Appraisal Bias

[Zoe]

...with a single point value you are either a number hitter or racist...pick one

The point value coincides with the FMNA def of Market value. If you did a range, you would be in violation of MV definition. Plus it would throw all kinds of cogs in the underwriting standards of lenders.

 

[Dale Floyd]

There is nothing awry about accepting an assignment from a client requesting a range of values. In the legal profession, that's not uncommon.

There is nothing wrong with discussing the arguments that exists between high and low within any appraisal. If the comps are solid, and very similar, one would be foolish to ignore the adjusted range regardless of the final conclusion delivered.

Seriously - the appraiser is giving an "opinion" in the end.

 

[djd09]

The point value coincides with the FMNA def of Market value. If you did a range, you would be in violation of MV definition. Plus it would throw all kinds of cogs in the underwriting standards of lenders.

the status quo is working...so which one are you number hitter or racist

 

[Zoe]

You have to reconcile based qualitative analysis sometimes to a point value estimate. It always can't be pretty on quantitative analysis.

 

[J Grant]

There is nothing awry about accepting an assignment from a client requesting a range of values. In the legal profession, that's not uncommon.

There is nothing wrong with discussing the arguments that exists between high and low within any appraisal. If the comps are solid, and very similar, one would be foolish to ignore the adjusted range regardless of the final conclusion delivered.

Seriously - the appraiser is giving an "opinion" in the end.

well how many appraisal assignments want only a range??? Tell me. And it has nothing to do with ignoring the adjusted range.

I've gotten zero requests for a value range only in 30 years

You do realize your argument has led to the GSE's using waivers ? After all, appraisers themselves kept talking about how it should be a range and the appraiser was not good enough-low education bar but it already happened so enjoy all your future leisure time since your argument eliminated half the lender work out there

 

[djd09]

You do realize your argument has led to the GSE's using waivers ? After all, appraisers themselves kept talking about how it should be a range and the appraiser was not good enough-low education bar but it already happened so enjoy all your future leisure time since your argument eliminated half the lender work out there

you are blaming a concept for waivers what a gaslighter

 

[djd09]

waivers are here because the appraisers were coming in too damn low so the scum bag mortgage brokers will pick up your slack

 

[Zoe]

waivers are here because the appraisers were coming in too damn low so the scum bag mortgage brokers will pick up your slack

VA is not going to go with a range of value. You can forget that. FHA won't go down that road. Forget that.

 

[Tom D]

i don't think anyone's opinion about a value range is going to push FNMA into a different thinking. we are required to give a pov, within support of the range for our benefit. having been in this business forever, we can only go the way the FNMA tide is carrying us. i doubt that any thread here has had even a 1% chance of changing the master's plans.

 

[Zoe]

i don't think anyone's opinion about a value range is going to push FNMA into a different thinking. we are required to give a pov, within support of the range for our benefit. having been in this business forever, we can only go the way the FNMA tide is carrying us. i doubt that any thread here has had even a 1% chance of changing the master's plans.

FHFA and VA carry more weight than FNMA. FNMA is a govt sponsored institution. VA and FHFA are government. Forget it happening.