iMortgage Services - Field Reviews

[Sunshine in VA]

http://www.imortgageservices.com/itimes/checklists/PMI.doc

Please read the attached document. iMortgage Services is telling the appraisers who work for them that if a field review is ordered from them after they perform a 2055, "the focus of the field review assignment is to support your valuation from the retrospective drive-by"

They go on to state "Please utilize the same comps as provided in your retrospective drive-by. The adjustments made to each comp should be exactly the same".

So basically, if you perform a 2055 for them then they ask you to perform a field review you should not change your opinion of value, comps , or adjustments to the comps based on information revealed by the original appraiser who perform and interior and exterior inspection.

Silly me, I thought the purpose of a field review was to determine the quality of the report being reviewed.

 

[Roy Courtney]

The search feature on this forum has some very interesting posts about this AMC regarding payment of appraisal fees. You may want to research that also! :new_all_coholic:

 

[Randolph Kinney]

I wonder why USPAP has that disclosure requirement on prior services?

Maybe it is to alert users of the appraisals and review that there is a conflict of interest?

 

[Meandering]

You get to review your own work? And you are not allowed to change anything?
How cool is that? One completed and reivewed report all for one very low price.

Sweet!
The HVCC did not say anything about the 10% review requirement additionally required the reviewer to be a different person that the original appraiser.




I should have went to medical school instead.
m2:

 

[CANative]

Thousands of years from now appraisal archeologists will discover the former site of iMortgages operations center.

Many unsolved mysteries will be cleared up.

 

[Meandering]

Greg, You have more pics than Audubon

You should put together a coffee table book, a picture portrait of the appraisal industry.

 

[Sunshine in VA]

You get to review your own work? And you are not allowed to change anything?
How cool is that? One completed and reivewed report all for one very low price

Not quite they are hiring appraisers to do 2055s and, depending on their opinion of value (if it's low enough), a field review from the same appraiser under their non USPAP complaint "checklist" to rescind the mortgage insurance. The field review is to review the work of the origination 1004 by a different appraiser, but iMortgage Services tells the reviewer he cannot change his comps, adjustments or value from what it was on the 2055. That applies even if the appraiser they hire calls the subject average based on an exterior only inspection and then for the field review reads the 1004 origination report and it states the interior of the subject had a total renovation.

What I like to know is what appraisers work for them and agree to their field review requirements.

 

[CANative]

The field review is to review the work of the origination 1004 by a different appraiser, but iMortgage Services tells the reviewer he cannot change his comps, adjustments or value from what it was on the 2055.

This is an unacceptable assignment condition and that idiot SRA of theirs should know this. A review of a 1004 report completed years ago is not even remotely similar to a retrospective drive-by appraisal. Anything could happen or pop up.

 

[Sunshine in VA]

This is an unacceptable assignment condition and that idiot SRA of theirs should know this. A review of a 1004 report completed years ago is not even remotely similar to a retrospective drive-by appraisal. Anything could happen or pop up.

Exactly, but this is how they are working their field reviews to rescind mortgage insurance back to the lenders. From there the lender sends the appraiser the field review to rebutt.

 

[CANative]

No buts about it. If I understand this correctly there is simply no way that an appraiser can accept the subsequent assignment under the stated terms (conditions.)