Bank Provided Comps

[Terrel L. Shields]

Mark Yellen in the Fall Communicator urges appraisers to not fear the new data mining features of software and argues the banks are our friend. So friendly in fact they want to provide us with comps. I really loved this statement. a

bank can know with greater accuracy, early in the process, how long an appraisal will take to deliver.

Then he proceeds to claim that no institution wants

mindless comp checking drones

working exactly as the bank orders.

Stud Hoss, you can't have it both ways. The appraiser is in charge of the appraisal or the bank is. Pick one. If it is the appraiser, get the h--- out of his or her way. If it is the bank, then let a bank officer sign off on it, not me.

That article is the best reason I know to stay away from DayOne Software and Appraisal.com. (Yellen is Pres. of Appraisal.com owners of DayOne)

 

[Pamela Crowley (Florida)]

Terrel,

Why would they let common sense get in the way of their stupidity?

 

[Tim Hicks (Texas)]

Alright, everybody dog pile Day one like you do Alamode. There are plenty of software vendors out there that are more evil than them. Actually, nobody seems to realize that the software vendors are not the problem. It is the appraisers that use them and don't care what reason except for their current pay check.

 

[aprazer]

That article is infuriating. A guy with no appraisal experience wants to tell us all the way it should be. The whole concept is ridiculous. The lender is going to send comps with the order, and have a say in how we use them? How can anyone say what comps are appropriate without seeing the subject? I'm sure they comps will be based solely on the owners estimate of value, and we all know how conservative the typical owners estimate is.

It is not possible to "standardize the workflow process for thousands of appraisers"-the assignments themselves are more diverse with the use of AVM's. There are too many contributing factors. How can he seriously say that -no lender wants comp checking drones? Who can't think of mortgage brokers who would be delighted with such a system? Here's the value, here are the comps-sign and return. The biggest insult is to compare our industry to others that have no relevance-Motorola? McDonalds? The relationship they have with their vendors-who supply "hard goods" has no bearing whatsoever.

This guy clearly doesn't get it. It's quite clear that he thinks he knows best for all of us even though he has no actual appraisal experience. Best of all this modest guy describes himself as a "visionary"
and my personal favorite-"the worlds foremost authority on real estate appraisal technology" How incredibly pompous.

 

[Terrel L. Shields]

Amen

And if software vendors did not kowtow to the banks, that data could not be mined easily. That means Alamode, Day One, Bradford or whomever.

To say the banks, because they are our biggest customers, have the right to influence the way in which appraisals are done is to say a car driver has the right to stand over a mechanic and tell them how to fix the car. Then complain bitterly if it does not work and blame the mechanic? Do you want it fixed right, or not?

 

[Leon Stewart]

All this article does is point out what control the lender has acquired in this appraisal process, and it's quite definite that the Appraiser has very little to do with what's going on. These Lenders will always be able to find someone who will sign-off on whatever type of Report they need. Otherwise they can cut his assignments or not use him/her as an appraiser altogether. Keep one thing in mind, the Appraiser don't decide if and when they work, it's the Lender who does.

leon

 

[Lee in L.A.]

To say the banks, because they are our biggest customers, have the right to influence the way in which appraisals are done is to say a car driver has the right to stand over a mechanic and tell them how to fix the car. Then complain bitterly if it does not work and blame the mechanic? Do you want it fixed right, or not?

I'm thinking LO is the 1 that wants to tell as how to fix the car. And what the number is. F...orget them. :twisted:

But the bank has the right to decide what valuation product (byproduct?) suits their level of risk. Don't they? No Docs, AVM, 2055 driveby, 1004 form? narrative? Conservative, aggressive? Their cash to lose or multiply.... Presumably...

Of course if this taxpayer has to foot the bill for their follies..... Different Story..... :twisted:

But, Don't axe me, I dunno... 8O