Bifurcated Appraisal Inspections/new Ny Legislation?

[George Hatch]

Maybe your counteroffer should be agreeing to a 3/week workload at a higher fee. Your client controls your time. They set (1) appointment for you on Mondays, Wednesdays, and Fridays with the expectation that you'll be returning the finished report on Tuesday, Thursday and prior to 8:00 AM on Monday. If you can work quickly enough to squeeze in another conventional 1004 with less demanding turn times then that's great. Then they might be able to get finished 1004s within 3 days of ordering them.

 

[Michigan CG]

Strawman argument when you know Daxm well that’ $300 to the Appraiser is not or ever going to happen.

Really? Because YOU say so?

One of my direct lender clients has said they might use these products for some loans and the fee of $300 was discussed and he didn't find it unreasonable.

Not all clients are bottom of the barrel AMCs.

 

[ucbruin]

Really? Because YOU say so?

One of my direct lender clients has said they might use these products for some loans and the fee of $300 was discussed and he didn't find it unreasonable.

Not all clients are bottom of the barrel AMCs.

Just curious....
What type of product would this client decide to use the hybrid?
And what is the client's typical/normal/average fee for the full appraisal?

 

[The Bob]

• Mortgages without appraiser visits? Fannie Mae pilot asks why not
  

In a bid to cut time and costs from the mortgage process, Fannie Mae is testing whether appraisers can accurately determine a home's value without actually visiting the property.

Instead, the government-sponsored enterprise is asking appraisers to combine local market data with property-specific details from a home inspection to create a "hybrid appraisal" report.

Fannie Mae declined to comment about the program, but the pilot was described to NMN by multiple sources familiar with the tests.

Hybrid appraisals tend to be faster for lenders and cheaper for borrowers than traditional, "full" appraisals, particularly in rural areas and hot markets where there are appraiser shortages, and they are being increasingly used for originations in the home equity marketin response to higher rates, costs and competition.

https://www.nationalmortgagenews.co...ppraiser-visits-fannie-mae-pilot-asks-why-not

 

[Evincere]

Really? Because YOU say so?

One of my direct lender clients has said they might use these products for some loans and the fee of $300 was discussed and he didn't find it unreasonable.

Not all clients are bottom of the barrel AMCs.

You state - a direct lender. Did your discussion with your direct lender (presuming no AMC ) regarding reasonable fee of $300 to you include the use of another 3rd party - an agent - doing the inspection?

IOW - would you be doing both components - inspection and valuation.

The crux of many if not most of these hybrid discussions are those running through AMC management. Not those being ordered via Direct lenders

 

[Evincere]

[QUOTE="Jim Bartley, post:

“Hybrid appraisals tend to be faster for lenders and cheaper for borrowers than traditional, "full" appraisals, particularly in rural areas and hot markets where there are appraiser shortages, and they are being increasingly used for originations in the “

https://www.nationalmortgagenews.co...ppraiser-visits-fannie-mae-pilot-asks-why-not[/QUOTE]

Shortages of Appraisers in “hot” markets?? BS narrative being carried on the wind.

This mixing and co-mingling of rural with hot markets to push hybrids reminds me of laws that get passed that are riddled with pork barrel pet projects

“Here are Realtor.com’s hot housing market picks that outperform the national forecasted price growth of 2.2%. Lakeland, Florida tops the list with 7.4% forecasted price growth and 5% in home sales growth. Compare that to Realtor.com’s national number on home sales growth of -2%. Grand Rapids, Michigan is in the second spot looking at an 8.2% price growth and 4% sales growth. Ranking at No. 3 is El Paso, Texas, with 2.5% in price growth, offset by 7.9% in sales growth. Other areas in the top ten include Chattanooga, Tennessee; Phoenix, Arizona; Bridgeport, Connecticut; Las Vegas, Nevada; Boise City, Idaho; Miami, Florida; and Boston, Massachusetts.”

https://www.google.com/amp/s/www.fo...16/realtor-coms-hot-housing-market-picks/amp/

 

[djd09]

300 bucks. Most be a special number since this will be the second time it has been anecdotally posted.

 

[TRESinc]

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.

which has absolutely nothing to do with the new law in NY

 

[djd09]

REVAA No Fan of the New NY AMC Law
http://appraisersblogs.com/AMC-law-groundbreaking-4-ny-appraisers


"The NY State Coalition of Appraisers (NYCAP), led by my friend and appraiser Becky Jones who along with other unnamed heroes worked hard to help make this possible, wants you to know that this law was not a last-second, fly by night effort as being characterized by The Real Estate Valuation Advocacy Association (REVAA) – the trade group that represents the bulk of the AMC industry in the U.S. – inferring this law was flimsy and easily overturnable."

http://appraisersblogs.com/AMC-law-groundbreaking-4-ny-appraisers

maybe ocap should take some notes.

 

[TRESinc]

maybe ocap should take some notes.

if only there was someone in ohio who was supposedly an appraiser but had no concept of appraisal practices, principles or USPAP which allowed them to spend all day scouring google for silly articles that don't matter instead of actually appraising and would join the organization.... wait, there may be one!