Revision Request

[Meandering]

Appraisers have no customers

only clients.

.

 

[Eli]

Appraisers have no customers

only clients.

.

Different lingo depending on your position. Like partner. I hate that term. That’s the biggest lie ever published.

 

[J Grant]

I agree with Danny-it's a client service. I still don't like it, but it's a client service. One of the reasons appraisers dislike being interrupted after an appraisal is delivered is not just because we are rude or have no business acumen, most of us are under pressure to get new orders done, when last week's appraisal comes back with an ROV. It truly is a PITA. That said, most "good " clients don't send them often and keep them at one send ..

 

[George Hatch]

Of course any follow up requests are going to be frustrating and annoying and cut into your productivity. But that isn't limited to ROVs.

 

[timd354]

They don't require that they send it, but they require them to do it on their sales.

Sending this required analysis to the appraiser is as simple as a push of a button. It would help alleviate your generic NO response and get better responses from appraisers. Personally, I have required it to engage me for a ROV. It is in their best interest as it protects them from sending over inappropriate blatant value push sales, not to mention that appraisers would be willing to look at them because they know that they aren't just sending over bogus sales which is what? 99% of the time, I believe is the percentage the AMCs chief appraiser said.

The lender does need to prove to you, the appraiser, that they have complied with Fannie guidance as it is the appraiser's job to appraise and it is not the appraiser's job to audit the lender for compliance with Fannie Mae guidance. It is the height of arrogance for an appraiser to even request that a lender send over what essentially are the lender's underwriting notes and I don't know of any lender that would even think of sending something like that to the appraiser.

Besides all of that, the Fannie statement that you cite is from Fannie Mae Lender Letter 2015-02 which is guidance on how to utilize CU, thus the Fannie statement is not even applicable to ROV sales that came from sources other than CU. Here is the entire paragraph with that statement, including the part about CU that you left out:

Fannie Mae does not instruct or suggest to lenders that they ask the appraiser to address all or any of the 20 comparables that are provided by CU for most appraisals. It is also not Fannie Mae’s expectation that appraisals should contain only CU’s top-ranked comparable sales. In the majority of cases, there may be no material difference between comparable sales utilized by the appraiser and those identified by CU. Before asking the appraiser to consider any alternative sales, it is imperative that the lender analyze the relevance of the sale and determine if the use of such sale would result in any material change to the appraisal report. If the lender determines that there would be no material change, then they should not ask the appraiser to make revisions. Fannie Mae expects CU to enable lenders to accept appraisals “as is” with greater confidence.

 

[residentialguy]

The lender does need to prove to you, the appraiser, that they have complied with Fannie guidance as it is the appraiser's job to appraise and it is not the appraiser's job to audit the lender for compliance with Fannie Mae guidance. It is the height of arrogance for an appraiser to even request that a lender send over what essentially are the lender's underwriting notes and I don't know of any lender that would even think of sending something like that to the appraiser.

VA doesn't seem to mind. You know, the ones that have been the bench marks in the profession.

 

[residentialguy]

Besides all of that, the Fannie statement that you cite is from Fannie Mae Lender Letter 2015-02 which is guidance on how to utilize CU, thus the Fannie statement is not even applicable to ROV sales that came from sources other than CU. Here is the entire paragraph with that statement, including the part about CU that you left out:

Fannie Mae does not instruct or suggest to lenders that they ask the appraiser to address all or any of the 20 comparables that are provided by CU for most appraisals. It is also not Fannie Mae’s expectation that appraisals should contain only CU’s top-ranked comparable sales. In the majority of cases, there may be no material difference between comparable sales utilized by the appraiser and those identified by CU. Before asking the appraiser to consider any alternative sales, it is imperative that the lender analyze the relevance of the sale and determine if the use of such sale would result in any material change to the appraisal report. If the lender determines that there would be no material change, then they should not ask the appraiser to make revisions. Fannie Mae expects CU to enable lenders to accept appraisals “as is” with greater confidence.

What does the first line say that you responded to? "They don't require that they send it, but they require them to do it on their sales."
How about the post prior to that "That's what VA and FNMA requires of their alternative sales."

 

[TRESinc]

So what is the point, if not to exert pressure on the appraiser? To appease some homeowner

you answered your own question. customer service. the same thing that should motivate an appraiser to respond to their customer/client.