Hybrid Appraisals

[Bobby Bucks]

Are you sure that's not just you pining for her, Zoe?

I think he got catfished by an AMC phone monkey.

 

[djd09]

An appraiser must not allow assignment conditions to limit the scope of work to such a degree that the assignment results are not credible in the context of the intended use.Comment: If relevant information is not available because of assignment conditions that limit research opportunities (such as conditions that place limitations on inspection or information gathering), an appraiser must withdraw from the assignment unless the appraiser can:• modify the assignment conditions to expand the scope of work to include gathering the information; or

USPAP does discuss inspections...dont drink the kool aid

 

[glenn walker]

An appraiser must not allow assignment conditions to limit the scope of work to such a degree that the assignment results are not credible in the context of the intended use.Comment: If relevant information is not available because of assignment conditions that limit research opportunities (such as conditions that place limitations on inspection or information gathering), an appraiser must withdraw from the assignment unless the appraiser can:• modify the assignment conditions to expand the scope of work to include gathering the information; or

USPAP does discuss inspections...dont drink the kool aid

If you believe you cannot provide a credible report your obligation is to have the client include a physical inspection or you decline the assignment.

You decide not USPAP or the client.
The problem is in GSEs or loan production appraising the clients create their SOW based on their needs not on yours or USPAP. Therefore it bankrupts many who decline too many orders or the lender quietly removes them off their rosters.

 

[George Hatch]

An appraiser must not allow assignment conditions to limit the scope of work to such a degree that the assignment results are not credible in the context of the intended use.Comment: If relevant information is not available because of assignment conditions that limit research opportunities (such as conditions that place limitations on inspection or information gathering), an appraiser must withdraw from the assignment unless the appraiser can:• modify the assignment conditions to expand the scope of work to include gathering the information; or

USPAP does discuss inspections...dont drink the kool aid

Reading is fundamental:

SR1 does not include any reference to "inspection" or to any similar term. SR2 only mentions a did/did not disclosure as to whether the appraiser inspected.

100% of all requirements relating to inspections are driven by the users criteria and are in addition to the actual minimums in SR1. As has always been the case since before any of us got into this business.

There is no hardwired requirement for inspections in SR1. That means the omission of an inspection by the appraiser cannot automatically be characterized as substandard practice. Or an unacceptable assignment condition. And there's a 2-part test for what is/isn't an acceptable DOW decision - that test being benchmarked to "same or similar assignments". Not to you having no experience outside of the conventional 1004 protocols.

As for credible, we've been over that. Repeatedly. I know you wish there was a fixed external benchmark for credible but IRL that's not how it works. "Meaningful to intended users" identifies who does the judging of what is/isn't credible and "credibility is always judged within the context of the intended use" identifies the context in which those users are doing their judging. Some users require more, some require less. Even the requirements for the same user can vary from one assignment to the next. There's nothing new, inventive, creative or contrived about the situation.

 

[djd09]

that fannie guy thinks they can scope away misleading...you want to bet?

 

[chad hampton]

USPAP doesn't require any physical inspections to make an appraisal to be compliant. There also is no laws I'm aware of Federal or State about inspections.

There are plenty of state laws that talk about appraisal inspections and whether they are considered significant appraisal assistance. You really didn't know this?

USPAP used to list measuring of the subject property as an actual example of an appraisal service that requires direct supervision. I haven't bothered to read the last 3 editions, so no idea if the unethical stakeholders bought enough steak dinners to get that removed. I suspect they did.

 

[OSU Beavers]

We all know what an appraisal is, and a Hybrid is not an appraisal.

 

[Justinjla]

that fannie guy thinks they can scope away misleading...you want to bet?

You don’t have to do them. They are optional for lenders, consumers and appraisers. Strictly an option.

 

[glenn walker]

There are plenty of state laws that talk about appraisal inspections and whether they are considered significant appraisal assistance. You really didn't know this?

USPAP used to list measuring of the subject property as an actual example of an appraisal service that requires direct supervision. I haven't bothered to read the last 3 editions, so no idea if the unethical stakeholders bought enough steak dinners to get that removed. I suspect they did.

Yeah measuring it but the discussion was about not measuring ...there is no State or Federal Law that says A property has to be measured or even physically inspected.

In Alaska and places where land is not able to be seen other than pack mules or airplanes the State and appraisers do lots of property without ever stepping foot on it. Too many confuse guidelines with laws and especially ones who do GSEs and lender assessments but even the GSEs use drive byes no measuring involved.

 

[Mejappz]

You don’t have to do them. They are optional for lenders, consumers and appraisers. Strictly an option.

Don't worry, most fee appraisers won't be able to complete them even if they want to, because most go to staff appraisers who are under the control of their AMC masters. Just ask Scott and the grifters.