Revision Request

[timd354]

Please indicate the specific section of the Management section being violated.

Line item, please.

Lines 228 and 229 together with line 233 (and an argument can be made for line line 231 in lieu of or in addition to line 233)

Such an arrangement also opens one up to an accusation of a violation of line 191 (i.e., a claim that the appraiser was biased to the additional sales because otherwise he or she would have to refund part of the agreed upon fee)

 

[Terrel L. Shields]

I think the contingency argument is weak. But I do say I correct all MY mistakes at no cost. And not having the right comp is MY mistake. I do say, post-report additions are billed by the hour.

I don't recall a situation where I ever "missed" a comp since I search both county records and MLS. I may find nearby sales, but if they are closer than my comps, I will comment on why I didn't use them.

 

[timd354]

I think the contingency argument is weak. But I do say I correct all MY mistakes at no cost. And not having the right comp is MY mistake. I do say, post-report additions are billed by the hour.

I don't recall a situation where I ever "missed" a comp since I search both county records and MLS. I may find nearby sales, but if they are closer than my comps, I will comment on why I didn't use them.

You may not agree with it and it is possible that a state board would not agree with my argument either, but I sure as heck would not want to go through the process of dealing with a complaint to find out.

I think that the people who are using this type of arrangement would be wise to send a written inquiry to the ASB to ask them to weigh in on the matter.

 

[jay trotta]

Timd; It does not matter why, but a contingent fee structure whereby your compensation is contingent in whole or part on the results of your analysis violates the Management section of the ethics rule (IMO). Additionally, maybe you are not biased, but such an arrangement certainly opens you up to a claim of bias.[/QUOTE]

The reference language is directly from a LL-2015 that FNMA published to all Lenders; they specified the Fee and what is required to meet that obligation (Due Diligence, is the Lenders responsibility & regulatory requirement). Therefore, the appraiser has Not set the Fee, the regulations did and IMO, I don't see any bias.

 

[Tim The Enchanter]

They just know you are holding back the "best" comp. You never ever ever include it in the report.

 

[timd354]

The reference language is directly from a LL-2015 that FNMA published to all Lenders; they specified the Fee and what is required to meet that obligation (Due Diligence, is the Lenders responsibility & regulatory requirement). Therefore, the appraiser has Not set the Fee, the regulations did and IMO, I don't see any bias.

What the heck are you talking about? Fannie Mae did not set the fees that appraisers charge their clients and they did not tell the appraiser to make their fee contingent on the outcome of the review of any sales present to the appraiser by the lender. If I am incorrect, I am sure that you can copy and paste the exact language in LL-2015 in which they specified the fee (unfortunately for you, no such language exists).

It is amazing what some of you people invent out of thin air.

 

[Terrel L. Shields]

Therefore, the appraiser has Not set the Fee

Fannie Mae did not set the fees

Then who did? You are right. It ****** sure wasn't the appraiser.

 

[Tim The Enchanter]

It is amazing what some of you people invent out of thin air.

You should smell what I invent with not so thin "air".

 

[DTB]

(my bold)

I'd like it if the client could then make a judgment if they are reasonable, are they any better than the ones in the grid? I'd like that, but that may be asking too much. I think it is reasonable for the client to say,

"Gee, given everything, these look like reasonable sales to consider: Did you consider them/should you consider them, and if you do consider them, does it change anything?"​

Given the bold, if Mr. Drysdale called or even Miss Hathaway called or emailed with that golly gee we were wondering type of question I would gladly answer it. Verbally or via email. It does not need to be included in the report.

Answered that way the request is free. If they wish to have the report reopened, commentary added, renumber the report, affix a new signature with current date and upload it to them...it ain't gonna be free or even cheap.

 

[Tim The Enchanter]

if Mr. Drysdale called or even Miss Hathaway called

Thank you Jethro.
Please send Ellie May around.