Collateral Underwriting Appraisal Messages

[residentialguy]

Explain how your conclusions were brought about. "Bold and underline CU explanation" so anybody who reads your report will know your answers for CU questions. Bank, Lender, AMC...etc.

It won't matter what you do. You can bold them in red and add 10 aerial maps and photos...the CU doesn't read. FNMA instructs the lenders to review the stips to see if they are warranted, but this would be way to costly for them to do that, so they're just passing them on to the appraiser and not even attempting to look at the report.

Fees: I was walking into an elevator thinking about fees and a lady's voice echo'd my thoughts. She said; "Going up"

 

[Terrel L. Shields]

lady's voice echo'd my thoughts. She said; "Going up"

You best punch that ticket up front. After the fact, it will be like pulling teeth to get any additional pay.

 

[residentialguy]

Explain how your conclusions were brought about. "Bold and underline CU explanation" so anybody who reads your report will know your answers for CU questions. Bank, Lender, AMC...etc.

It won't matter what you do. You can bold them in red and add 10 aerial maps and photos...the CU doesn't read. FNMA instructs the lenders to review the stips to see if they are warranted, but this would be way to costly for them to do that, so they're just passing them on to the appraiser.

Fees: I was walking into an elevator thinking about fees and a lady's voice echo'd my thoughts. She said; "Going up"

You best punch that ticket up front. After the fact, it will be like pulling teeth to get any additional pay.

Why would that be? Don't you charge if you have to do another inspection/final/update? I've been charging for comp reviews. Never a problem.

 

[Meandering]

Review? i thought it was a risk assessment tool?

No, it's really risk,

yeah that's the ticket.


no one provided significant real property appraisal assistance to the person signing this certification.

wink, wink, nod, nod

 

[glenn walker]

There is a lot of mis-information going through the forums. The sky is not falling and 90% of appraisals are going through the system without a problem. If the score is a 4 or 5 then everyone hits the brakes to see what the problem is. Don't panic some of the software companies and course providers have caused a panic and are selling their goods. Relax from what I have witnessed in the last 3 days it's almost a non-event and almost 90% of the conditions have been auto written over by the CU system itself.

 

[Esox]

There is a lot of mis-information going through the forums. The sky is not falling and 90% of appraisals are going through the system without a problem. If the score is a 4 or 5 then everyone hits the brakes to see what the problem is. Don't panic some of the software companies and course providers have caused a panic and are selling their goods. Relax from what I have witnessed in the last 3 days it's almost a non-event and almost 90% of the conditions have been auto written over by the CU system itself.

Are you in a position in which you would see a large number of appraisals go through the CU process? When you say 90%, 90% of how many? Just curious, because your comment is heartening.

 

[Pam Wyant]

Here was my first CU condition, I received it before the 24th as the AMC wanted to get a jump start on all the fun.
1) The location rating for comparable 3 is materially different than what has been reported by other appraisers. Please provide commentary.

Appraiser response:
1) Comp 3 is located on a feeder road directly off a main road with traffic leading into neighborhood similar to subject property. Aslo located at "T" intersection of Maine Dr. It is this appraisers opinion that this has some market influence to typical buyers and was therefore given an adverse location rating.

Haven't heard another word from this client. Then I get this email first thing this morning from different AMC.
1) The view ratings for comparable #1 and #3 are materially different than what has been reported by other appraisers. Appraiser to verify OR comment.

I know my view ratings are correct, but haven't sent over revised report with comments yet, needed a cooling off period so as not to say what I really wanted to say. If they have to wait until the last minute of the day then maybe they won't be so quick to send me this crap. I clearly stated in report that these comps were superior in partial bay view as subject has woods view only. What more should I say??

Here's the big problem I see - we are to assign the comparable location or view rating independently, not in comparison to the subject. Would the location always be considered adverse? Are there properties that are in worse locations? Would the view always be considered adverse if it is woods, or beneficial if it is partial bay? Are there better or worse views? Yet, once we choose a rating that rating is stuck on that comp forever. So, no doubt, most appraisers are going to be choosing neutral for the vast majority of properties. Because you can always find something better and something worse.

 

[residentialguy]

fwiw...I assign "N" to typical residential views where you look into other homes. "B" to anything more private like nature views, woods, lakes, golf, etc. "A" would be a busy street, something blocking views, billboard of Obama.

 

[Meandering]

Here's the big problem I see - we are to assign the comparable location or view rating independently, not in comparison to the subject. Would the location always be considered adverse? Are there properties that are in worse locations? Would the view always be considered adverse if it is woods, or beneficial if it is partial bay? Are there better or worse views? Yet, once we choose a rating that rating is stuck on that comp forever. So, no doubt, most appraisers are going to be choosing neutral for the vast majority of properties. Because you can always find something better and something worse.

So you're saying, Better or worse than what?

If they build a new highway behind your house, your view and rating could change. If they build a house between you and the ocean your view and rating could change, and that's ditto if a storm left a new and exciting sand dune obscuring your view.

Stuff changes. But a beneficial view, should be beneficial no matter if all comps have a similar view or none of the comps has a similar view, because it's Beneficial when compared to nuetral, not when compared to other properties. Round here, many homes are on acres or more, and with trees, so the woods view, might just be the yard, which then becomes N/Res for the area, but might be B/Woods in Arizona or A/Woods someplace else. There is where I have a problem with both woods and pastorial. When the entire neighborhood is in rolling farm country, do you have to say pastorial, or is it just typical residential for the area?

 

[Meandering]

, billboard of Obama.