Hybrid Appraisals

[J Grant]

The local community banks outside of secondary market often give the borrower a choice - an Evaluation for $300 or an appraisal for $600. Which do you think they will take? I don't know any appraiser who has gotten a job from the bank that was once my largest client. the new owners simply discourage anyone from hiring an appraiser.

It sounds like a hybrid 1004 will cost the same or nearly the same as a traditional appraisal 1004. The hybrid just divides up the labor, whereas an evalon sounds like a different product.

 

[glenn walker]

Training for data inspectors setting appointment with POC.

1- Set appointment as the home data and photo team member.

2- If asked about appraisal or values reiterate three times to the owner or Realtor, that no the data and photo's are sent to a highly trained licensed appraiser who is responsible for the final price and he/she is responsible and insured if you want to sue someone.

 

[Tom D]

Does the borrower get a choice whether to get a hybrid with a PDC collector vs the traditional appraisal, or is it decided for them by a lender or AMC?

I am aware that a borrower can choose to accept or decline a WAIVER offer.

My big direct lender when sending the request to fannie got an automatic hybrid appraisal order for it. The lender disliked them so much that they would manually switch it to a 1004. Went thru an AMC, took longer and cost more, the AMC was annoying to deal with.

Now, what lender wouldn't accept a waiver, which comes with a safe harbour.

 

[Terrel L. Shields]

an evalon sounds like a different product.

We (actually my assistant usually) did evaluations on a one-page form (vs the 2 page URAR) plus addenda and certs with very little difference from the 1004. But you could do them on any number of formats. They were USPAP compliant and we got $325 for them back in the 2000s...

 

[J Grant]

Category:​

Appraiser News Editions, Real Estate Appraiser Training - Education

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My big direct lender when sending the request to fannie got an automatic hybrid appraisal order for it. The lender disliked them so much that they would manually switch it to a 1004. Went thru an AMC, took longer and cost more, the AMC was annoying to deal with.

Now, what lender wouldn't accept a waiver, which comes with a safe harbour.

The lender would of course accept a waiver if offered, however, as far as I know, the brrorw also has to accept the waiver offer - because some borrower might prefer an appraisal especially in a purchase where the appraisal serves as an out cluase wrt innaicngt if it appraisers below value ) ( contracts often have a financing clause and many include the appraisal as a condiotn of the financing cluase )

 

[glenn walker]

My big direct lender when sending the request to fannie got an automatic hybrid appraisal order for it. The lender disliked them so much that they would manually switch it to a 1004. Went thru an AMC, took longer and cost more, the AMC was annoying to deal with.

Now, what lender wouldn't accept a waiver, which comes with a safe harbour.

Unless it's changed the lenders charged the borrowers $250.00 for the waiver and $500.00 plus if they wanted a full 1004 from our roster. The AMC we used was not involved in waiver fees but charged $650.00 plus for a full 1004. That was 2 years ago.

 

[Justinjla]

Category:​

Appraiser News Editions, Real Estate Appraiser Training - Education

37​

The lender would of course accept a waiver if offered, however, as far as I know, the brrorw also has to accept the waiver offer - because some borrower might prefer an appraisal especially in a purchase where the appraisal serves as an out cluase wrt innaicngt if it appraisers below value ) ( contracts often have a financing clause and many include the appraisal as a condiotn of the financing cluase )

I can confirm borrowers do decline waivers and opt for an appraisal.

 

[chad hampton]

Impersonating an appraiser just one of many laws that are violated every day.

 

[George Hatch]

wrt what a borrower thinks, or what the PDC is instructed to say is relevant wrt misleading, FWIW. We have no control over it, but we can note it and discuss it here.

Of course it's fair game in this discussion. Nor would I say "there's no problem". If someone is misrepresenting their status that could be a violation of state law depending on how that state's laws are written and what exactly the PDC says.

If the question is if the can collectors ever misrepresent themselves as licensed/certified appraisers I'm sure the answer to that is "probably sometimes".

 

[J Grant]

Of course it's fair game in this discussion. Nor would I say "there's no problem". If someone is misrepresenting their status that could be a violation of state law depending on how that state's laws are written and what exactly the PDC says.

I personally do not believe that PDC collectors deliberately mispresent their status (or are instructed to). I believe it might be kept kind of gray with regard to how they set appointments.

Borrowers make weird assumptions. I have had many borrowers assume I work for a bank ( when the bank is my client as an independent contractor).

For example, they'll say something like, "Did Susie, my loan officer at the bank, tell you that my appointments need to be a priority?" I politely explained that I am engaged as an independent contractor and do not personally interact with Suzie or any of the loan personnel. Some seem very surprised to hear that.