FIRREA ?

[Mike Garrett RAA]

My point exactly!

 

[Paul Ness MAI]

Well, it obviously goes on more so in residential. Most of those deals are sold in the secondary market but I guess they still don't care. I think the reality is that every bank does the least amount they can get away with depending on the level of govt examination even though all lenders are required to play by the same rules. I work for a nationally chartered bank, and we get examined much closer than even our competitor state chartered commercial banks. They tend to use the lower tiered appraisers (cheap and inferior quality) or no appraiser, while we are attempting to play by the book and must compete with that.

I realized while writing the above paragraph that there are some similarities to appraising. I know of some appraisers who also do the least amount they can get away with depending on the client. Recently I added a new appraiser who I've had some problems with in the past few assignments. He was used to doing assignments for local banks that either don't play by the rules or have nobody competent reviewing the reports, so we've talked about the minimum items required in a summary report (one example being ANY type of summary of info used to support market rent other than saying "market rent is $xx based on examination of comparable rentals"). Every report needs to be the best you can give regardless of the client, because you never know where a report is going to end up.

 

[Jim McGrath]

Well, it obviously goes on more so in residential. Most of those deals are sold in the secondary market but I guess they still don't care. I think the reality is that every bank does the least amount they can get away with depending on the level of govt examination even though all lenders are required to play by the same rules. I work for a nationally chartered bank, and we get examined much closer than even our competitor state chartered commercial banks. They tend to use the lower tiered appraisers (cheap and inferior quality) or no appraiser, while we are attempting to play by the book and must compete with that.

Paul, your statement that every bank does the least amount they can get away with, may be true. Your complaint seems to be that your bank is highly regulated, so they can't get away with much.

I guess that means if you thought you could get away with it you would, but since you can't, you don't want anyone else to do it. Does this make your bank one of the lower tiered banks(cheap and inferior quality). In that case they might be using (cheap and inferior appraisers), or to be more specific, non-MAIs. It must be pure hell being the best.

Jim

 

[Paul Ness MAI]

Jim, that chip on your shoulder is showing big time. You really twisted quite a bit of my post to make whatever personal criticism your were attempting.

Yes, it's true that I would like everyone to play by the same rules. Don't you? But your "guess" that I would prefer to do less if I could is way off base. The only reason I work for my current employer is because my boss (the head of the loan admin department) wants to play by the rules and believe it or not the lenders want well-collateralized loans in their portfolios. If it were not the case, I wouldn't be here.

I missed your point. Please specifically identify anything in my last post you disagree with, so we can discuss it.

 

[Pamela Crowley (Florida)]

Ok now boys, play nice.

Jim... take a walk. I'll bet you were mad at someone else.

Paul... thanks for taking a few deep breaths prior to posting.

 

[Paul Ness MAI]

Pamela, you are sooo perceptive.

And Jim, it's not pure hell...actually it's great to be the best you can be.

 

[Mike Garrett RAA]

CHILL OUT!!!!!

 

[Farm Gal]

Folks:
Aren't we sort of forgetting that under FIRREA, if the property falls under the deminimus (nearly everything in MY market) they don't need no stinking appraisal anyway? so technically the FIRREA regs do not apply: the bank is simiply getting a reality check from a trusted source: us appraisers?

So if the bank wants a 'reality check' as opposed to a REAL appraisal that meets 'requirements' inapplicable to the specific cause: what do they care if the appraiser is state licensed, certified, a machine or whatever?

Am I missing something here?

ah well bigger concerns.

But thanks for the POV's! 8) I will evolve an opinion eventually. or would that be devolve?!?!?!

 

[Jim McGrath]

Ok now boys, play nice.

Jim... take a walk. I'll bet you were mad at someone else.

Paul... thanks for taking a few deep breaths prior to posting.

I resent the implication that all appraisers that don't work for big banks are inferior and poor quality. If you can defend that with facts and not biased opinions, I would like to see them. I have done too many reviews of poor MAI appraisals to accept a blanket declaration they are better.

Jim

 

[Pamela Crowley (Florida)]

I resent the implication that all appraisers that don't work for big banks are inferior and poor quality. If you can defend that with facts and not biased opinions, I would like to see them. I have done too many reviews of poor MAI appraisals to accept a blanket declaration they are better.

Jim

Jim, I went back and re-read Paul's posts again and am having a hard time figuring out how you came to the above quoted conclusions.

Please, Let's all stop the personal flames so this thread can continue on subject without being locked.