Feb 4th GSE requirements

[Non Sequitur]

Please don't ask me what happened with AllAdjustments 1.0. The first 50 customers will receive one free get out of USPAP jail free card which can only be used once per licensee per year. We've had 3 members use them successfully thus far, it would be unprofessional for me to name them publicly.

Yeah, first adopters are often jacked in the appraisal world.

 

[TerryRohrer]

Reminds me of about 2014 when FNMA warned that appraisers were going to have to support their adjustments. That lasted about 6 months, then went away. Apparently, they are now going to try it one grid row at a time. It will be interesting to see if they bother meaning it this time.

 

[alebrewer]

Reminds me of about 2014 when FNMA warned that appraisers were going to have to support their adjustments. That lasted about 6 months, then went away. Apparently, they are now going to try it one grid row at a time. It will be interesting to see if they bother meaning it this time.

I'm thinking they do, as they're reminding the lenders this time of their obligation to ensure the appraisers are providing a summary of their market analysis and written support of adjustments and how they were derived. We'll see if they push for any buybacks as a result of non-compliance. That'll get folks' attention.

 

[The Bob]

To each his own. This works for me and the $50/month is pretty nominal (for an appraiser doing 20 files, that's $2.5/file if my math is correct). RE the BS statement - charts provide the users of our services with a quick visual of the data that we've analyzed. I personally don't see it as BS, but I understand if you do.

My comment on charts is along the lines of, "there's lies, damned lies, and statistics". I've traded stocks for years and I've seen charts that, according to their authors, can explain every dip and rise, all in hindsight of course, which is patently untrue.

 

[TerryRohrer]

"there's lies, damned lies, and statistics".

Which appraisal method(s) cannot be misused in the same manner as statistical methods? Are paired sales and depreciated cost and ranking and qualitative analysis immune from being misused? If you say you relied on paired sales, is that proof that your analysis is perfect? Are people who eschew statistical analysis, but rely on sensitivity analysis trustworthy or competent?

 

[alebrewer]

My comment on charts is along the lines of, "there's lies, damned lies, and statistics". I've traded stocks for years and I've seen charts that, according to their authors, can explain every dip and rise, all in hindsight of course, which is patently untrue.

There is no doubt statistics - and the resulting visual representations of the analyses - can be manipulated. Again, though, charts are a means of providing the users of our services a visual representation of our analyses. The charts do not replace the narrative (or shouldn't), but are used to assist in understanding the analyses. Just like any other tool one might use to help their readers understand. To Terry's point, if you put good data in - the charts should be fairly accurate. If you put bad (or manipulated) data in - the charts will reflect that as well. And not accusing you personally, but I find that - frequently - the folks who poopoo statistics and graphs are also the folks that don't really understand statistics that well.

 

[Non Sequitur]

In related news, the train just keeps on chugging along. The first of many, and from what I observed at the AMC Vegas Expo, coming soon to appraisal reports:

New Mexico Multiple Listing Service: Floor Plans Now Required for New Mexico Real Estate Listings

www.accessnewswire.com

 

[Overimprovement]

Next they'll want me to prove my $10/sqft GLA adjustments on Q3 homes.

Seriously, I would like to see some Skippy faces when they get that first email back wanting them to explain their date of sale adjustments (which were used only to support an otherwise unsupported value to hit sales price.)

"Ahhh, the market was worser in the months the comps sold so I added some dollars to their price, cause its betterer now. Yeah, that's what I did."

 

[Mike Ault]

In related news, the train just keeps on chugging along. The first of many, and from what I observed at the AMC Vegas Expo, coming soon to appraisal reports:

New Mexico Multiple Listing Service: Floor Plans Now Required for New Mexico Real Estate Listings

www.accessnewswire.com

"Standardizing floor plans". "Setting a consistent standard for floor plans". But no mention of "floorplan software". That sounds like a niche that an appraiser could possibly fill without having to sell their soul to a GSE AMC.

 

[Trihard]

"Standardizing floor plans". "Setting a consistent standard for floor plans". But no mention of "floorplan software". That sounds like a niche that an appraiser could possibly fill without having to sell their soul to a GSE AMC.

Thats pretty easy stuff that a realtor can learn and do.