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Hybrids ...don't be the test rat

ramrcdk

Thread Starter
Senior Member
Joined
Jan 15, 2008
Professional Status
Certified Residential Appraiser
State
North Carolina

..... Quotes:
""The fine levied was 100 times greater than the fee received by the appraiser. In addition to violation of USPAP, several Georgia specific state violations were reported. Those who still consider doing bifurcated hybrids should keep the competency requirements of USPAP in mind.

Anyone doing them is not only undermining their profession, they are risking their license. Anyone doing them in a state where they do not routinely practice is a damn fool.

Due to all the phony hype about quality and accuracy and being done by ‘trained inspectors’ it’s going to take a while to demonstrate to state regulators how egregiously bad these ‘products’ are. ALL of them. Including 1004P. ""
......
""Most importantly they do not allow a reasonable fee (as required under Dodd Frank), or sufficient time to properly investigate, analyze, develop and report credible appraisal results. The systems are set up to provide appraisers with ‘suggested’ pre-selected comparable sales, and even adjustments in some cases.
As I have been saying for well over a year. These products induce fraud. The very design and marketing coupled with ridiculous fees assures USPAP compliance will never happen. ""

(Hey BERT check this out : appears to have been your point of contention with regards to words like ... BIASed , USE of PRE-chosen comps' etc...)
 
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George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
x 100 on the competency issue. Nobody should be making those errors in any appraisal assignment.

Of note is the point that none of the allegations against the appraiser were related in any way to the performance of the inspector.
 

Andrei Fin

Junior Member
Joined
Aug 30, 2017
Professional Status
Certified Residential Appraiser
State
California
"Most importantly they do not allow a reasonable fee (as required under Dodd Frank), or sufficient time to properly investigate, analyze, develop and report credible appraisal results.
Plenty of full appraisals fail to meet this standard. So once again the issue is really the fee not the product.
 

ramrcdk

Thread Starter
Senior Member
Joined
Jan 15, 2008
Professional Status
Certified Residential Appraiser
State
North Carolina
x 100 on the competency issue. Nobody should be making those errors in any appraisal assignment.

Of note is the point that none of the allegations against the appraiser were related in any way to the performance of the inspector.
Yes, correct and where no matter : there are no mandates, licenses, etc etc for "inspectors" anyway.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
The results of the case reminds me of the old TV commercial,

"I'm not gonna try it—you try it!"
"Let's get Mikey,he hates everything."
"He likes it! Hey, Mikey!"

Hybrids have been sold to appraisers like breakfast cereal. The reality is the latest hybrid isn't for appraisers, its for unlicensed 'evaluators.' And it probably should be sold to Uber drivers as a way of picking up extra income. (I hope I haven't offended any appraisers who are also Uber drivers.)
 

Evincere

Elite Member
Joined
Dec 30, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Of note is the point that none of the allegations against the appraiser were related in any way to the performance of the inspector.
thats the idea?
State Appraisal Boards cannot go after the unlicensed data collector inspectors. I don't think they can even go after those that are licensed as Realtors.
 
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Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I'll post a couple of pictures tomorrow why a desktop for lending can be a mine field...too tired tonight. What the public records shows vs. what was actually there.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
thats the idea?
State Appraisal Boards cannot go after the unlicensed data collector inspectors. I don't think they can even go after those that are licensed as Realtors.
If the state appraisal boards want to stop the use of 3rd party inspection reports in appraisals then they need to prompt their state legislatures to pass a state law enacting those prohibitions.

The state appraisal boards don't write the laws - their role is limited to enforcing the existing laws as written by the legislatures and signed into law by the governors.
 
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Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
George said, "If the state appraisal boards want to stop the use of 3rd party inspection reports in appraisals then they need to prompt their state legislatures to pass a state law enacting those prohibitions.
The state appraisal boards don't write the laws - their role is limited to enforcing the existing laws as written by the legislatures and signed into law by the governors."

We use to have zoning laws and taxi laws. Now any neighborhood is turned in to a daily vacation rental market. A Uber or Lyft drive might be a sexual predator. The money behind bending the laws in the internet economy is vastly more powerful in buying or preventing legislation that might affect the billions rolling in. If Corelogic, Lenders Service and the AMCs want Hybrids there is nothing states appraisal boards or legislatures can or will do to prevent it.
 
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