Aloft Appraiser Toolkit

[chad hampton]

So is it your opinion that there was some aspect of law, rule, regulation or appraisal standard that existed in 1990 that would have prevented the use of the Hybrid appraisal or 3rd party data collectors at the GSEs or indeed among any of the regulated lenders at that time? and that the only reason those alternatives exist now is as a result of some more recent change in USPAP or any law or rule? And not user discretion?

Because if that's what you have been thinking then you're wrong. Factually incorrect.

Well, then, why did a revaa rep urge the members of the North Carolina appraisal board to not enforce their laws or they would find themselves in a lawsuit?

 

[DWiley]

Well, then, why did your buddy on here urge the members of the North Carolina appraisal board to not enforce their laws or they would find themselves in a lawsuit?

What I actually did was to remind them they had to enforce the laws and rules as written, not personal views.

I think I also pointed out when they did that (enforced views instead of laws) with regard to 2055 assignments it did not turn out so well for them. Besides, you really cannot sue anyone for following the law. You can, however, take action when they invent their own law rather than following the actual law.

 

[Mejappz]

What I actually did was to remind them they had to enforce the laws and rules as written, not personal views.

I think I also pointed out when they did that (enforced views instead of laws) with regard to 2055 assignments it did not turn out so well for them. Besides, you really cannot sue anyone for following the law. You can, however, take action when they invent their own law rather than following the actual law.

I'm looking forward to seeing you in Florida. We need to ensure that the PDC is supervised by the signing appraiser, as state law requires. Can we count on your support?

 

[glenn walker]

I'm looking forward to seeing you in Florida. We need to ensure that the PDC collector is supervised by the signing appraiser, as state law requires. Can we count on your support?

How does the appraiser supervise a unlicensed PDC inspector ? Employ him and take all the liability ? Hell no that's crazy.

 

[Mejappz]

How does the appraiser supervise a unlicensed PDC inspector ? Employ him and take all the liability ? Hell no that's crazy

I've already posted the statute, read it.

 

[glenn walker]

I've already posted the statute, read it.

No way.

 

[chad hampton]

What I actually did was to remind them they had to enforce the laws and rules as written, not personal views.

I think I also pointed out when they did that (enforced views instead of laws) with regard to 2055 assignments it did not turn out so well for them. Besides, you really cannot sue anyone for following the law. You can, however, take action when they invent their own law rather than following the actual law.

It sure would be nice for the working appraiser if they did enforce the rules and laws as written. But you did a good job, you and the guy that came after you. You both scared them enough that they’re not doing any of that. Money well spent.

 

[chad hampton]

I'm looking forward to seeing you in Florida. We need to ensure that the PDC is supervised by the signing appraiser, as state law requires. Can we count on your support?

Lol, that’s the funniest thing I’ve read in a long time. You wait till these creatures come out of the shadows and show up when it’s time for your board to do anything.

That’s pretty much what the North Carolina law said - that the licensed professional doing the inspection had to be directly supervised by the certified appraiser, or something to that effect. It was written in plain English, but as evident from the post above, reading words is open for interpretation. Especially when there’s money to be made.

Throw in a threat or two and board members usually cave. I’ve had a few board members and staff tell me over the years privately how wrong it was for the profession.

Don’t forget, both the text and the intent of the law ate what matters. That seems to be forgotten in most cases.

 

[John Hassler]

How does the appraiser supervise a unlicensed PDC inspector ? Employ him and take all the liability ? Hell no that's crazy.

That’s the only way I could see a PDC working. Let me employ, train, and supervise them and I’ll sit back in my office chair doing the actual heavy lifting.

The last thing I’d want is some random lender-assigned PDC. I want consistency, not randomness. Contrary to what some say here, you own the report regardless of who provided the data. You don’t get a pass because you failed to take reasonable steps to vet the information, and the time spent vetting the lender’s PDC information makes it economically marginal at best. I would charge more to complete a report using lender-PDC info than I would doing my own inspection.

 

[DWiley]

Florida Statute § 475.612 allows someone who isn’t a licensed appraiser to contribute work to an appraisal, but only if that work is supervised and approved by the appraiser signing the report. So if the appraiser has no idea who collected the data, didn’t train or direct them, and has no way to verify their methods or qualifications, then they really can’t claim to be in compliance, even if Fannie or Freddie says it’s acceptable for their purposes.

Question for you on this - If this means that data from a data collector cannot be used in the appraisal, because the appraiser does not supervise the data collector, then what about all the other third party data that is commonly used in appraisals? Do you supervise and approve the folks at the tax office, whose data you use for the subject and the comps? Do you supervise and approve the agents who put data in MLS that you use for comps (and sometimes the subject)? The FEMA folks? The structural engineer whose report you used for evaluating that crack in the foundation?

If it means what you assert, how are you not already in violation?