Hybrid

[Joe Flacco]

<<Do you believe that it is a good idea to attract the bottom 20% of the appraisers to do 500% more appraisals than they are now?>>

- No, I don't. But I also think the question is based on a false premise - so I don't view it as a relevant question.

Oh that's right. Because of your impressive operations and review process right?

That's funny.

 

[gregb]

WoW
Standard pricing for a hybrid report to the lender is $195 by the AMC. So the $195 fee is split between the appraiser, third party inspector and the AMC.

Hybrid Appraisal Report

• Integration of hybrid appraisals into an overall valuation solution allows lenders to gain increased operational efficiencies
  
  
• Reduction in turn-time and cost compared to standard appraisal products
  
  
• Automated review of property characteristics, and lender specific rules, help determine if a hybrid appraisal is best for a specific property within hours instead of days
  
  
• All hybrid appraisal reports are completed by local licensed appraisers
  
  
• Appraisal reports include three comparable sales with a comparables grid
  
  
• A minimum of three photographs are included with each appraisal report – subject front view, address verification, and street scene
  
  
• MLS photographs of all comparable sales chosen by the appraiser are provided
  
  
• Appraisal reports are USPAP compliant
  
  
• Standard pricing for this report is $195
  

 

[George Hatch]

That's not good. With the AMCs overhead I don't think $195 leaves enough for the appraiser's end on a no-look desktop. Not unless they cut out some of the non-inspection related expectations Fannie has for 1004s.

I think the overall concerns about these impacting a large percentage of appraisal assignments are very well justified, and postpones even further the length of time it will take for the natural rate of attrition among licensees to reduce the number of appraisers to a more sustainable population in most locales.

 

[timd354]

So far, no client has asked me to complete a hybrid report.

Is this sample a typical hybrid report?

https://www.visitcss.com/application/files/3815/2108/3920/CSS-Hybrid-Report-5.10-1.compressed.pdf

It is certainly not like the bifurcated appraisal report that is being used in the Fannie pilot that I have knowledge of. I would guess that particular hybrid form is one that is being utilized for equity lines and second mortgages.

 

[gregb]

It is certainly not like the bifurcated appraisal report that is being used in the Fannie pilot that I have knowledge of. I would guess that particular hybrid form is one that is being utilized for equity lines and second mortgages.

Tim, does your company accept any bifurcated appraisal report for purposes of removing PM insurance?

 

[DWiley]

WoW
Standard pricing for a hybrid report to the lender is $195 by the AMC. So the $195 fee is split between the appraiser, third party inspector and the AMC.

Hybrid Appraisal Report

• Integration of hybrid appraisals into an overall valuation solution allows lenders to gain increased operational efficiencies
  
  
• Reduction in turn-time and cost compared to standard appraisal products
  
  
• Automated review of property characteristics, and lender specific rules, help determine if a hybrid appraisal is best for a specific property within hours instead of days
  
  
• All hybrid appraisal reports are completed by local licensed appraisers
  
  
• Appraisal reports include three comparable sales with a comparables grid
  
  
• A minimum of three photographs are included with each appraisal report – subject front view, address verification, and street scene
  
  
• MLS photographs of all comparable sales chosen by the appraiser are provided
  
  
• Appraisal reports are USPAP compliant
  
  
• Standard pricing for this report is $195

C'mon G - something has to be wrong somewhere. I mean, we are being told that AMCs are pushing this because they will make a lot more money on them. How can that be at the fee structure you report??

 

[Artemis Fowl]

I am continually amazed at how many panels I apparently am on. Always news to me when they ask me to update my info.

 

[gregb]

C'mon G - something has to be wrong somewhere. I mean, we are being told that AMCs are pushing this because they will make a lot more money on them. How can that be at the fee structure you report??

Danny if you remember in the past I pointed out to DJ that the interest of the AMC would be for more full appraisals, and not more hybrids. Btw, out of the reported $195 fee, if the AMC keeps $90 to $100, percentage wise, its right in line with the AMC profit margin target, right?

 

[Joe Flacco]

It's not the fee per report to AMC that is the opportunity. It is the potential to double or triple their market share.

 

[bnmappraisal]

C'mon G - something has to be wrong somewhere. I mean, we are being told that AMCs are pushing this because they will make a lot more money on them. How can that be at the fee structure you report??

It's made up in volume, no? If these are the "wave of the future" and volume heads that way, wouldn't it mean more $$$ for the AMC?

i.e. $195 = $75-$100 (appraiser), $50 (inspector), $45-70 (AMC) ... seems about right?