Disaster inspection report

[Fernando]

You are right. Every time we do a 1004D, we increase our liability and increase record keeping.
I feel the wildfire disaster inspection is so unnecessary and waste of money and I hope the borrower is not paying for it.
In the beginning I was trying to reason the AMC/lender that these disaster inspections were not necessary.
Seem to fall on deaf ears. Fine. Get extra near $200 for driving by all the recent appraisals.

 

[Mike Ault]

I think you might sleep better if that 1004D was accompanied by a 1004 MC (at least in your workfile) to prove your belief that values have not decreased in the last month. Then I would proudly cash that $200 check because you have performed a USPAP compliant appraisal service and deserve every penny.

 

[Fernando]

Currently, a month difference won't change 1004MC. Few couple of sales could be outliers. Also I look at inventory which is few. Few more months to see better trend.

 

[Mike Ault]

You must do the research and commit your thoughts to writing and place all this market value evidence in the workfile. Thoughts in your head don't count . As the esteemed Mr. Bucks said many years ago on another forum "appraisals have long shelf lives" and record-keeping issues like that could get you in trouble with the state & your E&O provider. Sorry for the criticism however there are lots of new people on the forum who need to know the consequences of checkboxes.

 

[Fernando]

You're right, need to have documentation even if update is few weeks later.