PAREA: Darn the torpedoes / 3 Sheets to the Wind

[Dublin ohio]

I will add to my above and also again to what you said, Ale, there's always the saying "There's the rules, then the rules of the jungle"

In other words, there's the book stuff of "how to appraise" and then there's the real life scenarios that happen to all of us once we are out in the field for some time
15+ yrs deep and still learning stuff all the time!!!

Going on 30 years and I run into this. Now I have seen temporary support posts used for various situations. But seriously? BTW. There was no header for the overhead door opening.

 

[Non Sequitur]

Going on 30 years and I run into this. Now I have seen temporary support posts used for various situations. But seriously? BTW. There was no header for the overhead door opening.

View attachment 64941

Wow. With no header I'm surprised it didn't fail after a few openings.

 

[djd09]

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[cheustis]

"I cannot take on anyone at this time, but it definitely isn't out of "fear" of being replaced by a "young hungry trainee"

To clarify, I was more referring to the negative comments around PAREA and not necessarily around CAs not taking on trainees. I know there are some inherent shortcomings with the traditional supervisor / trainee relationship and this has nothing to do with fear of training competition. I have a very good friend (he was my best man) that's been certified for around 12 years and even he isn't interested in a trainee. His reasons are more around the fact that he has the work/life balance he wants right now, and good friend or not, he can't rationalize taking away from that to spend 1500+ hours training me. He's not set up for a trainee. He works from home and doesn't have the space, desk etc. He's been working very hard for over 10 years to become EXTREMELY well at what he does and it's afforded him a very good life. He travels all over the place basically whenever he wants for weeks at a time and a trainee would take away from everything he's been working for. Can't say I blame him either.

 

[cheustis]

Make sure you really WANT to become an appraiser. It definitely is not for everyone

Thanks for the advice! Sincerely. I've been in HR software since 2006 and just feeling burned out. Like I mentioned one of my best friends is certified and I see what it's given him. I know enough about the profession through getting my trainee designation and from conversations with my buddy to know I'd enjoy it. I've always been a numbers guy and like math, geometry, and "analysis type" roles. Even during my training, things just clicked. Not saying I'd come out the gate and know everything or crush it. But this stuff came pretty easy so far and I honestly just enjoy the "attention to detail" stuff. Sometimes to a fault. Even during training, floating random questions by my friend... he'd follow up by asking some questions back to me. I'd get back to him with the right answer right away. Calculating GLA, calculating change in value over time, etc. The numbers aspect just clicks and the math part has come easy. I know this is just the tip of the iceberg so to speak, and that the real value appraisers provide takes time and understanding of their markets and a deep understanding of the approaches to value; how, when and why to use or not use certain comps. Just the same... I'm going to pursue it. Just sucks that it's looking like I won't be able to start getting QE for another year or two until PAREA program providers have made their content available. We shall see.

 

[Jayjay25]

Q7. Does Fannie Mae accept appraisals when an unlicensed or uncertified appraiser or appraiser trainee completed
the property inspection?

Yes. An unlicensed or uncertified appraiser or appraiser trainee may perform a significant amount of the appraisal
including the property inspection and sign the left side of the appraiser certification as the Appraiser if:
 he or she is working under the supervision of a state-licensed or state-certified appraiser as an
employee or sub-contractor,
 the right side of the appraiser certification is signed by that supervisory appraiser, and
 it is acceptable under state law.

Yes! Fannie and Freddie do accept appraisals completed by licensed or non-certified appraisals trainees. Unfortunately most lenders do not and that is why the “old system” of training appraisers is broken. The mandated “users” of our product have way too much control over the appraisal process. Be careful, after completing all the PAREA courses the lenders could impose their own additional guidelines stating that they will not accept appraisers trained by PAREA, even though Fannie and Freddie state that it’s acceptable.

 

[RCA]

I got an email from the Appraisal Foundation updating PAREA. Digging a little deeper and found a few interesting trends. It seems AI has been selected as the PAREA provider. There will be 'mentors' who can teach a unlimited number of plebes in a class setting, though using advanced technology is encouraged (I'm thinking microchip implant or stem cell implants), but not necessary.


"The below Q&As were added on 4/8/2022

19. In the Criteria, it states the following:

Could our PAREA program be approved if we only require the participant to complete three reports?

Yes, a provider could be approved if only three reports are required. "


"Do Mentors need to be licensed in individual states?

No. There is not a geographical competency requirement within PAREA, so Mentors do not need to be licensed in the states where they are mentoring participants. "

And how many hours in class or over the internet is required?

View attachment 61823

So 200 hours to meet CR requirements, 3 reports, by a mentor who can teach large groups, nationwide. And 31 states have auto-signed up.

ShareFile

appraisalfoundation.sharefile.com

The best solution to the appraisal competence problem is to make all appraisers pass the 2.5 day Appraisal Institute Comprehensive Examinations for both MAI and SRA.

http://www.appraisalinstitute.org/assets/1/7/guidebook-comp.pdf

 

[George Hatch]

Thanks for the advice! Sincerely. I've been in HR software since 2006 and just feeling burned out. Like I mentioned one of my best friends is certified and I see what it's given him. I know enough about the profession through getting my trainee designation and from conversations with my buddy to know I'd enjoy it. I've always been a numbers guy and like math, geometry, and "analysis type" roles. Even during my training, things just clicked. Not saying I'd come out the gate and know everything or crush it. But this stuff came pretty easy so far and I honestly just enjoy the "attention to detail" stuff. Sometimes to a fault. Even during training, floating random questions by my friend... he'd follow up by asking some questions back to me. I'd get back to him with the right answer right away. Calculating GLA, calculating change in value over time, etc. The numbers aspect just clicks and the math part has come easy. I know this is just the tip of the iceberg so to speak, and that the real value appraisers provide takes time and understanding of their markets and a deep understanding of the approaches to value; how, when and why to use or not use certain comps. Just the same... I'm going to pursue it. Just sucks that it's looking like I won't be able to start getting QE for another year or two until PAREA program providers have made their content available. We shall see.

There's more to operating independently as an appraiser than simply knowing how to fill out the form. And PAREA hours aren't going to touch any of it.

 

[cheustis]

Yes! Fannie and Freddie do accept appraisals completed by licensed or non-certified appraisals trainees. Unfortunately most lenders do not and that is why the “old system” of training appraisers is broken. The mandated “users” of our product have way too much control over the appraisal process. Be careful, after completing all the PAREA courses the lenders could impose their own additional guidelines stating that they will not accept appraisers trained by PAREA, even though Fannie and Freddie state that it’s acceptable.

Certified is certified I would imagine regardless of where the "experience " came from. Right?

 

[bnmappraisal]

There's more to operating independently as an appraiser than simply knowing how to fill out the form

Very good point, George, and one that took me many years to wrap my head around
Since I am strictly RES, and a good chunk of my book is lending work, it sometimes is hard to step back and realize what USPAP says to do vs what Fannie/Freddie (FHA, etc) says to do

One of the big things that many RES have trouble with is the whole "inspection" of the subject thing. I literally just finished up a private/non lending assignment about an hour ago
Desktop Appraisal. No inspection of the subject property. Client was happy with that, although I did offer to inspect/measure - client didn't need that
Difference in fee (inspect vs no inspect) was only 20% discount.

But when your mind is simply in the F/F world, it is hard to wrap your head around "how can you appraise a property you never see in person?!"