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My First Field Review?

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I was sent one of my own appraisals to review once. I called them up, and noted that while it was the best appraisal report I've ever seen, I would have to decline the review. :rof::rof::rof:

Reviews are done for many reasons. Nearly all of my bank assignments are FRTs, and it is my understanding that every single one of them is reviewed by an appraiser, either internally or externally by the bank.
 
Yes, my report was included in the bid request.

I guess that would mean potentially a slew of other appraisers got to see your report....
So if the assignment was quickly accepted, maybe not a bad thing for you....
 
I actually disagree. There is usually a reason for the review. Sometimes they don't understand why the appraiser did what they did and it's pretty simple. Most of the time though it's real bad.

No...I usually agree with you Amy but not on this one. Out of the field reviews I have done ever I would say I agree with value 8 out of 10 times or more. Most of the ones I get are literally slam dunks and just appear to be ordered as random quality checks. Don't know if its 1 out of 50 or 1 out of 100 or 1,000. As long as he did good work I wouldn't worry...

What would worry me is they sent the initial field review to him with 1 year experience on his own. I started getting requests for field reviews as soon as I was licensed many moons ago...I thought I wasn't ready for that and passed on some. Seems they should wait until people are more seasoned to do reviews but once on someones "order" list I guess they don't care as long as its done.
 
LOL, yes...there is no answer that is full-proof or fool-proof. Our state mandates (if AMC) the client's ability to complete reviews-random audits, could be the unhappy borrower, could be the answers you provided in revision didn't provide "answers" they wanted for the "loan", lender could be looking for the hook to pass on lending,
could be anything.
Just be ready and review your workfile while it's fresh on your mind.
2019 I had two -value challenges, a first & second, ever. I simply addressed the comps' provided & why I didn't. Always review the 'specific" lender instructions, as well as, the market reasons for the "whys".
One of those circumstances, I was so over-thorough, it prompted a call from the head-chief supervisor for the national lender. She wanted to let me know in person (so-to-speak), the responses I provided were so very thorough & to the point she wished other appraisers would be so "professional", not emotional.
My point in that is in the end you gain a great client. As it turned out, the lender rep' was a personal friend of the borrower. The Rep' was trying to get squeeze all of the juice out of the lemon.
I had not actually done anything wrong & was informed there would be no further concern on my end. Kind of her to call.
Be a scout, be prepared, you should be OK.

You had 2 reconsideration of value requests all of 2019? You must live in an alternative universe. I don't count but anytime I come in below contract price I expect to see a ROV request come in within the next few days. Roughly 2/3 of the time this happens. Sometimes they are semi reasonable and sometimes they are laughably unreasonable...but they all grasp that straw if they can and see if they can get you to change value..I'm pretty sure the lenders tell the realtors to just send in anything and see if we can get lucky on a ROV.
 
My experience (on the lender side) has been that field reviews are generally requested when either: (a) there is a high CU score - as the agencies require enhanced diligence for those appraisals, or (b) when the property is complex, and adjustments are kind of 'all over the place'. Neither necessarily have to do with the quality of the report, and it's been my experience that roughly 80% of the field reviews (and desk reviews for that matter) come back with agreement with the OA assessment.
 
At one point in the last 20 years (I remember) the GSEs were required to review at least 10% of their total incoming appraisals. The Feds direction of the level of "review" was dubious, but I remember distinctly thinking it was a he!! of an idea, then the "dubious" part came into play and the "wild wild west" of the early 2000s leading up to the 2008 nuclear fail happened. Who could have imagined or seen it coming? Stevie Wonder with no knowledge of the mortgage lending business could easily have been a Nostradamus.
 
The FNMA/Freddie Mac world require field reviews on a % of appraisals used for loan sales to them.

Of all loans sold to them, by a lender, 10% must be desk reviewed and of the 10% desk reviews 10% of those must be field reviewed.

Just curious, why would anyone think a lender would "pick" a "bad" appraisal for such a situation?
 
Just curious, why would anyone think a lender would "pick" a "bad" appraisal for such a situation?
define 'bad'. You mean high CU score, or complex assignment? I just answered that in post #16.. if, by 'bad', you mean something else, I'd have no idea.
 
I've never been able to find anything in USPAP that forbids one from reviewing their own work. I'm of the opinion that "Who better to review a report than the OA? after all, they were inside the subject, or least they certified they were.
Does anyone remember a lender named Penn Funding? Back in the mortgage broker days they were reviewing about one out of every ten and they had one guy reviewing all their work. He used to call me and ask about chain link fences vs privacy fence adjustments. He would also have a cow over $2 K in concessions on a 400k property. I'm going to look him up and see where he turned up. He was a nice guy in CE classes, but annoying as hell on the phone late in the afternoons during cocktail hour with his due diligence over fence adjustments.
 
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