Review With Opinion Of Value, Out Of State Appraiser! Proteck

[Don Clark]

341 COMPETENCY RULE


342 An appraiser must: (1) be competent to perform the assignment; (2) acquire the necessary competency to


343 perform the assignment; or (3) decline or withdraw from the assignment. In all cases, the appraiser must


344 perform competently when completing the assignment.


345 Being Competent


346 The appraiser must determine, prior to accepting an assignment, that he or she can perform the


347 assignment competently. Competency requires:


348 1. the ability to properly identify the problem to be addressed;


349 2. the knowledge and experience to complete the assignment competently; and


350 3. recognition of, and compliance with, laws and regulations that apply to the appraiser or to the


351 assignment.


What does your License Law note in your State ? How have they addressed "AMC" requirements for "Licensing" and posting a Bond ?
after all, it's in the Public Interest;
How & When did the Reviewer gather the Knowledge & Competency (349.) within the past 6 months ? 12 Months ? and if such was gathered, he/she should be familiar with the State Laws & USPAP that are currently applicable to Review Appraiser's.
Good Luck

And?........................................................................

Fannie Mae uses reviewers in their office in Texas to review reports from every state and territory. If that is possible, who is to say that an AMC cannot do so? Again, it goes to enforcement.

 

[J Grant]

Two wrongs don't make a right...regarding Fannie Mae, of what use is it to have people in Texas "reviewing " reports from across the country? What do does an out of state person know about local markets and the comps...or is it just a QC review? Or are they looking for reports that are glaringly bad enough to call for a field review or a possible buy back option?

 

[DWiley]

Many residential appraisers forget what a review actually is. Because of the Fannie Mae forms, many see a review as simply a second appraisal. A review is an opinion about the quality of a report. A second opinion of value is an appraisal, not a review.

 

[timd354]

Maybe I am not remembering this correctly but I am pretty sure Illinois fined someone from out of state.

Yes, I also recall that they did try to fine someone from out of state who was not licensed in IL. Whether they were able to actually enforce that fine is a whole other matter. Unless they received the cooperation of the state where the appraiser who they attempted to fine is located, they have no way to actually make the out of state appraiser actually pay the fine.

 

[Michigan CG]

Yes, I also recall that they did try to fine someone from out of state who was not licensed in IL. Whether they were able to actually enforce that fine is a whole other matter. Unless they received the cooperation of the state where the appraiser who they attempted to fine is located, they have no way to actually make the out of state appraiser actually pay the fine.

If I were an idiot (some people would be happy to debate that) and did the work from out of state and got a notice from Illinois about a fine I think I would pay it just out of fear of repercussions from my own state. And who knows, Illinois might be very serious about collecting that fine and send some Chicago people with Italian accepts to collect.

 

[J Grant]

my personal opinion is that the so called QC review, a review about the "quality " of a report is close to useless...What does that it do? Reveal whether a bos was not checked, or an often accidental error made, which yes could be a USPAP error such as appraiser forgot to report a prior sale. So the QC review catches that, the error is corrected but it's still a stinky report of flawed comps/supported credibly value opinion. I suppose if the purpose is for lender to fulfill their mandate to perform a review it meets that purpose.

A field or desk review that addresses value as part of the review can then trigger an appraisal, but the two are linked when reviewer is asked to agree/disagree with value in an OA as part of the review

 

[jay trotta]

If you are in a USPAP State and they have an AMC/Reviewer License Law, you can and I have had those Reviewers dismissed. It is only when the push comes to shove that I get involved.
If & When a Reviewer is coming up with a Value, from across the country, it is cause for concern; In the Publics Interest.

Don; Again, it goes to enforcement.
Agreed, and you have the tools to force the issue if need be and if you feel so inclined to pursue the matter.

 

[Ken Masla]

What a sad waste of time, having to address something so basic and wrong.

Lender condition: "Appraiser to comment on people in front of the subject project."
The subject was a high rise in the heart of Downtown Los Angeles.

 

[jay trotta]

If I were an idiot (some people would be happy to debate that) and did the work from out of state and got a notice from Illinois about a fine I think I would pay it just out of fear of repercussions from my own state. And who knows, Illinois might be very serious about collecting that fine and send some Chicago people with Italian accepts to collect.

Not profiling are we ?

 

[jay trotta]

Lender condition: "Appraiser to comment on people in front of the subject project."
The subject was a high rise in the heart of Downtown Los Angeles.

They appear to be paranoid regarding Fair Housing issue's, perhaps they need a Class or Two and should be Qualified prior to review of any type.