Hybrid Appraisals

[chad hampton]

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.

Of course not. But when it is measured or inspected, who can do it? Certainly not just anyone if you go by the letter and intent of the law.

 

[chad hampton]

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.

One of the 3 parties has morphed into two parties. Got to give the breakfast club credit. They have no shame.

 

[Mejappz]

One of the 3 parties has morphed into two parties. Got to give the breakfast club credit. They have no shame.

Scott is the eyes and ears of this institution. Right Scott?

 

[glenn walker]

The lenders and their AMCs started five years ago what I call Beta Testing the hybrid products to see what and how many appraisers were willing to do them and at what fee levels.

Many were paid full fees to just get them used to the idea and to filter out the ones who believe they are not USPAP compliant. Over those five to six years the Beta Testers knew they had collected enough newer or more flexible appraisers who liked doing them at lower fees.

The dirty secret was that also thousands of appraisers were 60 years or older who no longer wanted to drive comps or measure houses. Those old guy's will look you in the eye and swear on their mothers graves they would never do sub standard hybrids for $150 a pop but they were and are doing them.

Those same old guys will tell you on a forum that their not USPAP compliant all while typing up the new 5 orders on their desk. My point is the hybrid..desk tops..no inspection guys are alive and grabbing all they can get. That war has been fought..tested and is in use right now.

 

[Mejappz]

Except Fannie is complaining that those over 60 struggle to make accurate time adjustments and to assess the condition and quality of the subject, even though the methodology they are using is flawed. Seems like bias against a certain age group.

singlefamily.fanniemae.com/originating-underwriting/appraisers/appraiser-update

 

[shrubberyvaluation]

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

Makes me think of when AMCs pressure appraisers to do something against the certifications on a form. Its just an option and they will go on to the next if you won't do it. Oh and Fannie Mae will partner with these AMCs, do they not have an option who they partner with? You can dump on appraisers all you want, but when you partner with AMCs that pressure appraisers to do misleading reports you don't have a leg to stand on. Its not good for consumers, appraisers, or tax payers.

 

[glenn walker]

Makes me think of when AMCs pressure appraisers to do something against the certifications on a form. Its just an option and they will go on to the next if you won't do it. Oh and Fannie Mae will partner with these AMCs, do they not have an option who they partner with? You can dump on appraisers all you want, but when you partner with AMCs that pressure appraisers to do misleading reports you don't have a leg to stand on. Its not good for consumers, appraisers, or tax payers.

The AMC is hired by the lender and the lender..money center bank..GSE etal has
a contract and a SOW or assignment conditions they want the AMC to have the appraser agree to.

So they partner with ones that do what they want done. The accusations of misleading reports is one sided because the lender or GSE is not concerned with your concerns. The consumer or tax payer doesn't even know about anything but did the appraisal come in at contract price.

My point is simply they don't care about appraisers opinions and we are not part of the profit center and just a obstacle in closing loans. Once you accept the business model you then decide to stay or leave the business but don't ever believe your going to change it.

 

[shrubberyvaluation]

The AMC is hired by the lender and the lender..money center bank..GSE etal has
a contract and a SOW or assignment conditions they want the AMC to have the appraser agree to.

So they partner with ones that do what they want done. The accusations of misleading reports is one sided because the lender or GSE is not concerned with your concerns. The consumer or tax payer doesn't even know about anything but did the appraisal come in at contract price.

My point is simply they don't care about appraisers opinions and we are not part of the profit center and just a obstacle in closing loans. Once you accept the business model you then decide to stay or leave the business but don't ever believe your going to change it.

Oh absolutely, its make a choice, risk your license, or don't get business is FNMA motto it seems.

 

[George Hatch]

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.

Citation needed. In fact, don't even bother because there's no such reference in USPAP. You literally don't know what you're talking about.

If you want to argue it then put up. Or shut up.

 

[djd09]

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

are you doing them?