Revision Request: Can the appraiser please provide the calculations for the time adjustments?

[OG80]

Just a matter of time and it happened recently.

Per the lender:

Can the appraiser please provide the calculations for the time adjustments? They appear materially different than the price change indicated by Fannie Mae's Home Price Index.

From Fanniemae.com

Fannie Mae Home Price Index​

The Fannie Mae Home Price Index (FNM-HPI) is a national, repeat-transaction home price index measuring the average, quarterly price change for all single-family properties in the United States, excluding condos. The index is produced by aggregating county-level data to create both seasonally adjusted and non-seasonally adjusted national indices that are representative of the whole country and designed to serve as indicators of general single-family home price trends.

 

[Alsie35]

Well, we are now required to provide time adjustments, explain the methodology behind them and provide the data support (like a market graph where the different date values are illustrated).

Once you've done this, you can explain that the County-level home price index does not necessarily track exactly with median value information for the market area that you are appraising in.

 

[OG80]

I agree. I forgot to add that I supplied a Linear and Non-linear table explaining the changes (decreasing market).

 

[glenn walker]

I'm sorry but the adjustments are proprietary and I signed a NDA with my $75 dollar purchase of the Time Adjustments In the Box Program.

 

[J Grant]

Just a matter of time and it happened recently.



From Fanniemae.com

Fannie Mae Home Price Index​

The Fannie Mae Home Price Index (FNM-HPI) is a national, repeat-transaction home price index measuring the average, quarterly price change for all single-family properties in the United States, excluding condos. The index is produced by aggregating county-level data to create both seasonally adjusted and non-seasonally adjusted national indices that are representative of the whole country and designed to serve as indicators of general single-family home price trends.

The appraiser's time/market condition adusmtent of X % monthly is derived from the local area market of homes similar to the subject; the Fannie Mae Index is a national data derived; therefore, they differ, and the local market is considered more relevant to the subject appraisal.

 

[Sadie]

I have gone as far as providing the actual figures and showing the math when nothing else worked.

 

[djd09]

B. No person is allowed to influence or attempt to influence the development, reporting, result, orr eview of an appraisal through coercion, extortion, collusion, compensation, inducement,intimidation, bribery, or any other manner including, but not limited to:

 

[glenn walker]

The appraiser's time/market condition adusmtent of X % monthly is derived from the local area market of homes similar to the subject; the Fannie Mae Index is a national data derived; therefore, they differ, and the local market is considered more relevant to the subject appraisal.

That's great except he can explain how his more relevant data and those adjustments that were made on his comparables can be shown. OR CAN THEY ?

IF I'M THE REVIEWER FROM HELL
my response is thank you we understand our data may be different so please just explain how you extracted the time adjustments you made based on your data and comparable sales used.
Also are your adjustments started from the Pending Contract Date or Close of Escrow recording date.

 

[chad hampton]

If they have the answer, why don’t they put the adjustment they want on the order?

 

[Elliott]

"The comparable sales were all recent, the market is stable, and no 'time' adjustment was necessary or appropriate."