New FNMA ROV requirement

[Sandra Koutsopoulos]

Tom-- That's what I've been thinking, as I slog through the CE to renew my licenses for the LAST TIME! I'm obsolete.
And then my son says, "But what if you live 20 more years?" I hope SS is still around.

 

[Zoe]

Tom-- That's what I've been thinking, as I slog through the CE to renew my licenses for the LAST TIME! I'm obsolete.
And then my son says, "But what if you live 20 more years?" I hope SS is still around.

There are some old appraisers on this forum that will tell you it was wonderful when they reached 65 (medicare). Their health insurance monthly rates fell dramatically and got better coverage under medicare.

 

[Tom D]

There are some old appraisers on this forum that will tell you it was wonderful when they reached 65 (medicare). Their health insurance monthly rates fell dramatically and got better coverage under medicare.

I always had very good health insurance. For a reason, but it was costing me $3,000 a month. for the 2 of us. Don't cost anything now. Please keep working you young appraisers, i appreciate your hard work.

 

[NTX_Guy]

Ideally, the lender is supposed to review these ROVs and deny ones that aren't legit and have no real comparable data presented or reason to challenge the reported physical characteristics. They are supposed to limit the borrowers to only three to five alternate sales, I believe. This was discussed at the Appraisal Summit in Las Vegas back in September. They had a lender rep there saying how they would be dealt with. It sounded good but I'll believe it when I see it, or maybe when I don't see it?

 

[Fernando]

There are some old appraisers on this forum that will tell you it was wonderful when they reached 65 (medicare). Their health insurance monthly rates fell dramatically and got better coverage under medicare.

Instead of under $1,400/year on my term insurance, when I turn 70, it will be $71,000. And continue thousands more every year after that.
I got the policy when I was younger and always thought I would get hurt or die while doing my appraisal inspections.

 

[ZZGAMAZZ]

Here's the thing, I rarely get ROV requests for "inaccurate info", its always the zillow hunters who send over 15 "comps" they found on zillow, which 90% of the time are listings, not similar at all to their home, etc. The ROV request form has a spot for 5 "comps". That is alot of extra work and takes time away from getting appraisals written up. Its just more bull****.

Doesn't the new ROV stamdard pertain to lay individuals rather than industry lenders, etc. Yea the number of properties in a ROV needs tp be limited I personally preer to avoid expressing a specific max number in my residential template, although five seems reasonable, with perhaps one out of 5 requests with 5 each, or 25, are even remotely credible. For purchases I described the offers I extended to parties to the transaction, and their response even if they fail to respond.

 

[Terrel L. Shields]

Their health insurance monthly rates fell dramatically

I went without insurance for 9 months due to the cost, cheaper to just buy my drugs and pay the visits and carry a pistol in the event I felt myself slipping and just end it. It was a big risk. My mother had that risk and because she had had cancer before, her premiums were high per month even back then when cancer came back, it was only a thousand dollars difference between her having the insurance and not.

Turning 65 meant the difference between my old insurance and my Medicare with Part F (which pays 100% not covered by Medicare) was more than the gross of my SS check... 20 years made a big difference in cost.

 

[Sandra Koutsopoulos]

"...and carry a pistol in the event I felt myself slipping and just end it."
Thank you Terrell... I sorely needed your sense of humor today! You made me chuckle out loud.

 

[ZZGAMAZZ]

I went without insurance for 9 months due to the cost, cheaper to just buy my drugs and pay the visits and carry a pistol in the event I felt myself slipping and just end it. It was a big risk. My mother had that risk and because she had had cancer before, her premiums were high per month even back then when cancer came back, it was only a thousand dollars difference between her having the insurance and not.

Turning 65 meant the difference between my old insurance and my Medicare with Part F (which pays 100% not covered by Medicare) was more than the gross of my SS check... 20 years made a big difference in cost.

One rarely if ever hears about the impact on the national budget of the Fed's perspective of interest rates--which affect inflation--which affects the following year's annual SS rates, which correspond with the the prior year's Q3 inflation. For example, reduced interest rates that increase inflation subsequently affects changes to the following year's SS payments, which presumably affects $Billons of dollar of paymehts.

[Sorry if this is off-topic. It was enjoyable to appraise during the past few years when $65K of annual income was guaranteed by SS and a a public pension, although after years of reading about the woes of other appraisers, my AMC income declined by 95%, beginning suddenly 3 months ago...and as an independent contract I'll never know who I upset becaause my AF persona is nothing like my daily demeanor. Life goes on.]

 

[ZZGAMAZZ]

So proceed accordingly. If you know the chances of getting an ROV are increasing then figure out strategies to cut them off before they even get going. Stop playing the odds.


Be more accurate with your subject descriptions so you don't have to hear how you didn't mention the fence in the rear yard or the recent water heater.

Solicit and offer to consider whatever sales they think are relevant. If they have a list in mind and it doesn't mesh with your own opinions then say so in your report and explain why their comps aren't comps.

Disclose the criteria and the search parameters and then comment "properties which don't fit these criteria cannot be considered more similar to the subject than the sales presented in the SC".

Try to get a feel for what they think you should be doing so you can address those ideas in your report.

This is somewhat of a game of wits. Be smarter than your opposition. Try to keep one step ahead of them.

Would you advise appraisers to briefly address the current ROV protocol in their residential template, not to deflect ROVs but more so to advise clients that the appraiser is indeed aware of the current protocol, perhaps to explain that the number of ROV's is limited, and that the client is responsible to vet the layperson's recommendations????