Virgina REAB and Portal Petition

[Fred]

I don't trust a national vault.

Exactly. Risks go up exponentially when all the eggs are in one basket.

 

[DWiley]

What explains the email I have a copy of that went back and forth within a major national lender's IT and appraisal QC dept people stating they sometimes receive hundreds of appraisal reports from some of the national big name AMCs without signatures

What explains that? Well, one explanation is that the appraisers did not apply real digital signatures. Another possible explanantion could be that they are using an older version of a PDF reader to view a file created in a newer version of Adobe (again, see technology thread).

Yes, it could be fraud. But there could also be other technology-rellated reasons.

I think it's very interesting that the AMC and/or AIReady user lenders have very rarely and still don't very often file any complaints about bad appraisal reports at the State level

I will ask you the same question Mr. Turner asked me - How do you know this? What hard data are you using to compare the number of complaints filed by AIReady users to the number of complaints filed by others? Or, is this just conjecture?

and have refused to provide a copy of what they have to appraisers that have asked for that.

The clients I tested this claim with were more than happy to send my copies of my reports.

 

[TJSum]

It could increase the probability of it being the same depending on how it is set up, but would not be a guarantee. The same issues that exist with AI Ready would exist with such a vault. To guarantee consistency of what is seen, specific requirements on the software used to produce and view the reports would have to exist. One possibility would be everyone would have to use the same PDF converter, all fonts would need to be embedded, everyone would need the same type of monitor (and somehow restrict viewing to that monitor), printing would need to be restricted to specific models operating with specific settings and only print on specific types of paper.

The only thing a vault system would possibly guarantee is that the underlying electronic file is the same. Now where have I heard that before????????

It depends if the goal is an "exact copy" or "true copy".

The fix is there is enough transparency where any changes could be easily caught. It would not only stop alterations, but idenity thief of any appraiser's name/signature as well. The technology is not the fix, the transparency is.

Kenneth, I am as much of a libertarian as anyone. But a modest government is needed to prevent chaos. IMHO, this national vault would be the perfect way of allowing true transparency to the process so that the system could work properly with true accountability to those involved. It will allow the free market system to work on its own without government seizing control of the process. The proper amount of government is the amout that allows the free market system to work the way it is designed. The government would not be controlling anything, it would put the appraiser back in control by allowing the appraiser to make sure their work or name is not manipulated.

 

[TJSum]

Exactly. Risks go up exponentially when all the eggs are in one basket.

I trust true transparency. The thing I do not trust is when the appraiser or anyone else, except for the ordained insiders, are not allowed to peek behind the curtain. When things are not out in the open, that is when abuse of power and unwarranted government control takes over.

 

[Workbox]

Exactly. Risks go up exponentially when all the eggs are in one basket.

Just like those that hold the copyrighted datamined appraisals and appraisers signatures.

 

[Ken B]

The real issues keep raising their ugly heads. One issue is unproven and I welcome the day that Pam's wish comes true and it is resolved by a court of law once and for all. The other issue is easily fixed through the process that Danny has repeatedly suggested.

Problems solved. Yay.

 

[Fred]

Kenneth, I am as much of a libertarian as anyone. But a modest government is needed to prevent chaos. IMHO, this national vault would be the perfect way of allowing true transparency to the process so that the system could work properly with true accountability to those involved. It will allow the free market system to work on its own without government seizing control of the process. The proper amount of government is the amout that allows the free market system to work the way it is designed. The government would not be controlling anything, it would put the appraiser back in control by allowing the appraiser to make sure their work or name is not manipulated.

I know you didn't direct this at me. I am not saying the vault is stupid because I might be a "libertarian."

This comment you make about "back in control." When were appraisers ever in control and why would the vault create any now? When I started, old timers used to tell me about reports on 3x5 cards and they told me how when they worked in banks, they would just white out the value and change it. So appraisers were in control of their reports back then? Sorry, I don't see it. Also, the vault doesn't stop someone from changing the contents of reports in the future. So, where is this imaginary "control" I can't find.

If someone with jurisdiction over this, like the DOJ-FBI wanted to catch bankers falsifying appraisal reports, they would. They don't need a vault.

The vault sounds like building something that can't accomplish what it was designed for, and isn't designed for anything that is needed. So, in closing, libertarian, schmibertarian. It's a Rube Golberg mouse trap.

 

[Ken B]

I'm the libertarian these days.

http://www.bobbarr2008.com/

 

[Fred]

I trust true transparency. The thing I do not trust is when the appraiser or anyone else, except for the ordained insiders, are not allowed to peek behind the curtain. When things are not out in the open, that is when abuse of power and unwarranted government control takes over.

Yeah, except being able to peek behind someone else's curtain is unwarranted government control. I know. If you you are breaking any laws, then you should have nothing to hide, right? Where have I heard that before?

 

[TJSum]

"If someone with jurisdiction over this, like the DOJ-FBI wanted to catch bankers falsifying appraisal reports, they would. They don't need a vault." From Steven

Yes, but the people with jurisdiction need to see the "true copy" in order to catch those who are falsifying the reports, they need something to compare the bogus report to. Right now, they assume the appraiser commited the fraud, instead of the guilty party, and the burden is then on the appraiser to prove themselves innocent. That is why the vault is needed to allow for the proper chain of evidence to shine the light on the guilty parties. It lessens the chance for the appraiser's report or signature to be stolen or altered, that is what was meant by "control".