djd09
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do you think you are special because you follow some quasi standard laws that the non appraiser appraisers dont because they think it is worthless...
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Illegal In House Valuations
- Thread starter djd09
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do you think you are special because you follow some quasi standard laws that the non appraiser appraisers dont because they think it is worthless...
George Hatch
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It's a minimum standard. So simple even our donkeys can meet it. If they are willing to make the effort.
George Hatch
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That actually would be a violation of banking regs, same as if a lender or AMC did that to a fee appraiser.
The prohibition doesn't guarantee performance, but the lack of prohibition would have made it impossible to enforce. Can't enforce a prohibition that doesn't exist. That brings us full circle to the IRL lack of prohibition against using appraisals performed by staff appraisers at a lender or an AMC. Lack of prohibition for AMCs to employ staff appraisers to perform appraisals.
The prohibition doesn't guarantee performance, but the lack of prohibition would have made it impossible to enforce. Can't enforce a prohibition that doesn't exist. That brings us full circle to the IRL lack of prohibition against using appraisals performed by staff appraisers at a lender or an AMC. Lack of prohibition for AMCs to employ staff appraisers to perform appraisals.
George Hatch
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Can't deny the reality of that one. If they're employing appraisers or "valuers" or "checklist clerks" it's going to be all about saving money on their costs.
George Hatch
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Do you believe fee appraisers are more consistent in their values than staff appraisers? More consistent with their development? More consistent with their report formats and report content?fannie's undies would bunch if they had to deal with only independent fee appraisers...
One thing I will say about the two groups is that in general, someone who has only ever worked on staff as an SFR appraiser will usually not be exposed to the weirdo properties. In a mixed fee/staff allocation setup the staff appraisers will get the easiest and most proximate assignments with the more difficult or more distant properties (aka less profitable) being sent out to the fee appraisers. The staff appraisers get first crack at the no-brainer assignments but over time end up with a narrower range of experience.
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George Hatch
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If the lender is so conservative in their underwriting that they are rejecting a larger percentage of deals then they'll be looking at the valuers AND the appraisers to operate by the book. I have clients like that and I do return values that "miss the number" on the regular. Possibly more often than most appraisers on the AF. Just as I have had a lot of one-and-dones because the client and I didn't see eye-to-eye on how I appraise.