PAREA Update

[chad hampton]

the 2 MAIs I know say they don’t vote on any issues. They are MAIs because it allows them to work with large financial institutions who value the designation. They don’t care about parea since it really won’t affect commercial appraisers. Both say that AI is not only worthless for residential appraisers but in some cases actually lobbies against the best interest of the residential appraiser.

I wonder what AIs numbers are as far as MAIs v SRAs. I’ve yet to hear of AI doing anything meaningful for the residential side. At this point, AI should remove itself from any discussion or debate that involves residental appraising.

 

[Mejappz]

I wonder what AIs numbers are as far as MAIs v SRAs. I’ve yet to hear of AI doing anything meaningful for the residential side. At this point, AI should remove itself from any discussion or debate that involves residental appraising.

Here are the numbers. The good ole white boys club is slowly but surely dying off.

 

[Overimprovement]

As I recall, one of the Big (only) provider was talking about $2K to be a PAREA 'mentor.' Or about $1 per experience hour of 'supervision.'

So about the same hourly rate as desktops... Seems right.

 

[Overimprovement]

Imo the market will not be flooded with more heads because the res mortgage lending field offers such lousy income and working condition prospects now.

Even with PAREA making entry /education easier what person with any common sense wants to invest themselves and train for a field that a simple internet search shows via FB or bulletin boards comments from appraisers truthfully describing a grim future ( your own words if I recall) - wrt the prospect of low fees, reduced demand and uncertain income fluctuating with a volatile market and then kick in the intense pressure and Darwinian bid system of entrenched AMC domination - what a joke, people are not stupid and wrt minorities the condescending outreach to join a res side of the profession is being spun as a good opportunity? Dream on FF agencies -

Have you seen some of the fees appraisers are accepting? And some of the reports they kick out?

 

[Sadie]

Have you seen some of the fees appraisers are accepting? And some of the reports they kick out?

I Have seen some of the reports, but I have no idea what the fees were. Certainly hope they were low because the quality sure was.

 

[Non Sequitur]

Have you seen some of the fees appraisers are accepting? And some of the reports they kick out?

Speaking of fees, appraisers weren’t the only people raking it in during Covid then quickly finding out that it’s a brutal world out there:

“In January, her rate increased again to $105 as part of a new agreement. She thought that the high pay — and a generous living stipend of nearly $1,300 per month — meant she and her fiancé could finally make plans to buy a house.
But two months later, when her assignment was renewed, Aya slashed her hourly pay back down to $56, and then cut it still more to $43.80 — less than her initial rate.”

Travel nurses took high-paying jobs during Covid. But then their pay was slashed.

As Covid's travel nursing boom began to wane, nurses attracted by talk of high wages found themselves far from home with their pay cut at renewal time.

www.yahoo.com

Nurses are able to move around easily due to license reciprocity, while we have reciprocity too it’s not as easy. Expect that to change with PAREA, noobs licensed wherever there’s increased demand when the market picks up again.

 

[chad hampton]

I Have seen some of the reports, but I have no idea what the fees were. Certainly hope they were low because the quality sure was.

If the fee is low, I would expect a low quality report. Only in fantasyland do you get the same value for different costs. Don’t expect $1000 attorney services for $200.

It’s been the struggle and why I have yet to except any job for $300 yet. I can’t figure out where I’m supposed to cut the corners. Maybe some of the GSE and TAF reps can tell us where they would like us to cut?

 

[djd09]

Don’t fear third-party data
(1004 Desktop Limiting
Condition 3)

A common concern we hear from appraisers is
about using third-party data in desktop appraisals;
specifically, what is the risk to appraisers in relying
upon third-party data, and are appraisers expected
to validate such data?
It is important to recognize that appraisers have long
used third-party data routinely. For example, every
time an appraiser uses real estate multiple listing
services, they rely on photos, measurements, and
other data from a third party. Often appraisers use tax
records, surveys, inspection reports, satellite imagery,
and more — all from third parties. Appraisers can
use third-party data with confidence by analyzing its
reliability in the context of the body of information
available in the normal course of business.
Limiting Condition 3 from Form 1004 Desktop sets
forth the same concept. It says:
“The appraiser has relied on data provided
by third parties in this appraisal report. Such
data may include, but is not limited to, flood
maps, multiple listing real estate services,
tax assessment records, public land records,
satellite imagery, virtual street views, property
data services, surveys, engineering reports, and
property data aggregations. After examination
of the data and data sources, the appraiser has
used only the data he or she considers reliable.
The appraiser assumes there are no material
omissions and makes no guarantees, express or
implied, regarding the accuracy of this data.”

https://singlefamily.fanniemae.com/media/32976/display

what a cesspool of poor appraisal practice...anyways, reliable has nothing to do with credible

 

[Joe Flacco]

Report quality is not fee related but is provider related.

 

[Joe Flacco]

Here are the numbers. The good ole white boys club is slowly but surely dying off.

View attachment 71091

That is why AI needs PAREA. They need the money to make up for declining membership revenue.