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  #1  
Old 10-19-2010, 07:22 PM
rescom's Avatar
rescom rescom is offline
 
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Default Get a load of this stip.

"Lender doesn’t accept the condition Average+. Please replace the condition of comp#3 with Average (+) i.e. with the + symbol in brackets."

Its almost comical to read these. Its something different everytime.

I suppose this "correction" will make it a "quality" report in their eyes.

Hey Doc. Is this the type of "quality" assurance you provide?

It is now so very clear why AMCs are such a necessary part of the process. Heaven help us if this report went through without this critical change.


Last edited by rescom : 10-19-2010 at 07:22 PM. Reason: because
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Old 10-19-2010, 08:15 PM
Denis DeSaix Denis DeSaix is offline
 
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So, I guess my question is, what does the appraiser do?

Although we are headed toward more uniform and explicit-format descriptors, we are not there yet.

Unless that format is part of the assignment-conditions, I'd consider the change request to be ridiculous. But it takes all of 5-minutes to complete (make the change and re-submit the report).

What does the appraiser do; make the change or tell the client the lender's ability to distinguish between "Average +" and "Average(+)" is not an appraisal issue?
  #3  
Old 10-19-2010, 08:42 PM
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Quote:
Originally Posted by Denis DeSaix View Post
So, I guess my question is, what does the appraiser do?

But it takes all of 5-minutes to complete.

What does the appraiser do; make the change or tell the client the lender's ability to distinguish between "Average +" and "Average(+)" is not an appraisal issue?
5 minutes? More like 5 seconds.

I'm going to do it since there isn't any point in arguing it. I just thought it was hilarious how they decided that it was mandatory that a + needed parentheses.
  #4  
Old 10-19-2010, 08:56 PM
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Metamorphic Metamorphic is offline
 
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Quote:
Originally Posted by Denis DeSaix View Post
So, I guess my question is, what does the appraiser do?
One of the things we've been doing is including a log of the appraisal in the Addendum:
It will usually start with the Date/Time that the report was uploaded to the client or AMC.

When a correction is requested the time that the request was received will be noted. The details of the correction will be provided, and the time that the report was re-uploaded will be noted. We probably should be expanding this to include when the order was received, when the HO responded to calls, when the inspection was done etc. This all started on an occasion where an AMC blamed us for delaying a closing when in reality the product was marinating in their system.

One of the things that seems to be getting lost in whatever version of an appraiser firewalls that you're working under is the timeliness of the of both the appraiser's work and the AMC (or whatever) and the details of the quality control efforts being made.

I dont know the details of the OPs relationship with the client, but I'm guessing whomever is waiting for the product to close their loan will not be impressed with the + to (+) modification when they see it delayed their closing by however long.
  #5  
Old 10-19-2010, 09:01 PM
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Default

It is how their automatic system reviews things ... do it or dont .. the decision is yours but a client and work is on the line.

I find it interesting when mountains are made of mole hills.
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  #6  
Old 10-19-2010, 09:06 PM
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Metamorphic Metamorphic is offline
 
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Quote:
Originally Posted by PropertyEconomics View Post
I find it interesting when mountains are made of mole hills.
Well, the truth of the matter is is that this is probably a data standardization thing for data mining purposes. The (+) is the preferred data format for the database that this AMC is putting together based on the appraiser's work. Given that that's true, this is the AMC delaying their client's work to pursue their own project. Some would opine that that is not ethical.
  #7  
Old 10-19-2010, 10:05 PM
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Quote:
Originally Posted by Metamorphic View Post
Well, the truth of the matter is is that this is probably a data standardization thing for data mining purposes. The (+) is the preferred data format for the database that this AMC is putting together based on the appraiser's work. Given that that's true, this is the AMC delaying their client's work to pursue their own project. Some would opine that that is not ethical.

Read the certifications .. every appraiser gives that permission in every 1004 report they sign ... I dont know how it cannot be ethical since the appraiser confirms it can be done.
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  #8  
Old 10-19-2010, 10:52 PM
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Metamorphic Metamorphic is offline
 
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I was thinking in terms of the lender/AMC relationship. Delays in appraisal production cost them money, loading up the appraiser with requirements that are not germane the lender's requirements also costs them money because the market will reflect the effort reflected by this fussiness.
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