Freddie Mac: Quality & Condition Ratings

[chad hampton]

Especially since there’s no such thing as collecting data, they’re performing appraisal work and are unlicensed. A little things like laws and rules never stopped unethical people from doing what they do.

 

[J Grant]

Especially since there’s no such thing as collecting data, they’re performing appraisal work and are unlicensed. A little things like laws and rules never stopped unethical people from doing what they do.

This mess is partially the fault of USPAP, which failed to state that an Inspection performed for Valuation Purposes used in an appraisal is part of appraisal practice.

That one change would eliminate using nonlicensed people to "collect data" / replace the appraiser as the inspector in an appraisal.

 

[J Grant]

According to USPAP, physical characteristics of a property are not considered part of the "assignment results" which means they are not confidential information and can be used in an appraisal report without restriction, as they are simply observable and measurable attributes of the property itself; the analysis and conclusions drawn from those characteristics are what constitute the appraisal result.


Key points to remember:

• Physical characteristics are factual:
  Things like the number of bedrooms, square footage, and property type are considered physical characteristics and are not considered confidential information under USPAP.
  
  Appraisal results are opinions:
  The appraiser's opinion on the value of the property based on the analysis of physical characteristics, market data, and other factors is what constitutes the "assignment result" and may be subject to confidentiality restrictions depending on the client's instructions.
  
  Importance of accurate description:
  While not considered confidential, appraisers still need to accurately describe the physical characteristics of a property in their appraisal report.
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• The above from AI look up on it - and this perfectly describes the craziness of USPAP and why it has so utterly failed the profession - (and by extension the public trust. )
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• USPAP meets every two years to tweak some inane wording while letting the fundamental process of the appraisal get destroyed - by the above bipolar view that the physical characteristics of a property because they are not confidential, be separated from the analysis, which belongs to the appraisal. That opened the door to exploitation as a grey area for nonappraisers to inspect- but to avoid litigation, they call it "data collection."
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[DWiley]

A little things like laws and rules never stopped ...

And a little thing like what the words in the laws, rules and standards actually say (and have said) seems to never stop you

 

[chad hampton]

And a little thing like what the words in the laws, rules and standards actually say (and have said) seems to never stop you

How about intent of the law? You’ve been sidestepping intent for as long as I can remember.

 

[chad hampton]

This mess is partially the fault of USPAP, which failed to state that an Inspection performed for Valuation Purposes used in an appraisal is part of appraisal practice.

That one change would eliminate using nonlicensed people to "collect data" / replace the appraiser as the inspector in an appraisal.

It used to list the appraisal inspection as a significant part of appraisal practice and anyone performing that work needed to be supervised by the certified appraiser. but as I’ve noted many times, when the powers that be need something removed, it gets removed. The entire system is corrupt.

 

[DWiley]

How about intent of the law? You’ve been sidestepping intent for as long as I can remember.

I have side stepped nothing. I just read and apply things as the are actually written - even in cases where I disagreed with what they say/require.
In contrast, you have long demonstrated a propensity to read things as you wish they were written.

If you don't like the words as they are, work to get them changed.

 

[chad hampton]

What’s the point of getting laws changed? They’re not enforced as they are right now. All boards do are respond to threats of lawsuits, thats what Revaa does.

Give me a break, when appraisers were sending their trainees out to do property inspections It was the end of the world in this profession. but now suddenly when corporations aren’t making enough money, things get changed to where it’s no big deal if an Uber driver stops and does a few appraisal inspections in between drop offs.

I couldn’t be happier to be more or less out of this profession and part time only. I’m back to dealing with builders/contractors now, hard to believe, but they’re far more ethical and moral than an appraisal leadership. That’s saying something.

 

[George Hatch]

What’s the point of getting laws changed? They’re not enforced as they are right now. All boards do are respond to threats of lawsuits, thats what Revaa does.

Give me a break, when appraisers were sending their trainees out to do property inspections It was the end of the world in this profession. but now suddenly when corporations aren’t making enough money, things get changed to where it’s no big deal if an Uber driver stops and does a few appraisal inspections in between drop offs.

I couldn’t be happier to be more or less out of this profession and part time only. I’m back to dealing with builders/contractors now, hard to believe, but they’re far more ethical and moral than an appraisal leadership. That’s saying something.

Do you acknowledge or refute the facts in the following statement?

All inspection requirements for an appraisal assignment (except for the mandatory SR2-3 disclosures) are user driven. Not part of SR1. ​

 

[chad hampton]

Sure, whatever you say. You need to be more specific though, which of the prior 11 versions of the book that I have are you referring to?