Hybrid Appraisal Extraordinary Assumptions

[glenn walker]

Get a grip ..You are having a meltdown- maybe it's those darn Russians LOL

 

[glenn walker]

Get a grip ..You are having a meltdown LOL

Oh and Glenn,

Just in case you don't understand the above post, here you go.

View attachment 34777
https://www.blackrock.com/fp/documents/MBS.pdf


Oh man,
and that principal was
valued from a desktop,
by an appraiser who relied on the information provided by someone else, the appraiser doesn't know.

So as interest rates rise,
there is a longer maturity to MBSs,
and a greater risk.

Quick get more appraisals and less evaluations, that'll mitigate the investor's risk.



'Cause wes B professionals.
with E&O insurance.
and licenses to blame.

Mortgages originated using Evaluations are not sold or insured by Fannie-Mae-Freddie Mac- FHA or VA. and you are the one who has been harping about qualified mortgages or loans having to meet certain qualifications but now all the sudden you don't even know the laws and regulations you keep quoting ( Evaluations Do Not Meet that Threshold and are NOT used for purchase loans or refinances on traditional products ** Think Home Equity Lines ( 2nd Mortgages- Home Improvement loans - Pre- Foreclosure where hostile owners or occupants wont allow access ** Please go down to your local banks and talk to some loan officers and see what products qualify for limited appraisals or Evaluations NOT too many - BUT - I guarantee you anything that is UAD required or funded on a traditional type Fannie-Freddie Product is not going to be done using an- Evaluation and only non-insured -non-Fannie-Freddie products were ever packaged into MBS.

 

[djd09]

And yet nobody answered the question.

 

[djd09]

TILA is a federal law, so what difference does it make if it is a lending reg or appraisal reg. It is the law of the land.

 

[TRESinc]

TILA is a federal law, so what difference does it make if it is a lending reg or appraisal reg. It is the law of the land.

hahahaha. sure, let's go one step further and start handing out tickets to people walking and not stopping at stop signs. it's a law, what difference does it make if we apply it to people who are not driving?

 

[hastalavista]

May not necessary based on the engagement letter, but why in the world would you not add your own well worded EO for those who typically do not interpret the language in the SOW portion of ANY appraisal?

(my bold)
Joyce-

I'm thinking "EO" means extraordinary assumption?

I didn't say not to use one; in another thread, I said an appraiser may want to include it.
But what I do believe is that it isn't necessary if the SOW is written well.

In the example I posted, there are a number of EAs that cover the potential liability issues (IMNSHO).

 

[DWiley]

(my bold)

But what I do believe is that it isn't necessary if the SOW is written well.
.

Agreed. The assumption being made is that the data source used for the subject is correct and reliable. That is the same assumption made about all data sources used in all appraisals. Hence, it is just an A, not an EA

 

[Terrel L. Shields]

USPAP seems to put the responsibility upon the appraiser to know and correctly understand governmental regs applicable to our client. If so, the mere lack of enforcement does not alter our responsibilities regarding knowing those laws. So I need the yellow book to appraise a taking, not only for the Feds but any taking by say, a local town receiving Federal matching dollars, regardless the city be ignorant of that law. I need Fannie, SBA, FHA, FmHA regulations and guidelines and comply with those respectively for assignments involving either their direct monies or merely backed by their insurance.

The ignorance or silence of the client is not cart blanche to ignore those rules. It is our responsibility to know them and comply. It is implied in accepting a report whether explicitly stated or not.

 

[George Hatch]

Hence the utility of identifying the intended use and intended users, so you can identify their respective requirements.

 

[Deleted member 130081]

I would be interested in which laws USPAP is referring to, specifically that is. It does seem odd that the forum titans cant seem to cite a single one, save for the state laws that incorporate USPAP. Is that the only one anyone can think of?

In another vein, the sentiment, or the interpretation, that when a law is not enforced, it is somehow not a law, seems a bit silly. Its been said each person in the US commits 3 felonies a day. Yet, we all know these go unenforced. Does that mean they are not laws and merely, guidelines? I think someone brought up the Jaywalking example. So, because few people regard this law and even less enforce it, that means it is no longer a law? I don't agree with that "interpretation".

For those who say lender laws are for lenders and appraiser laws are for appraisers - some of you same people say the FNMA Selling Guide applies to appraisers. Just thought I would point out the discrepancy there.

But all of that does bring this to the heart of the matter. What applies when to whom? I don't think the idea that if its not enforced, then it doesn't apply, is the right answer, IMO.

And as a final cynical, yet likely true opinion, I think the answer is more about what Marion has said about how MBS are viewed/interpreted/valued (pick your own adjective) than people either realize or are willing to admit. I mean really, isn't it all just a bit too convenient that no one understands the laws written around all of this? If it was intended to make sense, why wouldn't it be written to make sense? It certainly could have been. It certainly could be changed. Why all the confusion? The simple answer is because it is more profitable when people are confused. History shows this is the oldest trick in the book.

I'm sure I am wrong about this, just like I am wrong to believe our congress is filled with corruption. Because really, those people are working for the best interests of the people right? Just ask them and they'll tell you.