3.6 Crunch Time

[George Hatch]

It's like half of you guys literally don't understand the difference between the meanings of

Valuation Services​

vs​

Appraisal Practice​

​

Appraisal practice is a subset of Valuation Services and consists of services that only appraisers do when acting in that role. You were engaged to perform that service because they expected you to have that competence and impartiality and to act in that manner. Valuation services is a much broader concept.

 

[George Hatch]

The profession (if that what this still is) has allowed its own value proposition to be weakened by regulatory creep, product segmentation, and client demands that favor convenience over independent judgment.....this has nothing to do with USPAP.

The profession has no control over user choice and discretion. Not now, not ever in the past. The users have never worked for the appraisers, the appraisers have always worked for the users whether directly or indirectly. We are not their partners. It is not a relationship between peers.

We only control what we do. I honestly don't understand why any appraiser would believe otherwise.

 

[djd09]

the seas parted...as they traveled to the revva partners love fest in vegas

 

[J Grant]

I don't think anyone other than an appraiser could imply some expectation for impartiality or objectivity to any party other than the appraisers who assert that attribute in their day job.

I expect the borrowers will advocate for their own economic interests​

I expect the RE agents will advocate for their own economic interests​

I expect the Mtg Bkrs will advocate for their own economic interests​

I expect the Lenders will advocate for their own economic interests​

I expect the GSEs will advocate for their own economic interests​

I expect the politicians will advocate for their own economic interests​

​

I expect the appraisers will advocate for their own economic interests, but not for anyone else's​

If you expect differently than that expectation might conflict with your own observations over however many years you have been involved in this business.

Well, your expectations are really low. They are devoid of any ethical consideration of others whatsoever. Let's keep borrowers out of the picture, since they are not professionals.

RE agents have a code of ethics. USPAP has a section of ethics. The GSE's have a stated mission of public trust. So yes, it matters. Ethics violations allow members of the public, whether right or wrong, to pursue grievances. Lenders have fair housing laws. Business does not take place in a faceless void. Decisions have consequences.

Again, if the lenders in these transactions were lending their own money, or if the GSEs were lending their own money, we would have no right to have a say in it.

Some parties in different segments of the RE food chain do voluntarily act more ethically. When most of a society looks the other way, or rewards bad behavior, it leads to a breakdown. We saw it in the last housing market collapse. We see it every day in greater or smaller ways. America did not get to a nearly 40 trillion debt by leaders acting ethically with regard to the welfare of our citizens.

 

[chad hampton]

There you go again. USPAP never said that, either.

I think you should seriously consider refraining from stating what you think USPAP ever said or required, because most of these comments have been factually incorrect.

Your NDA friend admitted it was removed.

And I have it highlighted in a prior book.

 

[HVNY]

Nobody is ready. My major local lender client told me that one appraiser out of all of their appraisers is ready (probably isn't) but the lender isn't even ready and no indication of when they will be.

 

[J Grant]

Nobody is ready. My major local lender client told me that one appraiser out of all of their appraisers is ready (probably isn't) but the lender isn't even ready and no indication of when they will be.

If

If the feedback from enough lenders is that they are not ready, the GSEs might extend the deadline.

 

[chad hampton]

Nobody is ready. My major local lender client told me that one appraiser out of all of their appraisers is ready (probably isn't) but the lender isn't even ready and no indication of when they will be.

That might be me he's talking about. I tell everyone that asks I'm ready.

I have full faith and confidence that the brain trust at the GSEs created a system that is modernized and user friendly. As they promised.

 

[OSU Beavers]

Ala Mode TOTAL is still a nightmare

 

[glenn walker]

Most appraisers would make terrible attorneys because they would tell a judge or jury that even though the law says XYZ that wasn't the authors true intention.

USPAP prohibits nothing regarding who can inspect or measure a property or even if inspections are required. That's scope of work the appraiser makes or the clients own assignment conditions.