Give me a break

[Peter LeQuire]

.

 

[djd09]

who is this joan? which states is she licensed?

 

[Mejappz]

We need the following documentation on each assignment completed by these (cough cough) inspectors.


1) E&O

2) inspectors license

3) W9

4) Resume

5)Application

6) Background check

7)Photo ID (ie driver’s license with personal info redacted)

8) Three work samples

Thank you in advance.

 

[J Grant]

I don't know why everyone is pretending to be so shocked by the transition toward mostly-AVMs. As an industry we've been talking about it for the last 20 years. What did you all think was going to happen? As the quality of the info they're working with is getting better the percentage of the valuation problems they can be relied upon will increase.

If we want our appraisals to be judged on more than just the number we need to enhance the type of info that we're providing beyond that number. Consistently. That's our way forward. Claiming supremacy over the machine WRT the number will - in larger and larger percentages of these assignments - become a fail.

I never claimed that, which is why I always say appraisals provide a value AND other information about the property and the market.

What do you propose we "add" to appraisals?

And it is more than about " the number" - the appraisal value has the signature behind it of the appraiser who can support the number when challenged and do so for years - and who is the party behind the AVM estimate/ who gets to pick the value from the AVM range or defend the value ?? If nobody signs it , then nobody is responsible.

 

[Mejappz]

who is this joan? which states is she licensed?

I think good ole Joan dumped her certification because she was tired of taking USPAPs two year continuing “education “ course.

 

[Mejappz]

I never claimed that, which is why I always say appraisals provide a value AND other information about the property and the market.

What do you propose we "add" to appraisals?

And it is more than about " the number" - the appraisal value has the signature behind it of the appraiser who can support the number when challenged and do so for years - and who is the party behind the AVM estimate/ who gets to pick the value from the AVM range or defend the value ?? If nobody signs it , then nobody is responsible.

Anyone who tells you AVMs are going to put you out of business simply don’t know what there talking about.

 

[J Grant]

Anyone who tells you AVMs are going to put you out of business simply don’t know what there talking about.

Didn't regulations passed make it that an AVM alone can not be used for an origination loan, that it must be upgraded to at least an evaluation with ext inspection?

 

[Mike Ault]

Didn't regulations passed make it that an AVM alone can not be used for an origination loan, that it must be upgraded to at least an evaluation with ext inspection?

Excerpted from https://www.mayerbrown.com/en/persp...idance-for-appraisals-and-income-verification

Specifically, a lender originating one of the following transactions may obtain either a desktop appraisal or an exterior-only appraisal in lieu of a traditional interior appraisal:

• A purchase loan to be secured by a borrower’s principal residence; or
• A purchase loan to be secured by a second home or investment property with a loan-to-value ratio less than or equal to 85%.

A lender originating one of the following transactions may obtain an exterior-only appraisal:

• A no-cashout refinance loan where the loan being refinanced is already owned by Freddie Mac; or
• A limited cash-out refinance loan where the loan being refinanced is owned by Fannie Mae.

 

[DWiley]

Didn't regulations passed make it that an AVM alone can not be used for an origination loan, that it must be upgraded to at least an evaluation with ext inspection?

That is the IAEG - Interagency Appraisal and Evaluation Guidelines. Does not apply to GSE transactions (they are not FRTs)

 

[Mejappz]

Didn't regulations passed make it that an AVM alone can not be used for an origination loan, that it must be upgraded to at least an evaluation with ext inspection?

I think you’re talking about evaluations for a federally related transaction. Yes, they need to get an exterior inspection along with an eval.

Btw in Florida the legislature passed a law that allowed appraisers to complete evals without having to comply with USPAP. In 2017! Despite fierce opposition from Mr. Bunton and the gang of 14 at TAF.

Unfortunately, the legislation has been hijacked by the rouge Florida Real Estate Board.

My suggestion to you and other appraisers in Florida is to contact the Governor and legislature and let your voice be heard.

The Board is unilaterally usurping the legislature and hurting small businesses.