Hybrid Appraisals

[Terrel L. Shields]

Is it FNMA position that verifying information should not be done in the name of expediency?

Apparently. It means nothing to them. Just another piece of paperwork to ignore.

 

[George Hatch]

Ziao without the valuation.

The ZAIO wars was back when I was first speculating what it would take to personally exterior-inspect and rate properties before they sold. Do the driveby exterior-only rating right when they were initially listed. Then if it becomes an order several weeks later the appraiser has already personally driven/rated the subject and all the comparables they would use in a report. Depending on the volume the "zones" would be a lot larger geographically because the appraiser was only looking at the properties that were listed, not all of the properties. Way less wasted time/effort, albeit a few days delayed relative to their respective listing dates.

IIRC ZAIOs plan was to rate 6 or 7 attributes from the curb on their tablet and upload their work daily. No measuring or interior inspection involved. The weak spot in a modified ZAIO pre-contract inspection plan is that it would only include the subject when there was a listing. It wouldn't include any of the subjects where the transaction was a refi with no current exposure to the market.

 

[Mark Sargent]

They don't but who cares, the people higher up on the food chain don't give a hoot if you lose your license

 

[shrubberyvaluation]

They don't but who cares, the people higher up on the food chain don't give a hoot if you lose your license

They need to make it easier to get a license for this reason

 

[Terrel L. Shields]

it would have to be a clueless village drunk source collecting the PDC.

fixed it for ya

 

[Carnivore]

Are Hybrid Appraisals USPAP Compliant?​

The poll is flawed. the better question is: Can a hybrid Appraisal comply with USPAP. Answer: An Appraisal is an Appraisal report the Appraiser is responsible for any Appraisal to be in compliance with USPAP.

I know this is all about the Fee. Until the Appraiser count declines fee's are going to be low because it's simple supply and demand.

FTR I did not read all the comments. It wasn't necessary

 

[Surf Cat]

These products will attract those who do not do thorough reports and don't verify anything. How do you do 10 a day and verify information. Just had one where it took forever to verify something with the listing agent who has an incentive to get back to me, others can take days.

These products attract the players that know how to game the system. Shoot, Walker admitted to it....10 reports a day while he traded stocks.

So that means appraising is a team effort, a multi-person system with the appraisal going down the conveyor belt. A couple of runners out there inspecting, measuring, shooting comps, then a couple report writers...aka super fast typists with organized comments in front of them to make everything "sound good", a reviewer to scan the reports to make sure everything is in compliance with lender guidelines (recency of sale, bracketing, bedroom count Etc.) Then finally, the signer, who knows his team has done everything he has taught them to not worry about checking "did inspect".

Shoot, with the hybrid the signer doesn't have to worry about the did inspect box... which never got turned in anyways.

Those are not appraisals, they just look like one.

 

[frogman]

Well... I can help you out there. I am a AQB Certified USPAP Instructor and I've seen hybrids that do comply with USPAP.

Really, I would like to see one where the appraiser determined the scope of work for the inspection.

 

[chad hampton]

Does USPAP permit you to ignore your state laws?

 

[Non Sequitur]