Hybrid appraisal report

[George Hatch]

a misleading report is a misleading report....the little liberals always want to blame others

I told you the ASB would end up having to retire that definition. They should have never made that mistake to begin with.

BTW, that's another example of me disagreeing with and criticizing something TAF did.

And again, if the users who built that form and who are promulgating their policies for its usage think it's credible then it doesn't much matter you think. Not to them, anyway. From their perspective your agreement is neither required nor desired.

 

[djd09]

you can rewrite history all you want...the truth never changes

 

[George Hatch]

One of those truths is that regardless of your intentions, some of your own conventional 1004s have had errors that weren't your fault. As with us all. Some of your 2055s had incorrect info about the subject which weren't your fault. Some of the desk review assignments wherein you expressed your own opinion of value have had errors about the subject which weren't your fault.

And yet, you never once got sued for any of those not-your-fault errors. But now you're acting like things are somehow different with these. The math don't math, bro.

 

[alebrewer]

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."

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?

It remains to be seen the extent of liability held. The mechanism is I. Place though.

 

[alebrewer]

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

Yeah, I'm sure the lenders will outsource responsibility for maintaining those requirements. Currently the landscape is a mix of property inspection groups and AMC`s that are queud up to handle the PDC portion.

 

[alebrewer]

Wait, what statement?

Haha. That no one was trying to shame folks.

 

[Carnivore]

Here you go. FNMA Documented requirements for sellers /aka lenders who intend to sell the mtg/loan to FNMA where a PDR report is used in that valuation process.

https://singlefamily.fanniemae.com/media/36476/display

Compliance The Seller must adopt written policies, procedures, and disciplinary rules, and implement adequate training programs, to ensure compliance with these PDCIR. Additionally, the Seller must ensure that any third parties, including but not limited to property data collection companies, service providers,or Correspondent lenders, involved in the origination of a Mortgage or the sale and delivery of a Mortgage to Fannie Mae are also in compliance with these PDCIR.

 

[J Grant]

A

One of those truths is that regardless of your intentions, some of your own conventional 1004s have had errors that weren't your fault. As with us all. Some of your 2055s had incorrect info about the subject which weren't your fault. Some of the desk review assignments wherein you expressed your own opinion of value have had errors about the subject which weren't your fault.

And yet, you never once got sued for any of those not-your-fault errors. But now you're acting like things are somehow different with these. The math don't math, bro.

Well, Bro, it is because things are different with these.

I believe very few appraisals have/had any significant factual errors about the subject. At one time, I did hundreds of field reviews, and I never found the information about the subject to be the problem. The problem was the comps selection or adjustments /or other issues. wrt desk reviews- those that do, my impression is they are QC reviews- regardless, they are not origination appraisals. 2055's are also not commonly ordered for most origination work. If you believe that 2055 has a better chance of faulty intel , then why compound the problem by letting a third party do a CDC on a 1004 form hybrid, turning it into a 2055-type weakness?

These hybrids are the first time large-scale origination appraisals will be based on third-party information about the subject. Time will tell - so far, just the lenders using the AMC's are using them - an outfit like Class Valuation pays $60-$75 -who are they going to get to do these, and why would anyone making that little money care much about teh result? What is Class going to do, fire them? Would it matter if doing a PDC is similar to paying for Insta Cart or Uber Eats?

I doubt any lender with a choice would order these, I bet the borrower pays the same for a hybrid as they do when the appraiser inspects. It is just a way for the AMC;s to pay more money and hopefully their use will stay with those AMC's.

 

[J Grant]

Here you go. FNMA Documented requirements for sellers /aka lenders who intend to sell the mtg/loan to FNMA where a PDR report is used in that valuation process.

https://singlefamily.fanniemae.com/media/36476/display

Compliance The Seller must adopt written policies, procedures, and disciplinary rules, and implement adequate training programs, to ensure compliance with these PDCIR. Additionally, the Seller must ensure that any third parties, including but not limited to property data collection companies, service providers,or Correspondent lenders, involved in the origination of a Mortgage or the sale and delivery of a Mortgage to Fannie Mae are also in compliance with these PDCIR.

The lofty goals and statements do not match the UBER pay of $60-$75 per PDC collection -as with appraisals, the AMC will always search for the lowest fee/cheapest rate they can find - for a CDC.

 

[sputnam]

Any particulars of the form aside, this is just like a regular appraisal; the appraiser is responsible for the comps, analysis, and value. Therefore the discount for not inspecting should not be that large,, IMO. The only difference is now, instead of you inspecting, they sent a nonappraiser out. Now you have your info secondhand.

On the plus side, you will receive extensive photos and some basic notes on materials and appliances present etc, plus a floorplan ( typically)
The form should include a statement that you are not responsible for the inspection, or you can add your own statement.

That's right. Your work file should look exactly the same as if the assignment was a traditional 1004 report.