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Wall Street Player Questions Accuracy of Appraisals: 'It is amazing to us how many appraisers are doing fraud without even profiting from it.'.(Morgan Stanley-Brad Davis)(Conference news)
WASHINGTON -- As the chief appraiser for a Wall Street conduit, Brad Davis doesn't have much time to review valuations on huge bulk purchases of single-family loan pools.
So he relies on automated valuation models and fraud tools, market trends, a long list of "high-risk" markets, plus his instincts.
The Morgan Stanley appraiser is wary of loans with high loan-to-value and debt-to-income ratios and loans seasoned six to eight months he figures the originator had problems selling the loans elsewhere.
"We also are focused on new construction," Mr. Davis told an Appraisal Foundation symposium.
Builders in South Florida are offering free gourmet kitchens and free in-ground pools but these concessions that are not being reported in the loan package.
"Of course, the [comparable properties] on the appraisal never had those options, so the appraiser makes upward adjustments for it," Mr. Davis told the symposium. "It is amazing some of the stuff we are seeing in the new home market."
And then there is the condominium market that everyone is concerned about. In Las Vegas, Mr. Davis said some condo developers have falsified the documents on conversion projects.
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Source: HighBeam Research, Wall Street Player Questions Accuracy of Appraisals: 'It is amazing...