Significant Appraisal Assistance (1004p)

[ucbruin]

An inspection is not mere "data confirmation ! " ...and consider what you just wrote-Most subject data is online. They are trying to equate gathering data online ( data collection) to a property inspection.

One of the fundamentals reasons why it is called DATA, is because it can be retrieved online. That is the accepted use and definition of data- facts or information that are published , or in documents , or computer searchable.

Why do appraisers inspect a subject, since online data is available on it?

1) the online data may be incorrect, or has changed 2) the appraiser notices and observes things on site that no amount of online data can convey.

Some see the glass half full....
Others see the glass half empty....

 

[Eli]

An inspection is not mere "data confirmation ! " ...and consider what you just wrote-Most subject data is online. They are trying to equate gathering data online ( data collection) to a property inspection.

One of the fundamentals reasons why it is called DATA, is because it can be retrieved online. That is the accepted use and definition of data- facts or information that are published , or in documents , or computer searchable.

Why do appraisers inspect a subject, since online data is available on it?

1) the online data may be incorrect, or has changed 2) the appraiser notices and observes things on site that no amount of online data can convey.

Yes, and not only on site. But driving the neighborhood like you say is huge. Both general and specific data on the subject and comparables and market changes constantly that is best determined by an appraiser. Especially with the borrower getting a copy of the report and being deceived about the facts surrounding the appraisal.

 

[J Grant]

Since data is typically defined and understood as information stored in a computer, or floppy disc, (or searchable, on documents), - though it can be found by a researcher or primary source, it is generally not considered reliable or credible till it is vetted - if all the person is doing is "data collecting", they would be collecting data online, they would not be going to the property .,

But they do go to to the property and they go there for the purpose of an appraisal inspection. Bet $ they will make the appointment using the word "inspection", and inspection is the verbiage /checkbox which will be in the 1004P : who inspected the subject property, an appraiser or other party ?

Fannie is trying to make the word data collection and inspection interchangeable on the one hand ( the term inspection will be almost surely be used to make appointments, and it is used on the report as the person "inspected" the property) yet on the other hand, denying it was an inspection by calling it "Data collection"- since an inspection of the subject has been recognized in USPAP FAQ as contributing significant real property appraisal assistance.

Is an inspection more than "data gathering", or something more than mere "data gathering"? And what comprises or makes credible data in the inspection context -raw data vs information vs knowledge )

https://en.wikipedia.org/wiki/Data

 

[djd09]

"Brian is best known for serving as one of the lead plaintiff’s counsel in the recent $16.65 billion settlement against Bank of America, the largest civil recovery against a single defendant in the history of the United States."

https://www.lenderliabilitylawyer.com/legal-team/brian-mahany/

Here is some help for the soon to be whistle blowers.

 

[George Hatch]

Information is information. In an ideal scenario, opinions come in part from the analyses of that information.

None of that is banker-spin, even if it does end up cutting into your livelihood.

 

[George Hatch]

About the best way to frame your "the inspection is appraising" argument is for you to say that as an appraiser you are collecting more information that's relevant to your analysis than a 3rd party (non-appraiser) inspector will collect .

I don't think most people on either side of the argument would dispute that.

 

[djd09]

What Is Cognitive Dissonance?
If you have ever told a lie and felt uncomfortable about it because you see yourself as scrupulously honest, then you have likely experienced cognitive dissonance. It occurs when one's ideas, beliefs, or behaviors are contradictory—when a person learns new information that challenges a deeply held belief, for example, or acts in a way that seems to undercut her self-image. The theory of cognitive dissonance helps explain the lengths to which people sometimes go to account for thoughts, words, and behaviors that seem to clash. But in fact, by bringing attention to the inconsistencies in our minds, cognitive dissonance can be an opportunity for growth. Exactly how we choose to resolve the dissonance and its accompanying discomfort can be a reflection of our mental health.

https://www.psychologytoday.com/us/basics/cognitive-dissonance

Public Trust?

 

[George Hatch]

What Is Cognitive Dissonance?
If you have ever told a lie and felt uncomfortable about it because you see yourself as scrupulously honest, then you have likely experienced cognitive dissonance. It occurs when one's ideas, beliefs, or behaviors are contradictory—when a person learns new information that challenges a deeply held belief, for example, or acts in a way that seems to undercut her self-image. The theory of cognitive dissonance helps explain the lengths to which people sometimes go to account for thoughts, words, and behaviors that seem to clash. But in fact, by bringing attention to the inconsistencies in our minds, cognitive dissonance can be an opportunity for growth. Exactly how we choose to resolve the dissonance and its accompanying discomfort can be a reflection of our mental health.

https://www.psychologytoday.com/us/basics/cognitive-dissonance

Public Trust?

I would have liked that post twice if I could have.

 

[J Grant]

About the best way to frame your "the inspection is appraising" argument is for you to say that as an appraiser you are collecting more information that's relevant to your analysis than a 3rd party (non-appraiser) inspector will collect .

I don't think most people on either side of the argument would dispute that.

Finally we agree (partly ) on something -...though USPAP FAQ says the inspection is included in what is considered contributing significant real property assistance- it is not just "me" /my personal viewpoint..

Would you agree they are not calling it an inspection, but calling it data collection or data gathering in order to avoid having it disclosed on report as contributing significant real property assistance?
You expressed concern about similarity in appearance of 1004P to the 1004 form- users can easily confuse the two ( I do not recall your exact verbiage), this is along same line.

If they were transparent it would be:

1) reporting :
The appraisal 1004P should state a data collection on subject was performed, ( not an inspection was performed. ) . Since they are making a distinction and giving instruction to a person to mere "data collect", then it is deceptive to call it an inspection.

2)Representation to borrower
"Hello Mr /Mrs Homeowner I want to make an appointment to do data collecting on your house. :The homeowner ".What does that mean? Who is coming to my house for this...oh thanks for telling me, a A RE agent. When the bank said a licensed trained professional would be doing an inspection I assumed it was an appraiser"

 

[djd09]

I would have liked that post twice if I could have.

Should i email it to TAF?