1004p

[George Hatch]

The worst part of these things from a business perspective for fee appraisers is that it puts us even further away from attaining any parity in the supply/demand dynamic for appraisal services. There was a little light starting to peek out from down the tunnel before this program came up, but now we may never break even.

 

[ramrcdk]

ditto

 

[Lumbappr13]

Someone already posted the 1004p form here, look back through the thread.

Point being, part of the allure of the 1004P form will be the ability to go faster/cheaper by cutting corners on local knowledge.

Was interested in the inspection portion more than the appraiser side. Curious to see compared to the inspections I do now for none 1004ps.

 

[NC Appraising]

Good morning,



I’m looking to have a ADI – Desktop Appraisal completed for the property located at xxxxxxxxxxxxx Kingston, NC 28504.



Are you available?



Thank you,



| Partner Recruiting Manager





Property is located 3 hours from my office...I have never even heard of that town. I guess appraisers can now appraise state wide and national if they are licensed?

So the question is, how accurate do these desktop valuations have to be given the intended use? What, ball park it?

This profession is going down the toilet fast.

 

[mike32716]

Good morning,

I’m looking to have a ADI – Desktop Appraisal completed for the property located at xxxxxxxxxxxxx Kingston, NC 28504.

Are you available?

Thank you,

| Partner Recruiting Manager

Property is located 3 hours from my office...I have never even heard of that town. I guess appraisers can now appraise state wide and national if they are licensed?

So the question is, how accurate do these desktop valuations have to be given the intended use? What, ball park it?

This profession is going down the toilet fast.

That ADI product has been around for awhile. It's not the 1004P, but carries the same liability as one for even less fee. I looked at it awhile ago, and they were offering $70.

 

[Overimprovement]

Good morning,



I’m looking to have a ADI – Desktop Appraisal completed for the property located at xxxxxxxxxxxxx Kingston, NC 28504.



Are you available?



Thank you,



| Partner Recruiting Manager





Property is located 3 hours from my office...I have never even heard of that town. I guess appraisers can now appraise state wide and national if they are licensed?

So the question is, how accurate do these desktop valuations have to be given the intended use? What, ball park it?

This profession is going down the toilet fast.

As has been pointed out many times, AMCs do not have to adhere to USPAP. They are truly the wild west. Lenders have all sorts of government agencies. We all have state boards/statutes and USPAP. AMC's basically have to carry through on their promises of fee and turn time to the lenders. Most lenders who would use low quality AMCs don't give a hoot about the loans anyway, just gonna sell them. And if Fannie doesn't care about quality (1004P makes this clear) either, it will be up to the purchasers of the securitized mortgage pools to raise a fuss when they start losing money. But make no mistake, that time WILL come, and the powers that be will come crying back begging for appraisers again, but guess what, there won't be any left.

 

[BigSteve]

I see these reports as the last piece needed to kill the industry. The only reason AVM's have not put the appraiser out of business at this point is the fact that they can not primarily determine the quality/condition of a property. So we keep feeding the data for the AVM's to use. Now Fannie is saying that information does not need to be determined by an appraiser. Any person off the street with limited training can make that call. So with the average Joe Schmo feeding that data to the AVM's....what use is the appraiser. Much lower fees and quicker turn times for appraisals so Fannie can make more money. Once they work out the kinks in regards to using "inspectors", this industry has a maximum shelf life of two years tops before 90% of the business is taken away from the residential appraiser.