Urgent Help Needed - saving my appraisal career

[Tom D]

Typical. You don't like traffic cops because one did his job. The cop wasn't driving your car. You were.

Ferno does not do well with driving reviews or appraisal posts reviews.

 

[mutigerfan]

Ok - here is an update.
The state commissions board office personal has/had an issue with the 30-hour on-line course I took.
I was told I did not have to have an exam by her and McKissock.
Therefore I did exactly what they asked of me.
The issue is that the letter that McKissock wrote on my behalf said basically I, "took the course but not the proctored exam".
Appraisal commission office personal did not like that.

Today - McKissock added to the letter, " took the 30-hour course - but not the proctored exam"
Wow - what a difference adding the "30-hour course" statement made.
I think everything is cool - but who knows. I know I feel better....
The Commissioners will "review" it Jan 21st.
Surely - it should not be this difficult......
TBC

 

[mutigerfan]

Zoe - Fannie Mae pulled 100% of the files from the last 24-months is what I was told by someone who would know - no way could I verify it.....

On another note - I was in the same small town a month ago and ran into the buyers of the home in question at an open-house (small town, huh ?) - I sheepishly asked if they are up-to-date with all payments and are really happy with their purchase - and they were.....so why I am getting reviewed by my state commissioners office ?
Because Fannie Mae is clueless....

 

[Sadie]

A bit about me. 24-years as a Certified Appraiser in an area about 1-hour NE of Kansas City. Yes - a rural area.
I am the only active appraiser in a three county area.
So yes, I am as busy as I want to be.
I enjoy the profession and like the complex assignments I get from time to time.
I completed an appraisal almost 3-years ago in a small town of 2,500+/-.
The home was significant because JC Penny was its original owner. It was purchased by a company that specializes in historic older homes.
The 125-year old home was so clean - you could eat off the basement floors - yes - that clean.
It was 3,000 SqFt and by far - the largest home - and nicest home in the entire town. No comps in the town. No comps in a 20-mile radius like this one.
Therefore I went 25-miles out and found three comps that were similar in three different communities - adjusted for location - and explained in detail the how and what I did to complete the appraisal.
Two-years later the client I appraised the home for - their CEO opened the door and told his 200 employees they were laid-off. Fannie Mae was pissed and audited their files. My appraisal file was one of those selected. I received a letter to appear in front of the state commissioners meeting. I became reacquainted with the particulars of the property and met with the commissioners. I explained the how and what of the appraisal and I felt I left the meeting with a positive outcome. The only thing that came up was the fact that I did not document the site values and any adjustments they may have had.....that's it. Nothing else.
About two weeks later I get a letter from the commissioners office stating that Fannie Mae recommends a 30-hour sales comp approach class and a 4-hour site evaluation class. No "due by" dates and no mention of exams. So I call the commissioners office and ask about the classes and they agree on-line classes would be okay. I then ask them about exams. They said exams are not required. So I plan to take the classes this winter - when our business slows down.

On 12/5 I receive a letter stating both classes have to be completed by 12/31.....the first time dates have ever been mentioned. So I put off some Christmas gathering to take the courses. I even asked the course providers to not take the exams - because I was told I did not have to take them.
So today - after receiving a letter from the course provider that did indeed take the class - passed the exam - but did not sit for the proctor exam - that this 30-hour course does not count because I did not sit for the proctor exam - AFTER the told me I did not have to take the exam.....
Why is this important - because could loose my license because I did not sit for the exam. I was told my the course provider to take the course, take the quizes. take the course final exam - but "call us before the proctor exam because you do not need to take it".....I followed their directions - now I am in a loop
Please take the time to think about this before you respond. I fill I am getting the shaft.....
Is it time to lawyer up ?

It has been my experience that Fannie files a complaint with the state, then the state board takes over. So all disciplinary action is through the state, who is in charge of licensing and disciplinary actions for the state. Fannie/Freddie or whoever can get mad at you, but they do not have jurisdiction over your license. There is something not right about this scenario. So I say follow the advise of others who suggested you contact your E and O about an attorney.

 

[Sadie]

FWIW, since a number of people conclude, "don't accept complex assignments - that would mean missing out on substantial income,, especially those in rural or niche/expensive custom home areas - and the reality is that with WAIVERS, complex assignments may be the bulk of lending assignments,

The main challenge of complex assignments is finding the right comps ( IMO), though there are other challenges. But, a big, expensive, or oddball home is a simpler assignment when there are comps for them, and even a small starter house becomes a complex assignment when there are few good comps.

Of course, in a rural area, larger distances are the norm, but even there, one assumes there are preferred locations or reasons a buyer would choose X location and not Y location or pay more to be in the X location- as well as some reasonable distance radius that most buyers would consider - be it 5 miles or 10 miles.(for example)

The danger with using all very far-off area comps for residential property assignments is it might not address whether the problem child subject might be an over-improvement or under-improvement. A super adequacy for tis area? If all the comps are adjusted down for location, that is a red flag for an appraisal (or if the location adjustment is evident, but was not made)

If there are no similar comps, going back 3 -4 years, within X miles, it might indicate that the area demand for these properties is low. Thus a small under-improvement house might be a tear-down for a vacant lot. The huge sf or custom or historic subject might be a super adequacy and worth less than a reproduction cost. An analysis of that has to be made, whatever one concludes.

It is a good idea, whenever possible, to use at least two closer location sales, even if they are far back in time or need large adjustments.
,

I think the farthest back I have gone is 7 years to find a similar home with no location differences. You do what you gotta do.

 

[Zoe]

Ok - here is an update.
The state commissions board office personal has/had an issue with the 30-hour on-line course I took.
I was told I did not have to have an exam by her and McKissock.
Therefore I did exactly what they asked of me.
The issue is that the letter that McKissock wrote on my behalf said basically I, "took the course but not the proctored exam".
Appraisal commission office personal did not like that.

Today - McKissock added to the letter, " took the 30-hour course - but not the proctored exam"
Wow - what a difference adding the "30-hour course" statement made.
I think everything is cool - but who knows. I know I feel better....
The Commissioners will "review" it Jan 21st.
Surely - it should not be this difficult......
TBC

Is anybody on the commission your competitor?

Don't get me going.

 

[Zoe]

Zoe - Fannie Mae pulled 100% of the files from the last 24-months is what I was told by someone who would know - no way could I verify it.....

On another note - I was in the same small town a month ago and ran into the buyers of the home in question at an open-house (small town, huh ?) - I sheepishly asked if they are up-to-date with all payments and are really happy with their purchase - and they were.....so why I am getting reviewed by my state commissioners office ?
Because Fannie Mae is clueless....

I read motivations. It is part of my responsibility.

I knew you had inside info from an insider. I have been doing this a long time.

 

[Zoe]

FNMA which has been one of my best clients in the past better be careful. GSEs are biased entity imho.

If Govt were to release conservatorship after bailout, it would create all kinds of international problems on motivations.

 

[Zoe]

You can believe my opinion or not.

 

[Zoe]

Focus on MV definition. Always focus on real property rights you are putting a market value opinion on. .