Hybrid Appraisals

[chad hampton]

Do they count hybrids as real appraisals? I don’t.

 

[Terrel L. Shields]

The impetus to bifurcate the appraisal process goes way deeper than just trying to save the consumer a few $/bit of time

Tell me again how this actually saves the consumer a dime and especially how it saves a single minute. I would think it no easier to finish one in 3 days from ordering the PDC, then expecting an appraiser to be sitting there ready to commence the moment that PDC hits our in box. Get real.

as anyone talked with a peer who is completing 3-6 a day for those fees? One must wonder what else is being exaggerated in their sales pitch.

BS in, BS out. You'll be lucky to have 1 in the queue more than a few times a week let alone several. I mean face it. PDCs will cut down the number of appraisers needed. Then and only then will there be sufficient "work" to dedicate a lot of time to doing only desk work. One of the benefits of appraising is that you are not tied to a desk 8-10 hours a day. The inspection provides a break from desk work.

The fees? No one is paying $350 for a desktop hybrid - NO ONE. They are not even paying that for a 1004 if they can find a sucker to do it for $295 LESS tech fees (and that seems to be the standard offer here.) Since NWA is still blowing and going like its 2006, a lot of appraisers are rejecting those offers but a lot of appraisals are being done for under $400. I am sorry. But IT guy should BS his buddies and we'll lie to ours but the truth is no one is paying $350 for a hybrid appraisal and no one is cutting much time, if any, off the turn times.

 

[Terrel L. Shields]

Do they count hybrids as appraisals? I don’t.

They can be. But the caveats make the reliability lower and again I don't see how it saves anyone a minute.

 

[djd09]

can never be independent with those vulchers around...but do not fret....they will reap what they have sown

 

[glenn walker]

We have data inspectors out here for $100 to $150 and desktops done by appraisers at $75.00 to $150 so i call Bull**** on whoever is quoting the same or similar prices to full 1004 by appraisers hell some AMCs out here only pay $300 for full 1004. The end goal is the $150 or less for a physical observation and photo's.

 

[djd09]

of course...price fixing...would you expect anything less from the unethical stakeholders

 

[alebrewer]

Tell me again how this actually saves the consumer a dime and especially how it saves a single minute. I would think it no easier to finish one in 3 days from ordering the PDC, then expecting an appraiser to be sitting there ready to commence the moment that PDC hits our in box. Get real.

When an appraisal is involved - it doesn't. That was my point. If that was the only reason they were/are doing the bifurcation, the justification would be hollow and meaningless. Its my opinion, though, that they're not doing it to save the borrower anything - they're doing it because they believe they don't need appraisers for the valuation part - they believe they can build a model that works better than appraisers. They DO, however, need property condition data - hence the bifurcation.

 

[J Grant]

When an appraisal is involved - it doesn't. That was my point. If that was the only reason they were/are doing the bifurcation, the justification would be hollow and meaningless. Its my opinion, though, that they're not doing it to save the borrower anything - they're doing it because they believe they don't need appraisers for the valuation part - they believe they can build a model that works better than appraisers. They DO, however, need property condition data - hence the bifurcation.

The appraiser does the appraisal (value portion ) in a bifurcatoin ( hybrid )

A WAVIER does not use an appraiser or an appraisal, though it might use a PDC collection. (just to clarify between the two for other readers here) I agree, they can use a PDC as a stand-alone product for their internal needs, so why pay an appraiser when the AMC can find a cheaper and plentiful nonappraiser for it.

Originally, they used the excuse that the hybrid saved the Borweor money,, no longer the case it seems. Or that it saved time - perhaps in a very busy market spike, but not at any other cycle.

 

[djd09]

LEAKED FDIC Video: Hide Market Collapse From The Public​

8:15 mark...they will need to stop the misinformation

 

[Terrel L. Shields]

The fees? No one is paying $350 for a desktop hybrid - NO ONE.

A little birdie told me they have paid that in AZ. Whatever