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How appraisers measure up.

Discussion in 'General Appraisal Discussion' started by Wm. Hattaway, Nov 7, 2009.

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  1. Wm. Hattaway

    Wm. Hattaway Senior Member

    0
    Mar 18, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    This was written in the AI newsletter;

    Freddie: Appraisal Quality up Since HVCC
    While the controversial Home Valuation Code of Conduct has been in place only since May 1, Freddie Mac has reported a notable improvement in the quality of appraisals of loans it buys, according to National Mortgage News. Patricia McClung, Freddie Mac’s vice president of offerings management, noted at the recent Mortgage Bankers Association’s convention that 15 percent of the appraisals the agency receives are in greater alignment between the value determined by the organization’s automated valuation model and the value determined by the actual appraiser.

    If I’m reading it correctly, how well appraisers do is measured by how close we come to an AVM.
     
  2. jmarch305

    jmarch305 Sophomore Member

    0
    Mar 28, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    How can they report quality is up? wasn't there another published report that mortgage fraud was on the rise since the inception of the HVCC?

    I don't really care about the HVCC if it comes or goes, AMC's are here to stay so lets regulate them bad boys and move on.
     
  3. Michigan CG

    Michigan CG Moderator Staff Member Moderator

    93
    Nov 1, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Michigan
    It is simply common sense that appraisal quality has to be worse with the 24 TAT requirements and $200 fees from AMCs owned by banks that the taxpayers bailed out.

    Is there any government employee who has a clue about this industry? Anyone saying that appraisals are better doesn't understand that the AMCs do not allow for proper report development and verification of information.

    Standards 1 and 2 are being severely abused by the AMCs and the people they employ who "can" turn and burn 24 reports in areas where verification of information is not possible in less than 2-7 days.

    AMCs ask appraisers to violate USPAP daily with unacceptable assignment conditions AO-19 -- page A-52 of USPAP and SWR U-13.

    In some states USPAP is part of state statutes and thus a violation of state law. AMCs are asking for illegal practice. Is that not illegal?

    Of course there are no government people who will read this and if they do will not care. Bureaucracy doesn't listen to reason or common sense. Both political parties are to blame just in case someone wants to point a finger.
     
  4. Paul Isolda

    Paul Isolda Senior Member

    0
    May 20, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Connecticut
    What else would you expect Fannie and Freddie to say, that the HVCC is a disaster? Why would they want to admit that? It could not possibly benefit them in any way. Anyone with any insight into this industry should take the statement that better appraisals means they are closer to avm's is putting it out there that avm's are the benchmark. If no one balks at that statement, they are one step closer to using the exclusively. Now wouldn't that be nice for them? Talk about lower fees and faster turn around times.
     
  5. jay trotta

    jay trotta Elite Member

    11
    Feb 8, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Connecticut
    Your government, with Your Tax dollars is attempting, thru the Central Bank to consume as many residential properties as possible. They will then put You in that "Governemnt Owned Property" at a "Rental Fee" to cover a portion of costs, supplemented by Your Increased Tax Dollars. They will consume as much "private property" as possible, when that goal is attained, they will tear down all the housing and put up Governement Owned Housing. We are in the process of being a Totally Owned Governement possession.

    Welcome to the USSR

    Think not, look at the New programs currently being offered by HUD/FHA to avoid foreclosure products.
     
  6. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    135
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    excellent point. They are not going to suggest that the agreement they signed was a joke....
     
  7. nstanbru

    nstanbru Member

    2
    Feb 19, 2009
    Professional Status:
    Certified General Appraiser
    State:
    California
    Evidently, an AVM sets the standard for accuracy,reliability and credibility. So if I read between the lines, 85% of the reports are not accurate, reliable or credible.
     
  8. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member

    19
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    I measure up by twisting the stand on my Disto, setting it on the floor and aiming the red dot at the ceiling.
     
  9. CANative

    CANative Elite Member

    62
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Do you have to stand on a chair to aim your red dot over the furniture?
     
  10. William K

    William K Senior Member

    0
    Sep 21, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    "Figures lie, and liars figure"
    Anyone else notice more govmnt figures everyday:icon_idea:
     
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