REO Addendum. Sitting through one class was a wake-up call.

[Marcia Langley]

I could care less about forms. The word Summary means to summarize. The word Narrative implies that you have described something in much more lengthy detail than in a summary.

Advisory Opinion 11 gives very clear examples concerning these terms as well as the State. This is page A-25 of the 2008-2009 USPAP handbook. Describe which some refer to as a narrative formet has an example of Zoniong which takes almost an entire page. Summary is a paragraph with the same information summarized. State is shown as a sentence. A summary appraisal report is not in a narrative format regardless of whether it is a form report or not.

This still isn't right.

A summary report would be less detailed than a self contained report. Either one could be a narrative.

 

[Webbed Feet]

I noticed Oregon will be doing away with Licensed appraisers in 2010

Mr. Wegener,

Oregon will not be using euthanasia on them, just not allowing any new ones to be licensed that way.



Webbed.

 

[Webbed Feet]

<.... snip....>
But, what is your point....? We should fear the Tracy Martin types if we don't grid the lines on the REO addendum?

Thanks for the link to the newsletter. You would serve everyone well if you posted the link on the Education Forum calling attention to some of the information. I am alerting Brian J. Davis and Ann Rourke about the Larry Green articles.

Thanks for the link...

Doug

Mr. Smith,

My rather hidden point was that there is a very strong tendency in appraisers to constantly attempt to justify doing less, versus doing more. I perceive this to be directly due to pressure, competition, obtainable fees, and end users that don't want their staffs having to read and deal with anything beyond the IQs of their staff. That might require they actually train their staffs for a change and stop laying off the experienced and knowledgable staff members in order to replace them with even fewer lower paid people, that lack training, in order to boost profits.

But then lending finally admitting the level of required work by Standards over real estate appraisers is light years above what they want to see fees for, fees that would actually justify such work, is not in their best interests. Now is it? Afterall, they don't get fined or have their licenses revoked for their demands for the absolute bare minimum that their desire for cheap and fast purchases for them. Or their desire for such low fees so they can obtain more profits through their AMC subsidiary while still nailing uninformed borrowers with high fees for something the borrowers are not getting. Quality. There are lots of appraisers to stick it to and let crash and burn before they have any worries about appraisers.

Unfortunately for the majority of them, I take it most of those apraisers involved in those enforcement actions fell deeply into the above trap. As I read this thread I see a great many arguing to reduce, or keep reduced, reporting standards. I personally question what the real source(s) motivating that line of logic is coming from, even if the posters that are proponents of that line of logic consciously do not see it the way I do.

I perceive the credibility of our industry as just about shot to hell. Arguing for a status quo of low reporting standards is the argument for the wrong direction to ever repair the public trust.

Webbed.

 

[Doug Wegener]

Im glad to hear that

Mr. Wegener,

Oregon will not be using euthanasia on them, just not allowing any new ones to be licensed that way.



Webbed.

Im glad to hear that. I guess I dont need to make a will after all.

 

[Doug Wegener]

Eliminating license level

Exceptional newsletter, no doubt. Who is Larry Green? Article on Declining Market Designations and Market Forecast Analysis is required reading. Also Excess or Surplus Land article was exceptional.

I scanned the enforcement actions. Scary... $60,000 fines? Bout time someone got serious. Was delighted to see a well known hotel consultant picked up for not having a temporary appraisal license. Wish Montana was as strict. I get calls for comps and many don't think they need a permit to appraise in Montana.

The abandonment of license level very interesting. More states will follow no doubt. I am beginning to think that was the intention of the AQB.

But, what is your point....? We should fear the Tracy Martin types if we don't grid the lines on the REO addendum?

Thanks for the link to the newsletter. You would serve everyone well if you posted the link on the Education Forum calling attention to some of the information. I am alerting Brian J. Davis and Ann Rourke about the Larry Green articles.

Thanks for the link...

Doug

So if you are grandfathered in, what happens if you apply for a reciprocal license in a State
that has done away with the license level?

 

[Jack Straw]

With each summary narrative we are providing, we are restating the definition of market value. I remember the lady specifically saying she was getting $600+ per REO report (which obviously drew red flags in my head). I'm curious now to see someone else's work that covers these assignments that is USPAP compliant. She clearly stated we were violating USPAP by not gridding out the various comps to support the differing opinions of value. She was from Texas and is probably on here from time to time (Tracy Martin was her name - Just looked at my certificate from the class). She said she personally is tearing appraisers up on reviews who aren't doing them appropriately in Texas and then turning the work in to the state. So... who is right?
SIZE]

I took an REO class 18 months ago from that woman. At some point during the class we spoke about sales concessions. I told her Dollar for Dollar and she said "whatever is typical should not be adjusted." I said, by your methodology, in a market where more than 50% of the sales currently include additional seller paid closing costs, I would have to make a positive adjustment for financing to the ones that didn't. She said, and I swear to you, "THAT IS CORRECT."

Next thought was (Tracy what the Hell are you smoking baby?:new_smile-l

I walked out of her class fuming because I wasted money on her theoretical BS.

I came to the conclusion after she said "she has mainly done commercial work", that she was so out of touch with residential appraising that she is giving it a bad name. Now you say SHE is turning appraisers in? Beautiful!

Some of you in here, who I respect after reading your posts, have said that Tracy knows her stuff. Well my opinion is that she needs to take some classes and get a clue when it comes to seller concessions, otherwise she will make her students think she is whack!

 

[AlwaysLearning]

I took CE classes from this person in the past. This person is really confused. She really needs to take some classes herself (preferably from Appraisal Institute) as she totally confuses many things. And this is an example. Yes, you need definitions of value and source but not providing a grid with comps is a violation of USPAP? Where in USPAP does it say so? Please show me. I do narrative Restricted Use Reports and never include grid with comps.

If you need good class and want to learn something (not only to get CE hours for less money) take a class from Appraisal Institute, they do cost somewhat more but I have never been disappointed. My experience with McKissok is a mixed bag

 

[Pamela Crowley (Florida)]

It's becoming very scary to read about what some appraisal instructors are teaching. VERY scary.
MUCH worse when appraisal board personnel believe what is so very wrong!