering what I consider to be excellent service to my clients who truly want a good appraisal, one backed by solid evidence, well researched and defendable. Those clients are still out there, Thankfully.

The best thing one can do in this environment is to flourish and prosper despite it all.

The Peter Schiff’s of the world will always be there. So will gold and silver. Patriot Trading Group 2017; Did you know that lenders changed depository rules. Now your deposit is recognized as a credit to the bank and you are the creditor.

Already some banks internationally have dabbled with austerity and have requisitioned credited deposits to offset illiquidity. Adventures of the guy who just started paying attention; “if the whole world is in debt, to whom are we indebted?”. Don’t be too concerned with bail ins and bail outs, that’s just clever new language for hundreds of year old typical lender behavior. Besides, we’ve been paying for it for a very long time, since 12/23/1913, if you had to attach a semi recent number to our current economic structure. Cheers

@Baggins, oh… if the cookies would only crumble that way. The bullet points of the article, and between the lines, hint that the next crash will be monumental, increasing the number of banks that are “Too Big To Fail.” That means the US Taxpayer will be the one to foot the bill. I personally think when the next crash comes, it will resonate like the Great Depression.

When this bill passed, I freaked out and started researching and reading, to protect my business and my personal finances. If you want a fabulous read on the topic, check out https://www.amazon.com/Coming-Financial-Crisis-Wizards-Curtain-ebook/dp/B019OXUO8Q/

There’s always a cycle. I agree it’s coming, knowing when is the issue

Andy, I was getting $350 20 years ago

I’ve put a few messages out for blog response assistance, because I can’t help you.

Nope, I’m looking forward to the day. REO is my favorite work type. I’m already ramping up for this right now and getting out the old dusty reo key ring, the on the go backpack, and have been marketing and picked up a few directs specifically for reo.  ive it a year or two, it’s been scheduled to happen regardless of who is or is not in office, which way anyone votes, etc. Soon.

A solid track record of winning for big lenders since 12/23/1913. A day that will live in infamy. The creature from Jekyll Island lives on, and on, and on, and on. If anyone were to point the finger at any single individual, it would be a rather clear reflection of quite poor understanding of the over all problem, and what led us to where we are today.

The article is a great read. One problem, it’s written in a bubble, no mention of Glass-Steagal. It’s tough to sell and profit from the concept of power to the people, complete individual property rights, and a debt free approach to personal and governmental finances. Let them fail. Let the lenders and all the foolish consumers of the world who dealt with them, lose their hats, their shirts, and their land. Perhaps they’ll have a slightly longer memory retention regarding the dangers of debt this time around…

That’s a little beyond me. Obviously you know more about how it all works behind the scenes than me. All I know is I do quality appraisals that keep me out of trouble. Scope creep is a problem and the different rules of different AMCs is annoying. But I actually like AMCs. You get one AMC client and 5 lender clients come with it. As far as getting the full fee, I get a minimum $350, and a lot of the time higher than that. I do not believe that if AMCs went away that the lender would continue to pay the same amount for appraisals and pass the extra $ on to us. They would say, hey this is great, now we only have to pay $350 instead of $525. Like I said, a lot of my fees are above $350, but even at $350 I can do 1.5 appraisals per day, and if they’re close by, 2 per day, which is well into the 6 figures per year. I don’t understand the anomosity towards AMCs, unless you think they’re working to put us out of business, which I haven’t seen. I am of the opinion that things are good now, and the FED shouldn’t try to fix what isn’t broke. If they did go to AVMs, I don’t think it would work out well, and the system would eventually come back to appraisers, but in the mean time it would suck for us. I know most of my work is complex, and the idea that a computer could do it is not feasible. But as it is now, I’m not concerned that AMCs get a cut of the fee the borrower pays. I’ve heard appraisers predicting doom for us since I started in 2002. I remember in 2013, many posters said it was over. And what followed? Years of plenty for appraisers. I think getting rid of AMCs and going back to the days when loan officers called you asking for an extra 10-15k on your value would be enough for me to get out of this industry. I hated those days. So no direct lenders for me, I’ll stick to AMCs. But each to their own.

Lenders have a long history of not liking checks and balances systems. At one point several hundred years ago, a few million farmers traveled on boats across the oceans to hostile territory just to escape their influence. The lending rate may be at historical lows, but usury remains and is more institutionalized than ever before. What’s new?

Josh DeSouza, ‘Death of a Nation.’ 2018

What a great movie.

The Truth About AVM Compliance with Interagency Guidelines – April 19, 2011

An eval is not always reliable because…  Strike that. Just go with it, evals are edgy and trendy now.

To answer your question;  Corelogic, obviously.