How Long And Why Does It Matter

[Tim The Enchanter]

SR2-2(a)(viii).

Do you have all these exact strings of characters / regulation numbers memorized?
Or what?

 

[Joe Flacco]

Do you have all these exact strings of characters / regulation numbers memorized?
Or what?

I only know SR2-2(a)(viii) and SR2-2(a)(iii) off the top. These two basically = Appraisal Report.

 

[Randolph Kinney]

Anyways even the county record tax / records data needs to be adjusted sometimes.

You just made my point about vetting the data whether from the MLS or county.

 

[Carnivore]

I don't mind and I appreciate attempts to make us more efficient. Maybe what we should actually be focusing on is those area that really effect the overall efficiency of an appraisal assignment from its origination to its ultimate acceptance and utilization by the client.

I will use financial residential report. Purchase money or Refi's.

Steps on refi/purchase money
Borrower approaches lender- this takes time as can be as simple as on-line
Lender orders appraisal through AMC
AMC goes fishing for lowest fee and lowest turn-time
Some appraiser eventually accepts
Appraiser contacts homeowner for access
appraiser develops and reports appraisal
AMC looks for some nit picky item(proves their value to lender)
Appraiser corrects or modifies report
AMC goes over report again...with a different person and they find another nit picking item back to appraiser
Appraiser makes modification and resends report
AMC checks it over again Sends to lender
Buyer/seller change contract or borrower changes terms Conv now FHA as an example
Back to lender
Back to AMC
Back to Appraiser
Back to AMC
back to appraiser for nit picking again
back to AMC
Back to Lender

two weeks after lender receives final report they close loan

My Point: Do you really think we are saving any time on auto-populate considering all the bottle necks.

Who is the real bottle neck in the whole process?

I am not about just whining! I have some solutions. A few of these you wont like.

This is a sampling and not complete because I am winging it here

!. All lenders use appraisal port - this cuts out almost all AMC's AIPort can be set up to catch omissions and some other things
2. AIPort aka Corelogic can scrape your data without your permission. - You agreed to assignment
2. Stop Fee shopping - establish a decent fee.bottom - $400-$450 is a good low fee - there are exceptions that cost more
3. All appraisers can use a trainee if they choose - Keeps appraiser at desk doing the real work or at least reduce some field work.
and the trainee and appraiser can swap roles/task in-office or out of office
4. Aiport/corelogic is you Software report backup - Same as Cloud or is actually cloud

add some other advantages you can think of

 

[Meandering]

Aren't appraisers faster than inspectors to begin with?



http://www.fivebrms.com/vendor-application/

 

[Terrel L. Shields]

But MLS has a tax record tab a

Sometimes here...for instance, if two parcels Realist here won't read either one. If a parcel subdivided, it reads the parent parcel, not the subdivided one. In MO, often doesn't read anything - disclosure issues. OK may or may not read older database as they are frequently out of date by months. AR is mostly up to date except if legal issue (bad deed) and reads the last ownership. I rarely do an assignment where I don't need to access the CRs or data vendors. Realist deals directly with the counties and not local data vendors.

Further I need a separate vendor to locate the deed and mortgage info when Realist cannot....agents are notorious for calling everything here either "cash" or "conventional" when, in fact, is is VA, FHA, owner financed - wholly or partially, or other real estate financed it. Farmland is notorious to financing land with a bigger loan for the entire farm.

 

[TRESinc]

Aren't appraisers faster than inspectors to begin with?

which appraiser and which inspector? may as well say that basketball players are faster than football players. generalization does nothing to help your argument.