Revision request from Lender. -remove/replace the term "walking distance".

[Zoe]

 

[Zoe]

Separate fees on truth in lending disclosures and the whole world (market) would change for public trust.

 

[DWiley]

If this issue is so critical, why are the GSE definitions for quality and condition replete with undefined, subjective terms that are used very differently by different people?

Working on that

Anyone who to chooses, because of of some perceived "hollowness," to ignore something that is both consistent with USPAP and reduces their own litigation risk is free to do so. Given the environment that has existed over the past few years, I know what I would do.

 

[TerryRohrer]

Working on that

Anyone who to chooses, because of of some perceived "hollowness," to ignore something that is both consistent with USPAP and reduces their own litigation risk is free to do so. Given the environment that has existed over the past few years, I know what I would do.

"Do what I say, not what I do" is more than "perceived hollowness." Some call it being two-faced (or speaking with a forked tongue in the Old West).

 

[Mejappz]

"Do what I say, not what I do" is more than "perceived hollowness. Some call it being two-faced (or speaking with a forked tongue in the Old West).

Subjective words within the flawed C & Q ratings.

Condition Ratings (C1–C6):​

• "New", "recently constructed"
• "Virtually no physical depreciation"
• "Well maintained"
• "Minor deferred maintenance"
• "Sufficiently maintained"
• "Significant deferred maintenance"
• "Major repairs needed"
• "Deterioration"
• "Cosmetic repairs"
• "Extensive damage"
• "Not livable"

Quality Ratings (Q1–Q6):​

• "High-quality materials"
• "Custom designed"
• "Well finished"
• "Standard grade"
• "Stock/Builder-grade materials"
• "Economy grade"
• "Basic functionality"
• "Inferior workmanship"
• "Limited refinements"

Those are just a few that come to mind. Their may be more.

 

[J Grant]

I have no problem citing 6 blocks instead of walking distance. But using the term Walking distance is not subjective. It is descriptive language to convey a concept that everyone understands. Walking distance indicates not just physical distance but the concept of urban or planned areas being "walkable"- low traffic, or easy to navigate streets, etc. A Store located 2 blocks way but you have to cross an 8-lane Freeway is not considered walkable unless one has a suicide wish.

I think if a party is unhappy with the value or has a personal grudge, they will sue regardless of using more objective verbiage. USPAP says appraise in an objective manner, t( it does not say use only ""objective " verbiage. A manner that is objective means letting the best data and supported market analysis determine the value, and having a mindset without bias, rather than commonly understood neutral words must be avoided.d

 

[Dale Floyd]

As I pointed out previously, its not just about the value. I assume you are aware of the appraisal report-related litigation risk that has existed for some time. Reports with subjective language increase that risk for all involved. And, while changing one's habits may be inconvenient, it is not hard - and it actually helps protect the appraiser as well. It only seems silly until you are the one hit with a complaint or a lawsuit based in part on the terminology in the report. Citations from actual reports have been used as evidence - I would think you have seen that. And they don't just sue the appraiser.

Funny thing - I took the new URAR course the other day, which was blessed by the GSEs and written under their guidance. More than once it mentioned "typical" wear and tear considerations when it comes to certain sections involving the subject and outbuildings.

Before all of that, I even saw there was an "average" time to take the course earlier in the description.

DW: "As I pointed out previously, its not just about the value. I assume you are aware of the appraisal report-related litigation risk that has existed for some time. Reports with subjective language increase that risk for all involved."

Actually - I'm not. I did try to do some research, but I simply can't find all these cases you are referencing with real issues surrounding the words "average, adequate or typical". I didn't find anything that implied a problem with "walking distance" either. Can you show me some specifics?

 

[TerryRohrer]

I am far more concerned with the "appraiser's are racists" narrative that was most heavily fueled and fanned by the Freddie Research Note and Press Release crowing about the problem having been identified than I am about anything I have ever written anywhere. It seems the motivation to "research" the matter ended once maximum damage had been accomplished.

 

[Zoe]

I am far more concerned with the "appraiser's are racists" narrative that was most heavily fueled and fanned by the Freddie Research Note and Press Release crowing about the problem having been identified than I am about anything I have ever written anywhere. It seems the motivation to "research" the matter ended once maximum damage had been accomplished.

With all due respect, Danny does not control a GSE. Danny is not CEO of Freddie.

 

[Zoe]

OTOH, I would have loved CEO FNMA or FHMLMC in front of racial bias hearings. I can't even get Joan Trice (my favorite blonde) on here anymore.

I hurt her feelings. I am sorry Joan. @Evincere and Marion were way worse than me on Joan.

I never met the woman. That tag team between Evincere and Marion was bad to the bone. I was merely back up. LOL

I was good at throwing gas on the fire.