No bias here - keep moving

[Non Sequitur]

Here’s another issue with the whole hybrid being profitable, and great appraisers understand them and are making a boatloads of money. Fannie and Freddie both made it well known that we are now in the “show your work era” of appraisal. You can call them hybrids, desktops, bifurcated, whatever you wanna call them, but in the end there are only two report options in USPAP. So where is the “show your work” for all of these alternate products that they are pushing? They are beating appraisers up and expecting 2025 work for 1990 fees, but if it’s a hybrid you can get away with not running comps (which is a important part of verification), and not having to “show your work.” They definitely have a bias toward the alternative products, I wonder why?

 

[alebrewer]

but if it’s a hybrid you can get away with not running comps (which is a important part of verification), and not having to “show your work.”

Where did you pick this up from? The hybrid form is almost exactly like the 1004 form, no? How could you get away with not running comps?

 

[shrubberyvaluation]

Where did you pick this up from? The hybrid form is almost exactly like the 1004 form, no? How could you get away with not running comps?

Not all hybrids are done on that form. I saw a couple from class I believe that had a hybrid duplex as-is and ARV that they paid the appraiser $25. I doubt the appraiser ran the comps, but I'm sure it met the client needs of a rubber stamp. Can't imagine the appraiser did anymore than sign their name, if that.

 

[alebrewer]

Not all hybrids are done on that form. I saw a couple from class I believe that had a hybrid duplex as-is and ARV that they paid the appraiser $25. I doubt the appraiser ran the comps, but I'm sure it met the client needs of a rubber stamp. Can't imagine the appraiser did anymore than sign their name, if that.

And the form you're talking about is for conforming loans? I wasn't aware F/F bought loans with proprietary appraisal forms?

 

[alebrewer]

I know a lot of groups have proprietary 'hybrid' forms, but those are usually for portfolio stuff...

 

[shrubberyvaluation]

And the form you're talking about is for conforming loans? I wasn't aware F/F bought loans with proprietary appraisal forms?

Doubtful, but they are hybrids and these are being done by the most experienced and knowledgable appraisers per FNMA. Of course I bet this person was just so good and efficient he could handle doing all that for $25 a pop. So in tune with his market...oh wait he was licensed in 7 states he must have no free time to know all those markets.

 

[Surf Cat]

I think this thread has convinced me to become a professional PDC....

 

[Non Sequitur]

Where did you pick this up from? The hybrid form is almost exactly like the 1004 form, no? How could you get away with not running comps?

Read the SOW, "(3) inspect each of the comparable sales from at least the street" has been dropped from the SOW Fannie 1004 Hybrid.

 

[George Hatch]

It's a desktop SOW.

 

[Tim Hicks (Texas)]

According to the suits at the GSE's, the level of quality provided by the folks who will be (and already are) doing the PDC's is sufficient for their purposes. I mean, honestly - I've seen some pretty horrific appraisals from (theoretically) well trained appraisers who do have incentive to do a good job.

Most likely they will do horrific jobs with PDC assignments too.