Marketing for PMI Removal

[rpayne]

I know a couple of appraisers/firms in my area who did try to drum up PMI removal business. Neither one was very successful. A one-man operation advertised then spent a lot of time on the phone with potential clients. Once he "sold them" on the idea they called their banks who then just used another appraiser. The other company spent a lot of money researching and ended up just giving up for poor results (effort not worth the reward).

 

[Mountain Man]

If you are simply doing a check for someone for PMI purposes, and you report what you find, namely the sales data, then give the HO a range that their house may fall into

That, my friend IS an appraisal. If you give a range, you had better have a work file to support your opinion. This is nothing more than verbal limited-restricted report.

As I read it, that would not be in violation because you can only violate USPAP if an appraisal report has been completed.

You can give a verbal appraisal, that's what we do in court all of the time. Heck, it can even be written on toilet tissue. But you had better have the work file with the data.