Hybrid Appraisals

[shrubberyvaluation]

It's never more efficient. The lender needs to order two different services and stay on top of both statuses. Then one needs to be sent to another resulting in decreased information reliabiity. The lender also needs to communicate twice with the borrower to get them to pay for the inspection, then again to pay for the appraisal. The lender also needs to deal with the complaining about the appraiser didn't go in the house. Then the accounting department has to handle accounts receivable for two invoices.

Twice as much work is never more efficient.

If they were just concerned about time why not just encourage the use of trainees to inspect? It is mixed messaging. And yes FNMA has pull, they partner with a bunch of unethical AMCs for a reason.

 

[glenn walker]

I can confirm borrowers do decline waivers and opt for an appraisal.

Impersonating an appraiser just one of many laws that are violated every day.

Not too many people out impersonating being an appraiser as it carries no prestige or kudos from the last one who came in low and now he has a target on his back....but that's funny as hell.

 

[Joe Flacco]

If they were just concerned about time why not just encourage the use of trainees to inspect? It is mixed messaging. And yes FNMA has pull, they partner with a bunch of unethical AMCs for a reason.

Yeah, hybrids are a really stupid idea. The only reason for it is so that AMC can charge their fee twice.

 

[shrubberyvaluation]

Yeah, hybrids are a really stupid idea. The only reason for it is so that AMC can charge their fee twice.

Sometimes more than twice if it goes to a full appraisal later.

 

[Joe Flacco]

Sometimes more than twice if it goes to a full appraisal later.

That would be ridiculous.

 

[Justinjla]

If they were just concerned about time why not just encourage the use of trainees to inspect? It is mixed messaging. And yes FNMA has pull, they partner with a bunch of unethical AMCs for a reason.

Appraisers and trainees alike are great property data collectors. We encourage them all day long and some are doing them today.

 

[shrubberyvaluation]

Appraisers and trainees alike are great property data collectors. We encourage them all day long and some are doing them today.

And what do you think will happen if I'm assigned a hybrid and I say I will just have my trainee do the inspection? You can say you encourage it all day long, but your actions by who you partner with say otherwise.

 

[glenn walker]

It's never more efficient. The lender needs to order two different services and stay on top of both statuses. Then one needs to be sent to another resulting in decreased information reliabiity. The lender also needs to communicate twice with the borrower to get them to pay for the inspection, then again to pay for the appraisal. The lender also needs to deal with the complaining about the appraiser didn't go in the house. Then the accounting department has to handle accounts receivable for two invoices.

Twice as much work is never more efficient.

I agree it's not more efficient and since I know their wonks and bean counters know this and i believe in conspiracies my take is the plan is to at some juncture to raise the deminimus levels high enough throughout the Nation to be able to not use appraisals but the data inspectors will have been trained and ready to go at lower fees.

Remember under Dodd Frank it's legal to make and fund loans under the deminimus. They just haven't done it much because now NOTICE how suddenly the GSEs are talking more about physical condition and that appraisers were slacking on calling out inspections and repairs..suddenly Freddy Mac talking about damp crawl spaces..WTF the value isn't their big issue ? but it explains why the ramp up on so called data inspectors

Let's be honest that's just a bull**** term they made up for a unlicensed guy to measure..take photos and note possible repairs.

In the end you only need one step so is it possible the value won't be done by an appraiser ? Don't ever think these guys are stupid there is a end game and it's not paying two parties to do a job one appraiser can do on his own for one fee.

Kinda like when the boss hires you to train the new guy and then 6 month's later he says thanks- he now has your job at a lower salary and he's young and fit and motivated.

 

[TC]

Since you are making that comparison, can you provide a list of the formal training that appraisers are required to have related to property inspection? Thanks.

I agree. How long did every appraiser train with his/her boss before inspecting on their own?

 

[Justinjla]

And what do you think will happen if I'm assigned a hybrid and I say I will just have my trainee do the inspection? You can say you encourage it all day long, but your actions by who you partner with say otherwise.

You and your trainee could work out the logistics under the current framework of the program to do it. The PDC order would have to be facilitated through an approved vendor who is connected to our property data API. Your trainee would have to be contracted through them. Then, you work with them to get the hybrid order. Your trainee does the data collection and you do the hybrid. It could be done.

If you want to become a property data collection vendor and only employ trainees, I can get you started on the process Monday. You will need a mobile application capable of collecting the Uniform Property Dataset. It will have to be connected to our API. You will have to go through a system vetting process. You will have to have a property data collection training program in place. We will manually review 100% of your PDCs for a period of time until you maintain a satisfactory quality rating. You need an annual background check process in place for all data collectors. We will meet with you monthly to review issues we’re seeing and discuss challenges. Then, you would be good to go. We don’t discriminate unless you can’t do any of the above.