Three values, one report

[J Grant]

This is not rocket sceince. If there was not three assignments from the clients with three fees, the client wanted it on one report. The OP could have checked with the client. It is always best to check with the client if one is not sure.
Some folks give incorrect advice here on this topic - they either say each value needs its own report, or it has to be done on a narrative form. Neither one is true. ( though what happens when the new format comes out, Idk ) But for now, there is a narrative blank addendum page where an appraiser can write as much as they want. I understand that the blank page to write additional commentary will not be available when the new "dynamic form" comes out.

Anyway, each of the three values is its own appraisal within one report. Which does not mean each value needs gridded comps. It is common for one or two values to have gridded comps and the majority of the work for the third value to be kept in the workfile. But that is up to the appraiser ( or appraiser and the client if they specify )ary value ( as repaired in mostoHw i

 

[sputnam]

This is not rocket sceince. If there was not three assignments from the clients with three fees, the client wanted it on one report. The OP could have checked with the client. It is always best to check with the client if one is not sure.
Some folks give incorrect advice here on this topic - they either say each value needs its own report, or it has to be done on a narrative form. Neither one is true. ( though what happens when the new format comes out, Idk ) But for now, there is a narrative blank addendum page where an appraiser can write as much as they want. I understand that the blank page to write additional commentary will not be available when the new "dynamic form" comes out.

Anyway, each of the three values is its own appraisal within one report. Which does not mean each value needs gridded comps. It is common for one or two values to have gridded comps and the majority of the work for the third value to be kept in the workfile. But that is up to the appraiser ( or appraiser and the client if they specify )ary value ( as repaired in mostoHw i

Yep... checking with the Client is simple and it's the final answer.

 

[Terrel L. Shields]

or it has to be done on a narrative form.... each of the three values is its own appraisal within one report

I find narratives to be easier but correctly, there is no reason you cannot incorporate additional pages in a form to accomplish the task. Again, if completing a report, a regulated bank under the Interagency Guidelines is required to provide an as is value always regardless of other requirements. That's what the FDIC etal requires of banks.

 

[J Grant]

I find narratives to be easier but correctly, there is no reason you cannot incorporate additional pages in a form to accomplish the task. Again, if completing a report, a regulated bank under the Interagency Guidelines is required to provide an as is value always regardless of other requirements. That's what the FDIC etal requires of banks.

Narratives might be easier; however, since most of these questions are from residential appraisers who are doing mortgage work, the lenders typically will not accept a narrative report and want it on a form.

 

[Terrel L. Shields]

, the lenders typically will not accept a narrative

That might apply for secondary market (conforming conventional loans). In my experience, non-conforming conventional loans (non-secondary market loans aka "in-house" loans) I've never had a bank turn down a narrative.

 

[J Grant]

That might apply for secondary market (conforming conventional loans). In my experience, non-conforming conventional loans (non-secondary market loans aka "in-house" loans) I've never had a bank turn down a narrative.

Most posters here do work that goes into the secondary market.

 

[Terrel L. Shields]

Most posters here do work that goes into the secondary market.

Lots of posters do local community banks and they need to know who they are working for. Conforming loans or non-conforming loans. Nearly half of all loans are nono-conforming.

 

[J Grant]

Lots of posters do local community banks and they need to know who they are working for. Conforming loans or non-conforming loans. Nearly half of all loans are nono-conforming.

That's what I keep hearing - yet in 30 years total in RE , first as a RE agent and then later as an appraiser, neither I nor anybody I interacted with met a buyer who took one of those mystery non-conforming loans. Are they commercial loans or short-term hard money loans, or ag farm loans? What are they? If most of these loans are for non-residential properties, then people should state that .
O MLS it reports financing, there is cash, or if a loan, they list conventional, FHA or VA.

On a few occasions, I see owner-financed or other.

Builders get construction loans, and there are hard money loans - what other loans are you talking about ?

 

[Terrel L. Shields]

In house for the most part.

Jumbo loans are non-conforming. Farm loans are non-conforming. ARMs are non-conforming. All conforming loans are 15 or 30 year loans. Only 1 loan I've had was FNMA compliant and was 15 year loan. I doubled up payments to pay off in <8 years.

Some non-conforming loans like FHA and VA do use typical form reports. But SBA, FmHA farm loans, Farm Credit, etc. usually don't. FSA loans, bridge loans, and commercial loans backed by real estate still reside on the books of the bank which then has servicing and other added costs over selling bundles of Fannie type loans into secondary market. But many banks have internally generated income that they want to put to use. Take the Walton family. They cannot just leave their money in the bank at interest when they can lend it out at higher rates. So, they fund all sorts of commercial and residential properties "in house" through their banks and mortgage companies.

I've read from 25 % to 45% of loans are "non-conforming conventional loans". According to the FDIC, In 2004,. 63.9 percent were conventional conforming,with rapid increase in conforming loans in first 10 years and conforming residential loans and FHA loans are the majority of current lending. But Jumbo loans are still non-conforming.

 

[J Grant]

In house for the most part.

Jumbo loans are non-conforming. Farm loans are non-conforming. ARMs are non-conforming. All conforming loans are 15 or 30 year loans. Only 1 loan I've had was FNMA compliant and was 15 year loan. I doubled up payments to pay off in <8 years.

Some non-conforming loans like FHA and VA do use typical form reports. But SBA, FmHA farm loans, Farm Credit, etc. usually don't. FSA loans, bridge loans, and commercial loans backed by real estate still reside on the books of the bank which then has servicing and other added costs over selling bundles of Fannie type loans into secondary market. But many banks have internally generated income that they want to put to use. Take the Walton family. They cannot just leave their money in the bank at interest when they can lend it out at higher rates. So, they fund all sorts of commercial and residential properties "in house" through their banks and mortgage companies.

I've read from 25 % to 45% of loans are "non-conforming conventional loans". According to the FDIC, In 2004,. 63.9 percent were conventional conforming,with rapid increase in conforming loans in first 10 years and conforming residential loans and FHA loans are the majority of current lending. But Jumbo loans are still non-conforming.

Farm loans are not residential loans and jumbo loans are often conventional, though they might be held in-house.
An appraiser can always ask their client if it can be submitted as a narrative, the majority of res lending assignments that cross most appraisers desks the client wants it on a URAR form.