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A Second Rov

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BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
Hey AF-
Received a second ROV for a report that we already addressed 5 sales for!!
This has to be in violation of our Appraiser Independence, correct??
Violation of USPAP, here? Something--do we not have any rights anymore with this Crap!
This lender-is really pushing back hard after we have already made our case of Due Diligence with this file as they are just simply unhappy with the value.
Any thoughts on this? Any good commentary to add for this second push-back?
 

BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
I have even requested for the VP of the AMC to contact us.. they are letting this lender take this too far!
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Don't work for POS clients like this, ( they probably wont' use you again anyway, they want number hitters, the SC price is the value crowd-).

This kind of thing is really sad and among the reasons appraisers are walking away from mtge lending work. Who can you complain to- the compliance officer of the bank, the state atty general? Respond you reviewed 5 sales and at this point unless they have superior comps than the ones you used, it is redundant.
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
No violations here. Why would you not want to address this request? More than likely it wont support their position and you'll have accomodated the lender's need to placate their client.

If you are comfortable with your results it shouldnt take too long. Are you offended by being questioned? If so you may not be confident in your analysis.
 
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BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
Hey JGrant-
I totally understand and thank you for the response.. but I feel they will try to report to state on this even though I am confident it will be dismissed. I know I've already lost the client as I already has a shouting match over the phone with the AMC moments ago. Yes. you are right.. it is Sad this is what we have to put up with.
I have already noted the following comments-

I AM STRUGGLING WITH THIS REQUEST AS I UNDERSTAND THE DODD-FRANK ACT AND THE APPRAISER INDEPENDENCE REQUIREMENT WAS ENACTED TO PREVENT UNREALISTIC EXPECTATIONS OF APPRAISERS WHO HAVE ALREADY PROVIDED CREDIBLE SUPPORT FOR THEIR CONCLUSION OF VALUE.

Great comments we received from a USPAP instructor!
But that is not stopping them..

Does anyone have any other good commentary that can be added.
 

BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
Hey Howard-
Nah.. We have full confidence.. and I have already researched and made adjustments with what they sent over and they don't add much support.. it is just frustrating with this.
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
Taking a hostile approch will certainly not endear you to your client that has a need to address their client's concerns. If you did your job then why so frustrated? Hope you never do any litigation work because 2 rovs is nothing compared to being crossexamined
 

BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
How is this not a violation of our Appraiser Independence??
so.. your saying it's OK if they were to submit several ROV's until an appraiser just "Gives in" to the pressure and raises the value?

I'm sorry, I just don't agree that there is not a violation here of Appraiser Independence.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Does anyone have any other good commentary that can be added.

Yup, No.

There is no such thing as an ROV. Your valuation has already been made and supported by you. If their information is: "appropriate property information, including information about comparable properties", make them tell you why it is appropriate information, because not just any stuff that was thrown into the fan is allowed. Only APPROPRIATE information.


12 CFR §1026.42(c)(1)(i) Effective Date: 7/18/2015
https://www.consumerfinance.gov/eregulations/1026-42/2013-30108_20150718#1026-42-a


Coercion.In connection with a covered transaction, no covered person shall or shall attempt to directly or indirectly cause the value assigned to the consumer's principal dwelling to be based on any factor other than the independent judgment of a person that prepares valuations, through coercion, extortion, inducement, bribery, or intimidation of, compensation or instruction to, or collusion with a person that prepares valuations or performs valuation management functions.

Examples of actions that violate paragraph (c)(1) include:
  1. Seeking to influence a person that prepares a valuation to report a minimum or maximum value for the consumer's principal dwelling;

  2. Withholding or threatening to withhold timely payment to a person that prepares a valuation or performs valuation management functions because the person does not value the consumer's principal dwelling at or above a certain amount;

  3. Implying to a person that prepares valuations that current or future retention of the person depends on the amount at which the person estimates the value of the consumer's principal dwelling;

  4. Excluding a person that prepares a valuation from consideration for future engagement because the person reports a value for the consumer's principal dwelling that does not meet or exceed a predetermined threshold; and

  5. Conditioning the compensation paid to a person that prepares a valuation on consummation of the covered transaction.
Permitted actions.Examples of actions that do not violate paragraph (c)(1) or (c)(2) include:

  1. Asking a person that prepares a valuation to consider additional, appropriate property information, including information about comparable properties, to make or support a valuation;

  2. Requesting that a person that prepares a valuation provide further detail, substantiation, or explanation for the person's conclusion about the value of the consumer's principal dwelling;

  3. Asking a person that prepares a valuation to correct errors in the valuation;

  4. Obtaining multiple valuations for the consumer's principal dwelling to select the most reliable valuation;

  5. Withholding compensation due to breach of contract or substandard performance of services; and

  6. Taking action permitted or required by applicable Federal or state statute, regulation, or agency guidance
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Apparently you did not address the original ROV properly or thoroughly. Don't come to me if you can't defend your work to a POS AMC.
 
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