Significant Appraisal Assistance (1004p)

[George Hatch]

It's a defined term in USPAP. If you don't know what it means then go look it up.

 

[Eli]

Do the inspection for the lender. Let the lender provide the report to the borrower. Let the loan officer say your property is worth $X. NO appraisal license required. Problem solved. Some state laws will love it. They will capitalize. Borrowers will too.

 

[Eli]

Do the inspection for the lender. Let the lender provide the report to the borrower. Let the loan officer say your property is worth $X. NO appraisal license required. Problem solved. Some state laws will love it. They will capitalize. Borrowers will too.

It's a defined term in USPAP. If you don't know what it means then go look it up.

LOL. Some appraisers need to take basic appraisal principles again for continuing education,.

 

[Eli]

When one of the biggest lawyers for one of the biggest appraisal liability insurance companies agreed with Phil Crawford and let him interview him, my case is clear.

If you take basic appraisal principles, it will help you as refresher course.

 

[George Hatch]

Do the inspection for the lender. Let the lender provide the report to the borrower. Let the loan officer say your property is worth $X. NO appraisal license required. Problem solved. Some state laws will love it. They will capitalize. Borrowers will too.

If that's what the lenders think is sufficient for their use and it's okay with their regulators then maybe that's how it will go.

 

[George Hatch]

When one of the biggest lawyers for one of the biggest appraisal liability insurance companies agreed with Phil Crawford and let him interview him, my case is clear.

Do you know why I don't listen to that podcast?

 

[Eli]

If that's what the lenders think is sufficient for their use and it's okay with their regulators then maybe that's how it will go.

Oh, like they thought fraudulent loan documents were ok?

 

[Eli]

Do you know why I don't listen to that podcast?

I think you should listen to Peter (LIA) and take basic appraisal principles course again.

 

[djd09]

Oh, like they thought fraudulent loan documents were ok?

He is in denial about that era.

 

[glenn walker]

You are not trying to "update' anything. You want to change the definition of "Appraisal Practice" to include activities of non-appraisers. That is a terrible idea that would be VERY detrimental. You just cannot (or will not) see that because you are arguing base don emotion rather than logic.

Again i ask, why is it so important to you that the term "significant appraisal assistance" be applied? You still have not answered that.

The basic brain block is why would the appraiser want to insert they had significant assistance when it increases their liability dramatically because by signing the certification, he/she would be accepting full responsibility for all elements of the certification, for the assignment results, and for the contents of the appraisal report. Reading the third party's report does not confer by the appraiser the person engaged by Bigger Bank had the competence, training or experience required.

When the appraiser declares and certifies they received 'significant assistance " they are also implying they trusted or engaged a person or persons who they believed were experts in their trade or profession and the reader and users of the report would most likely also assume the appraiser had experience with this person.

Therefore in my opinion even the most incompetent real estate attorney in the country would- Scream why did you accept full responsibility for the assignment results and confirm it by signing the certification. Now you own this bad-boy and we may as well just tell Judge Roy Bean that you wanted to pound a square peg into a round hole.

For Gods sake we could have laid off 2/3 the liability on Big Bank because after we received the third party inspectors resume under discovery the guy submitted a hand written note that stated he was a 55 year old who had previously been a handyman but he obtained his real estate license because he heard from other agents that Big-Bank was paying $75 bucks just to measure and take a few photos.

NOW BIG BANK'S five Harvard Law Grads are sitting in the conference room with Big-Cheshire Cat-Grins on their silly faces because that Signed Certification is going to make this case impossible to defend. And please put that USPAP manual away because those guys said you had no idea how to interpret USPAP and they said FAQ'S do not establish new standards or interpret existing standards and do not constitute a legal opinion of the ASB and I confirmed that with a local AQMD Certified Instructor..