Hybrid appraisal report

[Surf Cat]

So don't do them if you don't want to do them, same as appraisers act who don't do AMC work. The market segment for these assignments will not notice your absence.

This is true. The AMC's I used to work for are not lighting up my phone or blowing up my email with their stupid spam appraisal requests. I didn't burn any bridges either as I don't believe in that. I just got off the bus because I had enough....

 

[alebrewer]

It’s okay, be offended.

Who said anything about being offended. I think you think too much of yourself... I was just pointing out that Surf's statement was incorrect, and that there was, in fact, someone shaming others.

 

[alebrewer]

I don;t thinks appraisers were that okay using MLS data for subjects in a driveby, but they accepted it as a reality, because typically, a drive by was ordered either due to no access, such as a pre forclusoure or retrospective review, or else a lightweight use like an equity line of credit.

The hybrid appraisals are used for origination loans, and typically, there is access into the property- but the product uses a CDC collection instead of the appraiser doing their own inspection. .

The intended use of the report does not drive the appraiser's requirement to produce credible results, J.

 

[alebrewer]

Its true the PDC is a disinterested party in most cases, but without liability there is also a lack in interest in doing a good job and/or reporting anything negative that might require more work.

Don't know how much liability the PDC has - I'd guess not much based on what I've heard they are paid. The lender, however, DOES have liability.

 

[djd09]

IRL the lenders don't need all appraisers or most appraisers to agree to perform such assignments. Most people here have never done one, and nobody here is admitting to ever having done more than 1 or 2 of these. Regardless, the fees being paid indicate that the lenders aren't having any problems finding AMCs and appraisers to get these done.

So don't do them if you don't want to do them, same as appraisers act who don't do AMC work. The market segment for these assignments will not notice your absence.

just get their E&O insurance...just in case

 

[alebrewer]

You are not responsible for the inspection but you are responsible for obtaining reliable information.

I would modify that just a bit to say that the appraiser is responsible for being able to 'reasonably believe the sources are reliable'.

 

[djd09]

the sow cannot be so limited not to produce credible results...

 

[J Grant]

I did a quick internet search for property data collectors on Reddit, NAR, and Zip Recurring - all the comments from various users, including borrowers and NAR, were derogatory, and the salaries per hour are less than minimum wage in some cases for the data collectors.

The verbiage used by Fannie to describe it is very high-tech, and one would think it was a NASA program - the disconnect between the way it interfaces in real life is a clear disconnect.

 

[Terrel L. Shields]

The intended use of the report does not drive the appraiser's requirement to produce credible results, J.

The cruel pinch of want does drive the appraiser to do hurried work, and in doing so, risk a major mistake, and having escaped scrutiny as some point says "WTF? Why do a thorough job when I get paid the same for a sloppy job."

The lender, however, DOES have liability.

Having potential liability isn't the same thing as actually being held accountable. Do you think FNMA will hold the top AMCs and banks "accountable" the same way they would the Cow Pasture Fly-in Bank's one loan originator?

 

[Carnivore]

I would modify that just a bit to say that the appraiser is responsible for being able to 'reasonably believe the sources are reliable'.

Interesting. So I do know that FNMA requires PDR Dudes to be reliable & trained. That requirement falls on the lender or their surrogate aka AMC Dot commer. I imagine the AMC does a background check and some rudimentary training. I found this below very interesting but i am not sure if this is what they are using.
It may be for a different use.

A Quick Guide to Property Data Reports (PDR) - Akrivis

Get a quick overview of Freddie Mac's Property Data Reports (PDR) and learn why they're useful, what they include, and how Akrivis can help!

akrivisteam.com