Revisions

[Alsie35]

Non-bank owned AMC: The statement “superior creek frontage” in the sales comparison approach has been flagged for potential bias because of the use of the word superior. Please consider rewording or define what superior means in this case.

Me: There is no racial bias in the location adjustments for "superior creek frontage". Please remove this auto generated stip.

AMC answer: It was not flagged for racial bias the term bias is basically meaning superior in this case is subjective. We realize you have been using this term and have not had an issue however with prepping for the new UAD they will be flagged on your side and require attention before completion. Addressing them now alleviates some of the frustrations down the road. What they are saying when they say bias means it is subjective, in other words what superior means to one person may not mean the same thing to someone else. What makes the frontage superior? Is it a larger area? Better terrain?

So, we can't use "superior" anymore because it is subjective? WTH are they paying us for if not to research, confirm and quantify buyer preferences into consistent market adjustments?

You: I am not doing the new UAD so **** off.

 

[AppraisingLA123]

Your position sets up a chicken-egg scenario. You say, if they paid me more I would do more. The client says, if they did more, I might be willing to pay more.

And, for a lender, they are not asking for "more" in this case; they are asking for something that complies with GSE requirements. The GSE Selling Guides state that when an appraisal report uses terms like "superior" context must be provided.

GSEs work takes much longer, more work is required, and it pays the least. I hardly get any revisions for VA assignments, but on every single appraisal for mortgage financing i get revisions. That's why its frustarting, and thats why i am right, they pay less and want more.

 

[DWiley]

GSEs work takes much longer, more work is required, and it pays the least. I hardly get any revisions for VA assignments, but on every single appraisal for mortgage financing i get revisions. That's why its frustarting, and thats why i am right, they pay less and want more.

When you accept an assignment knowing that it will be sold to one of the GSEs, then you know (or should know) in advance what the requirements are. They are published for all to see.

If you opt not to follow those requirements, there can be consequences - as you are experiencing. If you do not wish to follow those requirements, then the logical choice is to simply not to accept such assignments.

 

[AppraisingLA123]

When you accept an assignment knowing that it will be sold to one of the GSEs, then you know (or should know) in advance what the requirements are. They are published for all to see.

If you opt not to follow those requirements, there can be consequences - as you are experiencing. If you do not wish to follow those requirements, then the logical choice is to simply not to accept such assignments.

i agree with you. That's why i don't like GSE work. more work, less TT, and lower pay. But it shouldn't be this way.

 

[Terrel L. Shields]

just providing the objective measure

Fractals tell us the yardstick changes the measurement. So, do we measure in feet, miles, rods, or inches? It's all relative to something. And I for one remember taking FHA classes taught by FHA reviewers where they insisted we use superior, equal or inferior in the adjustment grid. How times change.

 

[DWiley]

Fractals tell us the yardstick changes the measurement. So, do we measure in feet, miles, rods, or inches? It's all relative to something. And I for one remember taking FHA classes taught by FHA reviewers where they insisted we use superior, equal or inferior in the adjustment grid. How times change.

I took that same class. And at that time, that was what was requested. Things change.

In this case, the solution is very simple, just explain the context for the superiority. Is it superior because it has more frontage? Because it offers a better view? Because the water is deeper there? Taking a few seconds to do that fends off the request for follow up.

 

[sputnam]

i see what you are saying, but usually the answer is obvious, and its an unnecessary revision request. Its a waste of time, and forces you to do more work, saying superior should be enough. AMC want more work for low fees that's the problem, if they paid enough i would give them anything they asked for.

We may think it's obvious and unecessary. Your Client doesn't. If you have a Client that is like that... you can decline their work. You can do it, and either just suck it up or grumble about it. You can increase your fees to compensate for the extra time.

 

[OSU Beavers]

We may think it's obvious and unecessary. Your Client doesn't. If you have a Client that is like that... you can decline their work. You can do it, and either just suck it up or grumble about it. You can increase your fees to compensate for the extra time.

It is not the client, but the useless AMC reviewer who feels the need to flag every report with garbage stips so they look busy to their supervisor and won't get fired because the number of loans requiring appraisals is so low due to value acceptance and waivers.

Did we get stips like this during the 2020-2022 boom? No.

 

[ZZGAMAZZ]

No.

No. It is not a violation of confidentiality. Confidentiality is a one-way street for the appraiser. The client can publish the report in Sunday paper if they want to, provided they don't disclose something confidential by bank law provided by the borrower.

WELL I'm upset that words "affordable" and "affordbility" arn't acceptible.... although IMO integral to a real property analysis. Are these words being banned because all properties and all buyers presume to be equal ????????????????/

 

[sputnam]

It is not the client, but the useless AMC reviewer who feels the need to flag every report with garbage stips so they look busy to their supervisor and won't get fired because the number of loans requiring appraisals is so low due to value acceptance and waivers.

Did we get stips like this during the 2020-2022 boom? No.

Maybe so... but it doesn't matter. The AMC is the agent of the Client and is where the check for your fee comes frome. Whether it's an undertrained AMC reviewer, or the loan underwiter, or a highly skilled certified appraiser doing the review... it is the customer asking for the revision. If you choose to alienate your customers... you can certainly do that. I've done it.

Alternatively, appraisers can learn better report writing. I review appraisal reports every work day. Many appraisers don't write clear, well organized reports. The people reviewing your report and asking for revisions are 100% as busy as you are. In some cases, they simply do not have the time (or inclination) to spend combing through the report looking for required content. Especially, when an appraiser may done something like tacking their one sentence highest and best use comment on to the end of the neighborhood description. UAD 3.6 will take care of some of that.... however, for a while at least.... only GSE lenders will be requiring 3.6. Others will still be using the current URAR.