1004p

[J Grant]

Ugh...try getting rid of one.

With Air BnB, every homeowner owns a potential time share now....

 

[George Hatch]

But is Fannie Mae really unhappy with defective appraisals? Or, pleased that the banks give them an excuse to make the bank take back a loan if it fails? And if all payments were timely would they care what the appraisal says? Would they claw back the money then? I doubt it even if they knew the appraisal was deficient.

If Fannie has chosen to act simply as an indiscriminate clearinghouse for the liquidity, and NOT as part of the checks and balances that contribute to a more stable economy then attributing the additional role to them may amount to an unreasonable expectation.

If they're just another moneychanger in the temple then it becomes a big mistake for us to expect them to act like as if they were the temple priests. They're certainly in no position to presume to lecture anyone else or provide instruction to anyone else on how to more easily enter the temple. That's not to say that there's anything wrong with them being the moneychanger or that we don't have any legitimate use for the moneychangers; we do. It's just that we should't lose sight of what their perspective really is or what it is they're actually doing.

 

[Andrei Fin]

And let's talk geographic competency. Currently reading a 1004P for a large nationwide lender completed by an appraiser located well over 100 miles away from the subject property (roughly 2.5 hour drive) completing the report... subject being located a large metro area with an oversupply of appraisers.

 

[Lumbappr13]

And let's talk geographic competency. Currently reading a 1004P for a large nationwide lender completed by an appraiser located well over 100 miles away from the subject property (roughly 2.5 hour drive) completing the report... subject being located a large metro area with an oversupply of appraisers.

Redact and show it.

 

[Andrei Fin]

Someone already posted the 1004p form here, look back through the thread.

Point being, part of the allure of the 1004P form will be the ability to go faster/cheaper by cutting corners on local knowledge.

 

[glenn walker]

It's simply a business decision and each person has to determine what they will or won't do.. as far as hurting the profession , it's been on the ropes for years and it's going to change and evolve as time goes by. When I first started some of the savings and loans had their loan officers drive out to look at the houses and appraiser dint even have licenses and there was no USPAP. did -the quality get better by licensing, not really but it made everyone feel warm and fuzzy

 

[J Grant]

Someone already posted the 1004p form here, look back through the thread.

Point being, part of the allure of the 1004P form will be the ability to go faster/cheaper by cutting corners on local knowledge.

Allure is also to see production of four times the volume from staff appraisers, who can pump out appraisals by staying at desk not "losing time" by inspection . Meaning the company can reduce number of staff appraises and use non lower paid inspectors. That helps the bottom line of national AMC;s who use staff appraisers and many do at some level. If those same AMC;s are part of the fannie test pilot, of course they will provide glowing reviews to fannie of how well it works and how there is no loss of "quality"

 

[glenn walker]

Glowing Reviews On The 1004P

 

[J Grant]

It's simply a business decision and each person has to determine what they will or won't do.. as far as hurting the profession , it's been on the ropes for years and it's going to change and evolve as time goes by. When I first started some of the savings and loans had their loan officers drive out to look at the houses and appraiser dint even have licenses and there was no USPAP. did -the quality get better by licensing, not really but it made everyone feel warm and fuzzy

I bet quality was a lot worse then......probably more along lines of Loan officer to appraiser "We need X value, I drove by house it looks fine" Appraiser" Sure, okay."

Doing this work will be a business decisions - and one we all may face soon if it becomes prevalent. Hopefully anyone doing it will charge enough to make it worthwhile to do them.

That said, makes sense that clients who pay cheap now for 1004 will pay cheap for 1004P, and the clients who pay well/fairly now for 1004 will pay comensurate for 1004P

 

[ramrcdk]

Here is a pdf of what my software has. Looks like 1004. Except differences in pre printed SOW and certs and check boxes on last page of certs concerning type of inspection(s) if any. Have highlighted a couple of the differences in the SOW and certs

Thank you. I have not read all of the thread posts. Any Changes To...What is a standard offered fee for this Form & licensed signature? Guess the offered fee for a review would be "dimes".
I have been receiving Proteck-h (?) orders from places I have never heard of with requests of Fee & TT. I could not complete but perhaps I should respond with a fee and see ...curious.