Revision Request

[DWiley]

Except in those cases, and I have experienced it, and there was a recent thread from an OP experiencing it, where a client abuses the ROV to send repeated, harassing demands and multiple sets of comps and requests for inane additional comments/informaton day after day , which imo is its own form of pressure, to wear the appraiser down into changing report just to get rid of it.
An ROV like so many other things is benign in most hands but has potential to be abused in others.

And that is exactly why we have adopted ROV policies that limit the number of ROVs and the number of sales that can be included in an ROV. Once is enough. After that the lender should put up (demonstrate a material deficiency in the report) or shut up.

 

[DWiley]

And yes, I probably come in under contract on 5-10% of my reports....

That is pretty consistent with the national average.

 

[residentialguy]

I didn’t fall off the pumpkin wagon yesterday.

 

[Eli]

The proper term is I didn’t fall off the turnip truck yesterday. Oops. Lol

 

[Mr Rex]

That is pretty consistent with the national average.

The most recent one I got a call from the RE agent that I have previous history with asking why it didn't appraise. I told her I couldn't discuss the value with her but did ask how she came up with the offer and she replied that it was what her client qualified for.

 

[Meandering]

I recently saw an agent lose her mind on a cell phone over an appraisal, while on break from class.

When she finished her call she came up to me, about @#$$#@@ appraisers, and she knew I was one.

Property is a multi-unit, in an urban area.

So I asked her if she sent her CMA to the appraiser.

Nope, it is over a year and a half old.

You didn't update your CMA?

It doesn't matter, we're not selling that property for what THAT appraiser says.

Okay.

.

 

[George Hatch]

I understand the harassment angle. What I don't understand is why appraisers would be concerned about it being undue pressure. Even if the appraiser was amenable to being a team player and *documenting* their client advocacy by swapping in the less-similar for the more-similar that they initially used they couldn't possibly hope to get away with it. What lender would use an ROV-amended appraisal report without reviewing it and comparing it to the original?

If you were a compliance officer at a lender or a secondary market investor, what would even a 5% rate of ROV-increased values tell you about those appraisers AND the "management" of those appraisers? Nothing good.

 

[djd09]

Maybe there should be an ROVMC. God forbid someone is influenced. Rince repeat recycle.

How about this. The ROVers type their own appraisal. And they can formulate any opinion they want. Oh ok.

I forgot the clients are for profit angels. A spoon full of sugar helps the medicine go down.

 

[Meandering]

I understand the harassment angle. What I don't understand is why appraisers would be concerned about it being undue pressure. Even if the appraiser was amenable to being a team player and *documenting* their client advocacy by swapping in the less-similar for the more-similar that they initially used they couldn't possibly hope to get away with it. What lender would use an ROV-amended appraisal report without reviewing it and comparing it to the original?

If you were a compliance officer at a lender or a secondary market investor, what would even a 5% rate of ROV-increased values tell you about those appraisers AND the "management" of those appraisers? Nothing good.

So, then why burden appraisers with the BS?

Even if the ROV is some kinda customer service fraud, to make borrowers believe they can influence the value opinion, it is still not allowed, per USPAP and the AMC Final Rule.

.

 

[Eli]

Maybe there should be an ROVMC. God forbid someone is influenced. Rince repeat recycle.

How about this. The ROVers type their own appraisal. And they can formulate any opinion they want. Oh ok.

I forgot the clients are for profit angels. A spoon full of sugar helps the medicine go down.

I like that ROV of an ROV idea. I like that.

We could really get closer to home.

You would really smell some stuff then.