Hybrid

[ucbruin]

Is there really a difference???

 

[Evincere]

No appraiser is compelled to limit their analysis to only the data a client provides to them.

No appraiser would ever complete an appraisal we’re that the case. Limiting the analysis to that which the client provides as most appraisal requests at best provide merely names, addresses, and purpose. Beyond the very basic info provided is when the standards kick in. And because of those standards the appraiser can commence completing an appraisal.

As a point of fact, appraisers are *prohibited* from allowing assignment conditions to limit the SOW to such a degree that the assignment results are no longer credible in the context of the intended use.

Yup clear as mud.

Credible being the key word - per USPAP no appraisal ( hybrid or otherwise) would / should be believable wherein the lender, AMC or other stakeholders who have a financial interest in the outcome/results of the appraised value provide the comps as a condition of the SOW ....Esp IF the intended use is for a new loan origination where previously an appraiser completes all the analysis and does all the work.

Unless of course USPAP changes that slippery slope language to say something to the affect that Appraisers need not be held accountable, responsible or concerned with analyzing selective (comparable) data chosen for them to analyze and verify.

The Appraiser either chooses the comparable sales and submits requests for exterior inspections by an inspector for these hybrids..or he doesn’t. If he/she doesn’t what constitutes credibility. The Appraisers signature?

 

[Evincere]

.

Is there really a difference???

.

Difference between what - “someone” sending you 3 comps to reconcile or you choosing what comps are appropriate for a comparative analysis?

Is there a difference in you not knowing an LTV needed and someone who does sending you comps ?

 

[ucbruin]

I was responding to JG's last post..

 

[Evincere]

I think that's ridiculous. IF "stakeholders" pick the comps, (for an appraisal) they are at that point engaging in appraisal practice. They may be greedy but they are not stupid.

Was the last meltdown driven by greed or stupidity? IMO The stakeholders knowing a slowdown is barreling down the pike are thinking stupidity was not hybriding sooner. Get them dam loans closed sooner

 

[J Grant]

Are appraisers receiving hybrid orders with pre populated comps or suggested comps sent by client to "reconcile? " I remember one appraiser posting he did a product like that, brag time 30 minutes . From what he wrote appraiser had option of choosing different comps weird...I;ve never personally seen this kind of order.

 

[J Grant]

I was responding to JG's last post..

The difference per what I wrote, once again, are hybrid desktops with an EXTERORIR inspection/photo of subject by inspector and the desktop portion is not a 1004 substitute, but rather a product that replaces a BPO or AVM ( lenders like to call it an evaluation but if an appraiser does it it's an appraisal, it satisfies a regulation to upgrade a BPO or AVM to at minimum an evaluation with ext photo of house

A bifurcated hybrid in the Fannie Pilot program is a modified ( what we know ) fannie 1004 with its own certs with an INTERIOR inspection and photos by an inspector and 1004 desktop portion done by the appraiser, intended to be used instead of a "traditional" 1004 appraisal for certain qualifying orders.

 

[ucbruin]

The difference per what I wrote, once again, are hybrid desktops with an EXTERORIR inspection/photo of subject by inspector and the desktop portion is not a 1004 substitute, but rather a product that replaces a BPO or AVM ( lenders like to call it an evaluation but if an appraiser does it it's an appraisal, it satisfies a regulation to upgrade a BPO or AVM to at minimum an evaluation with ext photo of house

A bifurcated hybrid in the Fannie Pilot program is a modified ( what we know ) fannie 1004 with its own certs with an INTERIOR inspection and photos by an inspector and 1004 desktop portion done by the appraiser, intended to be used instead of a "traditional" 1004 appraisal for certain qualifying orders.

As I've mentioned in an earlier post, it's been some time since I performed the AMC hybrid....

But I do seem to recall performing at least one where interior photos were provided....

But I could be wrong...

 

[J Grant]

I was describing 2 major trend products in lending /being proposed/discussed....am sure there are all kinds of hybrids done !

 

[Meandering]

A bifurcated hybrid in the Fannie Pilot program is a modified ( what we know ) fannie 1004 with its own certs with an INTERIOR inspection and photos by an inspector and 1004 desktop portion done by the appraiser, intended to be used instead of a "traditional" 1004 appraisal for certain qualifying orders.

You have a link to this Fannie Mae pilot program, that says anything about modifying an appraisal?

Doesn't seem to be any information about that, at all, except for hearsay.

Please post a link to this program.

.