1004 Desktop: Subject 3-photo Page

[djd09]

Restrictions on trainees doing appraisals originate with the lenders, not the GSEs

Q7. Does Fannie Mae accept appraisals when an unlicensed or uncertified appraiser or appraiser trainee completed
the property inspection?

Yes. An unlicensed or uncertified appraiser or appraiser trainee may perform a significant amount of the appraisal
including the property inspection and sign the left side of the appraiser certification as the Appraiser if:
 he or she is working under the supervision of a state-licensed or state-certified appraiser as an
employee or sub-contractor,
 the right side of the appraiser certification is signed by that supervisory appraiser, and
 it is acceptable under state law.

However, unlicensed or uncertified appraisers and appraiser trainees are not allowed to do only the inspection,
as Fannie Mae’s appraisal report forms identify the Appraiser as the individual who:

 personally inspect the property being appraised,
 inspected the exterior of the comparables,
 performed the analysis, and
 prepared and signed the appraisal report as the appraiser.

 

[Jayjay25]

That door is already wide open, and has been for a long time.

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View attachment 61191

Restrictions on trainees doing appraisals originate with the lenders, not the GSEs

So why doesn’t Freddie Mac REQUIRE a certain percentage of their appraisals be completed by supervised trainees to ensure the continuous supply of appraisers into the industry? Instead the people over at Freddie Mac feel the better course of action is to try and get Realtors (interested 3rd parties) to supply the data completely circumventing the appraiser. What is happening as a (hopefully)unintended consequence is the AMC is researching the subject property and, if the info is insufficient, they are charging an additional fee to send a data collector to the property. All this happens at the same time they are broadcasting the desktop appraisal order trying to find the lowest bidder to maximize their profits. It’s a slap in the face to the appraisal profession.

 

[J Grant]

I don’t think it’s unreasonable to think, given the pace of the technology, that in 5 years floorplans will be as standard as photos in listings. They are already standard in many areas. CC is charging $40, but when there’s 20 competitors providing similar products the cost will come down. At some point it’ll just be $5/month for unlimited floorplans or something. Maybe the MLS will even require it.

Where is your proof floorplans are standard in many areas on MLS?

If they become standard, cool, but I do not see any evidence of it. It is not about the technology, it is about will RE agents /brokers think it is to their advantage or not to provide floorplans on listings - they currently often inflate sf on listings and brokers typically instruct RE agents not to measure or claim responsibility for SF , which does not sync up with providing floorplans.

But we will see! I have no real interest either way...

 

[Tim Hicks (Texas)]

And methinks that too many are looking for a "right now" solution rather than considering the longer term strategic view.

The GSEs were/are well aware that the majority of current MLS listings do not contain all the required information. The goal, thinking long term, is to change that.

MLS has changed/evolved a LOT over my career. When I first started, there weren't even comp books - just listing books. Then we got sales books - with one grainy B/W photo and limited property info. But available technology changed, and MLS listings commonly now contain numerous photos and lots more info. Given the history of how listing information has evolved, is it really such a stretch to think that MLS listings can evolve to commonly containing all the info required for a 1004 Desktop/70D? It really does not seem like much of a stretch to me.

Today's subject is tomorrow's comp (for somebody). So, if we get more data in the listings, that means more data for the comps (like a floorplan showing the breakdown of above grade and below grade areas).

There will always be agents who do the bare minimum on their MLS listings and/or just do "off market" listings. They are members of the MLS, but somehow their listings never make it to the MLS. The smaller time/more rural agent will always do the bare minimum for their listings because they are in a niche market. Bare minimum may be a front picture only (or none) and no descriptions in the listing. Heck, it takes an experienced appraiser to notice reasons for a higher sales price. I had one this week, that was listed with 1.88 acres, but sold with 3.76 acres without putting it in the MLS listing. I only figured it out by wondering why the sales price was much higher than the list and calling the agent to question them. I wonder how many appraisers just used the listed 1.88 acres?

 

[NJAPRAZE]

From what I understand, no need to drive the comps, idk if they want MLS photos of the comps or not.

As far as a front , rear and side of the subject - looks like those are a burden of appraiser to get - somehow - without visiting the property. I suppose one can drive to the property and take those photos if need be. Or upgrade the whole assignment to a full appraisal if feel it needs it

then it's not a desktop? how diff then exterior-only? reporting addenda - i.e sketch etc? And to get rear photo... you'll require owner's permission to access the site. Seems like much more of PIA than doing 1004 FULL int/ext...

 

[shrubberyvaluation]

There will always be agents who do the bare minimum on their MLS listings and/or just do "off market" listings. They are members of the MLS, but somehow their listings never make it to the MLS. The smaller time/more rural agent will always do the bare minimum for their listings because they are in a niche market. Bare minimum may be a front picture only (or none) and no descriptions in the listing. Heck, it takes an experienced appraiser to notice reasons for a higher sales price. I had one this week, that was listed with 1.88 acres, but sold with 3.76 acres without putting it in the MLS listing. I only figured it out by wondering why the sales price was much higher than the list and calling the agent to question them. I wonder how many appraisers just used the listed 1.88 acres?

There are a lot more listings now that are bare minimum when they geto 100's of people lining up to see the property when it hits the market.

 

[CGinMN]

Where is your proof floorplans are standard in many areas on MLS?

Proof? All I can say is that are common in mid- to high-end markets in the Twin Cities. Just like staging, professional photos, and a virtual tour is a standard. Matterport virtual tours automatically generates a floorplan. When I look at listings in other areas of the county, clearly photos/staging/floorplans are not common. I bet if you work in a rural market, or one where part-time agents are common, the listings are less likely to have this info. However full time agents with larger margins are often expected to do these things.

 

[ZZGAMAZZ]

There will always be agents who do the bare minimum on their MLS listings and/or just do "off market" listings. They are members of the MLS, but somehow their listings never make it to the MLS. The smaller time/more rural agent will always do the bare minimum for their listings because they are in a niche market. Bare minimum may be a front picture only (or none) and no descriptions in the listing. Heck, it takes an experienced appraiser to notice reasons for a higher sales price. I had one this week, that was listed with 1.88 acres, but sold with 3.76 acres without putting it in the MLS listing. I only figured it out by wondering why the sales price was much higher than the list and calling the agent to question them. I wonder how many appraisers just used the listed 1.88 acres?

In that scenario the appraiser should describe the absence of appropriate market exposure, although I don't know if a lending client cares about that.

 

[Dublin ohio]

I recently spoke with the association entrusted with our area MLS, about constant inaccuracies, omissions, and blatant missteps that is so common around our areas. I have those emails, and I’m sad to report that MLS procedures in Mid-Tennessee include no enforcements nor are they willing to put any effort into making accuracy a priority. I was told (by them) we should verify their information, and not assume it to be accurate. That’s a problem.

My chapter and many Tennessee appraiser groups are being informed, and I hope we can get a dialog with them.

It‘s not a good thing when the MLS information is inaccurate, and those in charge are unwilling to enforce compliance.

Sounds familiar. Agents often misidentify the type of property. Sf attached listed as condos and vice versa. Free standing condos listed as free standing SFR. They change the list price to match contract price when the contract is over list. Wrong map coordinates. Which results in missed sales if you do a map search. Wrong GLA because the use the auto populate feature which has wrong information. The response. About the same as they gave you. Sometimes. Crickets.

 

[OSU Beavers]

Anytime I see a report from an out of state appraiser that contains all vertical photos, I am pretty sure that an unlicensed runner with an iPhone did the inspection.