1004p

[George Hatch]

Have alway looked at the typical inspection as being the "easiest" and least time consuming part of the process.

I've been telling borrowers that throughout my entire career.

 

[J Grant]

I think this is a huge mistake on the appraiser's part. If I were doing one of these I'd put a prominent scope of work summary at the top of the first page of my written addenda, bolded, separate and in addition to whatever verbiage the form might have on the topic.

I don't think Fannie should be using any variation of the 1004 for this type of assignment precisely because it might be misinterpreted by the readers.

But that is precisely why fannie is using a variation of the 1004- so it can be misinterpreted by readers.. which goes along with not identifying the inspector/their qualifications in report in prominent manner, labeling what the "inspector " does "data collection" to evade construed as engaged in appraiser practice and so on

 

[ICT RE]

IIt looks just like a 1004...

Gotta wonder if that is intentional.

If you remove field work from a typical residential assignment for lending purposes, then the desk work is still at least 75-80% of total time, on average. At least in my world. Should put fees for these 1004p's at $225-$350 or so, but so far the fees offered can only be laughed at. Those prior figures work out to a full 1004 at $300 to $450, which includes the bottom feeder AMC's to the solid direct clients, via my shoot-from-the-hip nationwide guesstimate.

 

[George Hatch]

But that is precisely why fannie is using a variation of the 1004- so it can be misinterpreted by readers.. which goes along with not identifying the inspector/their qualifications in report in prominent manner, labeling what the "inspector " does "data collection" to evade construed as engaged in appraiser practice and so on

It's just another example of why I think appraisers should think of Fannie as being no different than any other lender. At best, they're ambivalent about appraisals in general and appraisers in particular. I'm not all that sure whether or not "hostile" might be a more accurate characterization.

 

[Lumbappr13]

But that is precisely why fannie is using a variation of the 1004- so it can be misinterpreted by readers.. which goes along with not identifying the inspector/their qualifications in report in prominent manner, labeling what the "inspector " does "data collection" to evade construed as engaged in appraiser practice and so on

Does anyone have a completed 1004p? Being the evil appraiser doing these inspections I was told by one company I'm doing them for that my profession will be listed aka Licensed Appraiser. Why talk out of one end when you have no clue? We are good at having our opinion but we do research to provide that opinion. And a forums isn't research. I'd suggest trying one on either side even for a lower fee or both to see what it is all about.

 

[Evincere]

It's just another example of why I think appraisers should think of Fannie as being no different than any other lender. At best, they're ambivalent about appraisals in general and appraisers in particular. I'm not all that sure whether or not "hostile" might be a more accurate characterization.

That’s exactly right. Fannie is the Alpha or top dog Lender and if their minions are impeded and don’t make loans, neither does Fannie

 

[Terrel L. Shields]

Liability?

Inspection may be "easy" but it is a great part of the liability and why borrowers squeal.

 

[J Grant]

Does anyone have a completed 1004p? Being the evil appraiser doing these inspections I was told by one company I'm doing them for that my profession will be listed aka Licensed Appraiser. Why talk out of one end when you have no clue? We are good at having our opinion but we do research to provide that opinion. And a forums isn't research. I'd suggest trying one on either side even for a lower fee or both to see what it is all about.

Ask them if a RE agent inspects, if THEIR profession will be listed on the report as RE agent. If an appraiser inspects, and they list you as inspected you might be more liable than a RE agent is and the RE agent's profession may not be named. Very true there is much unknown about these and the people doing portions of them may never see the whole.

 

[J Grant]

It's just another example of why I think appraisers should think of Fannie as being no different than any other lender. At best, they're ambivalent about appraisals in general and appraisers in particular. I'm not all that sure whether or not "hostile" might be a more accurate characterization.

I think they still need appraisals and appraisers to feed their own data bank, and as some measure of prudence, but they took on the task of "modernizing the appraisal process mean " to "screwing up the appraisal process"
They used to go overboard on requirements and appraiser must inspect or supervise, now they are reversing decades of their own policy with a yahoo let's abandon as much as possible our role as prudent safe keeper and be like UBER/Amazon as if they are selling click purchase sneakers.

The fact they are wiling to use RE agents/others who took a one hour training seminar to inspect shows contempt for the investors who will buy the loans and the taxpayers who back them - the long term soundness of the loan collateral is being swept aside for short term front end speed to close fast (which benefits some lenders and not others , they don't all compete on speed, some on service and local reputation)

 

[Evincere]

I think they still need appraisals and appraisers to feed their own data bank, and as some measure of prudence, but they took on the task of "modernizing the appraisal process mean " to "screwing up the appraisal process"
They used to go overboard on requirements and appraiser must inspect or supervise, now they are reversing decades of their own policy with a yahoo let's abandon as much as possible our role as prudent safe keeper and be like UBER/Amazon as if they are selling click purchase sneakers.

The fact they are wiling to use RE agents/others who took a one hour training seminar to inspect shows contempt for the investors who will buy the loans and the taxpayers who back them - the long term soundness of the loan collateral is being swept aside for short term front end speed to close fast (which benefits some lenders and not others , they don't all compete on speed, some on service and local reputation)

So what you’re saying, is that Fannie has joined the Lender ranks not as a superior but as a their Peer. Which is I think, what GH was saying