GSE Waiver & Data Collection Data

[glenn walker]

Appraisal-- Inspection is correct.
The appraised value is determined by the licensed appraiser. I don't think too many confused my neighbor last year told me the lender, told him that a inspector was coming by to look at the property. He knew the appraiser was doing the valuation. Most people are told the process.

 

[J Grant]

Appraisal-- Inspection is correct.
The appraised value is determined by the licensed appraiser. I don't think too many confused my neighbor last year told me the lender, told him that a inspector was coming by to look at the property. He knew the appraiser was doing the valuation. Most people are told the process.

I doubt it. Lenders explain as little as possible even now to borrowers. Most people do not understand what it means when a person other than the appraiser shows up for the "inspection" for the appraisal. There is no uniqueness to each form number ot label by design now, so an investor buying loans with an appraisal valuation is not clear what they are getting either. wrt who did what, or if an inspection was made . A PDC is not an inspection. It is "data collection." All the tap dancing reminds me of the toxic loan debacle when C and D paper was mixed with A nd B paper credit loans.

 

[glenn walker]

I doubt it. Lenders explain as little as possible even now to borrowers. Most people do not understand what it means when a person other than the appraiser shows up for the "inspection" for the appraisal. There is no uniqueness to each form number ot label by design now, so an investor buying loans with an appraisal valuation is not clear what they are getting either. wrt who did what, or if an inspection was made . A PDC is not an inspection. It is "data collection." All the tap dancing reminds me of the toxic loan debacle when C and D paper was mixed with A nd B paper credit loans.

Then our industry and appraisers did a poor job representing what we do. Based on what many on hear say the home owners or borrower's wouldn't know if the person was a cable TV repairman or an appraiser. Lol

 

[djd09]

They are not impersonating an appraiser but the whole system is set up so that the party allowing access to the property and the investors who buy the loans are not too clear about the whole thing

Data collection by a third party is NOT an inspection - USPAP draws the line of when an inspection is part of appraisal practice as when it involves judgments, opinions and analysis.

what we do is an inspection...what they do is not

 

[J Grant]

Appraisal-- Inspection is correct.
The appraised value is determined by the licensed appraiser. I don't think too many confused my neighbor last year told me the lender, told him that a inspector was coming by to look at the property. He knew the appraiser was doing the valuation. Most people are told the process.

Why did the lender tell your neighbor an inspector was coming by to look at the property? That is misleading. A PDC collector is a person who gathers data - that is how the Fannie and Freddie reps refer to them. But the lenders are going to use the word inspector to reassure the borrower, because what the heck is a data collector, the borrower would ask? An inspector sounds professional, as if the person is a professional with a license, as if they are a form of appraiser or home inspector.

Your neighbor was confused after all. Ask them if the person who came to their house told them they were there to collect data. If the lender called the person an inspector, or that somebody would be coming to perform an inspection, it is misleading and the entire process is set up to be misleading - no form numbers or names, just drop down fields and a little x the appraiser did ot did not inspect which half the users won't understand because after all an inspector came to their house, an official sounding title -

 

[chad hampton]

Word manipulation and making up new terms to skirt laws and rules. Theyve been doing it for over a decade. For a profession i was told was based morals, ethics, and transparency, it’s now mostly scams and unethical behavior.

Money will do that to most people.

 

[J Grant]

Then our industry and appraisers did a poor job representing what we do. Based on what many on hear say the home owners or borrower's wouldn't know if the person was a cable TV repairman or an appraiser. Lol

Nonsenes. You end your posts with lol or lmao to excuse the nonsense you peddle.

When an appraiser comes to their house, the person knows who they are and that they came to do an appraisal inspection. Sometimes the person thinks we work for the bank or that because they paid for it, they can get a copy of the report from us.

But they will be confused, or perhaps the better word is unclear with a PDC wrt who is coming, since the lender is going to call them an inspector and not a data collector. When an appraiser inspects, they form personal judgment and opinions; they are not just robotically "collecting data."

If there is a pushback from an appraiser about the appraisal market value opinion, the first thing a party will say is "The appraiser never even came to the house!"

And they will have a point- it is going to be hard to defend an opinion about a property we never set foot on. Having a PDC collection done means the appraiser is now less well informed than any of the parties are - almost all of whom were inside and on site at the property at some point. But we are excluded from doing so on our own appraisal.

Letting a flood of non-licensed PDC people into the field was done because there is an unlimited, large number of unlicensed people for a PDC vs a smaller number of licensed appraisers - thus it keeps fees low for the PDC via supply and demand. Who profits from that? The AMC is the main entities that order and manage PDC collections for Waivers or for appraisals.

 

[Carnivore]

"Was there an inspection in this assignment? Well your right someone has to answer that question.
I guess the first question is: Who or what defines what an inspection is or entails? The 2nd question is who was the inspector & what is his phone #? The third question is when was inspection conducted. The fourth question is does this inspection results align or is similar enough to other sources of property data? Well I suppose that an actual on-site inspection by somebody must have the date of that inspection. Then , can the appraiser contact the inspector with questions? Reason I ask that is because all of our MLS sheets have the names and phone #'s on the sheet. listing agent and selling agent.

NC is a real problem for Harry the PDR Dude. You see we have licensed home Inspectors. If a PDR dude states anything about condition that dude is in hot-water for practicing without a License. Now they can do this all day long as long as they do not receive compensation and do not identify themselves as a home inspector.

AEven us appraisers in nc have to be careful. The GSE's Condition ratings is our out. Private non lender assignments are a little more risky, Although if you used the GSE condition ratings in that private assignment , you probably would be OK.

Well that's my 2 cents

 

[glenn walker]

If you walk through a properly to
collect data that's a visually conducted inspection. It doesn't matter what your looking for. We're now just playing word games and it's becoming nonsensical.

 

[George Hatch]

If they aren’t doing the appraisal inspection, why do they introduce themselves as “I’m Jim, and I’m here for your appraisal”?

In some states impersonating an appraiser is a crime. Probably why they decided to get all those state board members paid off before they rolled this **** out

If they're impersonating an appraiser then that's an offense. But that offense is not being committed by the licensed/certified appraiser who is actually performing the no-inspection appraisal assignment.

Even a licensee is prohibited from misrepresenting their role. There is no such thing as a USPAP-compliant inspection because there are no standards for the act of inspecting in USPAP.