Revision request from Lender. -remove/replace the term "walking distance".

[jay trotta]

YOU THINK THAT IS UNREASONABLE? HOW ABOUT THIS CONDITION JUST RECEIVED:

"appraisal needs to be revised for consistency....the appraiser lists rents as $4500 in one section and $4200 in another. Please ensure that the rental amount is consistent."

Hmmm....well now I understand the condition: My reviewe revealed that the "inconsistency" is because the current subject rent is reported as $4,200, although the Opinion of Market Rent is reported as $4,550!!!!!

Is it possible that the lender representative doesn't understand the difference??????? And No, I didn't address the basis for the variance because if so I would have said, "The market rents are higher than the subject's actual rents because the market rents are higher, or to be more concise, the variance exists because the subject rents are lesss than the Market Rent."

Wondering if peers ever get fed up and respond in a signed response using verbiage that isn't very cordial.....which is simply a "business decision" that one must make at certain times, whether it defines one's career success or not.....

As has been consistent within the Lending practice (IMO-over the past 30+ years) NOBODY actually reads the report. IF they did, they would NOT have misunderstood what you wrote in plain language, that even a 12-year-old would understand.
But be patient, AI will solve all the problems, humans can't................LMFAO

 

[ZZGAMAZZ]

The lender assumes NO risk with the WAIVER - the GSEs frame it as the lender is relieved of reps and warranties for the collateral value of the loan with a WAIVER. The GSE's do not assume the risk either - the US TAXPAYER ASSUMES THE RISK 100%. Unlike when an appraisal is used, where the lender must buy back the loan for a faulty or inlfated value, with a WAIVER, the lender gets a pass on having to buy back the loan -, the lender estimates the value (why the heck should they be responsible for it lol ) or the Sale price is teh value in a WAIVER - providing the value falls within a GSE range determined by an AVM.

I have no idea how the AVM chooses sales, or if it uses that as a methodology. Would love to see one and love to know!

J.G., Are you certain about the diminished liability? If so, we MOST CERTAINLY are fighting a battle against an unwashed, illerate enemy, whoever established a critical baseline factor that skews the playing field unfairly. If so, why would any lender EVER rely upon an appraisal rather than a voucher!!! Unfair.

 

[BRCJR]

YOU THINK THAT IS UNREASONABLE? HOW ABOUT THIS CONDITION JUST RECEIVED:

"appraisal needs to be revised for consistency....the appraiser lists rents as $4500 in one section and $4200 in another. Please ensure that the rental amount is consistent."

Hmmm....well now I understand the condition: My reviewe revealed that the "inconsistency" is because the current subject rent is reported as $4,200, although the Opinion of Market Rent is reported as $4,550!!!!!

Is it possible that the lender representative doesn't understand the difference??????? And No, I didn't address the basis for the variance because if so I would have said, "The market rents are higher than the subject's actual rents because the market rents are higher, or to be more concise, the variance exists because the subject rents are lesss than the Market Rent."

Wondering if peers ever get fed up and respond in a signed response using verbiage that isn't very cordial.....which is simply a "business decision" that one must make at certain times, whether it defines one's career success or not.....

so which rental rate was used for the income approach?

 

[ZZGAMAZZ]

so which rental rate was used for the income approach?

The monthly Market Rent was reported on a 1007 rental form, which accompanied the 1004 form, per the Engagement, as $4,500. Seems to me that the 1007 almost always is ued when the
SFR subect of an assignment is tenant-occupied, presumably as support for the borrower's income needed to qualify for a loan, usually during a re-fi, although I don't know if the 1007 would bee required by a leder if the appraisal was for a purchase by an investor who did plan to occupy the property fter purchase????

 

[Dale Floyd]

The monthly Market Rent was reported on a 1007 rental form, which accompanied the 1004 form, per the Engagement, as $4,500. Seems to me that the 1007 almost always is ued when the
SFR subect of an assignment is tenant-occupied, presumably as support for the borrower's income needed to qualify for a loan, usually during a re-fi, although I don't know if the 1007 would bee required by a leder if the appraisal was for a purchase by an investor who did plan to occupy the property fter purchase????

I wish they paid attention to what you just said, and that it was that sensible. But in truth, "most" request the 1007 form because of policy provisions alone. Most check it off as being done per audit requirements involving any tenant property and move on to the one line with a value shown on it.

 

[djd09]

Just In: Student Suspended For Saying ‘Illegal Aliens’ Will Receive Cash, Public Apology​

By​

Just In: Student Suspended For Saying ‘Illegal Aliens’ Will Receive Cash, Public Apology * 100PercentFedUp.com * by Russell Bartlett

A North Carolina student's suspension for using the term "illegal aliens" has sparked a national debate on free speech in schools. Discover the surprising outcome of his legal battle and what it means for students everywhere.

100percentfedup.com

...congress can pass no law prohibiting or abridging the free exercise of

 

[ZZGAMAZZ]

Just In: Student Suspended For Saying ‘Illegal Aliens’ Will Receive Cash, Public Apology​

By​

Just In: Student Suspended For Saying ‘Illegal Aliens’ Will Receive Cash, Public Apology * 100PercentFedUp.com * by Russell Bartlett

A North Carolina student's suspension for using the term "illegal aliens" has sparked a national debate on free speech in schools. Discover the surprising outcome of his legal battle and what it means for students everywhere.

100percentfedup.com

...congress can pass no law prohibiting or abridging the free exercise of

Probably does nothing but negatively affect my potential revenue but guar-on-tee you that my response to every client condition about unpopular words incldes my editorial about censorship and free speech. I'll never forget first learning about University campus' with designated "Free Speech Zones." But I didn't know how to answer my pal when he recently asked when and why university students suddenly are so anti-semetic. Kinda scary future...

 

[ucbruin]

Probably does nothing but negatively affect my potential revenue but guar-on-tee you that my response to every client condition about unpopular words incldes my editorial about censorship and free speech. I'll never forget first learning about University campus' with designated "Free Speech Zones." But I didn't know how to answer my pal when he recently asked when and why university students suddenly are so anti-semetic. Kinda scary future...

Just tell your pal that Trump has given everyone the freedom and courage to behave....
Differently than in the past....
Common sense and decency is for the weak....

 

[heidi m sowards]

Just say approximate distance in feet

can you say feet? Some people have no feet...................

 

[heidi m sowards]

This thread is relevant to me this morning - received a request to blur out the listing agent terminology on the MLS listing I was adding to my report. The word "charming" has to go apparently - as I read the listing agent's synopsis on the home I also noted the following words I was NOT asked to blur out: "cozy, inviting, peaceful, conveniently located making it an ideal spot". So now not only do we have to police our own language, but also the language of others. Plat maps or zoning maps show the word church or Christian center or .............. so we have to police these as well? If I add zoning descriptions sometimes the word church is noted on those forms. Is it our job to edit everything? And does that create confusion for the reader when words/sentences are blurred out? Those words were utilized in the marketing of the property so ???