Hybrid

[Joe Flacco]

Is that because of the required TAT's for said property report? Or are they really that much quicker than appraisers trying to schedule appts?

It's because they do a drive-by and do not set any appointments. How quick are you if you don't need to make a appointment?

 

[bnmappraisal]

How quick are you if you don't need to make a appointment?

Let me ask Exos

 

[DWiley]

Is that because of the required TAT's for said property report? Or are they really that much quicker than appraisers trying to schedule appts?

I think it is because they are focused on one thing. All they do is inspect and file property reports. For an appraiser, once you leave the property you have several more hours of report writing time. They don't have to allow for report writing time, because the report is basically done when the drive away/walk out the door (we do both interior and exterior hybrids).

 

[bnmappraisal]

I think it is because they are focused on one thing.

That makes sense

All they do is inspect and file property reports.

but for this reason, I don't think it's fair to compare said inspectors with appraisers being able to set appts

 

[DWiley]

That makes sense

but for this reason, I don't think it's fair to compare said inspectors with appraisers being able to set appts

Perhaps, but life is not fair. It is a simple mathematical fact that the total turn time is significantly reduced. There are certainly valid reasons why the typical appraiser takes longer to schedule and inspect. I understand those reasons, but the reality is that volume users are trying to reduce the total required time, That is driving a lot of the changes seen over the past three years related to scheduling, processes, SOW, etc.

Is the risk worth the reward? Given past history, it is a pretty safe bet that the limits will be tested, and then things will be tightened back up after someone takes a big hit. That just seems to be the way it works.

 

[Joe Flacco]

Perhaps, but life is not fair. It is a simple mathematical fact that the total turn time is significantly reduced. There are certainly valid reasons why the typical appraiser takes longer to schedule and inspect. I understand those reasons, but the reality is that volume users are trying to reduce the total required time, That is driving a lot of the changes seen over the past three years related to scheduling, processes, SOW, etc.

Is the risk worth the reward? Given past history, it is a pretty safe bet that the limits will be tested, and then things will be tightened back up after someone takes a big hit. That just seems to be the way it works.

You are king of misleading. What is the percentage of the hybrids that you guys do that are exterior only and interior? Is it like 95 exterior / 5 interior? 90 exterior / 10 interior? How many of the small fraction of interiors are vacant homes on lock box and how many are owner occupied and needs a set appointment to accommodate their schedule?

 

[bnmappraisal]

Perhaps, but life is not fair.

Hahaha. I knew SOMEONE was going to tell me that after I typed it ... just wasn't sure who! Guess you beat them all to it. (believe me, no offense was going to be taken as I set myself up for it!)

but the reality is that volume users are trying to reduce the total required time,

I get that too and am not naive to think these products aren't going to gain more traction with many of these "volume users"

 

[DWiley]

You are king of misleading. What is the percentage of the hybrids that you guys do that are exterior only and interior? Is it like 95 exterior / 5 interior? 90 exterior / 10 interior? How many of the small fraction of interiors are vacant homes on lock box and how many are owner occupied and needs a set appointment to accommodate their schedule?

Exactly how many of these have you engaged appraisers to do, and what turn times did they provide to you?

I am sorry if actual data from having engaged in this work for over a decade does not align with preconceived notions harvested by the PFA method.

As I said earlier, I think everyone is jumping the gun on these. Until Fannie settles on an actual SOW and reporting format, speculation about fees and turn times is just speculation. Yes, they are using data about current processes, but that data may not be relevant to what they plan to do. I already said that before. Did you miss that?

 

[djd09]

Fannie transparency is repugnant.

 

[DWiley]

I get that too and am not naive to think these products aren't going to gain more traction with many of these "volume users"

I think most of us get the fact that a "full blown" appraisal really isn't necessary all the time. But, what everyone fears is the race to the bottom and expansion of use of PIWs and Hybrids in too many cases. Legitimate concerns, in my view.