Don't People check their reports?

[The Warrior Monk]

We've been getting quite a few calls for reviews, but have yet to receive because of the fee. We charge separate for

1. The review; and
2. The subsequent appraisal.

One client agreed to have me do a new appraisal, simply because it was less costly to have me to the review and a new appraisal.

 

[Financially Feasible]

Don't even get me started on trainees doing reviews.


TC

Well, in playing a little "devil's advocate" over here... a trainee should certainly aid a supervisor in reviewing reports because, without doing so, will never 1.) know HOW to review a report, 2.) know mistakes which are made in appraisal reports and how they can affect either the opinion of value or, more subtly, the perception of the credibility of the report due to the error and 3.) how to better themselves by either a.) knowing to NEVER do what was found during a review of an appraisal or b.) by picking up on an appraiser's superior technique which was found by doing the review ("a" is much more probable than "b"... but I'm actually surprised by how many times I've said "wow... I actually LIKE how this appraiser did this or that!"). It's all part of the COMPETENCY rule of USPAP by, in becoming licensed or certified, that one know how to perform certain types of work. In my mind, saying that a trainee should not perform a review is the same thing as saying that a trainee should not perform an appraisal. You have to learn sometimes!

Metamorphic, during my time as a trainee and during my time as a Certified Residential, I have marveled at how many "low number registration appraisers" POS reports I have reviewed. However, I have also reviewed enough low and high-numbered appraisers' reports to know that there are good ones out there of all ages. Like anything else, you just have to know how to apply your trade.

 

[Michael Tipton]

Unfortunately, the preprinted SOW and certification #10 for the FNMA/FHLMC field review forms theoretically places a limit on any assistance from a trainee.

 

[Kevin Mc]

Well, in playing a little "devil's advocate" over here... a trainee should certainly aid a supervisor in reviewing reports because, without doing so, will never 1.) know HOW to review a report, 2.) know mistakes which are made in appraisal reports and how they can affect either the opinion of value or, more subtly, the perception of the credibility of the report due to the error and 3.) how to better themselves by either a.) knowing to NEVER do what was found during a review of an appraisal or b.) by picking up on an appraiser's superior technique which was found by doing the review

Horsesh1t. When one is throughly adept at appraising , one can review. You don't " learn" reviewing, You learn appraising. Until that time comes, a trainee,liscensed or certified appraiser has no right questioning anyone else's work. IMO, I don't think anyone is experienced enough until they spent a minimum 5 years in the trenches. Of course this in all opinion because typically lenders won't pay anyone real money to review so they can continue to bleed and I'll continue my rant. Have a nice day.:icon_mrgreen:

 

[CCAAMO]

Horsesh1t. When one is throughly adept at appraising , one can review. You don't " learn" reviewing, You learn appraising. Until that time comes, a trainee,liscensed or certified appraiser has no right questioning anyone else's work. IMO, I don't think anyone is experienced enough until they spent a minimum 5 years in the trenches. Of course this in all opinion because typically lenders won't pay anyone real money to review so they can continue to bleed and I'll continue my rant. Have a nice day.:icon_mrgreen:

I'll second that. Most of them can even draw the sketch correctly. I think their time would be better spent fixing their own errors first. 5 years sounds about right.

 

[Metamorphic]

Horsesh1t. When one is throughly adept at appraising , one can review. You don't " learn" reviewing, You learn appraising. Until that time comes, a trainee,liscensed or certified appraiser has no right questioning anyone else's work. IMO, I don't think anyone is experienced enough until they spent a minimum 5 years in the trenches. Of course this in all opinion because typically lenders won't pay anyone real money to review so they can continue to bleed and I'll continue my rant. Have a nice day.:icon_mrgreen:

By that logic I shouldent be able to call my legislator and weigh in on laws they're trying to pass.

I think you need to get over the idea that reviewing is some sort of higher calling. USPAP requires that reports be written with the intended user in mind. Even a modestly experienced trainee should have a sufficiently advanced understanding of appraisal practice that they should be able to understand everything in your average appraisal intended for a lender. The whole point of a report is to condense and consolidate a large amount of information into a form digestible by someone with less experience and less time pondering the material. If an appraiser doesn't do their job well enough that a trainee can appreciate what was done and why, they've not done competent work.

 

[Michigan CG]

By that logic I shouldent be able to call my legislator and weigh in on laws they're trying to pass.

I think you need to get over the idea that reviewing is some sort of higher calling. USPAP requires that reports be written with the intended user in mind. Even a modestly experienced trainee should have a sufficiently advanced understanding of appraisal practice that they should be able to understand everything in your average appraisal intended for a lender. The whole point of a report is to condense and consolidate a large amount of information into a form digestible by someone with less experience and less time pondering the material. If an appraiser doesn't do their job well enough that a trainee can appreciate what was done and why, they've not done competent work.

I completely agree. A trainee is being trained to appraise. Review work is appraising. If you are not taught to do review work as a trainee when are you supposed to learn it?

 

[Kevin Mc]

I think you need to get over the idea that reviewing is some sort of higher calling.

There was a time when it was. There was a time when lenders cared. Now it is left primarliy to the less than qualified because they will do reviews for $125-150 from some AMC. Skilled, experienced appraisers won't.

If an appraiser doesn't do their job well enough that a trainee can appreciate what was done and why, they've not done competent work.

No arguement there. I am sure there are many trainees capable of doing good review work as I am sure there are many certified appraisers who are not. I have seem some pretty scary review work which is obviously done by newbies. They typically step all over Standard 3 in their efforts to satisfy their employer. It is safe to say I'm not going to name names.

 

[Financially Feasible]

Horsesh1t.

Of course this in all opinion because typically lenders won't pay anyone real money to review so they can continue to bleed and I'll continue my rant. Have a nice day.:icon_mrgreen:

C'mon, Kevin... don't hold back. Tell us how you REALLY feel about it.

 

[Michigan CG]

C'mon, Kevin... don't hold back. Tell us how you REALLY feel about it.

Ed, I COMPLETELY agree with your post #22.