Shortly it will become final that residential properties under $400,000 will NOT require an "appraisal," just an "evaluation" by a non-appraiser (no need for education, experience and can be an employee of lender). THE GOVERNMENT, with CFPB backing, determined that if a consumer and their loan officer believe the residential property value is less than $400,000, there is no need for the consumer to pay for an appraisal. Lenders happily agreed: How to preserve THEIR income stream and "reduce the consumer costs".
Hmm ... NINJAN - No income, no job, no appraisal, no face-to-face notary loans. I still remember the days when bank employees "appraised" houses. It went well: save the consumer money, banks competed with "lower" closing costs, and ALL houses came it at 80% LTV. Then it didn't go well: when foreclosures came around and most of those "employee appraisal" houses weren't even at 50% LTV. I'm waiting for e-house loans: an all e-loan on an all e-house (beautiful photos of the house sent over the internet for the all e-process e-loan, which doesn't exist when you physically go to the vacant lot). Thanks for reading my cynical comment on today's lending. |
| Messages in this Thread |
|  I've been thinking about the state of our business a lot -  MW/VA on 10/16/19 10:47am |
|  Re: I've been thinking about the state of our business a lot - SteveS/CA on 10/16/19 11:13am |
|  Re: Efficiency definitely in eye of the beholder. - NVLSlady/VA on 10/16/19 12:22pm |
| I agree. - JanetK_CA on 10/16/19 1:44pm |
| Re: I - Luckydog on 10/16/19 11:24am |
| I don't know, LD - Linda_H/FL on 10/16/19 11:37am |
|  Re: I don - Luckydog on 10/16/19 12:10pm |
| I agree Linda. I'm aware that appraisers, abstractors, etc. - MW/VA on 10/16/19 12:43pm |
|  Re: I agree Linda. I - Nicholas Kontgas on 10/16/19 12:47pm |
|  Re: I agree Linda. I - Luckydog on 10/16/19 1:26pm |
| Being an appraiser or abstractor is a whole other ball - MW/VA on 10/16/19 3:37pm |
 | Residential appraisers like us going way of dinosaurs - BobbiCT on 10/17/19 6:33am |
| Re: Residential appraisers like us going way of dinosaurs - Luckydog on 10/17/19 11:51am |
| Re: Residential appraisers like us going way of dinosaurs - JanetK_CA on 10/17/19 4:42pm |
| Re: I - SteveS/CA on 10/16/19 1:12pm |
| Yes, it's being forced on us. Our local grocery stores now - MW/VA on 10/16/19 3:39pm |
| Re: Yes, it - NVLSlady/VA on 10/16/19 4:16pm |
| Re: Yes, it - Nicholas Kontgas on 10/16/19 4:35pm |
| I prefer to wait in line & help keep a person employed. ;>) n/m - JanetK_CA on 10/16/19 7:54pm |
| Re: Yes, it -- Disagree MW/VA - Yoli/CA on 10/17/19 11:44am |
| Re: Yes, it -- Disagree MW/VA - Luckydog on 10/17/19 1:47pm |
|  Markets & notaries - VT_Syrup on 10/17/19 3:14pm |
|  Re: Markets & notaries - and networking... - JanetK_CA on 10/17/19 4:17pm |
| Clearly, SD all but flattened our business - Cheryl Elliott on 10/18/19 7:55am |
| Re: Clearly, SD all but flattened our business - Nicholas Kontgas on 10/18/19 9:59pm |
| We're open to suggestions! n/m - Cheryl Elliott on 10/19/19 8:55am |
| Re: Clearly, SD all but flattened our business - Luckydog on 10/19/19 10:00am |
| Network with your competition & agree to all decline - Lee/AR on 10/19/19 10:31am |
| Re: Low-fee signing agents - John/CT on 10/19/19 9:04pm |
| Re: Low-fee signing agents - Cheryl Elliott on 10/20/19 8:40am |
| Re: Low-fee signing agents - Luckydog on 10/20/19 9:33am |
| That's like herding cats, lol n/m - Luckydog on 10/20/19 9:28am |
| I'm in complete agreement Cheryl! n/m - MW/VA on 10/19/19 1:37pm |
| After a hectic week and no shortage of well-paying - Cheryl Elliott on 10/20/19 11:12am |
