Hybrid Appraisals

[CGinMN]

I have great news, I was able to get you an appraisal waiver!

The appraiser is still going to come by, but don’t worry you are already approved, they’re just going to take some photos.

This is how they explain inspection based waivers. In many cases the loan officer doesn’t know the credentials of the person who is doing the data collection.

 

[alebrewer]

I have great news, I was able to get you an appraisal waiver!

The appraiser is still going to come by, but don’t worry you are already approved, they’re just going to take some photos.

This is how they explain inspection based waivers. In many cases the loan officer doesn’t know the credentials of the person who is doing the data collection.

And even if the LO DID know the difference, which narrative is easier for them? The appraiser's gonna drop by and take some pics, or some random person is gonna come over to your house, invade your privacy, and rummage through your stuff?

 

[CGinMN]

You have two options for the appraisal. We can do a quick one for $350 or a regular one for $550. Which do you want?

 

[Mejappz]

^^^There is no denying this is happening, and it will continue to happen no matter what policies are in place. Consumers, by and large, have a very vague understanding of what it is that appraisers do. Any appraiser who interacts with borrowers on a regular basis understands this. This is because agents and mortgage people who are supposed to be advising the consumer on these matters often benefit from keeping their customers uneducated about our role, or equally as bad, even they are clueless. If many among them cannot explain our function, how are they going to explain whatever it is a data collector does?

Misrepresenting your license status, even unintentionally, can have serious consequences in Florida. While the penalties may be less severe than for intentional fraud, they are still severe.

 

[Terrel L. Shields]

You have two options for the appraisal. We can do a quick one for $350 or a regular one for $550. Which do you want?

That's the option borrowers have at a local bank on any property below the de mnimus. We send an evaluator out cheap or a real appraiser for lots more. At least the bank knows the evaluator's name.

 

[sputnam]

oh sure...save money speed it up...they used to call them liar loans....how did that work out?

Oh.. I agree.. it's not a good idea but, it is allowed and complaining about in in a forum does nothing to change it.

 

[sputnam]

Why is there no USPAP for AMC‘s? They manage the process, they should be responsible for the work products they produce as well.

I guess lobbying money does pay for itself. Who needs morals and ethics when you could just cut a check.

Because... it's the Uniform Standards of Professional APPRAISAL Practice. As already stated, Lenders and AMCs have their own rules.

 

[Mejappz]

Oh.. I agree.. it's not a good idea but, it is allowed and complaining about in in a forum does nothing to change it.

No one is expressing complaints. This is an appraiser forum, and we are discussing issues related to appraisals.

 

[sputnam]

No one is expressing complaints. This is an appraiser forum, and we are discussing issues related to appraisals.

Baloney

 

[Mejappz]

Baloney

Why are you participating in this discussion? In fact, why do you comment at all besides promoting that you're an irrelevant USPAP instructor? I hate to break it to you, but nobody cares.