PAREA: Darn the torpedoes / 3 Sheets to the Wind

[Elliott]

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?



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

 

[shrubberyvaluation]

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 be a met CR requirements, 3 reports, by a mentor who can teach large groups, nationwide. And 31 states have auto-signed up.

ShareFile

appraisalfoundation.sharefile.com

I hope my state is not one of them, but I have a feeling it is.

 

[Overimprovement]

SO similar to socialism, where the middle class is effectively eliminated. All 'typical' appraisers, like what we are mostly used to being for most of our career will be gone soon, unable to compete with the '3 report' brigade, waivers, desktops, hybrids, etc. What will exist in the future are 'specialty' appraisers, mostly CG I imagine, and the skippies who think $100 per report is great until they get sued. And they will. I challenge the future to prove me wrong, but I see the 1004 as being non-existent within 5 years, and most of us being forced to change careers. Trying my best to put away extra $ now, but that's hard with a full family.

 

[Highlander416]

SO similar to socialism, where the middle class is effectively eliminated. All 'typical' appraisers, like what we are mostly used to being for most of our career will be gone soon, unable to compete with the '3 report' brigade, waivers, desktops, hybrids, etc. What will exist in the future are 'specialty' appraisers, mostly CG I imagine, and the skippies who think $100 per report is great until they get sued. And they will. I challenge the future to prove me wrong, but I see the 1004 as being non-existent within 5 years, and most of us being forced to change careers. Trying my best to put away extra $ now, but that's hard with a full family.

Now is the time to determine if private work will be enough to pay the bills. If not, the time has come to consider looking at other options and appraise as a side gig. I have heard the doom and gloom predictions for over 20 years. But, this time feels very different to me. I think your 5 year prediction seems reasonable. It seems logical to start considering options now during a very hot job market, then roll the dice 3-5 years out. On the other hand, maybe it is just an over reaction on our parts. Worth discussing.

 

[Mejappz]

SO similar to socialism, where the middle class is effectively eliminated. All 'typical' appraisers, like what we are mostly used to being for most of our career will be gone soon, unable to compete with the '3 report' brigade, waivers, desktops, hybrids, etc. What will exist in the future are 'specialty' appraisers, mostly CG I imagine, and the skippies who think $100 per report is great until they get sued. And they will. I challenge the future to prove me wrong, but I see the 1004 as being non-existent within 5 years, and most of us being forced to change careers. Trying my best to put away extra $ now, but that's hard with a full family.

Yeah. What does the "supply and demand" TAF cheerleading crowd say about this?

 

[Mejappz]

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 be a met CR requirements, 3 reports, by a mentor who can teach large groups, nationwide. And 31 states have auto-signed up.

ShareFile

appraisalfoundation.sharefile.com

Two corrupt organizations are desperately trying to cash in and demolish what is left of the industry they helped destroy. But cough cough, "public trust" is protected.

 

[Mejappz]

 

[alebrewer]

It seems AI has been selected as the PAREA provider.

Definitely smells of nepotism, but I don't think they've been 'selected' as the PAREA provider. The way I read it, grants could be issued to additional entities as well, but maybe not. I expect McKissock and Columbia will develop PAREA programs (if they haven't already). Just seems AI tends to get first dibs on the goodies that are doled out...

 

[Sandra Koutsopoulos]

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

This PAREA thing is going to bite back HARD on lenders IMHO. I STILL learn new things all the time, and I've been doing real estate sales and appraisals since Mr Carter was Prez. Certified Residential Appraiser licensed with ALL 200 experience hours without a one-on-one well experienced appraiser mentor seems like giving the keys to the car to an 8-year-old. Sure, they may be able to reach the peddles, but do they have the common sense and experience to avoid killing somebody in a crash?

So do you all think that perhaps the LENDERS will have a higher level criteria to be on their "use" list? Seems like the last major shakeup encouraged the use of Certified-only appraisers. What kind of scorecard will they come up with for these PAREA licensees? Maybe it will take some bad experiences to tighten it up to better qualified and more experienced appraisers. We'll see when these PAREA appraised properties come marching back as REOs.

 

[Highlander416]

This PAREA thing is going to bite back HARD on lenders IMHO. I STILL learn new things all the time, and I've been doing real estate sales and appraisals since Mr Carter was Prez. Certified Residential Appraiser licensed with ALL 200 experience hours without a one-on-one well experienced appraiser mentor seems like giving the keys to the car to an 8-year-old. Sure, they may be able to reach the peddles, but do they have the common sense and experience to avoid killing somebody in a crash?

So do you all think that perhaps the LENDERS will have a higher level criteria to be on their "use" list? Seems like the last major shakeup encouraged the use of Certified-only appraisers. What kind of scorecard will they come up with for these PAREA licensees? Maybe it will take some bad experiences to tighten it up to better qualified and more experienced appraisers. We'll see when these PAREA appraised properties come marching back as REOs.

That is the part that will be interesting.