Crappy Hybrid Inspection

[glenn walker]

My guess is few appraisers could do a hybrid review and be objective because they hate the product so much they become blindsided. I can undertand this but personally I would never review one anyway because my attitude is if a lender orders one they can use it and be done.

 

[George Hatch]

What I think is unwise is for an appraiser or anyone else arbitrarily assuming these inspections will all be equal to each other in quality and/or equal to what they would do in an inspection. We don't make that assumption when it comes to using info from another appraiser's appraisal report because we know that IRL some appraisers are more competent with their inspections than others. This inspection report isn't a POS because it's a third party inspection report, it's a POS because this particular inspector was as incompetent as some appraisers are. The next one may/may not be.

Now if you had a bunch of these reports in hand with similar problems then at that point you have reason to suspect the reliability of this company's reports as a group, which would make it unreasonable to continue to use those reports. And I'm sure that sooner or later some of these inspection report providers will develop such a reputation and work themselves off the vendor lists of these lenders and AMCs.

If you were doing a desktop appraisal via reliance on a combination of public record and MLS listings you'd make the effort to read the info for content and consistency. There's nothing different about doing the same with a 3rd party inspection report.

 

[jay trotta]

Agree with most comments, but I guess my Question is;

With all of the information available to a Lender/FNMA/FREDDIE (CU - Etc) why would they Order a Review of any type? Do they feel the massive database they've built is insufficient?
OR is it that they feel the need to capture an additional appraiser (liability)?

 

[George Hatch]

Maybe their AI's algorithm spotted problems and kicked the report into review for human verification.

 

[glenn walker]

Agree with most comments, but I guess my Question is;

With all of the information available to a Lender/FNMA/FREDDIE (CU - Etc) why would they Order a Review of any type? Do they feel the massive database they've built is insufficient?
OR is it that they feel the need to capture an additional appraiser (liability)?

Jay you have to remember data in GSEs is on conforming loans where a prior appraisal had been done The Subject was $3 Million Property and may have never had a loan on it that was a conforming-Fannie-Freddie, therefore the lender has nothing to pull from the CU Data base.

 

[ramrcdk]

What I think is unwise is for an appraiser or anyone else arbitrarily assuming these inspections will all be equal to each other in quality and/or equal to what they would do in an inspection. We don't make that assumption when it comes to using info from another appraiser's appraisal report because we know that IRL some appraisers are more competent with their inspections than others. This inspection report isn't a POS because it's a third party inspection report, it's a POS because this particular inspector was as incompetent as some appraisers are. The next one may/may not be.

Yes !!
and from Order Creation through the processeS FOR those order attachments,
for those order-reps & inspectors to get a Handle On HOW TO
all this will be a mess. Not a Shocker...we DID know this months ago.

Lots of Inept Instructions or lack-of proper education equates to further inept results.
Adding in the lazy not-licensed sloppy inspectorS.

Meanwhile, back at our desks...to figure out which one may or may not be... For Free??

 

[Carnivore]

Yes !!
and from Order Creation through the processeS FOR those order attachments,
for those order-reps & inspectors to get a Handle On HOW TO
all this will be a mess. Not a Shocker...we DID know this months ago.

Lots of Inept Instructions or lack-of proper education equates to further inept results.
Adding in the lazy not-licensed sloppy inspectorS.

Meanwhile, back at our desks...to figure out which one may or may not be... For Free??

Bada Bing Bada Boom!!!! Ya, I can hear the guy/gal now: "You want me to do what and for How Much? Take this Job n Shove it...I aint gonna do this no more, no more aint gonna do this NO MORE

In this tight labor market and HIGH Gas prices; Who is stupid enough to do this Inspection stuff. OH, its all in the sales pitch. You Can work for yourself!! Until Tax time when they figure out a 1099 Tax return after expenses , then the 15.4% Self Employed tax rate(social security) kicks in AND when you don't get any work you can't file for unemployment. You get injured and you find out there is no workmens compensation, the list goes on...

 

[J Grant]

Bada Bing Bada Boom!!!! Ya, I can hear the guy/gal now: "You want me to do what and for How Much? Take this Job n Shove it...I aint gonna do this no more, no more aint gonna do this NO MORE

In this tight labor market and HIGH Gas prices; Who is stupid enough to do this Inspection stuff. OH, its all in the sales pitch. You Can work for yourself!! Until Tax time when they figure out a 1099 Tax return after expenses , then the 15.4% Self Employed tax rate(social security) kicks in AND when you don't get any work you can't file for unemployment. You get injured and you find out there is no workmens compensation, the list goes on...

Some of these "are done by staff apprasiers for AMC's who have no choice , if they have a time slot open the AMC sends them on a hybrid inspection.

WRT independent contractors I predict a revolving door of them. If they take it on as a side gig, the intense time pressure of an AMC hounding them for a deadline will negate any freedom of choice aspect, the pay will be mediocre after gas and expenses . Some might stick with it .

I don't fault anyone for doing the inspection portion, I fault the agencies for promoting it in the name of "efficiency". Still, with a hybrid at least somebody went to the property . In a desktop , nobody goes to the property. Insanity reigns in allowing it on loans worth hundreds of thousands of dollars - based on perhaps if agencies were using waivers with no inspection, their thinking was why bother to inspect for an appraisal - though I read a waiver now needs some form of inspection .( can anyone verify that)

 

[Sadie]

Agree with most comments, but I guess my Question is;

With all of the information available to a Lender/FNMA/FREDDIE (CU - Etc) why would they Order a Review of any type? Do they feel the massive database they've built is insufficient?
OR is it that they feel the need to capture an additional appraiser (liability)?

It has been my experience that some reviews are ordered because the reviewer/UW/whoever thinks there is something wrong with the appraisal and needs a professional opinion.

 

[jay trotta]

It has been my experience that some reviews are ordered because the reviewer/UW/whoever thinks there is something wrong with the appraisal and needs a professional opinion.

therefore, not a cost/time savings as everyone thinks.