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More And More Information Required

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Ariba

Senior Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Colorado
Why do clients/lender want more and more information? Don't they trust the appraiser?

MLS DATA SHEET - REQUIRED - Please provide MLS data sheets for the Comp(s)

VERIFICATION SOURCE - DOCUMENT REQUIRED Please provide a document # from a public source in the Verification Source. This is in addition to the MLS # which the Client also requires as a Data Source.
 

TRESinc

Elite Member
Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
i can tell you from the review work i do some appraisers leave a lot of information out of their reports. countless times i see something like "condition adjustment to comp 2 was based on MLS listing" which tells the reader of the report nothing. i think it's safe to say that more times than not the reader/reviewer of the report is not in the same state let alone area as the report was completed and most likely doesn't have MLS access. while we are typically not completing narrative reports leaving out data like that makes it hard to follow/understand what the appraiser has done.

no clue on the public record document number as my market doesn't use them.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
Don't believe it's a matter of Trust any longer, it's a matter of regulatory compliance that has them sifting thru sand looking for pistachio nuts, when there have never, ever been any pistachio nuts to be found.
The doc# may be referencing the account # on the field card or you could always reference the deed V&P; in my area they are generally looking for an alternate line of tracking; I believe it depends on what's available to you.
 

Tom Woolford

Elite Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Just to ward off repeated requests like that I include the MLS # , the OR book and page, and the Parcel key number. If that's not good enough for them, I quit. It takes 10 seconds and is good for a 10 point blood pressure drop.
 

Davy

Sophomore Member
Joined
Oct 3, 2016
Professional Status
Certified Residential Appraiser
State
North Carolina
Additional info? How about this for additional stips from an AMC:

All appraisal reports must include a statement of your competency in the subject’s area. This should include:

a) your distance from the subject property

b) the number of years you have been appraising

c) the number of reports completed in the subject’s area (county)

d) the percent of your workload that the subject’s area represents

You would think that he fact that I am residentially certified in two states and WAS REQUESTED BY THE AMC TO DO THIS REPORT that they would know just how proximate this property is to me. To me this is irrelevant as it is implied since I am doing the frikkin' report. But no, they must have additional commentary not required by Fannie Mae and irrelevant to the URAR. If our fees rose as much as all of the required verbiage, we would have been retired by now.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Why do clients/lender want more and more information? Don't they trust the appraiser?

MLS DATA SHEET - REQUIRED - Please provide MLS data sheets for the Comp(s) - NO

VERIFICATION SOURCE - DOCUMENT REQUIRED Please provide a document # from a public source in the Verification Source. This is in addition to the MLS # which the Client also requires as a Data Source. OF COURSE. YOU'RE SAYING YOU HAVEN'T BEEN INCLUDING DEED RECORDING NUMBERS ALL ALONG?
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina

Not a requirement.
 

Peter LeQuire

Elite Member
Joined
Jan 3, 2005
Professional Status
Retired Appraiser
State
Tennessee
All this about MLS numbers, copies of briefs, recording information and the rest is the bitter fruit appraisers continue to have to eat because of the ethical and compliance failures of many who went before us.
 

A K

Elite Member
Joined
Jul 31, 2013
Professional Status
Certified Residential Appraiser
State
Maryland
I don't think the client asking for that kind of stuff improves reliability or credibility of the report. What needs to improve in appraisal reports is more detailed communication about how the opinion of value was developed.
 
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