Hybrid

[bnmappraisal]

All of the "controversy" is about the fee,

Nobody is arguing that appraisers should not be concerned with fees.

The AMC are equally concerned with the fee.

This is all about fees

Still about the fee.

... I agree ... it's all about the Fee!
What's the movie quote? "Show me the money!!!!"

 

[bnmappraisal]

So a few of you on here have no doubt that hybrids are 100% USPAP complaint and done in accordance with current state and federal laws? You have no questions about that whatsoever? Have you read your states laws and board rules and come to that conclusion? I certainly have questions.

I haven't done any of these "hybrids" but do know a decent amount about some of them from first hand sources (both non appraisers at the AMC ordering them as well as appraisers completing them)

That being said, I do have my own hesitation to completing one, but to me it does come down to the fee. I don't believe one can comply with USPAP and complete the appraisal (it is an opinion of value by a licensed/certified appraiser, so it's an appraisal) in the "magic 45 minutes" that many have touted online. I DO believe once can complete a "hybrid/desktop/bi-furcated" whatever you wanna call it appraisal that DOES meet USPAP but ... again ... there is a fee involved. To me, it's definitely a three figure fee

 

[Addie]

The Fannie Mae pilot few that I've seen pay $150 to the appraiser. No clue to the inspector. I can't imagine this $150 is set in stone, bet some will pay $75 and some $400.

Taken from a pilot program order.

"For this order, the appraiser fee is $150.00 and the AMC fee is $160.00. The fee retained includes all costs of the AMC."

 

[chad hampton]

Well sure, except everyone else involved in this garbage appraisal product gets to cash the check and move on. One party is on the hook for 5 years. So yes, we do have the most say. As we always should.

I doubt they will get anyone at $150. $400, maybe so.

 

[Evincere]

Nobody is arguing that appraisers should not be concerned with fees. However, some people are making the point that the arguments that hybrids are not USPAP complaint or are that they are too risky for their intended use are really thinly disguised fee arguments which fool nobody.

No one is trying to fool anyone. The issues are not mutually exclusive. Appraisers are well within their rights to debate and question liability or risk issues associated with any new product and/or whether their time and compensation is commensurate.

 

[chad hampton]

I've never completed one either. Making too much on better quality appraisal work at this time.

I would be interested to read the certifications that are being signed. Are they naming people in their reports that provided assistance?

 

[timd354]

No one is trying to fool anyone. The issues are not mutually exclusive. Appraisers are well within their rights to debate and question liability or risk issues associated with any new product and/or whether their time and compensation is commensurate.

C'mon, everyone knows that this is all about fee and protecting market share, nothing more and nothing less. BTW, concerns about fee and income are fine, but appraisers would be better served to be honest about this as opposed to making themselves (in some cases) look like disingenuous fools who cannot be trusted

 

[Addie]

I've never completed one either. Making too much on better quality appraisal work at this time.

I would be interested to read the certifications that are being signed. Are they naming people in their reports that provided assistance?

Yes, they are named and the 3rd party report is embedded in the appraisal. Certs are same as a Fannie form, just did not inspect, 3rd party, extraordinary assumptions, etc.

It seems like the GSE's just want a 1 page report of the major items including value. Since very little metro appraiser do cost and income, seems like they tossed it if no one going to do it anyway. They are tossing out cost and income approaches with pre-printed language and giving you a report of its condition with pictures. Think of it as doing a desktop with an MLS listing and realtor description. You can also call the realtor, same as MLS. Hey, what did this and this look like? Any power lines? It's really just a 2 page form report, but they end up being 18-20 pages of CYA, min USPAP comments, pictures, aerials etc. It's a watered down 2055 that comes with a full "MLS type report."

If they paid your fee, they seem pretty reasonable to me for 2018. No appraisers doing cost/income, ok, let's follow their lead, said Fannie. We can get cheaper inspection and more volume. They get a full MLS type report and more than welcome to question that person? What else do you need in 2018.

 

[Eli]

What concerns me is the disconnect between FNMA and govt(perceived).

It concerns me deeply.

 

[bnmappraisal]

You can also call the realtor

But that would eat into the "45 min" to complete the report