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review fm2000?

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jwand125

Freshman Member
Joined
Feb 18, 2002
would anyone be willing to let me see a copy of a review for fm 2000, client want me to statrt doing them. I have disclosed that I have not done any but would consider it. Im interested in seeing what a good review looks like, Iv seen bad ones. Thanks, If possible email to
[email protected]
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
You can download the form and information regarding the new form that went into effect in December, 2002. It is optional for single family properties. The 2000 Field Review form issued in 1989 will still be used with two to four family properties. Check with your software provider, they may have an update that includes the new form.

http://www.efanniemae.com/singlefamily/for...cing/2000.jhtml
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
May I ask your experience and license level? Reviewing is not for the new appraiser.
 

rtubbs

Junior Member
Joined
Jan 15, 2002
Jo Ann, I intrepret the Fannie Mae Announcement 02-13 to specify that the new review form is not optional for one-unit. It replaces the 11/98 form.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Under instructions on the website quoted--Fannie Mae does not require a lender to use this form. Therefore I should have said it is the lenders option. So if the client insists on the new form, then the appraiser has to use the new form. If the client does not insist on the new form and the appraiser doesn't have updated software, then the older form could be used. The best thing for an appraiser to do though, in my opinion, is to make sure their software vendor does provide the new form, download the new form to their computer and when a client orders a 2000 review, just use the new form regardlesss of the client being specific.
 

jwand125

Freshman Member
Joined
Feb 18, 2002
I have been appraising for 5 yrs, only got licensed a year ago. The reason I was asked to do them is I am the only appraiser sending this lender consistently good honest work. But I have decided against doing them. Experience is part of the reason, other is I just dont think I would like it. I was just kicking it around thanks for the advice.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
My personal opinion...the reviewer should have at least the same license level as the person being reviewed; therefore, either certified residential or certified general. Not that I have had any problems with reviews, at least to my knowledge. Do get into it once in awhile with underwriters.

I have a friend who was not even licensed (registered level) with less than 6 months in the business and he was doing reviews. They also required him to turn them in 24 hours. Bad idea! He is now licensed and regrets having done the reviews.
 

Randy Beigh

Senior Member
Joined
Jan 16, 2002
Mike

I understand your position, but I am going to disagree, slightly, with you.

I have been been reviewing since 1985, 5 years of that time as a full time reviewer for a national company. You are correct in your belief that it takes special training and experience, but take issue that no one should review someone else without the same training, license, or education as the reviewed.

One of my beliefs, in training, is that after the training program is over and the trainee is ready to take his/her exam, the trainee should be prepared to be a professionally licensed appraiser. During the training period, I make sure the trainee has appraised single family homes, duplexes, land only, etc. And that will also include reviews.

I have a friend that was trained by somebody in town and he was 18 months into the training before he had ever completed an SFR on his own from beginning to end. He had always been the gofer. At 2 years, he sat for the exam and he became licensed. He had never done a 2-4 family, land, or review. I maintain, he was not ready to be licensed, except in the eyes of the law.

At 5 years Jwand has never done a review. I think this is wrong and poor training on somebody's part.

Part of my issue with training in this country is there is no guide for the trainer or trainee. Each of us doing the training is flying by the seat of our pants. That is dumb and makes this profession look it has yet to step out of the 1930's.

Jwand is correct in proceeding carefully before doing a review, however since the training was nil, I urge him/her to take extra training and purchase books on reviewing that are available.

I also urge Jwand125 to use his/her real name. This alias stuff isn't very professional.
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I think old jwand125 NEEDS to do some reviews, under the supervision of a competant supervisor. Why? You've got to start somewhere. Sooner or later, a good client will need a review, and jwand will need to be able to provide a quality product. And review work will help make jwand a better appraiser. Just my opinion.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
I side completely with Randy on this one. How are you going to learn working in a vaccum if you never see what others in your market are doing?!?!?

When I started out review work was far from being 'beneath me'.
What I found was that I have learned more from reviewing good appraisers work than I did in any classroom. Of specific interest have been reviews on what I consider really tough assignments wherein the appraiser did the best they could with a near impossible assignment! The fact that the wasn't 'pretty' had nothing to do with it's competency.

I have also learned more about what not to do and how 'bad' appraisers make bad reports 'look' good (on the surface :evil: ) by doing reviews!

I consider occasional review work to be highly educational and occasionally quite entertaining (when it doesn't make my blood boil), and part of my duty to the profession...

I also have cribbed some really HANDY boilerplate! :D
 
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