WOW Fannie and Freddie REALLY Get Loose

10/26/2016
Comments
  • It wasn’t that long in the past that FNMA offered appraisal waivers. They are probably safer now with UCDP. On a refi I think the risk is reduced. There’s plenty of options out there to get a verification on value, especially in metro/suburban markets. I have two millennials, one just bought a home at the age of 22 – ultra responsible. The other is scared of making that commitment, at 25. I see a lot of that. I don’t know that’s it’s upbringing – heck their Mom is a mortgage banker – I think it’s their perception of the world today. Heck, just look at this election…

    Michele October 26, 2016 7:18 am Reply
  • Great program, as usual. My husband and I were teachers and chose to live a conservative life style until the bubbles started to burst. Then we took on 2nd jobs as Realtors. We have had to spend our money wisely over the years and this was passed on to our millennial sons. Our oldest graduated from college and was able to find a good job and went on to purchase a home. Our youngest graduated from college only to find few jobs available. He is choosing to rent a very small home and is not talking of buying. This son has money in the bank, a steady job and could buy a home. His thought is why bother if the market crashes again or jobs are reduced again; then he would be trapped in a house and could not move on. Times are changing and our policy makers do not seem to acknowledge what the average person has been and is facing.

    Beth October 26, 2016 7:19 am Reply
  • not surprised, let me see here. 20t in debt, fudge’d up economic numbers, highest number of people on food stamps, people can not pay for medical insurance without subsidies, higher education schools double there price because the fed’s will fund the loan. all this great news form the same elected politicians and banker lawyers that said all you loan officers can not be trust to price your loans and you do not need to earn a higher commission split than any other loan officer in your company. fact is the band keeps play’n while the ship is sinking.

    somedude October 26, 2016 9:25 am Reply
  • Are you referring to the appraiser shortage? That is the problem with no solution?

    There really is no appraiser shortage, just a shortage of appraisers willing to work for lowball AMC fees with ridiculous requirements, stipulations and turn around times. There certainly are solutions to that problem……..

    I’d just love to see the “appraisal alternative”. Too bad they’ll never find one that will show the dog poop all over the inside of the house, the 1/2 completed “renovations”, the rotted floor in the bathroom or the foundation settlement issues with 3 inches of water in the basement where the Zika Virus infested mosquitos are breeding. I mean, what could possibly go wrong?

    That’s o.k. though. When this mess blows up in their faces we appraisers will finally get our revenge and you’ll be stuck with us forever……and we will have the power then…….MWWHAHAHAHA!!!! (evil laugh) Total Value Domination!!!

    Jp Tenbusch October 26, 2016 11:17 am Reply
  • I hate to break it to you JP TENBUSCH but the appraisal requirement is going to be eliminated and nobody is going to look back. The GSE’s have been collecting Data (with your help) to eliminate appraisals all together. The writing has been on the wall forever UAD, UCDP and now Collateral Underwiter. I got appraisal waivers on nearly every purchase loan I did in 2016 at 80% LTV or lower. I had a wholesale rep in here last week that told me FNMA is increasing appraisal waivers by 47% in 2017 and now this week they are announcing waivers at 90% LTV. They can already determine a valid value range on any property and UAD codes gave them a nice little snapshot of the quality and condition. Algorithms will predict and determine the condition of the subject property and any Dog poop can be cleaned up!

    Scott J Clarke November 1, 2016 2:37 pm Reply

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