• Welcome to AppraisersForum.com, the premier online community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Defund TAF

djd09 said:
someone sent me an appraisal 'bid' request or whatever...and the special instructions wanted an USPAP addendum...dont know what that means :shrug: :rof:
Click to expand...
That's an additional 50 bucks!
 
Surf Cat said:
That's an additional 50 bucks!
Click to expand...

no it was a quick pass....it was located in east cleveland and they wanted two values as is and subject to for the price of a single appraisal...and was a rush 8/5...cheap and fast :rof:
 
Surf Cat said:
Allowing a home buyer to forgo an appraisal when putting just 3% down sounds a little more than scary when home prices are at/near all-time highs and have increased roughly 50% in just the past few years....

Appraisers should be able to be hired by home buyers/borrowers for their peace of mind. Let the borrowers decide on the level of due diligence that they want before borrowing on a waiver (sorry, value acceptance). No.... not engaged through the lender and their thieving partner AMC's whom stip and demand ROV's for the desired number to make it all work and make the lender lots of money.

The appraiser's role has changed right before our very eyes. It's no longer to help gauge the risk of "the lender" making a sound lending decision..... they want to rubber stamp like cowboys.

We should be truly independent and help gauge the risk for "the borrower" for paying too much for a property.
Click to expand...
We're not working for the borrower and it would be even more a conflict of interest for them to order an appraisal than for a loan salesman to do it. Not to mention the point that they would just shop by value conclusion instead of at least pretending to seek the IRL MV.

The borrower isn't the one making the mortgage decision and it's not their money that's going out the door. They have no legitimate reason to even touch an appraisal report during the process, either.


We even tell them that if they want their own appraisal they should seek a separate appraisal specific to their own usage. Leastwise, I have been doing that.
 
impartial means treating all parties equally....just more client bias :ROFLMAO:
 
All you have to do is persuade Congress to change their minds about allowing the borrowers to control the appraisal prior to submitting it as part of their loan application. In which case the lender becomes the 3rd party to the appraiser-client relationship.

What do you think is going to happen when the appraiser discloses that the borrower is the client and the appraiser has no appraiser-client relationship with the lender? The borrower is free to shotgun that appraisal all over town - behind the lender's back - because they're the ones who control the distribution, not the lender.

And sure, the borrowers will shop for appraisers by result instead of fee and some of them might have to pay 2 or 3 different appraisers in order to get their predetermined and desired result. The other appraisals that came up short will just get tossed and nobody will ever find out about their existence. But at least the appraisers will get the fees they want. And that's what is important here, right?

Good luck with that. I don't know how many politicians you're going to have to buy to put these borrowers ahead of the lenders and their taxpayer bailouts. But it won't be cheap.
 
Last edited:
djd09 said:
honesty, impartiality, and competency, is required by all appraisers under USPAP...the mission is to assist and protect american families and consumers when making the single largest investment...their homes...


suckers... :rof:
Click to expand...


Wow....nice vintage document Robot dude....

The lenders dodged serious consequences if it would have been implemented...

The IVPI was to be funded primarily by Fannie Mae and Freddie Mac for a period of not less than five years.

Appraisers would have been able to contact the IVPI if they felt pressured, threatened, or bribed into situations that compromised their independent valuation(s) and compliance with HVCC.

The IVPI would have mediated incoming complaints and concerns to the appropriate federal and state regulators and in some cases, may have even forwarded complaints to federal law enforcement agencies when warranted.

A hotline number and email address were to be established and provided for consumers to contact if they believed the appraisal process had been tainted or if they had been affected by appraisal fraud.
 
George Hatch said:
Good luck with that. I don't know how many politicians you're going to have to buy to put these borrowers ahead of the lenders and their taxpayer bailouts. But it won't be cheap.
Click to expand...
I know right? It's much better for the borrowers to have appraisers short cutting their way through the process due to low fees and coming from a hundred miles away....
 
You seem to think the borrower's interests occupy a slot somewhere in the lender's priority stack. I think that assumption is subject to challenge.

A borrower would be in no position to develop an informed opinion about appraisal quality or what would pass for "meaningful and not misleading" to the lender whose money it is and who is actually using the appraisal for its stated use.

And then there's the law of unintended consequences.
I get it. You want to get paid at the door for the full fee. What I don't think you're considering is exactly what process that borrower is going to use to choose the appraiser. Because they're not going to be using YELP, and even if they were going by YELP the measure of the appraiser will be whether or not they returned the pre-determined result and operated as a good team player.

Not to mention that pesky shop-by-price thingy where the low-cost providers will still scramble to underbid each other in exchange for getting more work. And you had better drop whatever you're doing to answer every phone call because they're only going to call once. Not to mention the explosion of ROV exchanges. I just went back-n-forth for a week with a homeowner client over a date-of-death appraisal where they wanted to challenge my analysis of a dogbox subdivision home via picking their comps by price instead of comparability. And that was over a tax position, not a mortgage loan.

This ain't 2005 no more. When *everyone* enters the online sweepstakes game the rules of play will be oriented to that game. Not to the client relationships you have developed.
 
Last edited:
djd09 said:
someone sent me an appraisal 'bid' request or whatever...and the special instructions wanted an USPAP addendum...dont know what that means :shrug: :rof:
Click to expand...
really, you do not know what that addendum is, that is a joke, right?
 
Last edited:
You must log in or register to reply here.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com
Back
Top