Appropriate Or Inappropraite Review Question?

[Michigander]

I agree that happens. Stupid is as stupid does, and that would be the stupidest thing a reviewer could do. That would mark the beginning of him/her personally getting to know the State Board and the end of his career in the appraisal profession. I've slammed bad appraisals as a reviewer, but I made sure that I was completely spot on with solid market support, and leaving no stone unturned...because I know they'll come after me as I came after the appraiser that gave me a bogus review.

It makes no sense to do that. Have to have good support, better support than the appraisal under review. That said, back in the day, doing repurchase demand rebuttals (2008ish) found that many field reviews were really biased, but we are not talking about that in this thread. We were talking about a reviewer working for a lender asking questions, and whether the questions were appropriate or not. Thought the original question from Denis was fine. Did not see inappropriate questions. Most reviewers are going to ask questions, get the answer, and move on. Just want areas that are weak better addressed, which is what he was asking.

 

[bnmappraisal]

If there are issues that pop up related to inadequate support, then we ask (do not tell) for further explanation.

(my bold) Exactly
Any review like that, IMO, is well within the clients right and a reviewer, working for said client, IMO, has that same right. There's no harm in ASKING ... but there is harm in TELLING the appraiser.

 

[hastalavista]

We always seem to hear about the negative and how reviewers are looking to justify their jobs.

I cannot tell you how glad I am when my review write-up looks like this:

The review comments are divided into three sections: Critical Review-Required Items, Non-Critical Review Items, and Secondary Items noted.
Critical Review-Required Items are items that require further explanation, analysis, and/or support before the value opinion can be considered reasonable and acceptable.
Non-Critical Review Items are items that my client may consider important in regards to the acceptability of the appraisal report. I've included recommendations where appropriate; these are not requirements of the review. The client may determine that no additional action is necessary or warranted.
Secondary Items are items that are not of significant concern, but do affect the overall quality rating of the review. They are included to assist my client in understanding the logic and rationale of my quality rating of the report under review.

CRITICAL REVIEW ITEMS-

None

NON-CRITICAL REVIEW ITEMS-

None

SECONDARY ITEMS

The following items are noted as part of my due diligence process. They may not require any correction by my client, but they were considered in my overall quality rating of the original report.

None


REVIEWER FINAL COMMENTS

This is a good quality report. The report covers all of the assignment's requirements: prospective, as-complete value adequately and appropriately supported. As-is value adequately and appropriately supported. Complete discussion regarding zoning and H&BU. Cost approach is credible and complete. Market analysis, site description, and improvement descriptions are complete.

 

[bnmappraisal]

We always seem to hear about the negative and how reviewers are looking to justify their jobs.

Too true Denis, and you're right, too often we hear about the negative

Thanks for sharing a positive!

 

[Deleted member 130081]

I am a reviewer for a mortgage lender. Prior to that I was in the field and did reviews as well as my own appraisal work, prior to that a reviewer for a mortgage lender, and prior to that, an appraiser in the field. I still do relocation work to keep in touch with the market. Many years experience as a reviewer (over 8 with lenders) and many years as field appraiser (29 and counting).

Sometimes appraisers find themselves under the wheels of the bus, but I doubt a reviewer threw them there. It is likely they jumped in front of an oncoming one.

And did you work with other reviewers? Did you review reviewers? So far the support you have offered to back up your statement that reviewers do not throw people under the bus is based on your own personal review experience. Got anything else? Not trying to be a butt head here, but it is sort relevant to the entire discussion of reviewers needing to have support for the conclusions they convey.

 

[Deleted member 130081]

I agree that happens. Stupid is as stupid does, and that would be the stupidest thing a reviewer could do. That would mark the beginning of him/her personally getting to know the State Board and the end of his career in the appraisal profession. I've slammed bad appraisals as a reviewer, but I made sure that I was completely spot on with solid market support, and leaving no stone unturned...because I know they'll come after me as I came after the appraiser that gave me a bogus review.

You know, you would think so, but that never happened from us. When a laughable field review came back, we would send it back for revisions/clarifications. The responses from these bozos ranged from the talk-a-bunch-of-nonsense in hopes they could confuse us to, if you don't like it find someone else to, no response at all. They all got graded, but not once did anyone ever take it further. The general attitude from our employer was a shrug.

 

[Joyce Potts]

Admittedly I have not read this entire miserable thread. My only comment is that during past attendance to the regional (Central Florida) FNMA REO yearly meetings, we were specifically told that if there was limited inventory, including lack of listings setting the high end), they had NO PROBLEM, in fact, encouraged the appraiser to put a final point value above the adjusted sales range of the closed sales.

They did not want to lose money.

For once, FNMA made sense.

 

[BRCJR]

Admittedly I have not read this entire miserable thread. My only comment is that during past attendance to the regional (Central Florida) FNMA REO yearly meetings, we were specifically told that if there was limited inventory, including lack of listings setting the high end), they had NO PROBLEM, in fact, encouraged the appraiser to put a final point value above the adjusted sales range of the closed sales.

They did not want to lose money.

For once, FNMA made sense.

Is there something somewhere written regarding that position?

An Appraiser would need that, for support, when questions arise.

 

[Joyce Potts]

Is there something somewhere written regarding that position?

An Appraiser would need that, for support, when questions arise.

No, only a room full of approximately 20 appraisers that has been repeated time and again at the yearly regional (central Florida meeting) by two FNMA local regional reps that I've known for years.

And I've come in above the adjusted or highest adjusted comparable in many cases and have NEVER gotten rebuked by an analyst in Dallas.

No when it comes to Short Sales for HECM's - whole different story.

I never said they made consistent sense.

 

[Sadie]

No, only a room full of approximately 20 appraisers that has been repeated time and again at the yearly regional (central Florida meeting) by two FNMA local regional reps that I've known for years.

And I've come in above the adjusted or highest adjusted comparable in many cases and have NEVER gotten rebuked by an analyst in Dallas.

No when it comes to Short Sales for HECM's - whole different story.

I never said they made consistent sense.

I ran into the same thing with the HECM's. The reason was (is) HUD will not accept an offer below the appraised value. Not sure about the short sales.