So much for the 1004 Desktop being easier

[CANative]

Must a desktop appraisal or exterior-only inspection appraisal report be submitted “subject to” an extraordinary assumption?

The revised scope of work and certification removes the requirement for the appraisal to be submitted “subject to” an extraordinary assumption. If adequate information about the subject property is not available from a credible source, then the desktop or exterior-only inspection appraisal is not acceptable. Appraisers must have data sources they consider reliable. The assumption that data sources are correct is not considered an extraordinary assumption.

 

[Amy Perkins]

Must a desktop appraisal or exterior-only inspection appraisal report be submitted “subject to” an extraordinary assumption?

The revised scope of work and certification removes the requirement for the appraisal to be submitted “subject to” an extraordinary assumption. If adequate information about the subject property is not available from a credible source, then the desktop or exterior-only inspection appraisal is not acceptable. Appraisers must have data sources they consider reliable. The assumption that data sources are correct is not considered an extraordinary assumption.
[/QUOTE

A credible source? Do you think a person who has a vested interest is a credible source? Sounds like Fannie wants us to take on the liability and it's not in our direct control. It's pointless. WHERE CAN I GET A ROBOT?

 

[ramrcdk]

1. May a desktop or exterior only inspection appraisal report completed using the appraisal flexibilities offered by Lender Letter LL-2020-04 include photos or other information provided by the borrower/owner?
2. How will the appraiser be able to obtain subject photos for a desktop appraisal report?
3. What if adequate information is not available for the appraisal?

Appraisers may use information in MLS, reach out to the broker, homeowner, public records, and/or other online tools such as satellite imagery and street views to obtain the necessary property information. A good faith effort should be used to provide information that the appraiser believes is reasonable. If adequate information about the subject property is not available, the mortgage will not be eligible for sale to us until the appraiser has sufficient information to complete the desktop appraisal or an appraisal with an exterior-only inspection.

1) Question: when to the end of that DEAD-END process of the DESK-toppie :
HOW long DID THAT TAKE? _______ How many billable hours? _______
AND what was the FEE due at that (cancelled) "time-line" ? _______

2) THEN: does the lender-AMC-third party turn it INTO an Exterior 2055 that needs measuring BY YOU? ____ How much longer does that take? ____ AND what is the Re-vised Fee? ________
OR is the service then cancelled & RE-ordered with another appraiser??

Thank you very much!

 

[CANative]

If the client tells us IN WRITING that they will accept data from a party with an interest and we are working under the assumption that the underwriting is based on FNMA policy then where is the risk? FNMA is TELLING US that they will accept the information and that THEY consider it an ordinary assumption.

Stop making stuff up to be afraid of. We're appraisers and most of us here are certified and have many years of experience. We should be able to figure out what's credible and what's not.

 

[alebrewer]

What kills me is the uproar (from appraisers) over allowing 'non-interested' parties to perform the interior inspection (prior to Covid). Now, all of a sudden, appraisers are ok with biased parties providing the information (homeowners)...

 

[J Grant]

What kills me is the uproar (from appraisers) over allowing 'non-interested' parties to perform the interior inspection (prior to Covid). Now, all of a sudden, appraisers are ok with biased parties providing the information (homeowners)...

Not true.-
We are not "suddenly okay" with it, we are reluctantly using it due to exigent circumstances- and appraisers do have issues using it - Many where possible try to do interior inspections- within a tolerance of safety

With owner providing info we can at least talk with them and question them, which does not appear to be true when it will be a "data collector " - who knows if that idiot program will come to pass now.. will see.

 

[alebrewer]

Not true.-
We are not "suddenly okay" with it, we are reluctantly using it due to exigent circumstances- and appraisers do have issues using it - Many where possible try to do interior inspections- within a tolerance of safety )

I did not say, "All', nor should you infer "All"...

 

[J Grant]

All, some, whatever - the reason appraisers are "suddenly okay with it" is a deadly contagion threat - is that a good enough reason?

 

[CANative]

We're talking about appraisals. The scope of work is driven by intended use, users and assignment conditions.

If I have a signed paper that says it's okey dokey for them then it's okey dokey for me.

 

[Terrel L. Shields]

If they lie and use their neighbor's kitchen

If honesty is the best policy, then it is in the homeowners best interest to be candid with the appraiser. Thus I feel I can "rely" upon their photos. If that information is errant then my out is in the certification regarding relying upon things provided by others assumed to be accurate.