PAREA Update

[chad hampton]

Keep selling that snake oil.

How about the broker just tell me the value and I’ll put my name to it. I mean I can’t be held responsible for what somebody else provided to me. That seems to be where this is heading to.

2055 is an exterior report. There’s no expectation of seeing the interior as part of the appraisal process.

 

[djd09]

"comparing Hybrid Appraisals With A 1004 Report" By George Hatch

Check it out - Working RE Mag Winter 2019 Edition. http://www.workingre.com/working-re-winter-2019/ Thank you George.

appraisersforum.com

it is unbelievable...

 

[George Hatch]

Keep selling that snake oil.

How about the broker just tell me the value and I’ll put my name to it. I mean I can’t be held responsible for what somebody else provided to me. That seems to be where this is heading to.

2055 is an exterior report. There’s no expectation of seeing the interior as part of the appraisal process.

Oh, so NOW you want to acknowledge the role of the user expectation (for the same/similar assignment) in the appraiser's SOW decisions.

In any case, the users don't expect the appraiser to see the exterior/interior on these desktops, either. Same thing. You cant' have it one way for 2055s and another was for the desktop process - which that desktop process is the SOW for those assignments. User-chosen in both cases, so therefore not misleading to those users in either case. .

 

[djd09]

How about the broker just tell me the value and I’ll put my name to it. I mean I can’t be held responsible for what somebody else provided to me. That seems to be where this is heading to.

Completing the Form 1004 Desktop​

The lender remains responsible for the description of the property, and the accuracy and of all data on the appraisal that pertains to the property. This includes the property's condition and quality ratings. The lender is also responsible for ensuring the property meets the property eligibility requirements in this Selling Guide. Lastly, the lender remains responsible for any life-of-loan representations and warranties that may apply to the property or the appraisal

B4-1.2-02, Desktop Appraisals (12/14/2022)

selling-guide.fanniemae.com

why do they need us...the taxpayer has their back

 

[Mike Ault]

You two can complain about it all you want, but the appraiser can only be held to account for what they actually do.

Matter of fact, if either of you has even done a 2055 where you didn't inspect the interior or measure the GLA - and I know you have - then that completely guts the rationale "appraiser is personally responsible for the accuracy of all the subject data whether they put their hands on it or not". Even if you were to claim you've never done a 2055 - for which I won't call you a liar if you make such a claim - the argument still doesn't make sense when considering the liability track record for 2055s. Other appraisers have been doing them - with no ill effects - since long before either of you took your first Appraisal 101 course.

I recall a comment you made back in 2005 when the new forms came out with certifications that we were not allowed to modify. We were discussing the verification of interior condition from a disinterested third party for 2055's and it went something like (paraphrasing here) "Fanny doesn't seem to understand the English language".

 

[George Hatch]

Here is a screencap of the top of pg 3 in the fannie version of these reports. There's a huge comment field below that which an appraiser can use to clarify and elaborate on what they personally did/didn't do in that assignment.



Here's the SOW paragraph in those report forms:



Here's a couple of the assertions being made in the assumptions and limiting conditions



Here's C#2 in the Appraiser's Certification

\


Now here's a serious question for your consideration:
With all these references HARDWIRED into the fannie form itself, on what basis would you say any reader could claim to believe the appraiser personally inspected the property? Or that they were somehow cheated by the appraiser?

 

[George Hatch]

I recall a comment you made back in 2005 when the new forms came out with certifications that we were not allowed to modify. We were discussing the verification of interior condition from a disinterested third party for 2055's it went something like (paraphrasing here) "Fanny doesn't seem to understand the English language".

The way I've heard it is that they don't allow "assumptions" to be used in this assignments. My comment was that regardless of what they're calling it, if I'm assuming the info being provided is accurate it doesn't become less of an assumption simply because they're saying "you can't make assumptions about the interiors".

Which that issue has no overlap with a desktop SOW assignment wherein you are clearly and repeatedly stating that you are making assumptions about the accuracy of that info.

 

[chad hampton]

Oh, so NOW you want to acknowledge the role of the user expectation (for the same/similar assignment) in the appraiser's SOW decisions.

In any case, the users don't expect the appraiser to see the exterior/interior on these desktops, either. Same thing. You cant' have it one way for 2055s and another was for the desktop process - which that desktop process is the SOW for those assignments. User-chosen in both cases, so therefore not misleading to those users in either case. .

Give me a break, you have a sketch of the home with rooms, interior photos, interior, materials, condition, quality and everything else you would get from a normal appraisal inspection. That’s as misleading as it gets. Anybody reading that form will be under the impression it was the appraiser or someone the appraiser is supervising did the inspection.

I don’t participate in misleading activities. I don’t believe in hiding things somewhere in the fine print on page 37.

 

[alebrewer]

Why even have a cert and limiting conditions at all? After all - they're all hidden in the fine print on page 37 anyway.

 

[chad hampton]

Why even have a cert and limiting conditions at all? After all - they're all hidden in the fine print on page 37 anyway.

That’s true. There’s a reason the scum bags hid it there. Did you ever wonder why they made the two forms look identical? Doesn’t get much more misleading than that.