Revisions

[AppraisingLA123]

We don’t know the loan amount. For jumbo loans, two appraisals are ordered.

in this case i assume they ordered two reports because it was complex in nature, a house with a large ADU. They also asked for a 1007.

 

[psines]

I got a revision request from NAN asking me to comment why I didn’t use certain comps. 3 comps and 3 rental comps. They said that they had ordered two reports and the other appraiser had used different comps. I told them that I am not required to do that, and it might be a violation of confidentiality for them to share contents of the other report with me. Am I required to comps not uThey can ask you for anything, what I really like is the loan officer or the reviewer sending me a list of comps I should

all we need is one website, that exposes what these AMCs and the names of the owners. When their names gets exposed, and how much money they are stealing, and how they are treating us, they will change. Human beings change only when there is consequences. Exposing them on a website is the ONLY WAY to change the industry. its the fastest and honorable way.

I agree, if they only knew what they were doing they would be deadly!

 

[DTB]

Since that is a common thing, you should be adding a charge in your initial bid that compensates for the time that is going to be asked of you from so many clients.

If the appraisal process was more professional it would be handled by a base fee which would increase when the client seeks to expand the work product.

 

[sputnam]

It is not specified.
I work with them becuase i have have to, i will drop this client in the near future. i dont' want to continue with them after this experience. Out of the 6 comps, 1 was a good comp, the rest were really bad "comps"

right... btw.. i hate that i can't type. I meant... 'if it's not specified' before you accept the assignment. Whether you do it or not is a business decision.

 

[sputnam]

I got a revision request from NAN asking me to comment why I didn’t use certain comps. 3 comps and 3 rental comps. They said that they had ordered two reports and the other appraiser had used different comps. I told them that I am not required to do that, and it might be a violation of confidentiality for them to share contents of the other report with me. Am I required to comps not used?

It's not a violation of confidentiality... by you... which is the only violation that you are responsible for. It might be a violation by NAN... or maybe not... I don't know enough about AMC and Lender confidentiality rules to be sure.

 

[Tom D]

Only appraisers have confidentiality. Lenders can do whatever, whenever. The appraisal is their property, not anyone elses. Why do they need 2 appraisals if you both use the same comps. It would be cheaper to do a review, and just agree to the value being correct. This is why i never get involved with 2 appraisals on the same property. And the more complex, the more the differences. When i did them however, i asked the lender to send the other appraisal, saved me a lot of time asking why is that different. I never wanted to be the first one to go in anyway. Direct lenders who i was friendly with.

 

[Tom4value]

Only appraisers have confidentiality. Lenders can do whatever, whenever. The appraisal is their property, not anyone elses. Why do they need 2 appraisals if you both use the same comps. It would be cheaper to do a review, and just agree to the value being correct. This is why i never get involved with 2 appraisals on the same property. And the more complex, the more the differences. When i did them however, i asked the lender to send the other appraisal, saved me a lot of time asking why is that different. I never wanted to be the first one to go in anyway. Direct lenders who i was friendly with.

The lender’s DU calls for 2 appraisals. It is very common for jumbo loans. The purpose is to get two independent opinions of value from two competent appraisers. Getting a copy of the other appraisal defeats the whole purpose, which is why I would be shocked if they gave you a copy.

Don’t know why you would turn down the assignment. Nothing wrong or deceptive about it. You do a good job and you have nothing to worry about.

 

[Fernando]

In the past, occasionally the homeowner would mention another appraiser also looked at the house.
Knowing this, I assume my report will be compared with the other report.
Not saying I don't do a good appraisal every time but I would make darn sure my report is as accurate and best comps chosen so my report can stand on its own.
Fortunately, I never had a request regarding my report to a 2nd report.

 

[ddnma]

If commenting on unused sales was specified in the Letter of Engagement then no, you aren't required to do it. However, you can do it if you choose to. Do you want to get additional work from that Client?

wrong.. see Danny Wiley's post

 

[Tom4value]

in this case i assume they ordered two reports because it was complex in nature, a house with a large ADU. They also asked for a 1007.

Yes, there are many reasons why they would order two.