Help me with non-traditional appraisal products

[djd09]

View attachment 88687

DW aint signing them...

 

[Zoe]

DW aint signing them...

Only 2 or 3 a year.

 

[chad hampton]

You’d have to order real appraisals on each property to compare them to the junk fake ones if you want any accurate comparison. Otherwise you’re basing a lot on feelings and emotions.

 

[George Hatch]

If you're suggesting that different appraisal SOWs inclusive of different levels of personal inspection by the appraiser can end up having different conclusions then you're absolutely right. The ASB made that point in some detail 20+ years ago in their Instructor training and we've been telling you guys that ever since. Some of you just weren't listening.

 

[chad hampton]

no problem. If accurate values aren’t much of a concern, then it’s a great policy.

Yes, I was in a USPAP class about 10-15 years ago when the instructor talked about how 3 appraisals that come in at 100k, 200k, and 300k can all be “credible” based on SOW.

I realized then we were being sold a pile of bull****.

This reminds me of the debate going on right now in science. Most young scientists come into the field thinking there’s a roundtable of wisemen at the top that are all knowing. What they soon realize is that there isn’t. It’s ruled by a much more sinister group.

 

[George Hatch]

So you were listening, you just think that "accurate - there can be only one" is the operative term instead of "reasonable based on what we know". It's a good thing you don't work with the datasets that 1/3 of all other appraisers outside of FannieWorld operate in, and to which USPAP - by definition - must also apply. Any requirements above and beyond being user-driven.

Why would you or anyone else expect a desktop, a drive-by and a full interior w/measurements to all invariably result in the same number? (which sometimes they do and sometimes they don't) Especially when you know for a fact that the public records aren't always correct when it comes to GLA?

If you ever actually believed that the power users have an expectation for desktops and drive-bys which is that unreasonable then you are operating off a gross misunderstanding of how appraisals are used.

Tell us the truth: have you ever performed a 2055 or not? Have you ever performed a desk review or a field review and concluded that the original value conclusion was "accurate"? Or "inaccurate", for that matter? Have you ever done a retrospective where the structure no longer exists so you have to assume the public records info is sufficiently accurate for you to use? Because if you have done any of that before then that makes your criticism of the latitude appraisers have under the SOWR to amount to an intellectual disconnect. It was good enough for you before, but not now.

 

[Dublin ohio]

I wonder how many that are complaining now about anything <1004 were spitting out 704s rapid fire back in the day

 

[George Hatch]

Appraisal standards are aimed at the entire spectrum of appraising, not just the GSE trade. And what the GSEs and other users have previously chosen for their internal underwriting programs is subject to modification and deletion if that's what they decide to do. What are we going to do? Tell Fannie they have no right to alter their appraisal policies WRT inspections? Or waivers?

Bad deals are made during good times. So maybe they are making a critical error by not paying for the conventional 1004. Time will tell. But whether they do/don't suffer losses attributable to these decisions, the outcomes will be on their head. Not on the appraisers who were working to specs.

 

[DWiley]

You’d have to order real appraisals on each property to compare them to the junk fake ones if you want any accurate comparison.

That is certainly one of the (very obvious) things one would do. Appreciate the input.

 

[Tiffany Gibbons]

I wonder how many that are complaining now about anything <1004 were spitting out 704s rapid fire back in the day

Sure, before I was licensed and they said "this is a drive-by evaluation, not an appraisal and I am not an appraiser" all over them. And my supervisor reviewed every one of them before they went out because it was his company. So that was 1991? This post was about "hybrids and desktop products". At least I got to "drive by" the property. I quit doing them because I couldn't add them to my log. 2055 Exterior was different as well. Those were primarily refinances with MLS photos available or we had done the original appraisal. They were in house lending, low risk loans like refinancing a 30 year to a 15 year loan.