PAREA Update

[Mejappz]

And when that is all that appraisers are exposed to at the outset, along with the play along for pay system now entrenched, it will quickly become the norm. Those who learn the many ways to game the system will be able to control huge swaths of the appraisal industry, and can do do without ever being trained as an appraiser. An army of PREA grads, each with a laptop loaded with ChatGPT, and any volume can be met by a few large firms, like Class Valuation. And when things go awry, close shop and start anew with a new entity name.

All with the blessing of TAF, The GSEs, and every Lender.

 

[Mejappz]

Parea and Hybrids in a Nutshell.

 

[Surf Cat]

Parea and Hybrids in a Nutshell.

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You should charge them a fee for just viewing that insult....

 

[TerryRohrer]

All with the blessing of TAF, The GSEs, and every Lender.

Collectively known as "The Architects."

 

[djd09]

Parea and Hybrids in a Nutshell.

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USPAP does not even require an inspection...fricken sell outs

 

[Mejappz]

USPAP does not even require an inspection...fricken sell outs

Remember, the appraiser determines the Scope of Work. So tell the AMC you need to upgrade this assignment to a complete interior inspection and rest assured it will be taken care of.

 

[George Hatch]

Remember, the appraiser determines the Scope of Work. So tell the AMC you need to upgrade this assignment to a complete interior inspection and rest assured it will be taken care of.

Yeah, it'll be taken care of if they agree with you. If you won't do it they'll just go find someone else who will.

The appraiser is responsible for the SOW decisions they make. However, the appraiser is also required to take into consideration what the user does/doesn't find meaningful to their usage. Required, as in, not optional. Ignoring the user expectations isn't one of the appraiser's options unless that user's expectations are out of line with the 2-part test which refers to the same or similar assignment.

I know you wish appraisers could just unilaterally dictate terms to the users what they must accept, but that protocol isn't part of our appraisal standards.

 

[Mejappz]

After decades of failure, the Illuminati are still trying to protect their gravy train. Go figure.

 

[George Hatch]

So what's the alternative to letting the users decide what (beyond what is explicitly required in SR1) is/isn't enough development for their usage? Especially when those users are mortgage lenders which regulated by the govt as to what they can and cannot do.

If the primary limitation as to whether the GSEs and other lenders can use these is what their regulators allow, then wouldn't it be more effective to approach the problem from the regulatory angle. To prompt the regulators to prohibit lenders from using these. After all, it doesn't look to me like trying to shame the lenders into doing more than what they want to do is an effective strategy. And trying to shame the appraisers into not selling to the lenders what they are allowed - and prefer - to buy is also not an effective strategy.

 

[Whtwhale]

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I noticed these guys operating in my area. They employ bottom feeders who can't survive as independents and rubber stamp incompetently written reports. AKA, appraisal "modernization".