Appraisal With No Inspection By Appraiser?

[timd354]

What you guys need to do with these inspectors is train them to take good photos and not like how typical appraisers take photos with their phones. Need photos more similar to the professional photos taken by the people hired by agents. Need to consider things like line of sight inside the house when taking photos.

But everyone on here says that appraisers are the gold standard when it comes to inspections, lol.

 

[J Grant]

There are lots of things being tested right now. Some will stick and some will not. I know one lender has an app that lets the actual homeowner, using a proprietary app with some slick geo-coding and security features, to supply photos of the home. The geo-coding and the built-in features of the app are to insure that the photos are of the right home and were not altered. A brave new world lies ahead. any have been predicting use of technology to greatly change our business for a long time now, and it appears that we are on the cusp of that happening.

The brave new world of technology...ends up with a HO sending in photos of his own house ! (how funny). Geo coding shows they were not altered...why trust that instead of sending a licensed person over? The substitution of a non appraiser is a runner inspecting a property r....why is that "high tech"? I just serves to isolate the appraiser from the property to make a loan close a day faster to pad the lender's bottom line as noted prior


A lot of high tech has been used for low ends...hacking, identity theft, etc... a ring of false mortgage loans in the news recently .

This supposed high tech won't matter if a home goes into REO or short sale....it will be the same long, drawn out, painful, money losing situation for lenders and parties. None of these methods that reduce appraisal turn time, or for that matter appraisal waivers, will bring lenders additional business. Lenders are stuck selling a product (home loans) with a limited customer base at any given time. .

 

[Joe Flacco]

But everyone on here says that appraisers are the gold standard when it comes to inspections, lol.

I think there are a lot of things observed by the appraiser on site that they don't necessarily take a crappy photo of.

 

[timd354]

There are lots of things being tested right now. Some will stick and some will not. I know one lender has an app that lets the actual homeowner, using a proprietary app with some slick geo-coding and security features, to supply photos of the home. The geo-coding and the built-in features of the app are to insure that the photos are of the right home and were not altered. A brave new world lies ahead. any have been predicting use of technology to greatly change our business for a long time now, and it appears that we are on the cusp of that happening.

Just remember Danny, anything that results in less work or income for appraisers is automatically going to be dismissed by some as a USPAP violation or "too risky".

 

[BRCJR]

Said once say it again:

Less work for an attorney=legalzoom.com
Less work for a medical office=teledoc
Less work for a roofer=better shingles/metal roofing
Less work for a computer repair person=System Restore

I am sure the list could go on and on........heck ask my mechanic and he will tell you I am YouTube certified......

 

[DWiley]

The brave new world of technology...ends up with a HO sending in photos of his own house ! (how funny). Geo coding shows they were not altered...why trust that instead of sending a licensed person over? The substitution of a non appraiser is a runner inspecting a property r....why is that "high tech"? I just serves to isolate the appraiser from the property to make a loan close a day faster to pad the lender's bottom line as noted prior


A lot of high tech has been used for low ends...hacking, identity theft, etc... a ring of false mortgage loans in the news recently .

This supposed high tech won't matter if a home goes into REO or short sale....it will be the same long, drawn out, painful, money losing situation for lenders and parties. None of these methods that reduce appraisal turn time, or for that matter appraisal waivers, will bring lenders additional business. Lenders are stuck selling a product (home loans) with a limited customer base at any given time. .

So, if you were doing a 2055 today, it would not be helpful to have recent photos of the interior to augment what you already have?

 

[DWiley]

Just remember Danny, anything that results in less work or income for appraisers is automatically going to be dismissed by some as a USPAP violation or "too risky".

Yes. It is a shame that protectionism prohibits an actual discussion of the issues in many cases.

 

[Terrel L. Shields]

in at least one portion of Fannie's tests

Who offers that outside a test group? House Canary and others are not touting inspections by an appraiser but by a Realtor or house inspector. And what purpose is served by dividing the process? Insensible.

USPAP says the appraiser (of record) must identify and note significant assistance, so under the appraiser/appraiser system, the appraiser of record would have to know the name of the inspector/appraiser - denote them in the report, and as such, the appraiser providing that "significant" help may not even be identified. How can you comply with Std 2?

Fannie thinks 1 appraiser + 1 appraiser = something less than 1 appraisal fee. WFH? How can that possibly be more efficient or credible?

anything that results in less work or income for appraisers

...coming from someone who sits on his butt all day and posts here regularly during business hours....you didn't switch jobs without an income incentive. That's why a bunch of us refuse to work for fannie or secondary market. There was too much work for the pay to begin with. And the problem isn't the valuation. It is trying to figure out a path thru the USPAP landmines that are either antiquated and contrary to the mandates dictated by Fannie Mae. The facts are simple. USPAP is NOT the standard for secondary market, they completely ignore it and have no use for it. Only the appraiser has to confront the issue. Secondary market hums along on its own ignoring common practice and only thinks about things that advantage them. Those "recognized methods and techniques" are NOT RECOGNIZED BY APPRAISERS, only by the people who want to slash the cost of an appraisal.

So while real appraisers struggle to make a living trying to understand the pontificates from upon high in Fannieworld, those who will never do a single hybrid report, continue to tell us gentiles how "easy" this will be; how "efficient" it is; and, how much money appraisers can make doing dozens of these a day....Bull.

Yes, it is about money, but it is also about credibility, compliance, and efficiency and how in the L can it be more efficient and faster when you bifurcate the process. Short answer, it isn't.

 

[DWiley]

.... and posts here regularly during business hours....

Said the pot to the kettle at 9:18 AM Central time ?? Or, perhaps business hours have not yet begun in Arkansas

 

[Terrel L. Shields]

r, perhaps business hours have not yet begun in Arkansas

I'm semi-retired, most of my work occurs in the evening. I am not working on salary for someone else. What is your excuse?