Appraiser Independence Question

[Texpraiser10]

I got this revision request: "Market Data indicates a different adjustment for condition rating. Appraiser is requested to revisit the adjustments or correct the report."

If this isn't interference with appraiser independence, then what is?

I'm not saying that I'm perfect, of course no one is. But I don't make adjustments for condition for fun or without substantiation, and what i'd really like to say is this: if you know what the market adjustments are, why don't you do the appraisal and not assign it to me?

 

[ramrcdk]

TWASHMON Post: I got this revision request: "Market Data indicates a different adjustment for condition rating. Appraiser is requested to revisit the adjustments or correct the report."
If this isn't interference with appraiser independence, then what is?
_____________

Another thought: in quality-review from-time-to-time there is an "audit" that is software driven. So, perhaps the reference is more towards the...UAD rating you provided with the specific " #$ of adjustment".
This was brought up a few years ago "where there was A range IN the rating of condition" via : C4, C5, C6 etc. and per the description of each of the UAD Ratings the dollar amount of difference- range.
So if this is what-it-is: then your adjustment for the rating does not fall w/n their ranges per USE of same-comparables in their software driven system-audit.

Explain or change & move on.
Don't take it personal, no it is not AIR-Appraisal Independence related, my opinion.

 

[DJBanas]

My first response back is a request on what their definition of the market is. Does it match yours? Is their's more liberal as far as geography? GLA range? Tell them you want to compare apples to apples so you need to see their market data parameters. They will probably drop the issue.

I agree with ramrcdk in that this is not an appraiser independence issue.

 

[glenn walker]

My first response back is a request on what their definition of the market is. Does it match yours? Is their's more liberal as far as geography? GLA range? Tell them you want to compare apples to apples so you need to see their market data parameters. They will probably drop the issue.

I agree with ramrcdk in that this is not an appraiser independence issue.

Revisit is a suggestion and not not an-appraiser independence issue. In reviews and QC the lender has a right and obligation to request something like this. Only if the lender told you what amount the adjustment should be would there be an-issue- but appraiser independence has a very broad interpretation, and I have never seen an-appraiser win a complaint, in fact there is nobody to call anyway. You make a big issue and they will silently just move you from #25 on the roster to #999

 

[Meandering]

I got this revision request: "Market Data indicates a different adjustment for condition rating. Appraiser is requested to revisit the adjustments or correct the report."

If this isn't interference with appraiser independence, then what is?

I'm not saying that I'm perfect, of course no one is. But I don't make adjustments for condition for fun or without substantiation, and what i'd really like to say is this: if you know what the market adjustments are, why don't you do the appraisal and not assign it to me?

Just add a comment to your report that you don't read minds, and here is exactly how you derived your market condition adjustment from the data available to you, as of the day, that you considered to be reliable data.

But don't say your mentor told you there is always a X% per month adjustment.

.

 

[J Grant]

I got this revision request: "Market Data indicates a different adjustment for condition rating. Appraiser is requested to revisit the adjustments or correct the report."

If this isn't interference with appraiser independence, then what is?

I'm not saying that I'm perfect, of course no one is. But I don't make adjustments for condition for fun or without substantiation, and what i'd really like to say is this: if you know what the market adjustments are, why don't you do the appraisal and not assign it to me?

Sounds like a moronic CU feedback...fannie found some appraisals using same comps or subject with adjustments of X for condition and your report shows adjustment of Y.

I respond along lines of " Appraiser can not comment on the above referenced different adjustment indicated since there is no further information of what that is or how it was developed. Appraiser developed the condition adjustment for contributory value in report using paired sales, reviewing additional data , and by line item extraction sensitivity analysis. " (or whatever you did, -just re state /explain it )

THE END

 

[glenn walker]

TWASHMON Post: I got this revision request: "Market Data indicates a different adjustment for condition rating. Appraiser is requested to revisit the adjustments or correct the report."
If this isn't interference with appraiser independence, then what is?
_____________

Another thought: in quality-review from-time-to-time there is an "audit" that is software driven. So, perhaps the reference is more towards the...UAD rating you provided with the specific " #$ of adjustment".
This was brought up a few years ago "where there was A range IN the rating of condition" via : C4, C5, C6 etc. and per the description of each of the UAD Ratings the dollar amount of difference- range.
So if this is what-it-is: then your adjustment for the rating does not fall w/n their ranges per USE of same-comparables in their software driven system-audit.

Explain or change & move on.
Don't take it personal, no it is not AIR-Appraisal Independence related, my opinion.

Correct -in a review they may even be looking at a previous report in the UAD data bank and location

I got this revision request: "Market Data indicates a different adjustment for condition rating. Appraiser is requested to revisit the adjustments or correct the report."

If this isn't interference with appraiser independence, then what is?

I'm not saying that I'm perfect, of course no one is. But I don't make adjustments for condition for fun or without substantiation, and what i'd really like to say is this: if you know what the market adjustments are, why don't you do the appraisal and not assign it to me?

J. Grant hit the nail on the head . This is usually generated because there is a previous appraisal in Fannies-Freddie UAD data bank. A previous report on the same property had been completed and lets just say it was rated a C-4 under condition and now 12 month later your report has a C-3 rating or one other than C-4-When the lender runs your report through the UPCD Portal it will generate a report showing them the two different condition, location etc cells . At that juncture they send it to QC or review desk and ask for explanation on your adjustment. Its no big deal just, explain your condition adjustment and move on. FHA also has a similar portal now so you may even see one on a FHA.

 

[J Grant]

IT is irritating , but not an interference with AI.

Interference comes about with instruction, such as "Research shows an adjustment of $10,000, please apply the $10,000 positive adjustment (or else -a threatened consequence or promise of reward, stated or implied ) threat "

 

[glenn walker]

Actually there is no such thing as appraiser independence-is a declaration, made during another crisis to appease the appraisers who , thought mortgage brokers were bad , nothing changed except they moved the pressure to bigger corporations know as AMC's , rather than one broker you could swat like a fly and get another one, also there is no means of enforcing, so called appraiser independence and thats why I have always preached, pressure is mainly a self inflicted, wound. In 35 years I have never had any one pressure me, I know where the line is and even if they step over it so what, I am not a victim and I have the ability to say yes or no , that's what differentiates me from my dogs and cats who will , lay a treat in front of them and they bend and take it every-time : )

 

[Cob]

From Lender Letter LL-2015-02, February 04, 2015

Fannie Mae



****The lender must not make demands or provide instructions to the appraiser based solely on automated feedback. Also the CU license terms prohibit using it “in a manner that interferes with the independent judgment of an appraiser.” Fannie Mae expects the lender to use human due diligence in combination with the CU feedback, and will actively follow up with lenders who are reported to be asking appraisers to change their reports based on CU feedback without any further due diligence.****