First Hybrid request.

[djd09]

Q7. Does Fannie Mae accept appraisals when an unlicensed or uncertified appraiser or appraiser trainee completed
the property inspection as a part of a traditional appraisal assignment?
Yes. An unlicensed or uncertified appraiser, or appraiser trainee may perform a significant amount of the appraisal
(or the entire appraisal if they are qualified to do so) and must sign the left side of the appraiser’s certification if:
▪ they are working under the supervision of a state-licensed or state-certified appraiser as an employee
or sub-contractor,
▪ the right side of the appraiser certification is signed by that supervisory appraiser, and
▪ it is acceptable under state law.

However,

unlicensed or uncertified appraisers and appraiser trainees are not allowed to only perform the
inspection for traditional appraisals (reported on Forms 1004, 1004C, 1025, 2090, or 1073), as the appraiser’s
certification in these forms identify the Appraiser as the individual who:
▪ personally inspect the property being appraised,
▪ inspected the exterior of the comparable sales from at least the street,
▪ performed the analysis and developed the opinion of the market value, and
▪ prepared and signed the appraisal report as the appraiser.

 

[chad hampton]

Nor do I have any disdain for folks working at the GSE's.

There was a time I didn’t either. I assumed we were all working towards the same goal of strengthening, the appraisal profession and keeping high morals, ethics and standards. I’ve just seen a little too much over the last decade to not have contempt for them at this point.

And I suspect much worse is going on.

 

[alebrewer]

There was a time I didn’t either. I assumed we were all working towards the same goal of strengthening, the appraisal profession and keeping high morals, ethics and standards. I’ve just seen a little too much over the last decade to not have contempt for them at this point.

And I suspect much worse is going on.

I'm not sure the GSE's ever worked towards strengthening the appraisal profession. It seems to me their motivation has always been to provide collateral diligence sufficient to meet investors' demands. Even though there are several appraisers affiliated with the GSE's, I seriously doubt any of them see part of their job as protecting appraisers.

 

[chad hampton]

What it said was that anyone providing significant appraisal assistance (which the inspection was specifically stated as an example of) had to be working under the direct supervision of the certified appraiser.

Which is why they sent lobbyists all over the country to argue that that’s not really what it meant. And a year later it magically disappeared.

Now it’s still written in a bunch of state laws and rules, but nobody really cares about them because they’re not enforced. And it turns out changing laws is a little more complicated than calling up your buddies that sit on boards and getting them to change things.

 

[chad hampton]

I'm not sure the GSE's ever worked towards strengthening the appraisal profession. It seems to me their motivation has always been to provide collateral diligence sufficient to meet investors' demands. Even though there are several appraisers affiliated with the GSE's, I seriously doubt any of them see part of their job as protecting appraisers.

I would think the appraisal departments of those organizations would be concerned with that. But If that’s the case, they shouldn’t be as involved as they are and they certainly shouldn’t be writing appraisal forms.

 

[djd09]

Nor do I have any disdain for folks working at the GSE's.

how can you dislike the gse's when they cost you, your kids, grandkids, great grand kids and so on the biggest bailout in the history of the world

 

[George Hatch]

You just admitted none of your appraisals go to the GSE’s and you don’t work for GSE’s. So you found your little niche and good for you. But it’s quite narcissistic behavior to now come on here and say everybody should operate like you do when you don’t work in the same world they do.

Why is that so difficult to comprehend?

I’d love to do this full-time, but guys like you and your buddy have turned us into a part-time gig work profession. I wish the usual suspects would’ve chosen to keep standards and ethics high. They chose not to.

I realize not everybody believes advocacy in a profession is their responsibility. But I will always believe that strengthening the profession brings everybody up. Maybe life would be simpler being selfish.

The difference between what you see and what I see is that I see it all as being the same thing. Different users have different expectations, different SOW result in different levels of reliability.

The instruction on the SOWR literally involve 3 different examples of "inspection" presenting the possibility of 3 different outcomes due to the usage of more assumptions vs fewer assumptions. None of your users have the same expectations for your confidence interval for every assignment. They all vary based on the assumptions and limitations that are involved.

Only djd apparently thinks every appraisal is expected to return the same number regardless of the assumptions and limitations involved.

 

[chad hampton]

how can you dislike the gse's when they cost you, your kids, grandkids, great grand kids and so on the biggest bailout in the history of the world

It reminds me of those photos of Wall Street investment bankers, drinking champagne on their skyscraper terraces, laughing at the Wall Street protesters who lost their businesses and livelihoods in 2010.

If I knew how to post a picture here I would

 

[DWiley]

What it said was that anyone providing significant appraisal assistance (which the inspection was specifically stated as an example of) had to be working under the direct supervision of the certified appraiser.

Yeah, the AO (not USPAP) did use to say that. The problem is/was that the statement could not be supported by the actual words in USPAP. AOs have to be consistent with USPAP, and if they are found not to be they are retired or edited. That has happened to many AOs and FAQs over the years. The first big project I worked on my first year on the ASB was looking at the AOs and FAQs to identify things that needed to be updated/edited. You are not the first to complain when some phrase they really liked got the hammer.

The fact remains, your assertion that only appraisers are (or were) allowed to inspect is just false. That was NEVER the case.

 

[George Hatch]

1. Did I say anywhere that my opinions should be binding on anyone else? Your opinions shouldn’t be binding either.
2. In some areas of the country, yes they do need appraisers to participate. There is a shortage of appraisers in rural areas. I know of one county near me where agents are already concerned about appraisals because no one works there. It is messing with their closings.
3. And if the country could get by with 10% or 15% of the appraisers, why then is there such a push to lower the standards of becoming an appraiser? What data do you have that says they could get by with just 10 or 15% of the appraisers? The Appraiser Qualifications Board (AQB) of The Appraisal Foundation has proposed sweeping changes to real property appraiser qualification criteria that remove long-standing entry barriers, which critics view as lowering standards and supporters view as modernization. Just wait until we have another big spurt of refinancing going on. And it will come.

1. you're 110% right. Whatever personal standards beyond the minimums which I might hold are limited to my own conduct, not to what I am trying to impose on anyone else.
2. Also 110% right, they need appraisers everywhere. What I said is that they don't need everyone to participate
3. I never said the GSEs only need 15% of appraisers in order to get by. I was talking specifically about how many appraisers to service their desktop assignments. Not all of their assignments.

If I had meant otherwise I would have said otherwise.