New 1004

[jay trotta]

CU is based on group thought adjusting. If there is a question it will say most appraisers do this, not what you did.

agreed and the "review" problem has not changed since I got my license in the 80's, nobody reads.

IMO-In order for them to actually provide a review, even a simple one-the reviewer would need to be competent in the market in which the appraisal took place. IF, your Lender/AMC is West or East of your location and all they hire is Debbie Downer from their location, competency is a real question. Therefore, the only purpose at this point in time is the wasting of valuable time of the appraiser. As one of my old instructor's said nearly 30+ years ago. just charge an hourly rate and the questioning disappears. Obviously that won't happen in today's market but have used that theory off and on during my time.

 

[David S]

From what I have read it will not be a “form”.

What is to become of datamaster and similar companies?

Are we going to have to hand type data again like it is 1999?

There will be no more 1004, 1073, 1055 etc. Only one appraisal form. There will be a pull down manual from the software. You can select single home, condo, drive by etc. it will automatic generate the format / layout, like 1004, 1073 before. But just called appraisal form.

 

[George Hatch]

Would really like to review one of your reports.

Would you mind posting a redacted report you have completed?

I would then have the most professional template available on the planet!

Why on earth would you want to do this to yourself?

 

[George Hatch]

agreed and the "review" problem has not changed since I got my license in the 80's, nobody reads.

IMO-In order for them to actually provide a review, even a simple one-the reviewer would need to be competent in the market in which the appraisal took place. IF, your Lender/AMC is West or East of your location and all they hire is Debbie Downer from their location, competency is a real question. Therefore, the only purpose at this point in time is the wasting of valuable time of the appraiser. As one of my old instructor's said nearly 30+ years ago. just charge an hourly rate and the questioning disappears. Obviously that won't happen in today's market but have used that theory off and on during my time.

Believe it or not, most of this problem is in the format itself. We call it the easter egg hunt where a reader has to flip back-n-forth throughout the entire report to find what they're looking for. This leads to appraisers just continuing to add little blurbs in to satisfy different user requirements, often with some redundancy. It's like taking a 1973 Pinto and dragging it through the chrome accessory aisle at Pep Boys for 30 years, and then wondering why it resembles a Jeepney with 150 pieces of flair tacked on at random spots.

Narrative formats have the same potential as a result of appraisers putting things in different order. I just read one yesterday that wasn't bad, but only because I knew what I was looking for. Most of those readers don't actually know what they're looking for.

 

[Joe Flacco]

What exactly are they looking for?

 

[jay trotta]

Believe it or not, most of this problem is in the format itself. We call it the easter egg hunt where a reader has to flip back-n-forth throughout the entire report to find what they're looking for. This leads to appraisers just continuing to add little blurbs in to satisfy different user requirements, often with some redundancy. It's like taking a 1973 Pinto and dragging it through the chrome accessory aisle at Pep Boys for 30 years, and then wondering why it resembles a Jeepney with 150 pieces of flair tacked on at random spots.

Narrative formats have the same potential as a result of appraisers putting things in different order. I just read one yesterday that wasn't bad, but only because I knew what I was looking for. Most of those readers don't actually know what they're looking for.

George, I agree, but I did not design the report, they did; they also invented the addendum. I would think they would have thought about that when making the fill in the blank report.
When their new invention comes out, I would almost guarantee it won't be flawless. Like the CU and algorithm, only as good as the secret sauce at McD's

 

[Tom D]

I would then have the most professional template available on the planet!

Only if you had my easy little row urban template. Almost completed, just needs photos.

I hope the new form can take a templated form. If you have to fill out every line as you go, then how much longer will it take and how we will get nothing more for that time. In the old days any change was a price increase. I think appraisals are already at a price ceiling, now we will spend more time for the same amount.

I got my direct clints to raise their fees the last time, because they liked me, or i just kept begging for more. The new form can be a final nail in not making a living for us.

 

[chad hampton]

Not much I hate worse than looking at an appraisal report and all I see is see text addendum on every line on page 1.

I’ve heard it explained that there will be less narrative and more dropboxes to fill in. While some have complained that appraisers are too into form filling, it appears that this is nothing but form filling. So that criticism should be pointed elsewhere.

Hopefully, there’s someway to save templates for whichever you were doing. If you have to start from scratch, this will be terribly time consuming.

I’ve heard it’s already pushed back to 2026 and knowing how government works, it could be pushed back to 2036.

 

[djd09]

i bet some old white males created the old forms...and the new ones

 

[Tom D]

i bet some old white males created the old forms...and the new ones

You seem to have a constsnt issue with having to note the color of someone. I believe that is racism attaching a color to any person about any subject. Do you have an internal self hating white person complexe. Although, you are usually spot on appraising answers, when not being a race baiter.