First Hybrid request.

[George Hatch]

I bet if appraisers give either no discount off their regular fee , or only a small discount such as $50, the hybrid products would disappear- let the captive staff appraisers do them if it means a low fee.

Same with the fees they accept for everything else they do. If appraisers wouldn't accept anything less than $600 for a 1004 assignment the $350 assignments wouldn't get done.

 

[J Grant]

According to DW, the quality of the PDR surpasses the quality of inspections performed by appraisers.

He said that the PDR data collectors receive formal training ( a 5-6 hour internet class) , and that appraisers might receive no formal inspection training! As if the two plus years under a mentor going on inspections meant nothing. I am presently taking 10 hours of coursework in residential construction for CE, and most appraisers take continuing ed construction or cost approach classes . But a random person with no appraisal license, somehow, incredibly, takes photos where more appraisers report repair issues. The samples I have seen of a PDR report are simple Simon-style with a limited number of photos.

 

[George Hatch]

I let them know the quality of the inspection. Wrote a response to the request detailing the issues.

If more appraisers followed through like that those vendors would have no choice but to improve. At whatever cost it would take to get that improvement.

 

[George Hatch]

He said that the PDR data collectors receive formal training ( a 5-6 hour internet class) , and that appraisers might receive no formal inspection training! As if the two plus years under a mentor going on inspections meant nothing. I am presently taking 10 hours of coursework in residential construction for CE, and most appraisers take continuing ed construction or cost approach classes . But a random person with no appraisal license, somehow, incredibly, takes photos where more appraisers report repair issues. The samples I have seen of a PDR report are simple Simon-style with a limited number of photos.

There are two ways to interpret his comment:

PDR performance and consistency with these descriptions is adequate for their usage, or at least comparable to the appraisers​

and/or​

Appraiser performance and consistency with these descriptions is inadequate for that usage. They should be doing better but they haven't been.​

​

If you (and 2/3 of everyone else here) don't think the comment is credible then that's definitely a thing. But if you think the comment is credible then the questions which come after that become a lot more serious.

 

[J Grant]

If more appraisers followed through like that those vendors would have no choice but to improve. At whatever cost it would take to get that improvement.

More likely, the AMC will drop that appraiser from getting orders with a note that they are "difficult" to work with.

There is no way for these "vendors" to improve. And the whole point is their cost is cheap. The PDR collectors are a revolving cast of easy-come, easy-go, fast-trained people with no stake in the outcome of their work. PDR collection is not a career; it is a gig option like delivering for UBER eats.

The problem with a PDR is even with clear photos, the appraiser never went to the subject and can never know what their value and opinions would be if they had visited the property in person.

 

[George Hatch]

[shrugs] with respect to personal inspection and as it relates to the appraiser's own understanding of the property attributes ...

Less is always less. Nobody ever said otherwise. When DW comments on the conclusions they have come to that perception represents the user's opinions on the matter. Not that of the appraisers themselves.

When you were doing 2055s you never had as much confidence in the accuracy of the attributes you were reporting as you did when you physically observed them your self. Less was always less in the 2055, too. But that "less" never stopped you from working with what you had, and it never stopped the users from using those reports to contribute to their decision making. It was less, but it was also deemed by those users to be sufficient to their usage.

 

[chad hampton]

Are we being paid for the quality control we’re expected to do on the front end because of the awful policy that is a hybrid appraisal?

So according to this policy, we’re supposed to review the information for free and then let them know if we can proceed?

 

[J Grant]

[shrugs] with respect to personal inspection and as it relates to the appraiser's own understanding of the property attributes ...

Less is always less. Nobody ever said otherwise. When DW comments on the conclusions they have come to that perception represents the user's opinions on the matter. Not that of the appraisers themselves.

When you were doing 2055s you never had as much confidence in the accuracy of the attributes you were reporting as you did when you physically observed them your self. Less was always less in the 2055, too. But that "less" never stopped you from working with what you had, and it never stopped the users from using those reports to contribute to their decision making. It was less, but it was also deemed by those users to be sufficient to their usage.

Hard to see where less is less aligns with the public trust. A hybrid typically doesn't save a borrower any $. And I doubt the borrower is given a choice or an upfront disclosure that a PDR collector will come out instead of the appraiser.

Funny how you always defend a lower standard (less ) by dragging in a not-relevant lower product to rationalize it. I did very few 2055s, and most appraisers also did a small amount of them. The 2055s were typically not done for an origination loan or purchase; they were used for small equity lines of credit or because the subject was in foreclosure/other reason for no entry inside possible.

 

[alebrewer]

I did very few 2055s, and most appraisers also did a small amount of them.

Citation, please.

 

[chad hampton]

I don’t understand the 2055 argument or comparison. I’d say 95% of the 2055 I ever did were for pre-foreclosures where you were physically not going to be permitted to enter the property and there was no loan or origination on them.

I realize in some instances over the years 2055 were used for origination in very low LTVs or home equities.