Hybrid Appraisals

[J Grant]

Appraisifi and inspectifi will also need your licencifi and E&Oifi.

so they can pay you a mini feeifi to sign unitl the owners commit fraudifi with the data.

 

[Bobby Bucks]

so they can pay you a mini feeifi to sign unitl the owners commit fraudifi with the data.

One has to wonder where they come up with those names for their "cutting edge" products, do they expect to be taken seriously? *LOL*

 

[J Grant]

One has to wonder where they come up with those names for their "cutting edge" products, do they expect to be taken seriously? *LOL*

All they need to do is hire a copywriter. I suppose they feel entitled to be taken seriously, especially if they are 20 years old, have Zero RE experience, and are convinced Insta Tech solves everything.

 

[Tom D]

I wish i was one of those companies, i would take care of all of yous, maybe. But like in animal farm, all pigs are equal, but some are more equal. Being the lesser equal in appraising, i can only squeal at the big pigs.

 

[chad hampton]

This sort of reminds me of the.com bubble from 25 years ago

 

[Essexfenwick]

The appraiser must comply with USPAP. Hybrid appraisals can comply.... or not. Just exactly the same as any other appraisal. Hybrid or not, there are two written report options.

I haven't yet figured out what the attraction is.. for Lender/Clients. I get reports based on hybrid appraisals for review. I also get to see the fees and the turn times. They don't seem to be cheaper or faster, most of the time. Yeah, the appraiser gets less... but the property inspector gets paid too... and the AMC, if there is one.

The appeal is testing out the inspection process and build up an inspector population.. The new 3.6 is an off ramp for almost all appraisers. If there is any kind of refi boom with reduced appraiser population and the new time consuming process turn times will be unacceptable and appraisers/inspectors will only be asked to inspect. AI will do almost all appraisals that aren't already waived and the inspector job will be $100 or less. Difficult appraisals will eventually go to the remaining SRAs and MAIs. Sad for appraisers to be retrained and spending time/money/angst on 3.6 which is just a means to an end. It's also gonna bite the AMCs with small inspection fees vs current appraisal fees. They aren't building data centers that use the electricity of medium sized cities and also protecting AMCs and appraisers.

 

[Non Sequitur]

Ran across this gem on FB. Remember: 3. The appraiser has relied on data provided by third-parties in this appraisal report…..

So how reliable is a third party?

 

[Tim Hicks (Texas)]

Any lender that allows hybrid appraisals but would not allow trainees to inspect properties are being disingenuous and frankly disrespectful. Fannie and Freddie allow trainees to inspect, but lenders do not allow trainees to inspect. But when Fannie and Freddie offer hybrid appraisals where a stranger does the inspection and everything is fine and dandy with the lender???

This sums up the appraiser's value in the entire process in a nutshell. Fannie and Freddie offering this hybrid product and trying to present it as an equal or better product. A lender accepting it without considering their own position of not allowing an appraiser trained trainee to do inspections but allowing a PDC tells you everything you need to know. Any lender that previously and still will not allow trainee inspections but will accept a hybrid appraisal does not deserve to have any appraisal business partners.

 

[J Grant]

Any lender that allows hybrid appraisals but would not allow trainees to inspect properties are being disingenuous and frankly disrespectful. Fannie and Freddie allow trainees to inspect, but lenders do not allow trainees to inspect. But when Fannie and Freddie offer hybrid appraisals where a stranger does the inspection and everything is fine and dandy with the lender???

This sums up the appraiser's value in the entire process in a nutshell. Fannie and Freddie offering this hybrid product and trying to present it as an equal or better product. A lender accepting it without considering their own position of not allowing an appraiser trained trainee to do inspections but allowing a PDC tells you everything you need to know. Any lender that previously and still will not allow trainee inspections but will accept a hybrid appraisal does not deserve to have any appraisal business partners.

Most lenders who do not use an AMC order a regular appraisal and not a hybrid. There is no advantage for them to order a hybrid and have two sets of people to wrangle, a PDC collector and an appraiser. The fee to the borrower is similar or the same at this point for either product. It is a product that suits AMC's, esp larger ones who use staff.

 

[Tim Hicks (Texas)]

Most lenders who do not use an AMC order a regular appraisal and not a hybrid. There is no advantage for them to order a hybrid and have two sets of people to wrangle, a PDC collector and an appraiser. The fee to the borrower is similar or the same at this point for either product. It is a product that suits AMC's, esp larger ones who use staff.

I have no AMC clients, but I have been asked if I would do hybrid appraisals by most of my clients. Every one of them will not allow trainees to inspect. My answer has always been "no" to hybrids. I have no idea if I have lost business over it. Two are banks and three are independent mortgage companies that use Mercury, Appraisalport or Regorra.