First Hybrid request.

[J Grant]

Citation, please.

Go cite it for yourself to survey appraisers for how many 2055s each appraiser did for a "citation.' Love the way you ask for it as if you are a judge!

I am speaking from both my personal experience and having interacted with many appraisers over the years. You can review the posts here from over the years; most were about a full appraisal, not a 2055.

 

[J Grant]

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.

This kind of comparison is gaslighting: how they rationalize a lower standard as the new "less."

Let's review the most popular: USPAP doesn't even require an inspection. You rely on third-party data for the comps, right? A 2055 was sufficient according to the users.
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Why don't they just admit it - the new lower standard of less is adopted becaue it makes money for third parties such as the AMC's and marginalizes the role of the appraiser.

 

[alebrewer]

Go cite yourself how many 2055s each appraiser did. You know it is not possible, yet ask for it like you are a judge!

I am speaking from both my personal experience and having interacted with many appraisers over the years. Review the posts here for deceased where the majority were about a full appraisal being done, not a 2055.

I'm curious: If you know it's not possible to quantify the number of 2055's performed, then how can you make the statement, "most appraisers also did a small amount of them."?

Answer: because facts aren't important to you.

 

[chad hampton]

I'm curious: If you know it's not possible to quantify the number of 2055's performed, then how can you make the statement, "most appraisers also did a small amount of them."?

Answer: because facts aren't important to you.

What’s your own experience? did you do more 2055s over the last 20 years than full appraisals? I’ve probably done less than 25 2055 in the last 10 years, now back in 2010 they were 80% of my work. All preforecloure.

 

[alebrewer]

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.

Fair assessment. Most of the 2055's I did back in the day were for pools/2nd liens. Regardless, even if the premise is that you'd not be permitted to enter the property, how does that affect the requirement to have sufficient information to develop credible results? IOW, if the 'scope of work' is similar between the 2055 and the new hybrid/desktop forms, why would it matter whether you'd have been given access or not? You're still required - for both forms - to have sufficient information to produce credible results. Apparently a LOT appraisers felt they did have sufficient information to report on a 2055, but not on a desktop/hybrid. See the rub?

 

[J Grant]

I'm curious: If you know it's not possible to quantify the number of 2055's performed, then how can you make the statement, "most appraisers also did a small amount of them."?

Answer: because facts aren't important to you.

If facts were important to you, you are free to contact every appraiser on the registered list and ask how many 2055's they did. Or start a poll here.

 

[alebrewer]

What’s your own experience? did you do more 2055s over the last 20 years than full appraisals? I’ve probably done less than 25 2055 in the last 10 years, now back in 2010 they were 80% of my work. All preforecloure.

The number certainly has dropped over time - heck, I don't even do much field work at all any longer. I can say without hesitation, though, that there were years that my 2055 production exceeded my 1004 production.

 

[DWiley]

Amazing how timely things are. I stated on the forum I hadn’t done a hybrid, and today I get asked to bid on one. I bid $600. You can tell I really didn’t want to do it. Whoever did the inspection took horrible photos. Couldn’t see the condition of the roof, the siding, the windows, etc. And when I looked at what I could see it didn’t look good. Flooring looked stained and worn. Yet no mention of it as a deficiency in the data collected. One wonders what else he didn’t point out.

When we sign these things THE APPRAISER becomes responsible for the content of the report. I’m not going to depend upon an unknown third party.

Again this is a way for lenders to get by cheap. Pay some flunky $75 to do a half cocked job (pay for what you get), and hang the appraiser with a cheap fee and the liability. NO THANKS.

There are several "flavors" of hybrid appraisals being performed. The use of hybrids for servicing, HELOC, etc. has been common for over 20 years. Those types of assignments are not subject to any specific standards for the property data report. In contrast, if the assignment is for a GSE-related assignment, the property data report is subject to a data standard (similar to the UAD for appraisal reports).

Regardless of the nature of the assignment, if the PDR content is insufficient, then the appraiser should do just what you have done and inform the client of the issue. Obviously, a PDR with poor photos is not very useful.

 

[chad hampton]

Fair assessment. Most of the 2055's I did back in the day were for pools/2nd liens. Regardless, even if the premise is that you'd not be permitted to enter the property, how does that affect the requirement to have sufficient information to develop credible results? IOW, if the 'scope of work' is similar between the 2055 and the new hybrid/desktop forms, why would it matter whether you'd have been given access or not? You're still required - for both forms - to have sufficient information to produce credible results. Apparently a LOT appraisers felt they did have sufficient information to report on a 2055, but not on a desktop/hybrid. See the rub?

I never assumed 2055s were that credible. The bank just wanted a ballpark idea if they ended up for closing. I do remember turning some down when I saw they were for refinances.

I would say hybrids are on the same level as a 2055. They don’t let us train an employee to go do inspections for us, so I’m not about to accept the results from someone I don’t know or have trained. They should not be used as a 1004 replacement.

 

[TerryRohrer]

Citation, please.

"Making something up out of whole cloth" is a classic idiom that means completely inventing or fabricating something from scratch, without any basis in reality. [1]

Particularly common among New Yorkers now domiciled in Florida.