What's with this?

[Sheikh Yerbouti]

As my commercial practice is currently in the doldrums, I've taken on some residential desk review work, almost all of which is outside of my own state (go ahead, I'm wearing my Nomex underwear). Several times now I've seen reports on the 3/05 1004, which has the limiting conditions and certification built in, to which the appraiser has attached the old 1004B certification/limiting condition. What's up with that? They sign both sets of certifications. I'm baffled as to what they are trying to do here.

 

[Wally Jones]

I think it's mostly due to the appraiser being uninformed and not bothering to seek out current guidelines.

When I've asked those that I've found using both, the answers run from "Because we've always done it that way" to "I don't really know, it seemed like a good idea".

 

[Tom Woolford]

Sounds like someone who does not have the slightest idea what they are doing. I see some in review that are still adding the USPAP / FIRREA addenda and the 1004B to the new 1004.

 

[Pamela Crowley (Florida)]

Sounds like someone who does not have the slightest idea what they are doing.

Agree. Just not real bright and do not keep up. Statistically, how much more is wrong with those?

 

[Lee Lansford]

...What's up with that? They sign both sets of certifications. I'm baffled as to what they are trying to do here.

The words "careless" and "incompetent" come to mind.

 

[Sheikh Yerbouti]

The words "careless" and "incompetent" come to mind.

The thing that has me scratching my head is that I'm seeing this on some otherwise rock solid appraisals. Everything looks top drawer, good choice of comps, good analysis, then I see this, and it's WTF?

 

[Betty H Church]

In this day and age, everyone is trying to CYA and its better to include too much than to take out too much. As long as the market value is credible and the correct addendums/certifications are included, does it really matter?

 

[Sheikh Yerbouti]

In this day and age, everyone is trying to CYA and its better to include too much than to take out too much. As long as the market value is credible and the correct addendums/certifications are included, does it really matter?

Actually it does. When there are two completely different signed certifications in the report, which one rules? The client is certainly not going to accept it that way, and I suspect neither will Fannie.

 

[Mike Kennedy]

As my commercial practice is currently in the doldrums, I've taken on some residential desk review work, almost all of which is outside of my own state (go ahead, I'm wearing my Nomex underwear). Several times now I've seen reports on the 3/05 1004, which has the limiting conditions and certification built in, to which the appraiser has attached the old 1004B certification/limiting condition. What's up with that? They sign both sets of certifications. I'm baffled as to what they are trying to do here.

SO ARE THEY.:Eyecrazy:


"which one rules?" - THE MOST CURRENT SUPERCEDES ANCIENT.

 

[CindyR]

When I run across one of those reports with way too many pages of certifications I note them in the review and advise the client to have their legal staff review the appraisers certifications due to conflicting statements and represenations. I'll also question whether the appraiser has truly produced an USPAP compliant report if they seem so unsure of current USPAP requirements.