Help me with non-traditional appraisal products

[George Hatch]

All you had to do was to fact check me by looking for yourself, but you couldn't even be bothered to do that.

 

[djd09]

Appraisal Data Collectors: What You Should Know​

What has changed in the appraisal data collection process?​

Some appraisal management companies (AMCs) now send “data collectors” to take video, pictures, and measurements of properties instead of an appraiser. They may use cameras or applications from smart phones. The data is then sent to the AMC who determines whether an appraisal is necessary or whether the financier will grant a waiver to the appraisal requirement. If an appraisal is required, the AMC shares the data with an appraiser who generates the appraisal.

When did this separation of duties begin?​

Traditionally, appraisers collect all information they use in an appraisal. Beginning in 2019, Freddie Mac, a quasi-government company that guarantees and helps fund mortgages for home purchases, started a program called property data report (PDR)(link is external) and a pilot program to research the efficacy of separating the data collection from the appraisal. Fannie Mae has since followed suit.1 These pilot programs are not nation-wide, yet, but they will likely expand. The intent is to make data collection more standardized, to reduce costs, and to further ensure impartial and objective appraisals.

Who are data collectors?​

Data collectors(link is external) are persons hired by an AMC, not the appraiser. To date, there are no federal or state regulations on data collectors, though Freddie Mac requires that they have a background check, but does not specify what that should be. Appraisers are required to have a background check, and REALTORS® have the NAR Code of Ethics, local board oversight, as well as a tight-knit community of professional colleagues to observe and censure bad behavior. This lack of oversight for data collectors means that the consumer cannot assume a minimum level of professionalism and should vet the data collector who will enter their home.

REALTORS® as data collectors?​

Some companies have recruited REALTORS® to act as data collectors. This provides an opportunity for some extra income and leverages the agent’s market expertise. However, legal grey areas remain and are not yet clear. Before entering work as a data collector, one should investigate these legal questions and discuss with their broker:

• Does applicable state law allow the agent to enter a home to perform data collection pursuant to the broker’s license or otherwise?
• Could the agent or broker be legally liable if the data is not collected correctly, whether with a third-party application or not?
• Should an agent that is a party to the seller or buyer in the transaction be allowed to collect the data?
• Does the agent’s insurance provide coverage for data collection work?

What consumers do if they are expecting an appraisal:​

• Ask their lender whether they use an AMC and if the AMC will use a data collector or not?
• State laws require background checks or particular background information for appraisers, but the same is not true of data collectors. Ask your lender whether they or the AMC have a policy requiring updated background checks of data collectors and whether one was conducted.
• Finally, accompany the data collector as they document your property and ask for a copy of any videos, pictures, or measurements
• And always remember your safety tips!

These are just a few, but not an exhaustive list of ways you should protect yourself and your privacy.

Appraisal Data Collectors: What You Should Know

Some appraisal management companies (AMCs) now send “data collectors” to take video, pictures, and measurements of properties instead of an appraiser. Learn more about what has changed in the appraisal data collection process.

www.nar.realtor

 

[George Hatch]

NAR seems to be misinformed by which party chooses the types of valuations the lender is using. This has already been pointed out to you so I don't know why you persist in posting NARs error as if they are right about that.

Regardless, do your users have the right to choose the additional requirements of their own internal policies or not? Because if they have the right to promulgate their own extras then what's the problem?

 

[djd09]

yeah great the same user abusers that accepted millions of no doc loans...

 

[djd09]

i dont even know who you are arguing for...the unethical clients

 

[George Hatch]

That's called the argument to motive and is categorized as a fallacy. As in, not an argument. It's how the bleeders argue when they can't dispute the facts but object to the tone.

I'm not arguing for or against the bankers on this. I'm trying to suss out what various types of users are/aren't allowed to do with their own underwriting. Can do it means can do it. Obviously.

I'm asking whether the users of an appraisal have the right to decide what extras (in addition to our minimums) they consider to be sufficient for their usage? Do Fannie/Freddie or any of the portfolio lenders have the right to add, delete or otherwise change their minds WRT their own internal extras? Do they have the right to require more for certain types of deals and less for others? Because if they do then upon what basis do any appraisers have the right to say they are acting improperly WRT their lending decisions?

 

[djd09]

who cares about the user abusers wants and whims...give me one reason why not personally inspecting the subject property is better for the independent appraiser

 

[George Hatch]

I don't think it's better for fee appraisers. I also don't think fee appraisers matter to anyone other than fee appraisers.

Do you think fee appraisers matter to anyone other than fee appraisers? Because if you do then you're wrong.

 

[djd09]

excellent question...why do the unethical stakeholders hate the independent appraiser so much???maybe you should direct your inquiry towards TAF or DW

 

[George Hatch]

You're the one who is always in your feelings about their corporate apathy for appraisers. You have been doing a lot more thinking about them than they have been thinking about you. In their default, they don't care enough about appraisers to either like or dislike them. For these suits it's just business, not personal. Same as their relationship with their own employees.

When you have a question about a utility bill and you call in for some customer service you might engage with the call service worker in some idle chit-chat as a social convention in order to expedite the interaction but you have no real feelings about them as a person involved. Except as it relates to them doing their job. You don't like them, you don't hate them (unless the conversation escalates into a conflict). You definitely don't care whether they're behind on their bills at home.

I work exclusively by direct engagement and my work isn't limited to mortgage lending assignments. I have never even met most of my regular clients despite having business relationships with some of them going back 10 and 20+ years. Most of our correspondence is via email. If there's a phone call at all its only because there's something about the property that they can't figure out or they want me to look something up for them. If it wasn't for my work being adequate for their usage I wouldn't even have repeat customers, because there's nothing personal about our business relationships. If I got hit by a bus tomorrow a couple of them *might* send flowers but they'd still be letting their fingers do the walking down that list of vendors in order to reassign the appraisal I was working for them on at the time of my demise.

If you want to be loved then buy a dog. And whatever you do, don't yell and scream and kick that dog in a manner that would prompt them to fear or hate you because even dogs have standards.