Hybrid

[Mr Rex]

Coming from a guy that has no problem with desktops rings hollow... Just saying...

 

[chad hampton]

What did you want the boards to do, invent some bogus, non-existent regulation and take both of their licenses simply because you do not like the hybrid product?

The agent violated the law. The NCREC said as much. But they aren't taking a license.

The appraiser was told to be careful with what you sign. Just because you have an NC license, doesn't make you competent. If their name comes over again, I doubt the board will be so easy on them.

Despite what some say, these are new products. The more they learn about them, the dirty they feel.

 

[timd354]

Coming from a guy that has no problem with desktops rings hollow... Just saying...

It is very odd that someone who is okay with desktops would make an argument that hybrids are somehow worse when the appraiser has more information about the subject property when doing a hybrid than he or she does when doing a desktop appraisal in which no inspection has been done by anyone or when doing a 2055 in which no interior inspection has been done by anyone.

 

[Deleted member 130081]

No one will have to worry about being first in line for that. Position 1 in that line was taken long ago. As I have said many times, these types of services have been around a long time, and in that time there have been several instances of these reports being submitted to state boards for consideration. In one state, they got so tired of the complaints they actually sent the complainer a letter telling him not to send any more of them and to stop wasting their time

...move along, nothing to see here, nothing to worry about, keep on going, you're fine, standard procedure, typical protocol, sign, sign, sign...

THE CHAMPION OF THE APPRAISER HAS SPOKEN!!!

Here is my advice to all, think for yourself. Is Marion wrong? Are you sure? If you are not sure, then how do you know what is right? Exactly, you don't. Do you really think DWiley gives a rats butt about your license or livelihood? He comes on here every day to smooth every one of us over, so we just stop thinking about it and keep on signing. Do you think his company does not know he spends hours on here every day, on company time? Think about it. He is a paid lobbyist, IMO of course.

LONG LIVE THE CHAMPION!!!

 

[Evincere]

Chad-

If, for the valuation component and for the GSE-type hybrid, they paid, say $300 and expected it to be done in two days from acceptance, do you think they'd have a difficult time in finding appraisers to sign-off on hybrids?

That rate/turn-time expectation is out-of-bounds for the non-GSE hybrids, for sure. But I'm it may not be out-of-bounds for the GSE hybrid.

Dennis. You are being way too exuberant. They are feeling the waters and have started the bidding at $50.

For the GSE-Pilot program?

(I may be too exuberant, that is a risk)

Yup.

HVR (Hybrid Valuation) Appraisal Report (USPAP 2-2): The Enhanced HVR is an Appraisal Report that is completed by a state licensed or certified appraiser who researches and analyzes local data sources and a third party exterior inspection report in order to develop a market value opinion with a current effective date for the described intended use.

INTENDED USER: The Lender/Client is the intended user. Any additional intended users are noted in the report by the appraiser.

INTENDED USE: The Intended Use of this appraisal report is for financing transaction with a Federally Related Transaction. This appraisal report is not intended for any other use.

 

[timd354]

The agent violated the law. The NCREC said as much. But they aren't taking a license.

What law or regulation did they reference? I am just curious as to what the law and regulation actually states because if the law says that a NC broker/real estate agent cannot in any way assist with the preparation of an appraisal, then I guess that they should not be answering any questions asked of them by appraisers (which obviously is not the case and is why I am interested as to what the law/regulation actually says)

 

[hastalavista]

I'm sure you'd get some takers at that point. But you'd also have some hard liners (for lack of a better term) that simply won't sign their name on a document for a property they, or someone on their staff, hasn't seen.

I agree. There are some "hard liners" who won't do 2055s or desktops for their own personal risk-assessment reasons.

I don't know what these fees or turn-times will settle out to be for the GSE program that will use them as substitutes for the traditional 1004.
Appraisers do traditional 1004s in 24-48 hours as it is. Some for a small or no premium in fee.

 

[chad hampton]

What law or regulation did they reference? I am just curious as to what the law and regulation actually states because if the law says that a NC broker/real estate agent cannot in any way assist with the preparation of an appraisal, then I guess that they should not be answering any questions asked of them by appraisers.

https://www.ncleg.net/EnactedLegislation/Statutes/HTML/ByArticle/Chapter_93A/Article_6.html

The actual phrase - "Under no circumstance may a RE broker perform or assist in the performance of a RE appraisal unless he/she also possess a NC appraisal license" was written by the commission in their response to the complaint. They reference the statute noted above.

And your comment about answer questions is a bit of a stretch. The law references BPO's, not phone conversations.

 

[hastalavista]

INTENDED USER: The Lender/Client is the intended user. Any additional intended users are noted in the report by the appraiser.

INTENDED USE: The Intended Use of this appraisal report is for financing transaction with a Federally Related Transaction. This appraisal report is not intended for any other use.

Yup.

I'm thinking "nope".

GSE-bound residential appraisal reports completed to the GSE guidelines are not covered by the IAEG, which regulates appraisal requirements for Federally Related Transactions:



So, what you excerpted by itself wouldn't indicate it is from the GSE pilot program. I think (but I could be wrong) it is from the hybird assignments that are used for low-risk loans (HELOCs) or asset management purposes.
Indeed, the 1004 et. al GSE forms do not say "Federally Related Transaction" in their intended use. They say "Mortgage Finance Transaction". A distinction with a difference.

 

[timd354]

https://www.ncleg.net/EnactedLegislation/Statutes/HTML/ByArticle/Chapter_93A/Article_6.html

The actual phrase - "Under no circumstance may a RE broker perform or assist in the performance of a RE appraisal unless he/she also possess a NC appraisal license" was written by the commission in their response to the complaint. They reference the statue noted above.

And your comment about answer questions is a bit of a stretch. The law references BPO's, not phone conversations.

If that is what the commission wrote, then they did not follow what the referenced statute actually says (which unfortunately is a problem with some commissions). The statute actually specifically states that that BPO can be prepared in conjunction with or in addition to an appraisal:

§ 93A-83. Broker price opinions and comparative market analyses for a fee.
(a) Authorized. - A person licensed under this Chapter, other than a provisional broker, may prepare a broker price opinion or comparative market analysis and charge and collect a fee for the opinion if:....
(7) The provisions of this subsection do not preclude the preparation of a broker price opinion or comparative market analysis to be used in conjunction with or in addition to an appraisal.

Additionally, nowhere in the statute does it state that a broker cannot assist in the preparation of an appraisal...instead it states that a BPO or CMA that gives a value estimate (as opposed to a price estimate) is deemed to be an appraisal which may only be prepared by an appraiser:
(f) Restrictions. - Notwithstanding any provisions to the contrary, a person licensed pursuant to this Chapter may not knowingly prepare a broker price opinion or comparative market analysis for any purpose in lieu of an appraisal when an appraisal is required by federal or State law. A broker price opinion or comparative market analysis that estimates the value of or worth a parcel of or interest in real estate rather than sales or leasing price shall be deemed to be an appraisal and may not be prepared by a licensed broker under the authority of this Article, but may only be prepared by a duly licensed or certified appraiser, and shall meet the regulations adopted by the North Carolina Appraisal Board. A broker price opinion or comparative market analysis shall not under any circumstances be referred to as a valuation or appraisal.

Nothing in the statute that you posted would prohibit a real estate broker or anyone else from assisting a real estate appraiser in performing an appraisal