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Will be interesting to see if Fannie will offer lenders a choice, do a bifurcated or not , on properties /loans that are approved for bifurcated. Will remain to be seen if fees/payment to inspector and appraisers are less, if the lower $ will be passed on to borrower, or if borrower will be charged the same $ or only a nominal amount less than for a traditional appraisal.

My prediction for now is the bifurcated will appeal mainly to larger AM'C;s or big box lender ordering depts who can put inspectors on as employees or panel, and assign bifurcated to their staff appraisers to maximize output . For other lenders, why would they bother with extra burden of a bifurcated , dealing with with hiring inspector AND appraiser and coordinating results....unless borrowers are charged so much less they ask for them. I doubt in practice hybrids will be faster on a number of assignments.
 
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Will be interesting to see if Fannie will offer lenders a choice, do a bifurcated or not , on properties /loans that are approved for bifurcated.
They will almost certainly offer the lender a choice as they do now on PIW's - lenders are not obligated to accept PIW's and can instead choose to have an appraisal done. Undoubtedly Fannie will offer the lender the option of providing a traditional 1004 in lieu of a bifurcated appraisal.
 
My prediction for now is the bifurcated will appeal mainly to larger AM'C;s or big box lender ordering depts who can put inspectors on as employees or panel, and assign bifurcated to their staff appraisers to maximize output . For other lenders, why would they bother with extra burden of a bifurcated , dealing with with hiring inspector AND appraiser and coordinating results....unless borrowers are charged so much less they ask for them. I doubt in practice hybrids will be faster on a number of assignments.

I cannot see a direct-engage lender, selling to Fannie Mae, managing the bifurcated/hybrid process in-house. Even for the larger lenders, this presents some logistical challenges.
Perhaps a company like Corelogic can make it work in high-density urban centers in-house. But for outlying areas, I doubt it.
For a Fannie product, I cannot imagine that an out-of-state appraiser licensed in California is going to be allowed to complete the valuation component for a loan in Nevada.
Yes, I suppose a Corelogic can set-up shop in all 50 states and keep it in-house. But that is a lot of overhead. This makes more sense to outsource both components (inspection and valuation) and take the management fee.

And, remember, these products are only now starting to push-out from wherever they've been managed. 5 years ago we were not talking about this at all. Fannie's program is a pilot.
The only high-confidence prediction I can make is (a) whatever this turns out to be is likely not going to be what we see today.
 
Thanks for reply Timd makes sense.

I wonder how much time will be inadvertently "lost" with some of these bifurcated...such as inspector takes a close up photo of ext crack and makes a big deal of it in notes, causing appraiser to condition report on inspection/repair when it's just a minor hairline crack/settlement . I know in my own practice if schedule allows when I return from inspection I will jump right on the report. But if bifurcated if inspector does not get me the photos /notes till next day it's now 24 hours behind as I am not going to do much on a report till inspection is done..
 
The beauty here is, if that is your concern, you can (must) decline the assignment.
On the other hand, if there was some bona fides about the inspector included in the documentation, you might deem it to be sufficient enough to be reliable.
The choice is always the appraiser's to make. :)

I know that Denis, I was just throwing that out there for all to consider prior to accepting the assignment. There in lies the problem...The five order request I have received did not show the property inspection and other data unless you accepted the assignment. All they had was the address and crappy fee.

Here is what has almost happened to me:

So I could have accepted this last one, then reviewed the requirements of the assignment, then and only then I would have to decline if I did not like it...and worst of all I now have created a workfile that I must hang onto per record keeping rule.

It is a minor inconvenience, but still an inconvenience!
 
So I could have accepted this last one, then reviewed the requirements of the assignment, then and only then I would have to decline if I did not like it...and worst of all I now have created a workfile that I must hang onto per record keeping rule.

Do you think storing a work file for a few years is bad?

I don't.

But I sure DO think having the liability for these rags for a few years is not something I want.

But it's a fair trade off - they get my signature - I get a few dollars, and ALL the liability hanging over me.

There will come a day when some smucks will be broadsided by the liability they are taking on. It will come, and when it does they'll wonder why they even did that crappy little job for so few dollars. There's an answer to that.
 
Do you think storing a work file for a few years is bad?

I don't.

But I sure DO think having the liability for these rags for a few years is not something I want.

But it's a fair trade off - they get my signature - I get a few dollars, and ALL the liability hanging over me.

There will come a day when some smucks will be broadsided by the liability they are taking on. It will come, and when it does they'll wonder why they even did that crappy little job for so few dollars. There's an answer to that.

I think your misunderstanding my point. So I will clarify and point something out about what I get in solicitations for my service.

This is a fine point, but important one. I try to comply with USPAP to the Letter of the Law!(Document). I have a small select group of AMC's that I will accept and complete valuation work. All of them allow me to review the Assignment Conditions and Requirements and then accept, accept with conditions or reject the assignment. I like that!

OTOH - Desktop request had a new twist yesterday. This one was accept or reject. All I had was address, purpose HELOC Loan and fee. That was it. There was not a way to review the property inspection, Assignment Conditions and Requirements without first accepting the assignment. OK, here is where I am going. I can accept and white lie about why I turned it back and not have to Comply with the Record Keeping Rule or I can tell them honestly why I turned it down which kicks in the Record Keeping Rule. In the interest of Best Services for Clients I think it is important to do this.

Now some will disagree with you and me, but I agree with you that there is more liability for this then meets the eye. I will give some examples:

USERS: Intended or Not:

Chase - worst of the worst. When the crap hits the fan they will just as they have in the past send in a giant list of addresses/appraiser names to State Appraisal Boards as complaints.

Crazy Homeowners are out there. Lots of them; Just look at the nightly news and see all the protesters
and Ambulance Chasing Lawyers are out there by the thousands to serve Crazy Homeowners.

So once again! Yes we can complete Desktop/Bifu Appraisals. That argument has been asked and Answered 'ad nauseam'
 
Absolutely. My writing, and intent, is entirely circumstantial. Dangerous? I would like to know what you mean about that. Self-destructive? I wouldn't say self-destructive at all, I would say self-preserving, if anything (lol, unless you mean my reputation, which I could care less about). Effective? Well, that strikes the heart doesn't it? I don't believe I ever claimed anything I have written has been effective and in fact, much of what I have written is asking others to also join the narrative, people who are much better writers and more persuasive than myself, for that very reason. No, a good politician I will never be.

I would like to hear any argument, that illustrates how appraisers organizing into a meaningful professional organization, would be anything but positive for all of us. And I don't mean some tangent, side-point of small significance, as our forum members love to post and then stand on, I mean a meaty argument that would define why appraisers should not do it.

And if organizing is not the solution, then what is? I don't see any current efforts having a significant affect, except for the result of no effort.

Seems to me, nearly all respectable professions have a professional organization. Yes, this industry has many. The problem with them is, membership is low, they are fragmented from each other, and many are influenced by special interests. It frankly shocks me, that a group of seemingly intelligent people, skilled in analysis, fail to see the need for organization. There are so many benefits, not the least of being able to take control of the appraisal process that is currently dictated to us. I simply don't understand why each and every appraiser would not jump at the opportunity to shape their own profession and fate and in fact, isn't that really each and every appraisers professional responsibility to do just that?

Currently, I am the only one on this forum to speak the narrative. And if not here, the Appraisers Forum, then where?

So far, I don't think people are so much calling me out, rather are resisting the idea altogether. I have attempted everything I can think of to get my peers to look themselves (and this profession) in the mirror and take a good look. I figure different strokes for different folks. It also seems to me, unfortunately, most people require a stiff slap in the face. That hurts, and that will drive some off for sure, but without it, maybe the creamy malaise will continue forever among too many.

I've said it before and will say it again. I have about a 1% chance of staying on as an appraiser. I'm tapped out and my gas tank is empty. That breaks my heart. For those of you who just can't wait for me to shut up and go away, that time may indeed come very soon. Yet, that will not change your fates one bit. Somebody needs to pick up a weapon and get to the lines. Somebody needs to lead. If all appraisers want to do is come on this forum and complain and debate until the end of time, rather than actually taking proactive measures to do something, then that is sad indeed. You can be mad at me all day long for what I write here, but at the end of the day, the woes of this profession are not on my shoulders, they are on the shoulders of all of us.

This is the Appraisers Forum, not the Lenders Forum, not the AMC Forum. Whom do you serve?

IMO, the elders of the appraisal community ought to assume the role of leadership, providing wisdom earned from experience, promoting encouragement to fight instead of submission. The younger generation, with the leadership of the elders behind them, ought to pick up their weapons and get on the front lines, and fight for this profession. History shows over and over and over again, the power of the masses can not be defeated, while the inaction of the masses always leads to oppression. Those may be some heavy words, but they are also 100% true.

Want something better? It aint gonna just get handed to you, you have to go get it. The starting point is the conversation.
Told you I appreciate your passion. Don't want you to go anywhere. I was so like you it's almost scary. My heart was broken when I closed my fee shop doors because of all the bull****. I discovered there are other venues for our skills...most of them much more appreciative as well. I met people who have different perspectives and was able to learn and grow from them. They learned from me as well.

I'm just trying to point out that trying to whip up a mob with torches and pitchforks is not the way for effective change. It is the way to cause plenty of damage tho...dangerous. I'm also trying to point out that the "elders" that frequent this site ARE speaking up...I choose to read their words...not assume their motives. The message is NOT comfortable...which lends credibility IMO because nobody trying to pander to the frustration that we all feel. It's my opinion that change is inevitable...better to have a say in the change than fight against it. The decision-makers will close the door on a torch/pitchfork mob...they might leave it open for reasoned debate tho.

Was a recent thread about a homeowner hell-bent on getting his entire neighborhood to fight the assessment. He refused to let the assessor inspect as part of the reconsideration. He stated that he already knew he was getting screwed and the gov't was just after his money and that he was absolutely right about everything. It will not end well for him. I see a parallel to some of the arguments here.
 
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