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Hybrid

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From one of the hybrid offers that I have learned of, the property inspection aspect is allocated up to $80 and the appraisal function receives up to $120. In my market area, that amounts to an over 50% reduction in the current typical 1004 fee. Although it's technically possible that both portions of the hybrid appraisal process could be completed in under 5 business days, I really doubt that it will be practical to see any time savings from the bifurcated concept. So in reality, the hybrid appraisal must actually be all about cost-saving for the lender.

* I have also learned that one lender already charges the borrower about 40% more than they pay for a full 1004 fee to the appraiser. I wonder if there is any chance the appraisal cost savings of a hybrid will be passed on to the borrower? Likely a new profit center for someone other than the appraiser.
 
JP Morgan posts record second-quarter profit on unexpected jump in trading revenue
  • Bank posts record second-quarter profit of $8.32 billion, an 18 percent increase that exceeded analysts' expectations.
  • Trading revenue rose 13 percent to $5.4 billion, exceeding analysts' estimates by a half-billion dollars.
  • Companywide loans rose 4 percent to $948.4 billion, barely edging out expectations for $944.5 billion.
https://www.cnbc.com/2018/07/12/jpm-earnings-q2-2018.html

This is one Banks profit in one quarter 8,320,000,000. And they want to save the consumer money? Is that the punchline?
 
djd09 said:
JP Morgan posts record second-quarter profit on unexpected jump in trading revenue
  • Bank posts record second-quarter profit of $8.32 billion, an 18 percent increase that exceeded analysts' expectations.
  • Trading revenue rose 13 percent to $5.4 billion, exceeding analysts' estimates by a half-billion dollars.
  • Companywide loans rose 4 percent to $948.4 billion, barely edging out expectations for $944.5 billion.
https://www.cnbc.com/2018/07/12/jpm-earnings-q2-2018.html

This is one Banks profit in one quarter 8,320,000,000. And they want to save the consumer money? Is that the punchline?
Click to expand...


lol, thankfully the public is too stupid to even notice. If they paid attention, they would be rioting. Best to keep their heads buried in facebook.
 
...versus appraisers that post fake news based on their “feelings” rather than reality. I’m still waiting on you to provide examples of “States” clearly indicating that “hybrids” are illegal and appraisers will lose their license for participation. Such BS hyperbole does nothing for Appraisers credibility and lends boy cries wolf taint to the whole issue.
 
Mr Rex said:
...versus appraisers that post fake news based on their “feelings” rather than reality. I’m still waiting on you to provide examples of “States” clearly indicating that “hybrids” are illegal and appraisers will lose their license for participation. Such BS hyperbole does nothing for Appraisers credibility and lends boy cries wolf taint to the whole issue.
Click to expand...

You can read your states laws and rules and make the determination for yourself. It is your responsibility to follow all state laws. I would wait until the NCAB issues a memo on them before I even considered doing one. Perhaps they read the laws and rules differently that I do - it wouldn't shock me if they did. Like most boards, they are scared to death of AMC's it seems. I would expect them to put the burden and responsibility 100% on the backs of appraisers, like they always do. I wouldn't want to defend the position that I had direct supervision over all parties that provided data for the sole purpose of inclusion in my report. Maybe it can be defended, who knows?

NC real estate commission has already commented on a case involving a broker who did a BPO that was used in a hybrid report. They made it clear that NC brokers are prohibited from assisting in an appraisal report unless they also hold a valid NC appraisal license.

You seem to claim otherwise. I can't help you much more than that. I do wish you luck.

But if your client wants you to do something, I guess you better do it. I'm sure they won't lead you down the wrong path.
 
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chad hampton said:
You can read your states laws and rules and make the determination for yourself. It is your responsibility to follow all state laws. I would wait until the NCAB issues a memo on them before I even considered doing one. Perhaps they read the laws and rules differently that I do - it wouldn't shock me if they did. Like most boards, they are scared to death of AMC's it seems. I would expect them to put the burden and responsibility 100% on the backs of appraisers, like they always do. I wouldn't want to defend the position that I had direct supervision over all parties that provided data for the sole purpose of inclusion in my report. Maybe it can be defended, who knows?

NC real estate commission has already commented on a case involving a broker who did a BPO that was used in a hybrid report. They made it clear that NC brokers are prohibited from assisting in an appraisal report unless they also hold a valid NC appraisal license.

You seem to claim otherwise. I can't help you much more than that. I do wish you luck.

But if your client wants you to do something, I guess you better do it. I'm sure they won't lead you down the wrong path.
Click to expand...

Re agents providing opinions of value in a BPO and an appraiser participating in a hybrid report are hardly on the same page. If you can’t see the difference I don’t think I can help fix stupid. Sorry, but stupid is what stupid does.
 
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