New proposed Fannie Mae form

[Kali the Boston Terrier]

Good appraisers already have that information in their reports, somehow putting it on a form isn't going to help the others understand the purpose and/or the development of that data. What garbage, maybe we could just have everything be a checkbox and eliminate the need to write a complete sentance.

 

[Elliott]

Its one thing to gather stats from MLS that are broad, but to do the
research on each 'neighborhood'....which the form defines as

The parameters used would mirror the criteria used by a buyer for the subject property.

That would require a lot of research that would be very limited and not be
particularly meaningful. Why not just ask a few questions about the market?
I could see me putting numbers in the spaces like 4, 6, 7, 3. What does
that really mean?

 

[RSW]

I thought we were doing summary appraisal reports! With all of these addendums and extra forms, doesn't it seem like we are doing a full narrative in a sence?

 

[Carol Ames]

Unfortunately this makes perfect sense to me. Sometimes you have a "reviewer" who is basically a person with a check sheet, and from what someone said they may or may not be on this continent. We write addendums in our own words and although to us it is perfectly clear it may not be easily understood by this type of reviewer. With a form they do not have to look for data on an addendum or try to understand unfamiliar words, everything will be easy to find and fit their check sheet. Just my opinion.

 

[TJSum]

The problem I see with the form is that not all "market condition studies" are alike. It is not a one size fits all type of research. Some markets have ample data, other markets have very little, the market study has to be adjusted for various data issues and to mandate only one way of doing it will not always produce credible results.

They keep coming up with new forms, more loops to jump through at every turn, they have tried everything to get "better" appraisals except to seek out the honest appraiser, how about giving that a try... m2:m2:

 

[CURT VAN HOOSER]

The problem I see with the form is that not all "market condition studies" are alike. It is not a one size fits all type of research. Some markets have ample data, other markets have very little, the market study has to be adjusted for various data issues and to mandate only one way of doing it will not always produce credible results.

They keep coming up with new forms, more loops to jump through at every turn, they have tried everything to get "better" appraisals except to seek out the honest appraiser, how about giving that a try... m2:m2:

Is there a list somewhere? What exactly is the litmus test used to classify one as an "honest appraiser?"

 

[TJSum]

Is there a list somewhere? What exactly is the litmus test used to classify one as an "honest appraiser?"

Most loan officers who have been in the biz longer than a couple months know exactly who the honest appraisers are and the number hitters. And if the loan is for an area they are not familiar with, they will just call down the list of appraisers until one of them guarantees the value. Or when the client is an AMC, maybe assigning orders to the fastest and cheapest is not the best course of action...

 

[CURT VAN HOOSER]

A far reaching ethical problem exists throughout the industry...no doubt...

 

[Elliott]

Diogenes and friends preparing to walk the
streets during the day looking for an honest man.

 

[Couch Potato]

I thought we were doing summary appraisal reports! With all of these addendums and extra forms, doesn't it seem like we are doing a full narrative in a sence?

Unfortunately too many appraisers have been putting the full extent of their research on a 1004 for too many years. Since so many have spent years checking a box without doing any research, increased reporting requirements are needed. Once again we have Skippy to thank for making the job more difficult. Each report will require proof one knows the market.