Ever Wondered Who's Selling Us Out?

[Alison Swain]

With just one cert located in Orlando, how are the FHAs in Jacksonville being done?

 

[Claude From NY]

Question: what does the fee "on HUD" mean?

 

[Mr Rex]

Paid at closing> on the HUD 1 statement.

 

[Frederick]

Competition is good and keeps us all at the top of our game but when people cheat to win we all suffer.

Go get 'em!

 

[Alison Swain]

Don't know that they've cheated --- looks more like they're walking that fine line like the Flying Wallendas!

 

[TN Pro]

Don't know that they've cheated --- looks more like they're walking that fine line like the Flying Wallendas!

So, what violation do you believe this firm/appraiser have commited.?
Or are we just now going round to every appraisers website and reporting evey suspicious thing we find.?

Dean

 

[Deuce of Spades]

So, what violation do you believe this firm/appraiser have commited.?
Or are we just now going round to every appraisers website and reporting evey suspicious thing we find.?

Dean

From my view - non-supervision of trainees (trainee is only allowed to work in a contiguous county where the office is located and registered) and 'possibly' having a trainee with controling interest in an appraisal business. see prior posts for specific FL laws

 

[xmrevned]

A trainee CANNOT perform the inspection for an FHA appraisal. So that means the Certified Residential Appraiser must be really busy covering all of those counties for FHA assignments.

 

[c w d]

Ever wonder why most products we buy these days are crap and made in China? Because they're cheap. Sure, you can search for that $200 toaster built in Germany to German engineering standards which may or may not last the rest of your life. Or you can buy a $20 toaster from Walmart that's probably going to last at least a year.

The current pricing of appraisals is the same philosophy. The cheap appraisals will most likely get through underwriting and not ever be reviewed. The client doesn't really care what it takes to do an appraisal as long as it gets through underwriting and they can seal the deal. Thats it.

My problem is I can't ignore USPAP or my state's and FNMA, Freddie, FHA requirements. I just can't. And I can't figure out how to do appraisals faster. I've tried. I've automated some things using macro's but, ultimately the analysis still takes time. Describing markets takes time. The only way I can shave significant amounts of time off of appraisals is to cut corners. I could shave 10 to 30 minutes off analyzing a market area which in turn shaves 10 to 20 minutes worth of describing it. I could shave 30 minutes to an hour trying to find comparable properties and just use the ones that make value. I could shave 5 minutes by leaving neighborhood boundaries up to the reader to decide. I can shave 10 minutes by just plugging in numbers in the cost approach so it looks good. Etc, etc, etc. That is the only way I know to make the process faster. It's either cut corners or fundamentally change the requirements of an appraisal and the amount of analysis. If I could do 3 appraisals in the time I could do one I'd be willing to to do appraisals for $150. but I can't. So, if someone wants to show me how to do an appraisal in a third of the time it takes me to do one now, I'm all ears.

 

[TN Pro]

From my view - non-supervision of trainees (trainee is only allowed to work in a contiguous county where the office is located and registered) and 'possibly' having a trainee with controling interest in an appraisal business. see prior posts for specific FL laws

Maybe the owner can shed some light. I understand he is signing up...