Collateral Underwriting Appraisal Messages

[Joe Flacco]

Nobody is ever going to offer you higher fees. You are the service provider, you set your fees. The "other guy" is you.

That's what I'm saying man. That's why it is funny when some people accept low fees and then complain about low fees. Look in the mirror for the problem.

 

[kevco]

It's the perfect crime!

 

[knadave]

knadave said: ↑
I just received my first CU request form an underwriter: "Sale #4 has a view of "B", however, other appraisers have reported the view for this property as "N".
This sale backs a golf course, the subject has a standard residential view backing other homes. This is going to be a nightmare if we are going to get this crap on every appraisal.
Click to expand...
Couple of questions:
1: Does your appraisal software have aerial maps? When a view is impacted either good or bad, I show a blow-up aerial supporting my conclusion of the view.
2: Did your appraisal contain a picture supporting the view you concluded.
** Either the attached blow-up of the aerial map or the picture will support your call on the view.

WHO CARES what other appraiser's are doing as long as you have evidence to support your conclusions.

To my understanding, Fannie Mae is directing underwriter's to read thru the entire appraisal report when a flag is raise which should lessen unwarranted requests. I do believe that if appraisers would stop inputting unwarranted "BOILER PLATES", the underwriters would read more of our reports. Furthermore, when you want an under writer to read a statement, just put it in "BOLD".


Its an appraisal I did last week. No I do not typically add areal views for each comp, just my subject. The report stated:
Sale #4= "B" Golfview,,
Subject "N" Res.
This in itself should be enough.

They required that I comment on why the difference. I adjusted downward for the superior view.

 

[Deleted member 80407]

Its an appraisal I did last week. No I do not typically add areal views for each comp, just my subject. The report stated:
Sale #4= "B" Golfview,,
Subject "N" Res.
This in itself should be enough.

They required that I comment on why the difference. I adjusted downward for the superior view.[/QUOTE]

I am not saying you are wrong, however, if you used an aerial map it would clearly show why the adjustment was utilized as well as the explanation may not have been asked. Like I said before, who cares what other appraiser's do. As long as you have evidence or market evidence (sales comparison) to support why you made an adjustment, you have nothing to worry about.

Have a quick question: If the 3 primary sales presented all had similar views, why was comp 4 added with a superior view? Clearly it was not presented to bracket a view. Was there another element of comparison which you were trying to bracket? Where was the downward adjustment extracted from (i.e. paired sales?) ?

 

[Pam Wyant]

How would an aerial map show what a view is? I realize it might show cleared ground rather than buildings, but it doesn't really show what you see when you look out the window/door or stand in the yard.

 

[Deleted member 80407]

How would an aerial map show what a view is? I realize it might show cleared ground rather than buildings, but it doesn't really show what you see when you look out the window/door or stand in the yard.

Hi Pam,
The aerial maps on my software show houses as well as location. I have been utilizing aerial maps for minimally 7+ years. In the OP complaint, it would show the comp location backing to the golf course. Of course, a photo picture of the view (good or bad) from the ground level is always added.

 

[Mike Kennedy]

knadave said: ↑
I just received my first CU request form an underwriter: "Sale #4 has a view of "B", however, other appraisers have reported the view for this property as "N".
This sale backs a golf course, the subject has a standard residential view backing other homes. This is going to be a nightmare if we are going to get this crap on every appraisal.
Click to expand...
Couple of questions:
1: Does your appraisal software have aerial maps? When a view is impacted either good or bad, I show a blow-up aerial supporting my conclusion of the view.
2: Did your appraisal contain a picture supporting the view you concluded.
** Either the attached blow-up of the aerial map or the picture will support your call on the view.

WHO CARES what other appraiser's are doing as long as you have evidence to support your conclusions.

To my understanding, Fannie Mae is directing underwriter's to read thru the entire appraisal report when a flag is raise which should lessen unwarranted requests. I do believe that if appraisers would stop inputting unwarranted "BOILER PLATES", the underwriters would read more of our reports. Furthermore, when you want an under writer to read a statement, just put it in "BOLD".


Its an appraisal I did last week. No I do not typically add areal views for each comp, just my subject. The report stated:
Sale #4= "B" Golfview,,
Subject "N" Res.
This in itself should be enough.

They required that I comment on why the difference. I adjusted downward for the superior view.

Was the statement in green above included in the SCA analysis?? Having appraised homes in a ton of golf course developments in the lower Hudson Valley - the market reaction can differ IOW, some buyers prefer to sit on their deck and patio and watch golfers golf, others prefer enhanced privacy afforded by sites backing to the woods and not having their windows, and family and guests, being pelted with wayward golf balls.

While properties in both cases have "woods" views, buyers customarily pay a premium for enhanced privacy. IMO, the comparables utilized demonstrate which is the case in a particular development. The local market reaction should be explained on a comparative basis supporting adjustments (if any) and the abbreviated "this in itself should be enough" - is not "enough". Evidently the client in this case would agree.

 

[Yellow Fin]

I got 'FNM0422' and 'FNM0424'.... I supported the adjustments, but yeah, what if I get these messages from every appraisals?,, I guess I should not accept any order for a while.

Just got a condition message from my client. "The quality rating for comparables #2 and 4 are materially different than what has been reported by other appraisers. Please update or comment."
I guess they are having a hard time to deal with CU system.

 

[Peter LeQuire]

Re: #38 I wonder where the "peers" standard will take us. Will, for example an appraiser hung in the ambiguity between and among condition or quality ratings be forced to modify her conclusions/ratings because of client pressure?

 

[Rich LeMond]

Seems kinda pointless, they tell you that your rating is different, but that's it. You said C4, did your peers say C3 or C5? When did they say it, two years ago? How many appraisers said it, one? How are you supposed to comment on that?