Collateral Underwriter "suggested Comparables"

[ucbruin]

Not sure if you can call FNMA the government, they are more like a government step child.

I just appraised a high-end $3M home yesterday. The owner was kind enough to offer me the prior appraisal. Under "Additional Features" and "Describe the Condition of the Property" the appraiser wrote one word: "Standard". Tell me again how CU is getting rid of the bad appraisers?

Would you consider the prior appraisal to have a supported valid/market value?

 

[Rich LeMond]

Would you consider the prior appraisal to have a supported valid/market value?

I didn't bother to read it that far. But I'll tell you what. If I worked at Fannie and saw that, it would be a clue to pull out a couple of appraisals by this guy and take a quick look. But that's not how they roll, they build algorithms instead.

 

[Eli]

Not sure if you can call FNMA the government, they are more like a government step child.

I just appraised a high-end $3M home yesterday. The owner was kind enough to offer me the prior appraisal. Under "Additional Features" and "Describe the Condition of the Property" the appraiser wrote one word: "Standard". Tell me again how CU is getting rid of the bad appraisers?

I know, but the govt let them do what they are doing and I have no doubt the govt has far more data analysis from FNMA that we are privy to. So, I am sure this is just step one. And image is a factor, but will prolly become less of a factor for some. Image of non-govt is in deep doo in some cases. The govt is breaking the ice slowly is my take for strategic reasoning relative to perception. FNMA is not in complete control of the actions taking place.....no way. They are trying to handle it quietly. But we know some will be made public for strategic reasons. I like it because it is a step in the right direction. Step two may get rid of some of our worst enemies and gain us more independence. That would be great for the public.

 

[Eli]

Don't hire a surgeon and tell him all he has to work with is butter knives because that is all you can afford. Won't work today. FNMA has some's number. Hell, they have most everybody's number.

 

[J Grant]

Not sure if you can call FNMA the government, they are more like a government step child.

I just appraised a high-end $3M home yesterday. The owner was kind enough to offer me the prior appraisal. Under "Additional Features" and "Describe the Condition of the Property" the appraiser wrote one word: "Standard". Tell me again how CU is getting rid of the bad appraisers?

CU was not in place when this clown 's appraisal was done.

Perhaps going forward, CU will identify his ilk, if he is a truly bad appraiser...CU will see a pattern if his reports keep getting flagged for generic /poorly supported adjustments or other issues (if present )in his reports.

 

[ucbruin]

CU was not in place when this clown 's appraisal was done.

Perhaps going forward, CU will identify his ilk, if he is a truly bad appraiser...CU will see a pattern if his reports keep getting flagged for generic /poorly supported adjustments or other issues (if present )in his reports.

I'm not defending the lack of details in the prior report but how does anyone assume the adjustments weren't supported from RL's post?

 

[J Grant]

I have no idea. Was using a hypothetical ,

 

[djd09]

whats wrong with standard? did he/she get the value right?

 

[djd09]

This may have been stated before, but, if I have 4 reasonable comps and choose to use only 3 in my report, proximity and date of sale being similar, I'm going to "throw out" the comp requiring the largest gross and/or net adjustments because by definition, it is the least similar to the subject.

I would think the appraiser would use a sale requiring very high adjustments only when there were no other sales available.

after looking at the charts, unless they have inside info, the adjustment percent chart look pretty normal to me.
on a 100,000 dollar house that would be 25,000 in adjustments. if your making that much in adjustments then you probably pick the wrong comps. the 5% over the 25% are most likely unique properties. but since we can only see the charts and not the data it is pure speculation.

 

[Terrel L. Shields]

on't hire a surgeon and tell him all he has to work with is butter knives because that is all you can afford. Won't work today. FNMA has some's number. Hell, they have most everybody's number.

So does the lottery, but that means nothing. It is serendipity at best, and punitive as its worst. That's what I think. And "Standard" might just pass muster if they are looking at the ratings only as a means of vetting.