First In Series - Ivpi Q&a #1

[Mike Kennedy]

Please refer to Post #38 Above. The link will answer your questions MUCH more effectively. also pls DO see the ATTACHMENTS thereto. Thanks for your interest.

 

[Natalie Smith]

I never got my question yesterday answered. Whats the difference between the original IVPI proposal and the new one that an email I received referred to as the final version? whats the difference between the two?

 

[Kevin Mc]

America may not be able to survive the "skippies", lowballers and the AMCs. Had they not been in the mix ... we wouldnt be where we are. Give things a chance.

I don't know PE. You can't try to fix the lack of ethics with new rules because the only ones that will follow them are those that followed them in the first place. It is very tough for me and others to sit back and watch our collective pockets be picked and have to pay the price for the sins of others. I'm praying fast and hard that this thing works because from where I sit, I still have yet to see why the lenders would choose anything other than their own AMCs.

 

[Otis Key]

I don't know PE. You can't try to fix the lack of ethics with new rules because the only ones that will follow them are those that followed them in the first place. It is very tough for me and others to sit back and watch our collective pockets be picked and have to pay the price for the sins of others. I'm praying fast and hard that this thing works because from where I sit, I still have yet to see why the lenders would choose anything other than their own AMCs.

Well KM - I haven't posted much lately - but I can say this. It goes back to an old saying, and a recent thread, "Lead, follow or get out of the way"! In other words, we, as appraisers, need to push forward our opinions (all the $U*K3d up ones too) otherwise we're the sheep in the field (as has happened in the past few years) following the "DIRECTIVES" (that we were never told - even with the SOW - at the time of order) slash aka ORDER.

From my perspective, the approach of the IVPI proposal is right on course in that it benefits the appraiser as well as complies with the directive as signed by fannie/freddie/cuomo/ofheo. Will it be accomplished? Good question. But, and even it does, a better question - do you an AMC taking over this would be better? I think not! Flipping burgers with no liability is looking better everyday than the possibility of $zzz,zzz,zzz liability. While I don't agree with all of it, the concern of AMCs taking over this, which is a strong possibility, scares me enough to get out of this field - immediately. Hell, I could make more selling cars or shoes than what is happening now due to the fact that I don't do AMC work - I provide supportable opinions of market value for residential appraisal work and I charge for it - I also lose work for not "kissing @$$" and cutting my fees - yes I'm slow but seeing a turn around.

It's not perfect, but then it never is. I'd rather support some perspective that at least helps distance appraisers than supports pressure or something disguised as "an order" the does that.

Oh - BTW - Happy Friday, or Saturday - pour another one.

Edited for typos - shouldn't post on Friday nights

 

[Mike Siegfried]

2. Appraisers will register their local market areas; rotational appraisal assignments will be based on technical and geographical competency.

So, there's a neighborhood in LA called Hancock Park where I have specialized for the past 14 years. I know the realtors so I can get pending sale info, I've appraised most of the comps and know which street is better than another. So under the new plan, I'll maybe get every 100th order in the neighborhood (rotation) and the other 99 will be done by appraisers who don't know the area as well as I do. That doesn't sound like improving appraisal quality to me. I'm just sayin'......

Mike

 

[Pamela Crowley (Florida)]

I never got my question yesterday answered. Whats the difference between the original IVPI proposal and the new one that an email I received referred to as the final version? whats the difference between the two?

None Natalie. I'll take the word "final" out of my copy. I added that so it would not get mixed up with the prior version.

 

[Pamela Crowley (Florida)]

This is a proposal.

Please do not pay anybody to sign up for anything!!!
The Dodd/Crowley IVPI Proposal is NOT charging anybody for anything.

 

[Mike Kennedy]

Stay Tuned for IVPI Q&A #2

So, there's a neighborhood in LA called Hancock Park where I have specialized for the past 14 years. I know the realtors so I can get pending sale info, I've appraised most of the comps and know which street is better than another. So under the new plan, I'll maybe get every 100th order in the neighborhood (rotation) and the other 99 will be done by appraisers who don't know the area as well as I do. That doesn't sound like improving appraisal quality to me. I'm just sayin'......

Mike

Mike, we all understand your concerns which are shared by ALL. The IVPI Org. Operations Sub-committee is currently addressing them, more proposed specifics to follow in the Q&A series. Please stay tuned.

 

[Kevin Mc]

Well KM - I haven't posted much lately - but I can say this. It goes back to an old saying, and a recent thread, "Lead, follow or get out of the way"! In other words, we, as appraisers, need to push forward our opinions (all the $U*K3d up ones too) otherwise we're the sheep in the field

From my perspective, the approach of the IVPI proposal is right on course in that it benefits the appraiser as well as complies with the directive as signed by fannie/freddie/cuomo/ofheo. Will it be accomplished? Good question. But, and even it does, a better question - do you an AMC taking over this would be better? I think not!

I agree Otis. I am 100% behind the IVPI but as long as lenders are allowed to have a finanicial interest in AMCs, I see little improvement coming down the pike.

 

[Natalie Smith]

Mike Siegfried,
I'll trade you one Hancock Park for one Altadena....hehe ~