Revisions

[Surf Cat]

Alternatively, appraisers can learn better report writing. I review appraisal reports every work day. Many appraisers don't write clear, well organized reports.

I don't review reports every day. That said, I get a smattering of them here and there and based on those, the above statement is factual.

Cloned, boilerplate reports, nonsensical statements or worse yet, no statements at all pertaining to the questioning hardwired in the forms. The writers don't lead the reader down the path with factual, objective, reasoning statements as to how and why they came to their opinion of value.

On the other hand, there's truth to OSU's AMC desk jockey stips.... it's extremely aggravating. Thus, we get the 3.6 due to the myriad of communication problems. Too bad the designers of the 3.6 didn't appear to invite any appraisers to the room.

 

[Zoe]

I don't review reports every day. That said, I get a smattering of them here and there and based on those, the above statement is factual.

Cloned, boilerplate reports, nonsensical statements or worse yet, no statements at all pertaining to the questioning hardwired in the forms. The writers don't lead the reader down the path with factual, objective, reasoning statements as to how and why they came to their opinion of value.

On the other hand, there's truth to OSU's AMC desk jockey stips.... it's extremely aggravating. Thus, we get the 3.6 due to the myriad of communication problems. Too bad the designers of the 3.6 didn't appear to invite any appraisers to the room.

I won't swear you right there but I am not sure independent appraisers have much of a voice unless these lawsuits going on from borrowers put a big penalty on lenders.

Take a lawyer firm like Morgan and Morgan. If they represent one borrower, they are planning on class action lawsuit on lenders and AMC. They are not doing it for a single borrower.

Appraiser is not in their focus. I think Morgan and Morgan have over 1,000 lawyers in several States.

They will be looking at gap between fee on truth in lending disclosures on appraisal fee and fee paid to appraiser. They will also be looking at what AMC fee to bank was.

 

[OSU Beavers]

When you accept an assignment knowing that it will be sold to one of the GSEs, then you know (or should know) in advance what the requirements are. They are published for all to see.

If you opt not to follow those requirements, there can be consequences - as you are experiencing. If you do not wish to follow those requirements, then the logical choice is to simply not to accept such assignments.

Oh Lord no. Every dang AMC has their own special interpretation of the GSE requirements plus their own supplemental guidelines that are hidden in the twelve page engagement letter.

 

[sputnam]

Oh Lord no. Every dang AMC has their own special interpretation of the GSE requirements plus their own supplemental guidelines that are hidden in the twelve page engagement letter.

It's simple... if a little time consuming. Before you accept an assignment, read the Letter of Engagement. If it's a new Client (or an old one if you haven't done it) get a copy of their appraisal requirements. Use the LoE as a checklist... especially right before you click to send the report. Sure, at first you may miss out on a few orders. You will more than make that up with fewer revision requests.