Hybrid Appraisals

[J Grant]

The GSE's come up with these crazy ideas like measuring the houses with ANSI when the data for the comparable properties are not reported in ANSI. The meddling in appraisal development and reporting is crazy. The appraisal section should be removed from the selling guide.

They add more and more onerous work to each report yet do not expand the turn time.

 

[BRCJR]

I don't think it is that simple. There is a complex a few miles east of me, and I hated doing appraisals there because the docs were so convoluted that there is no real agreement on whether it is a condo or a PUD. The attorneys for one lender would look at the docs and decide t is a condo; the attorneys for another lender would look at the same docs and conclude it is a PUD. If it is so convoluted that the attorneys cannot sort it out, what can we expect of the appraiser?

So there is no deed recorded indicating it is a condo? No Condo Association recorded? So how can it be decided it is a condo and needs to have the report amended, in your original illustration? Some entity was able to discern the ownership?

 

[J Grant]

This summarizes the process, and AMCs are very much intertwined in it. This is great business if you work in collateral at the GSEs and you end up leaving for a job at an AMC. It is not good for anyone else.
View attachment 98434

The hybrids with a PDC collection increase the profit for an AMC using staff appraisers or a lender with in-house staff, as they can squeeze more volume from a staff appraiser. When they use a PDC collector to inspect, they can keep the staff appraisers at the desk to pumping out triple the prior volume. This means they can fire half or more of their staff appraiser and keep using the the unlimited supply of people who are not appraisers to do the " data collection" ( inspection )

 

[chad hampton]

don’t get us started on AMC staff appraisers , which is a clear and obvious violation of the laws.

 

[djd09]

One bourbon, one scotch, one beer"
Lord, I ain't seen my baby since a-nigh on a week
Gotta get drunk man, so I can't even speak
Gonna get high man, listen to me
One drink ain't enough Jack, you better make it three
Gonna get drunk, I'm gonna make it real clear
I want one bourbon, one scotch 'n' one beer
One bourbon, one scotch, one beer"

that would be a honest explanation for the madness...they are all drunk

 

[BRCJR]

The appraisal section in the GSE selling guide is most definitely the biggest cause of inefficiencies in the appraisal process. They should definitely remove it and defer to USPAP.

In house loans generally defer to USPAP. Those lenders seem to get along alright.

 

[J Grant]

don’t get us started on AMC staff appraisers , which is a clear and obvious violation of the laws.

It stinks, but far as I know is not a violation of any law.

 

[chad hampton]

AMC laws were written in 2010 to create a middle man and license them through the states. if the AMC is also the appraisal company, who are the other two parties?

 

[Mejappz]

AMC laws were written in 2010 to create a middle man and license them through the states. if the AMC is also the appraisal company, who are the other two parties?

I smell an anti-trust case in the works.

 

[Mejappz]

It stinks, but far as I know is not a violation of any law.

See my comment above.