Hybrid

[ucbruin]

Clearly inspectors don't "provide" comps, My question was, do they photograph comps as part of their inspection? If so, does appraiser pre select comps prior to inspector going out? How is that going to work...whatever I guess all these questions will be answered when/if these products roll out and if their assignment goes beyond companies mainly using staff appraisers ( seems tailor made for that )

From what I've gleaned the AMCs want appraisers because they believe the non-appraiser inspectors don't provide the same level of details was appraiser do....

Where did you "glean" that from ? I thought the whole point of bifurcated new fannie certs for that product is to allow non appraisers to do the inspection portion.

If the inspectors don't provide comps why would they provide photos of comps????

I gleaned that from communication with 2 different AMCs who are seeking both inspectors and appraisers....
Maybe not the FNMA hybrid but just their own....
But as Timd has repeatedly pointed out....
Why would AMCs create a product that FNMA hasn't approved????

 

[J Grant]

An inspector would photo the comps If they are given a list of comps to photograph as part of assignment. I have no idea if they will photo/inspect only the subject or the comps as well. If the inspector does not photo the comps I assume either MLS photos could be used ( or no photos ) since the point is to keep the appraiser at the desk and not go out in the field for these assignments.

 

[ucbruin]

An inspector would photo the comps If they are given a list of comps to photograph as part of assignment. I have no idea if they will photo/inspect only the subject or the comps as well. If the inspector does not photo the comps I assume either MLS photos could be used ( or no photos ) since the point is to keep the appraiser at the desk and not go out in the field for these assignments.

As I've stated in the past...
I've completed 3 as the appraiser and if memory serves me correctly a product didn't require comp photos (comps of my selection) and another product that did required MLS photos of the comps (again selected by me)....

I declined more than I accepted, which was about 4....
I haven't been offered an assignment for over 6 or so months (long enough to no longer remember when I received my last offer)....
So the volume is low or I'm not a good fit for the product....
Could be one or both....

 

[Evincere]

An inspector would photo the comps If they are given a list of comps to photograph.

Precisely. Where does the list of properties to be photographed as comps for any particular assignment originate? From the Appraiser, AMC, Lender?

 

[Evincere]

As I've stated in the past...
I've completed 3 as the appraiser and if memory serves me correctly a product didn't require comp photos (comps of my selection) and another product that did required MLS photos of the comps (again selected by me)....

I declined more than I accepted, which was about 4....
I haven't been offered an assignment for over 6 or so months (long enough to no longer remember when I received my last offer)....
So the volume is low or I'm not a good fit for the product....
Could be one or both....

Yes. A non inspector assisted desktop. Did you do these new “modernized” hybrids that are split between an inspector and appraiser? Sounds like you did not but correct me if I’m wrong

 

[bnmappraisal]

a product didn't require comp photos (comps of my selection) and another product that did required MLS photos of the comps (again selected by me)....

I see no USPAP violation here

 

[ucbruin]

Yes. A non inspector assisted desktop. Did you do these new “modernized” hybrids that are split between an inspector and appraiser? Sounds like you did not but correct me if I’m wrong

I have performed 3 assignments similar to that being discussed....
I remember assignment where I was provided only subject front exterior and street scene....
And another assignment which also included rear and interior photos....

But always selected my own comps and added MLS photos if required....

 

[J Grant]

Precisely. Where does the list of properties to be photographed as comps for any particular assignment originate? From the Appraiser, AMC, Lender?

I assume from the appraiser, I never intended to imply a lender or AMC would pick the comps....but how would appraiser choose comps pre inspection and get the list to inspector ? More steps in this cumbersome product. And what if appraiser changes mind after inspection and want to add a comp the inspector did not take a photo of ? Just putting it out there. Whatever. If the profit entities want this to happen, unless the test results are abysmal, they will deem the pilot study satisfactory and put it in play. (imo). The question then would be what portion of assignments that are now traditional appraisals would be bifurcated, assuming lenders have a choice what kind of appraisal to order which ones will tend to use this product, and what push back will come from property owners or RE agents when they are not "happy" with the result of a bifurcated.

 

[ucbruin]

I assume from the appraiser, I never intended to imply a lender or AMC would pick the comps....but how would appraiser choose comps pre inspection and get the list to inspector ? More steps in this cumbersome product. And what if appraiser changes mind after inspection and want to add a comp the inspector did not take a photo of ? Just putting it out there. Whatever. If the profit entities want this to happen, unless the test results are abysmal, they will deem the pilot study satisfactory and put it in play. (imo). The question then would be what portion of assignments that are now traditional appraisals would be bifurcated, assuming lenders have a choice what kind of appraisal to order which ones will tend to use this product, and what push back will come from property owners or RE agents when they are not "happy" with the result of a bifurcated.

What makes you believe an inspector goes to the subject, takes photos and writes up notes and submits to AMC....
AMC then submits photos and notes to appraiser....
Appraiser then submits sales that appraiser considers potential comps back to the AMC....
AMC then forwards sales back to the inspector for inspector to drive to sales for photos....
Inspector takes the photos submits photos to AMC who then submits to appraiser.....
Appraiser decides additional sales required...
Repeat....

Come on.....

 

[Terrel L. Shields]

Same reason why I don't eat steak from golden corral. For the price, I can't trust that it will be worth a damn.

But the chicken's not bad, as ZZ Top might say, if the piece is not too blue.

My question was, do they photograph comps as part of their inspection?

Nope, MLS pix all the way

From what I've gleaned the AMCs want appraisers because they believe the non-appraiser inspectors don't provide the same level of details

Which circles back to the non-dollar price argument that fans of the hybrid claim don't exist. How can you comply with USPAP regarding the last two statements in our certs under Standard 2-3 - i.e.- significant assistance. As is, any appraiser who provides the inspection has provided significant assistance and should be signing right beside the appraiser who explains who and what assistance they were.

I thought the whole point of bifurcated new fannie certs for that product is to allow non appraisers to do the inspection portion.

Exactly, so why are all of them claiming they will be using appraisers...or home inspectors (who aren't going to do a home inspection to appraiser specs for no $40) WTF is going on?

I'm convinced it is all a set up to eliminate the appraisal for all but the highest risk loans...say anything above 94% LTV