AF New Appraisal Practices Board Appointment

[Ken B]

If he has a hand in setting policy, which could shift more flow towards his company, how can it not be a conflict of interest?

What would you suggest as an alternative?

 

[Non Sequitur]

What would you suggest as an alternative?

The "alternatives" are already here. If appraisers want to complete BPO style reports, go ahead and damn the torpedeos. There are many AMCs which allow appraisers to complete BPOs and BPO style reports for $35 or less, have at it. Or if interested appraisers can "reconcile" BPOs for $5 a pop for a company down in your great state of FL.

The question is "How long will it take for Mr. Linne' and others to make these so called alternatives universally acceptable?" IMO, not much longer. And when that happens most markets will only be able to support a few appraisers. The residential side will be all but dead except for the few who crank out these alternate reports by the thousands.

 

[Ken B]

The "alternatives" are already here. If appraisers want to complete BPO style reports, go ahead and damn the torpedeos. There are many AMCs which allow appraisers to complete BPOs and BPO style reports for $35 or less, have at it. Or if interested appraisers can "reconcile" BPOs for $5 a pop for a company down in your great state of FL.

The question is "How long will it take for Mr. Linne' and others to make these so called alternatives universally acceptable?" IMO, not much longer. And when that happens most markets will only be able to support a few appraisers. The residential side will be all but dead except for the few who crank out these alternate reports by the thousands.

Given your concerns, is it reasonable to assume that you have been in contact with your members of Congress, encouraging them to re-insert the appraisal provisions of HR 4173?

 

[Non Sequitur]

Given your concerns, is it reasonable to assume that you have been in contact with your members of Congress, encouraging them to re-insert the appraisal provisions of HR 4173?

I've stayed out of the debate because people like you and will continue to stay out of that particular debate.

 

[Mike Kennedy]

The "alternatives" are already here. If appraisers want to complete BPO style reports, go ahead and damn the torpedeos. There are many AMCs which allow appraisers to complete BPOs and BPO style reports for $35 or less, have at it. Or if interested appraisers can "reconcile" BPOs for $5 a pop for a company down in your great state of FL.

The question is "How long will it take for Mr. Linne' and others to make these so called alternatives universally acceptable?" IMO, not much longer. And when that happens most markets will only be able to support a few appraisers. The residential side will be all but dead except for the few who crank out these alternate reports by the thousands.

The clock IS ticking...............

FreddieMac.com​

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[FONT=Arial,Arial][FONT=Arial,Arial]May 24, 2010 *Freddie Mac and Fannie Mae are each providing identical information in the Uniform Mortgage Data Program Overview Document [/FONT][/FONT][FONT=Arial,Arial][FONT=Arial,Arial]to ensure a streamlined transition for lenders and vendors. [/FONT][/FONT]
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Applying New Appraisal Data Standards through the Uniform Appraisal Dataset

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[FONT=Arial,Arial][FONT=Arial,Arial]We are working with industry participants to develop a Uniform Appraisal Dataset that standardizes appraisal data definitions for a key subset of fields on the uniform residential appraisal reports. [/FONT][/FONT]
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[/FONT][/FONT]Key Dates: [FONT=Wingdings,Wingdings][FONT=Wingdings,Wingdings] [/FONT][/FONT]September 2010: [FONT=Arial,Arial][FONT=Arial,Arial]The Uniform Appraisal Dataset and requirements will be published
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[/FONT][/FONT]Key Dates: [FONT=Wingdings,Wingdings][FONT=Wingdings,Wingdings] [/FONT][/FONT]October 2010: [FONT=Arial,Arial][FONT=Arial,Arial]The Uniform Collateral Data Portal will be available. ** note it doesn't say "Collateral Appraisal Data" [/FONT][/FONT]
[FONT=Arial,Arial][FONT=Arial,Arial][/FONT][/FONT]Key Dates: [FONT=Wingdings,Wingdings][FONT=Wingdings,Wingdings] [/FONT][/FONT]June 2010: [FONT=Arial,Arial][FONT=Arial,Arial]The Uniform Loan Delivery Data Specification for the Uniform Loan Delivery Dataset will be published
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[FONT=Wingdings,Wingdings][FONT=Wingdings,Wingdings] [/FONT][/FONT]September 1, 2011: [FONT=Arial,Arial][FONT=Arial,Arial]All loans must be delivered to either GSE using the MISMO v.3.0 dataset andfile format. ​

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[TJSum]

What would you suggest as an alternative?

My stance since day one is forcing the lenders to have enough skin in the game so that they want the highest quality valuation product out there. Let them eat their toxic loans, not the taxpayer.

This can be done in several ways, no use to debate those here. But if they ever were put in place, then the clients would seek out the best valuation product available. Then let the best option win, whether that is a desingated appraiser, certified appraiser, licensed appraiser, BPO, AVM, Zaio... whoever can produce the best quality to protect the public trust and users of the reports.

If technology can do better than us, well it is just our time to turn in our clipboards. But let us die a natural death, not death by faster and cheaper and quality be damned (because the taxpayer eats the toxins).

 

[Ken B]

I've stayed out of the debate because people like you and will continue to stay out of that particular debate.

So your answer is "no."

 

[Ken B]

My stance since day one is forcing the lenders to have enough skin in the game so that they want the highest quality valuation product out there. Let them eat their toxic loans, not the taxpayer.

This can be done in several ways, no use to debate those here. But if they ever were put in place, then the clients would seek out the best valuation product available. Then let the best option win, whether that is a desingated appraiser, certified appraiser, licensed appraiser, BPO, AVM, Zaio... whoever can produce the best quality to protect the public trust and users of the reports.

If technology can do better than us, well it is just our time to turn in our clipboards. But let us die a natural death, not death by faster and cheaper and quality be damned (because the taxpayer eats the toxins).

Reasonable outlook, I think.

Unfortunately, lenders, in general, will play as fast and loose as their investors and the government permits. And yes, the appraisal profession has pretty much no influence in that regard.

 

[Non Sequitur]

So your answer is "no."

Assume whatever you like, it's what makes you so special and thanks for proving my point.

 

[Workbox]

Mark has blog:

My guess is that this blog will quickly disappear, maybe even today. The AF does not care much for its members particpating in forums etc.

Mark Linne Blog

I am more than happy with the appointment. It means someone whose orientation is towards the quantitative is in a position to influence the direction of the industry. However, there will be those who will raise a hue and cry and will claim that any alternative to the 1004 will spell disaster.

Here is a clear statement from the blog. It may scare some, but I could not be more enthusiastic.



Doug

Yes, alternative products for appraisers. Can they also cut the grease and fat from USPAP to do these so called products as they would like us to do them. Will this discount our liability and E&O insurance at the same time? :icon_idea: