Crappy Hybrid Inspection

[Mejappz]

they will go from bad to worse, deceiving to being deceived

Try not to laugh.

 

[djd09]

Q7. Does Fannie Mae accept appraisals when an unlicensed or uncertified appraiser or appraiser trainee completed
the property inspection?

Yes. An unlicensed or uncertified appraiser or appraiser trainee may perform a significant amount of the appraisal
including the property inspection and sign the left side of the appraiser certification as the Appraiser if:

 he or she is working under the supervision of a state-licensed or state-certified appraiser as an
employee or sub-contractor,
 the right side of the appraiser certification is signed by that supervisory appraiser, and
 it is acceptable under state law.

However, unlicensed or uncertified appraisers and appraiser trainees are not allowed to do only the inspection,

as Fannie Mae’s appraisal report forms identify the Appraiser as the individual who:
 personally inspect the property being appraised,
 inspected the exterior of the comparables,
 performed the analysis, and
 prepared and signed the appraisal report as the appraiser.
Additionally, while the supervisory appraiser takes full responsibility for the appraisal report when signing the
right side of the appraiser certification, he/she is not required to also physically inspect the subject property or
comparables.

https://singlefamily.fanniemae.com/media/6776/display

flip flop flip flop

 

[George Hatch]

That "appraiser" probably ran out of copper wiring to strip from vacant homes & catalytic converters to steal.

Maybe.

 

[George Hatch]

Q7. Does Fannie Mae accept appraisals when an unlicensed or uncertified appraiser or appraiser trainee completed
the property inspection?

Yes. An unlicensed or uncertified appraiser or appraiser trainee may perform a significant amount of the appraisal
including the property inspection and sign the left side of the appraiser certification as the Appraiser if:

 he or she is working under the supervision of a state-licensed or state-certified appraiser as an
employee or sub-contractor,
 the right side of the appraiser certification is signed by that supervisory appraiser, and
 it is acceptable under state law.
However, unlicensed or uncertified appraisers and appraiser trainees are not allowed to do only the inspection,

as Fannie Mae’s appraisal report forms identify the Appraiser as the individual who:
 personally inspect the property being appraised,
 inspected the exterior of the comparables,
 performed the analysis, and
 prepared and signed the appraisal report as the appraiser.
Additionally, while the supervisory appraiser takes full responsibility for the appraisal report when signing the
right side of the appraiser certification, he/she is not required to also physically inspect the subject property or
comparables.

https://singlefamily.fanniemae.com/media/6776/display

flip flop flip flop

There's a big difference between "don't want to" vs "can't".

They're free to change most of their "will accept" any time they want. Same with a lot of other users that don't participate in the GSE pipelines.

 

[Mike Ault]

They're free to change their "will accept" any time they want.

As long as they are not misrepresenting the mortgage-backed securities that they sell. Those should be a separate entity and not eligible for securitization. They are valuing their own collateral with their AVM and setting the stage to eliminate any appraiser who doesn't exhibit the proper amount of "confirmation bias" issued from their "workstation".

 

[George Hatch]

They probably will cut back for a while when the values trend down and they start taking some losses. That's always been the pattern before: loosen up when times and good then tighten down where times are bad.

Declining markets is when they really need a decent appraisal.

 

[djd09]

There's a big difference between "don't want to" vs "can't".

They're free to change most of their "will accept" any time they want. Same with a lot of other users that don't participate in the GSE pipelines.

USPAP doesn't even require an inspection...anyways rules for thee

 

[djd09]

Q31. What is expected with regard to the appraiser’s inspection of a property?

Fannie Mae requires that the appraiser conduct a complete visual inspection of the accessible areas of the interior
and exterior of the property. The appraiser is responsible for noting in his/her report any adverse conditions (such
as, but not limited to, needed repairs; deterioration; or the presence of hazardous wastes, toxic substances, or
adverse environmental conditions) that were apparent during the inspection of the property or that he/she
became aware of during the research involved in performing the appraisal.

The appraiser is expected to consider and describe the overall condition and quality of the property and identify
items that require immediate repair as well as items where maintenance may have been deferred and which may
not require immediate repair. On the other hand, an appraiser is not responsible for hidden or unapparent
conditions.

In addition, Fannie Mae does not consider the appraiser to be an expert in all fields, such as environmental hazards.
In situations where an adverse property condition may be observed by the appraiser but the appraiser is not
qualified to decide whether that condition requires immediate repair (such as the presence of mold, an active roof
leak, settlement in the foundation, etc.), the property must be appraised subject to an inspection by a qualified
professional. In such cases, the lender may need to ask the appraiser to update his or her appraisal based on the
results of the inspection, in which case the appraiser would incorporate the results of the inspection and measure
the impact, if any, on his or her final opinion of market value.

inspection...who cares elmo will do it

 

[Carnivore]

The AMC Clear Capital has been lobbying Congress for the last several years to begin accepting bifurcated/hybrid appraisals. In April 2017, the House Committee on Veterans Affairs held a hearing on “Assessing VA Approved Appraisers and How to Improve the Program for the 21st Century,” where Russell Johnson, Chief Revenue Officer at Clear Capital, argued that the VA should consider “the use of a desktop appraisal, based on the physical inspection of a subject property by an industry professional…such as a real estate broker or agent, performing a visual inspection of the subject property and providing other market insight and analytics.” Clear Capital has taken heat in the press and on Appraisal Blogs in the past for low appraisal fees, with one hybrid report being posted to AppraiserBlogs.com showing a $25 fee paid to the appraiser for the valuation analyst portion of the assignment.

VA Issues Guidance on Bifurcated Appraisals

The VA's AAPP guidelines have been heralded by many boots-on the-ground appraisers as a responsible and thoughtful approach to the increasing promotion of hybrid appraisals by Fannie Mae and Freddie Mac.

www.workingre.com

obviously, there was no push button over there...geez leave the vets alone they deserve the best

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.”

 

[J Grant]

They probably will cut back for a while when the values trend down and they start taking some losses. That's always been the pattern before: loosen up when times and good then tighten down where times are bad.

Declining markets is when they really need a decent appraisal.

They REALLYY needed a decent appraisal more in the rising markets. Because it is the over priced sales and over leveraged refinance loans made in the rising markets that cause tomorrow's problems. And tomorrow is today for loans made a year ago. With lots more time on everyone's hands , these loans are starting to be looked at along with the appraisal in the file.

Lenders, too late of course, doy get more picky during a declining market. That is because they remember well the over valuations and pushed values they themselves encouraged in the rising markets and like the appraisers , lenders or AMC's keep their finger's crossed a loan audit or review won't land on one of their own .