Hybrid Appraisal Extraordinary Assumptions

[Meandering]

What part of Danny's explanation of the client's role in identifying the assignment conditions do you not understand? If the client uses an appraisal for an off-label use (which can include different loan programs that have different requirements) that is not the appraiser's problem. You know this. There's nothing controversial about "intended use".

You haven't come out and said so but you seem to be implying that the only acceptable course of action for appraisers is to refuse to accept any of these assignments because of the possibility some of them may be misused. What are you going to do if/when lenders start including the statement - "This type of appraisal has been deemed acceptable for use in our "xxxx" loan program" in their engagements?

Because I can promise you that sentence will be real easy to add to their engagements if/when it ever becomes expedient for them to do so.

And that had nothing to do with what laws, USPAP REQUIRES appraisers to recongnize and be in compliance with.

As you yourself, and Danny, have said so many times, USPAP is not a law.

But here, let me help you guys that are small businesses understand the impacts.



Make sure you tell the appraiser to include the liability you're not sure your E&O might or might not cover.

.

 

[TRESinc]

It is in Queens English. Made simple for dum dums like me. Especially the part about who conducts the physical visit of the interior. Appraisers only. You even highlight the most important part. Thanks again, Marion.

try to keep up with the topic at hand...

 

[djd09]

Funny how you complain about me copy and pasting , and all you do is demand others to copy and paste. Is your google broken?

 

[TRESinc]

Funny how you complain about me copy and pasting , and all you do is demand others to copy and paste. Is your google broken?

nope, works just fine. i am not making a claim or trying to prove something, therefore the burden of proof does not fall on me.

there is a big difference between asking someone for proof of what they claim vs you just copy/pasting random articles from as much as 13+ years ago. even when you try to do it with something a little closer to today, such as the eminent domain thread you started, you saw how fast you were shown you had no clue what you were copy/pasting. that one went down in flames pretty fast.

 

[George Hatch]

And that had nothing to do with what laws, USPAP REQUIRES appraisers to recongnize and be in compliance with.

As you yourself, and Danny, have said so many times, USPAP is not a law.

But here, let me help you guys that are small businesses understand the impacts.

View attachment 34769

Make sure you tell the appraiser to include the liability you're not sure your E&O might or might not cover.

.

The SRs are extensions of the front end of USPAP and provide benchmarks for the specific services. So WRT the level of perfection that's required to render competent service for an appraisal, SR1-1c addresses that. Not to mention the several AOs that also expand on the ASBs reasoning and advice and which also trend in the same direction.

If you are suggesting that appraisers need to have a certain knowledge of the exact loan programs for every one of the assignments they perform that's an extraordinary interpretation of the CR, particularly when SR1-1c says otherwise.

Besides, the CR also mentions the point that credibility of assignment results is always measured in the context of the intended use. (which may not always be the actual use).

If you're hanging your hat on the idea that appraisers will be on the hook for the lenders misuse of appraisals for off-label uses then that's a tough one to argue.

 

[djd09]

"The appraisal must be performed by a certified or licensed appraiser who conducts a physical visit of the interior of the property that will secure the transaction"

This is my favorite line now.

Don't drink the tainted purple flavored kool aid, it is not healthy, kidd.

 

[hastalavista]

I think everyone on this forum smart enough to evaluate the compliance/non-compliance argument about USPAP competency in regard to residential mortgage appraising, what appraisers and what lenders are responsible for, and determine if they should or shouldn't accept an assignment without having the full loan documentation package and specific loan program documents sent along with the appraisal order.

 

[Meandering]

come on,

It was an easy question.

What are the laws, appraisers must recognize and comply with, when performing residential lending appraisals?

Such a question should not cause USPAP authors to run away,

or all this distraction

 

[George Hatch]

I think everyone on this forum smart enough to evaluate the compliance/non-compliance argument about USPAP competency in regard to residential mortgage appraising, what appraisers and what lenders are responsible for, and determine if they should or shouldn't accept an assignment without having the full loan documentation package and specific loan program documents sent along with the appraisal order.

I appreciate your optimism.

 

[George Hatch]

come on,

It was an easy question.

What are the laws, appraisers must recognize and comply with, when performing residential lending appraisals?

Such a question should not cause USPAP authors to run away,

or all this distraction

Varies by assignment. Obviously. Which should go without saying, but apparently doesn't.