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New 'memo" from LSI

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Greg davenport

Thread Starter
Member
Joined
Mar 30, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
This has no impact on me, because the will not pay my fees, but if they ever did, I would still send everything in copyrighted, in PDF format, and with my listings on a listings page.


Date: January 31, 2008
TO: All NON ACI Appraisers
FR: George Vann, SRA
RE: TWO LISTINGS Placement

As many of you are aware, we invoked a two listings policy to be gridded for every appraisal nationally with the intent of assuring all appraisers are aware that most markets nationally are either in decline, or in danger of it. Moreover, since markets do not march in lockstep, there are soft pockets in most markets which may be in decline while others are not.

IF YOU ARE A NON ACI software appraiser, please note: UNTIL FURTHER NOTICE, do not use the "Additional Listings Page" from your library of forms. Normally this would be fine, but since our systems are ACI driven, that form is not being translated correctly and requires a manual work around process.

If you will kindly add your listings to your closed comp pages, and label them at the Sale Date Line as "ACTIVE LISTINGS" then this kind of technical glitch may be avoided with no additional work on your part.

We appreciate your help with this matter.

Some appraisers are loading listings, adjusting them, and still opining values
well above the listings. Without a specific explanation, we have to assume this is a mistake and possibly a training issue and will call to inquire why. REMEMBER, if you can buy the listing of equal quality, size and function down the street for less, why would you assume the subject is worth more? In a declining market, the competitive listing often IS the market value. Please review the Principle of Substitution and email me if you have a question. In some cases, there may be a reason, but this should be fully investigated and substantiated in your analysis.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
"since our systems are ACI driven, that form is not being translated correctly and requires a manual work around process."

Pam: Did you note that sentence?
 

William K

Senior Member
Joined
Sep 21, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
I wonder at what point and time will one of these AMC's require the appraiser to just submit the data, along with a digital copy of their signature, and photos, and sketch along with what form the appraiser would wish to have the appraisal displayed and they will fill everything out and sign for the appraiser.

And at $150 an order they will only charge the appraiser a $50 processing fee that will be required on all info submitted.:new_all_coholic:



I can see the conditions arleady, APPRAISER TO PROVIDE MORE DATA TO SUPPORT THE VALUE WE ARRIVED AT FOR THE APPRAISER:rof:
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
IF YOU ARE A NON ACI software appraiser, please note: UNTIL FURTHER NOTICE, do not use the "Additional Listings Page" from your library of forms. Normally this would be fine, but since our systems are ACI driven, that form is not being translated correctly and requires a manual work around process.

OK all those that work for LSI can you see ANY problem that you MIGHT be having with the above quote from LSI??

Get to your Law Enforcement before they get to you. With all the Presds coverage time is running out.
 

Greg davenport

Thread Starter
Member
Joined
Mar 30, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
"since our systems are ACI driven, that form is not being translated correctly and requires a manual work around process."

Pam: Did you note that sentence?

PAM

If you want a copy of this, I will be glade to forward the fax to you. Just let me know.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
YES PLEASE!!!!!!!

email it to:
PamC @ MortgageFraudWatchList. org (remove the spaces)
or
pec514 @ yahoo. com (remove the spaces)
 
Last edited:

TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
Question ?????

What about all the listings that were utilized prior to..... lets say the last month or so. How comes the listings were never a problem before? Were they just deleted from the appraiser's original report before sending to client or were they, how did he put it...oh, manually worked around. I don't know about you all, but many times I utilized listings way before it was demanded of us. (I never worked for this outfit as well, just talking in general here).
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
WHO is that third party software company unlocking and 'converting' your reports?????

WHY would anybody think that is perfectly OK to do?????

I am sooo looking forward to the courts opinion on this!!!!!


WHO do you think is going to take some of the blame in the courts when the appraisers were warned about this and continued to send their reports to these AMCs anyway?????
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
WHO is that third party software company unlocking and 'converting' your reports?????

WHY would anybody think that is perfectly OK to do?????

I am sooo looking forward to the courts opinion on this!!!!!


WHO do you think is going to take some of the blame in the courts when the appraisers were warned about this and continued to send their reports to these AMCs anyway?????


Last week I sent a pdf to LSI and it said "ACI conversion" after I uploaded the report.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
:rof:
That panel is certainly full of High Quality, Knowledgeable appraisers.
--Who apparently don't understand the principal of substitution.



Reminds me of a family joke about one cousin's wife.
"If she saw two identical dresses, and one was $100 more than the other,
Marlene would buy the more expensive one,
it had to be better, it cost more."
 
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