Crappy Hybrid Inspection

[ucbruin]

Increasing or decreasing markets.....
That is the question....
Answer....
Decent appraisals are required 100% of the time....
Regardless of market trends....

 

[djd09]

You missed some important parts of the Article. The VA is telling the Lenders(AMC's), the assigned Appraiser can use a Trainee!!! or another Licensed Appraiser. additionally the VA is making it very CLEAR that Harry the Aluminum Can Collector Part Time Home Inspector is not allowed to conduct the Physical Site Inspection.

I do Appreciate your Sincere Concern.

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"To accommodate this requirement, the Department of Veterans Affairs (VA) published guidance outlining the rules for its Assisted Appraisal Processing Program (AAPP). The VA does not require its appraisers to participate in the AAPP process, but leaves it up to the appraiser instead. The VA makes it clear that the AAPP process will only be allowed in cases where assignments are non-complex, where the sales price is below one million dollars, and where the appraisal is not for new construction. Ultimately, the VA will have discretion on which assignments the appraiser may utilize the AAPP process.

Additionally, the outside “person” the appraiser contracts with to gather information must be “an individual who may perform appraisal-related work in compliance with VA policies, USPAP, state, and local laws,” such as “another VA fee panel appraiser licensed in that jurisdiction, a non-VA fee panel appraiser licensed in that jurisdiction, or an appraisal trainee/apprentice registered or otherwise authorized to provide valuations in that jurisdiction.”

This removes any doubt that the outside “person” must be another appraiser or trainee. The VA goes even further, writing “To be a person acting in the capacity as an agent of the assigned VA appraiser, the person must be otherwise permitted to sign an appraisal report as ‘Appraiser’ on any of the approved VA forms.”

The VA Required to Encourage Hybrids – Senate Passes HR 7735​

The U.S. Senate has announced the passage of HR 7735, the Improving Access to the VA Home Loan Benefit Act of 2022.


Under the terms of HR 7735, sponsored by Sen. Dan Sullivan and Rep. Mike Bost, the VA will be required to:

• Issue certification requirements for appraisers;
• Execute minimum property requirements;
• Review the process for selecting and reviewing comparable sales;
• Implement quality control processes;
• Establish the Assisted Appraisal Processing Program; and
• Establish the use of waivers or other alternatives to existing appraisal processes.

“The enactment of this MBA-endorsed legislation will now help streamline the home buying process for veterans and their families by requiring the VA to update its home appraisal rules and program guidelines. To the benefit of buyers and lenders, the VA will now be required to encourage hybrid appraisals, employ emerging technologies, and revisit policies on property inspection waivers, minimum property requirements, and comparable sales.”

https://appraisersblogs.com/the-VA-required-2-encourage-hybrid-appraisals-senate-passes-hr-7735/

do you hear the modernization train a coming..all aboard

 

[chad hampton]

I guess I have to give the loan production staff some credit. In the end they get what they wanted.

 

[djd09]

they been getting what they wanted and still whine and cry...good appraisals save money - and alot of it