Hybrid Appraisals

[Terrel L. Shields]

Then I guess there only 2 or 3 of you "best" appraisers posting on the AF....

I think there are dozens on this forum who do not rely upon AMC work. Some never have. Most CGs don't have to put up with that crap.

 

[shrubberyvaluation]

Removing the appraisal section of the guide and deferring to USPAP would be the ultimate efficiency play. No wasteful back and forth between underwriters and appraisers to make sure the appraiser comments on things that don't require comments. This is more efficient for the lender, appraiser, and consumer. If I was DOGE I would be looking at this. What other solutions?

Comment on the subjects value being higher than the predominant value. (The terms are used incorrectly because this is how the AMC sends it)

 

[ucbruin]

The best appraisers do not have to work with the GSEs.

I think there are dozens on this forum who do not rely upon AMC work. Some never have. Most CGs don't have to put up with that crap

GSE....
Not AMC....

 

[shrubberyvaluation]

...and when those plans and specs change, we are tasked to do the final inspection and adjust the report accordingly. I mean, I bet 1 in 5 P & S has something different from what the plans say that I've encountered. It might be simple, one time they reversed the floor plan because of the lay of the site. Another time 3' was added to one side to make 2 bedrooms larger so they could build bigger closets. Plans change but we can adjust later.

So, Danny is conveniently forgetting that. No one gets to go out and second-guess if Bozo the Inspector has accurately described the property. And at what point in the 'verification' process can we actually determine if the inspector has accurately described the property? Never. With P & S, I can see if the builder is blowing smoke or not.

I once did a P & S for a builder for a 1 story 1800 SF house. But the builder was trying to stretch the house bigger to sell higher because he was very quickly going under. Before he was done, he bellied up. Roofed, framed, sheathed, bare interior walls. And he walked away. The bank then called me to inspect for them and they found another builder to complete the dwelling. Well, the now 2,200 SF or so house wasn't to the new builder's liking so, he modified it, moving some walls and a few other things. He completed the dwelling and liked it so well he bought the house from the bank, and the bank was delighted to come out whole and the builder got a house so close to the school his wife worked she could walk to work in less than 5 minutes. In short, we were able to adjust the value(s) according to what the actual construction was that we encountered. We were not bound by the P & S, either the original, or the sort of built on the fly final product when executing a final.

I do not believe that when a report is so absolutely wrong even when every mistake is the fault of the "property inspector" that the appraiser is not ultimately responsible for the accuracy of the report. When a fairy tale has been written based upon false data, I see no way that the appraiser will not share the blame and could be held accountable by the state boards.

And we don't need to worry about condition of the components since its all assumed to be new when its new construction, not so with a typical inspection by a PDC.

And I agree, when they talk about condition matching the definitions, they don't care if the condition is accurately reported.

It will be the fault of the person with the license and E&O. It prices are increasing, and the OMW is below what it sold for a year ago on the open market, I don't think its an acceptable excuse to say that I'm just appraising based on the information from the PDC, not to mention the extra time as an appraiser I would spend scratching my head trying to figure out what the PDC did wrong assuming all information points to the prior sale selling around market value.

Sure sometimes it will be simple like how does this 800 SF house have a LR, DR, Kitchen, and 4 bedrooms, other times it wont be so obvious.

 

[shrubberyvaluation]

I doubt that would save 15 minutes in the turn time. Why are the GSEs so focused upon turn time? Is that really an attribute of "safe and sound" banking?

Faster turn time, means more appraiser errors, means easier to find flaws in the report during a buyback and use the appraiser's E&O.

 

[shrubberyvaluation]

Yeah, there is nothing efficient about lenders having to engage two different providers instead of one. Double the sourcing, double the reviewing, double the accounting. On top of that, the information the appraiser gets is less reliable than if the appraiser was on site. And then they want the providers to accept 25% or less of the normal fee. Twice as much work for lenders, fraction of the compensation for appraisal providers, and the result is a less reliable appraisal. Hybrid appraisals are not efficient at all. Hybrid appraisal is a dumb idea all around.

Do they review the PDC? Its not like they have E&O. Just place it all on the appraiser. The only way a hybrid would be smart IMO is to be able to send out an assistant of my choosing that I trust and train.

 

[Fritz in NY]

And how to you develop those opinions when doing a proposed home? Do you take the plans/specs out to the site and develop those opinions there? No. You read the plans and specs, and from that info you develop an opinion about the proper quality rating, while sitting in your office, no? Plans/specs is the original hybrid appraisal.

The fact that you have historically conducted two activities while on site (collecting data and forming opinions based on that data) does not mean those things have to be developed on site or at the same time. And what about all the third party data on the subject you use now? And all the third party data you use for the comps? If you truly believe what you post about assistance, have you been citing the tax office as having provided assistance all these years? And do you cite the listing agent for the comps? If you have not been citing those as assistance, then it makes your claim that collecting data on the subject is assistance seem a little disingenuous.

And, when we are required to make (new URAR); adjustments, recommendations, observations, sketches, conditions, etc. in a driveway or yard, I think the Rush to upload anything will devalue the report. I "think about my report" before I upload to make sure it's correct. A whole 24 hours....What's with the speed thing? Most of my contemporary's produce a credible report in 3-4 days (simple, suburban reports). What is the delay....? The UW and the AMC, adding 2-5 days of useless conditions. We will now right a report in our car and upload before driving away.

 

[djd09]

Woman Live Streams Bomb Threat on Way to Freddie Mac, Gets Arrested Mid-Drive​

A woman made wild bomb threats in a live stream driving to a federal housing loan services building outside of Washington, D.C., according to video exclusively obtained by DailyMail.com.

Maria Del Carmen Lozano focused the camera on the road, but noted her name at least twice, and declared to viewers she was on her way to the Freddie Mac building in McLean, Virginia on Tuesday with the intent to ‘blow everything up.’

Fairfax County Police issued warrants for the woman’s arrest – one for a bomb threat and one for trespassing. She was pulled over during a traffic stop and taken into custody.

A representative from the FBI confirmed the bureau is ‘monitoring the situation.’

Federal Housing Finance Agency (FHFA) Director Bill Pulte was in the building at the time of the threat, a source familiar with the situation told DailyMail.com.

They also reveal that Lozano was a technology worker with Freddie Mac who was fired before Pulte was confirmed two weeks ago to lead the agency tasked with overseeing $9 trillion in home and mortgage loans.

Lozano was released from custody Thursday morning, but continued to live stream and threaten Freddie Mac employees and Director Pulte.

Woman Live Streams Bomb Threat on Way to Freddie Mac, Gets Arrested Mid-Drive * 100PercentFedUp.com * by M Winger

A woman live-streamed a bomb threat while driving to Freddie Mac, declaring intentions to "blow everything up." Discover how her reckless actions led to a dramatic police response and the eerie implications of being constantly monitored.

100percentfedup.com

...

 

[DWiley]

And, when we are required to make (new URAR); adjustments, recommendations, observations, sketches, conditions, etc. in a driveway or yard, I think the Rush to upload anything will devalue the report.

Who is pushing for that?

 

[Mejappz]

Woman Live Streams Bomb Threat on Way to Freddie Mac, Gets Arrested Mid-Drive​

A woman made wild bomb threats in a live stream driving to a federal housing loan services building outside of Washington, D.C., according to video exclusively obtained by DailyMail.com.

Maria Del Carmen Lozano focused the camera on the road, but noted her name at least twice, and declared to viewers she was on her way to the Freddie Mac building in McLean, Virginia on Tuesday with the intent to ‘blow everything up.’

Fairfax County Police issued warrants for the woman’s arrest – one for a bomb threat and one for trespassing. She was pulled over during a traffic stop and taken into custody.

A representative from the FBI confirmed the bureau is ‘monitoring the situation.’

Federal Housing Finance Agency (FHFA) Director Bill Pulte was in the building at the time of the threat, a source familiar with the situation told DailyMail.com.

They also reveal that Lozano was a technology worker with Freddie Mac who was fired before Pulte was confirmed two weeks ago to lead the agency tasked with overseeing $9 trillion in home and mortgage loans.

Lozano was released from custody Thursday morning, but continued to live stream and threaten Freddie Mac employees and Director Pulte.

Woman Live Streams Bomb Threat on Way to Freddie Mac, Gets Arrested Mid-Drive * 100PercentFedUp.com * by M Winger

A woman live-streamed a bomb threat while driving to Freddie Mac, declaring intentions to "blow everything up." Discover how her reckless actions led to a dramatic police response and the eerie implications of being constantly monitored.

100percentfedup.com

...

Shes got the goods on them, no doubt.