Bifurcated Appraisal Inspections/new Ny Legislation?

[Appraisal Solutions]

Anybody hear of any recent NY legislation stating that only appraisers can do the inspections for these bifurcated appraisals? That sounds like big news that is going to f%$^ up there business model.

 

[Evincere]

There’s another thread about this good news in Good, Bad and Ugly Forum.

 

[DWiley]

Anybody hear of any recent NY legislation stating that only appraisers can do the inspections for these bifurcated appraisals? That sounds like big news that is going to f%$^ up there business model.

Yes, I have heard of that new law As a result of that law, clients cancelled their appraisal orders and started ordering AVMs, evals, BPOs etc. How exactly is that good for NY appraisers?

The market wants what the market wants. Appraisers can WANT to do 1004s all day, but if clients want something else, something less, they will get it one way or another. If appraisers move to block hybrids, the lenders will just move to non-appraisers. They have already demonstrated that with the way they order BPOs. Appraisers can either embrace the SOW RULE and decide that the 1004 is not the only type of appraisal report they can deliver, or clients will simply bypass appraisers. I see it as yet another example of appraisers shooting themselves in the foot.

 

[Evincere]

Appraisal Solutions said: ↑
Anybody hear of any recent NY legislation stating that onlyappraisers can do the inspections for these bifurcated appraisals? That sounds like big news that is going to f%$^ up there business model.

Yes, I have heard of that new law As a result of that law, clients cancelled their appraisal orders and started ordering AVMs, evals, BPOs etc. How exactly is that good for NY appraisers?

.

So you’re saying they cancelled their (specifically) hybrid /bifurcated Appraisal orders?

That they went back to the previous standard products they were ordering? BPOs, AVMs, etc
If so, so what - Appraisers didn’t do these to begin with.


You didn’t differentiate other than to say they cancelled their “appraisal” orders

 

[J Grant]

Yes, I have heard of that new law As a result of that law, clients cancelled their appraisal orders and started ordering AVMs, evals, BPOs etc. How exactly is that good for NY appraisers?

The market wants what the market wants. Appraisers can WANT to do 1004s all day, but if clients want something else, something less, they will get it one way or another. If appraisers move to block hybrids, the lenders will just move to non-appraisers. They have already demonstrated that with the way they order BPOs. Appraisers can either embrace the SOW RULE and decide that the 1004 is not the only type of appraisal report they can deliver, or clients will simply bypass appraisers. I see it as yet another example of appraisers shooting themselves in the foot.

Appraisers did not move to block hybrids, the NY law is only the appraiser can inspect for a hybrid, correct? Why would lenders cancel hybrids if an appraiser does the inspection vs a non appraiser?

 

[Evincere]

Appraisers did not move to block hybrids, the NY law is only the appraiser can inspect for a hybrid, correct? Why would lenders cancel hybrids if an appraiser does the inspection vs a non appraiser?

What this law means is that the expansion of hybrids/ bifurcation “appraisals” are not going to make any headway in NY as hoped by Lenders and the AMCs whose plan it is to accommodate them.

AMC set back in that they can’t claim coverage in NY for these products if their business model is to use their agent inspector hoards who are not certified Appraisers.

 

[DWiley]

Appraisers did not move to block hybrids, the NY law is only the appraiser can inspect for a hybrid, correct? Why would lenders cancel hybrids if an appraiser does the inspection vs a non appraiser?

Because they are not using appraisers to do the inspections, as you well know. So, many are just moving to other, non-appraisal, solutions. Careful what you ask for...

 

[djd09]

2018 Board of Directors

• Duane Andrews, Clear Capital (Treasurer)
• Jeff Dickstein, Pro Teck Valuation Services (President)
• Dan Hackman, CoreLogic
• Marc Hinkle, Xome Settlement Services
  
• Mark Schiffman, REVAA (Secretary)
• Dean Kelker, SingleSource Property Solutions
• Laura Raposo, ServiceLink

http://revaa.org/about/#leadership

someone was right about revaa whining.

looking at their board, it seems they are not competitors, but simply a circle of friends.

 

[The Bob]

Yes, I have heard of that new law As a result of that law, clients cancelled their appraisal orders and started ordering AVMs, evals, BPOs etc. How exactly is that good for NY appraisers?

The market wants what the market wants. Appraisers can WANT to do 1004s all day, but if clients want something else, something less, they will get it one way or another. If appraisers move to block hybrids, the lenders will just move to non-appraisers. They have already demonstrated that with the way they order BPOs. Appraisers can either embrace the SOW RULE and decide that the 1004 is not the only type of appraisal report they can deliver, or clients will simply bypass appraisers. I see it as yet another example of appraisers shooting themselves in the foot.

So why don't they just use AVM's and BPO's to begin with? Why **** things up with 2 people, one to do the inspection and another to do the appraisal? How is that more efficient?
We all know the answer, don't we?

A while back, I got an email from Suntrust about these "hybrids". Didn't take me long to read between the lines that this is all about the fee. "These take no more than a hour or two to complete". Bull****.

 

[Evincere]

Because they are not using appraisers to do the inspections, as you well know. So, many are just moving to other, non-appraisal, solutions. Careful what you ask for...

In other words they’re just having to fall back on the products they always ordered. In which case Appraisers may not have gained the privilege of doing $125 hybrid desktops (which we didn’t ask for or want to begin with) they haven’t really haven’t lost anything.