Lender Suggested Comps

[Zephyr999]

What is a partner desktop system? Is that another term for 3rd party inspection? Of course if someone saw the house I doubt they would of missed the floor.

Yes, 3rd party. And yes there is a front pic/maibox/street both ways...if went into backyard and viewed would have noted basement window below entry floor. In other words, street only is deceiving in this instance.
Feel free to check Google map...809 Evergreen Dr, Holmen, WI.

 

[Overimprovement]

Maybe the lenders should be required to send the subject thru CU prior to ordering the appraisal, which would require there being some changes made to the system and the ordering process. That way they could include the CU "recommended" comparables and the appraiser could respond accordingly within the report, rather than after the fact. Basically, a CU version of Zillow, where dissimilar properties are used to estimate the value of the subject.

Properties are already vetted somehow to see if they are good candidates for hybrids, desktops, AVMs, etc. It is not just based on the borrower and loan amount. It may not be CU doing the actual vetting, or maybe it is, I don't know the inner workings of Fannie. Anyone with more insight out there?

 

[KHS445]

No, because 1) that could influence the appraisers comp choices on the front end
and 2), some lazy, poorly trained or churn them out fast folks would simply use the comps from CU and not look for their own.

Isn’t what they are dong now with providing additional comparables on the back end also an attempt to influence the appraiser‘s opinion of value?

As far as lazy appraisers using just those comparables and not doing their own research. You get what you pay for. While I do not accept secondary market work, I do know several residential appraisers who do and I think it is safe to say that when selecting comps there are times they look for ones they can get thru CU rather than the best comp.

 

[J Grant]

Isn’t what they are dong now with providing additional comparables on the back end also an attempt to influence the appraiser‘s opinion of value?

As far as lazy appraisers using just those comparables and not doing their own research. You get what you pay for. While I do not accept secondary market work, I do know several residential appraisers who do and I think it is safe to say that when selecting comps there are times they look for ones they can get thru CU rather than the best comp.

The back end is after the appraiser already chose their comps and arrived at value. So no, it is not the same

Forget it, will never happen - if they are going to provide comps on the front end they will stop ordering an appraisal , they picked the comps what do they need us for -

 

[ilsindaco2628]

The back end is after the appraiser already chose their comps and arrived at value. So no, it is not the same

Forget it, will never happen - if they are going to provide comps on the front end they will stop ordering an appraisal , they picked the comps what do they need us for -

My issue is this.... of course appraisers may not see a particular comp. Maybe an appraiser missed something. Having a lender send over comps to review is commonplace... but it's ALWAYS at a significantly lower value. It's never like "why didn't you use these sales 20k above your appraised value"

It comes off as "yeah we really don't want this loan, have you tried these sales 100k lower that are in no way comparable to the subject?"

 

[CGinMN]

Sadly, have to agree that appraisals by desktop/3rd party inspection are not as reliable.
I'm at the tale end of loan and requested reconsideration of value due to the appraisal omitting an entire floor of finished GLA using the partner desktop system. It's not easy to tell a Quad level from Tri-level at street view. Assessor info is a bit hard to track as bldg detail didnt list it BUT the sketch does. It was a total miss by the appraisal...only 42% off...oops!!

This does not sound like an appraisal for the secondary market.

 

[KONA]

Old adage; the client gets to pick the subject, the appraiser gets to pick the comps.

 

[Tom D]

to get back to CU. yes, it crosses neighborhood boundaries, GLA, conditions when it say 'hey!!! what about these sales". it also doesn't know about a bad external influence if the group thought is too lazy to note it on a comp. as a matter of fact you can get a shell condition sale on the block compared to your c3. i think corelogic was right up there to, since it started the comp checks in the old days.
it all depends on the lenders tolerance level, and if they are familiar with your work. long time direct clients don't question your appraisal.

 

[Zephyr999]

This does not sound like an appraisal for the secondary market.

Hmm, why does the secondary market comment matter to you? In other words, when does the improvement size change based on the loan product?

 

[CGinMN]

A GSE “desktop” is only for purchases and requires a floorplan, so it wouldn’t miss an entire level of the home. A GSE “hybrid” for refi requires an interior inspection and also wouldn’t have missed an entire level of the home. It sounds like you got a desktop for an in-house loan that used an EA that the information in public records was acccurate. So, the loan product does determine the SOW, assignment conditions, assumptions made, and ultimately the reported size of the improvements.