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Can You Sign This?

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Mike Garrett RAA, Aug 13, 2009.

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  1. Mike Garrett RAA

    Mike Garrett RAA Elite Member

    25
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    By acceptance of this appraisal order, the assigned appraiser does declare he/she has at minimum three years of geographic competency in the subject property’s market area, competency of the subject’s property type and knowledge of and full access to all data sources (including local sources unique to the subject’s market). When completing this appraisal assignment, you warrant these requirements within the report itself under Certifications 11 and 12. If for any reason you cannot legitimately claim specific geographic and property type competency in this market, please notify LSI immediately.
     
  2. Mike Kennedy

    Mike Kennedy Elite Member

    185
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Absolutely, just not for LSI. (My Choice).
     
  3. RSW

    RSW Elite Member

    51
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    As I posted in another thead: How many Skippy appraisers do you think is going to admit they don't have experience in appraising a specific property?
     
  4. TJSum

    TJSum Elite Member

    4
    Nov 12, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    The way it sounds many of these appraisers sign off as the inspecting appraiser when they never left the office, if they are doing that, why would they get religion on this signature.
     
  5. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    103
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    LSI gets to play dumb, like the appraiser told me they were competent in that local market. LSI never looked into their own files to see if the appraiser did any work in that local market and never asked the appraiser to provide samples of work they have performed in that local market.

    It's nothing more than CYA.
     
  6. Mike Kennedy

    Mike Kennedy Elite Member

    185
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    It's nothing more than CYA and a "guidance warning" to those who:

    a. had never read Certs. 11 & 12
    b. still don't understand what they sign their names to
    c. don't really care.
    d. provides clear, concise, ammo for LSI Lender Client
    SARS reports and incompetence complaints to State Boards.
     
    Last edited: Aug 14, 2009
  7. Mike Garrett RAA

    Mike Garrett RAA Elite Member

    25
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    One of the things I added to my USPAP classes is about an hour of time devoted to going over the certifications for a form 1004 appraisal report. I am amazed how many have never actually read what they are signing.

    Would make a good CE two hour program too.
     
  8. Mike Kennedy

    Mike Kennedy Elite Member

    185
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    I agree and suggest both the new course AND the USPAP courses be Tested courses with a minimum 90% passing grade. Perhaps then sleeping, 92 smoke breaks, and 22 "be right back gotta take this client call in the parking lots" will become dinosaurs. :) One can always hope.

    (* not referencing Mr. Garret's courses specifically, only a general observation)
     
  9. Ariba

    Ariba Senior Member

    2
    Feb 8, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    What is the criteria of competency and who's definition?

    Competency is fundamental knowledge, ability, or expertise in a specific subject area or skill set. For example, an individual who becomes licensed or certified appraiser is said to have a competency in appraising those properties that they are licensed for.

    What about Market Competency, if you live in the City of Colorado Spring are you competent to appraise in Manitou Springs, Fountain, Monument? What about Woodland Park, Pueblo, Castle Rock. Who is to determine your competency?
     
  10. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    451
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    I can believe that.

    The issue is that USPAP allows you to gain competence by educating yourself or associating with an appraiser who is competent to complete the assignment. But you are supposed to notify the client of your deficiency once you know it. AND, the big issue again is appraisers serve two masters - USPAP and Fannie mae.

    Fannie mae's certifications are onerous because they step out beyond USPAP time and again. I suppose that is their perogative but it is also a trap. I am becoming a conspiracy nut because I keep seeing so many conflicts.

    Our MLS now will not report concessions. So where do we get that info? The same government that mandates we identify and adjust for concessions is the same government that now is telling everyone that they cannot "disclose" so-called "personal information".

    Lack of access to concessions is an invitation for the NAR (again I am not sure they aren't behind this move to get concessions out of the listings) to re-inflate prices via fraud. They can now list higher with the seller giving the buyer sufficient money to make the downpayment so that the lender will 'do the deal' and no one will be the wiser.

    We're screwed.
     
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