The Lie

[Tim The Enchanter]

You pays your money and takes your chances.
Such is life. Get out there and rock, and roll the bones.

 

[CANative]

I'm not sure it has anything to do with the patent application and I wasn't trying to make a link to that.
I was stating an observation that he's posted his ideas on how to improve the income levels for appraisers, and while I don't agree with many elements of his plan, I have to respect the fact that he is actually doing something rather than just complaining about it.

He's posting the patent application description to try to prove that it's an appraisal review and that Fannie Mae is lying. It's a ridiculous story (I've been following this on the Facebook appraiser groups most of the day.) It's ridiculous.

 

[DiverMike]

Just one more reason not to do GSE work.

Thanks, but from the article;
I don't see how a Fannie Review can be illegal, while the Burger Flipping AMC QC checker is not a "review" along the same lines.

It would be "illegal" (in my opinion) because it IS an appraisal review and one that is being performed by unlicensed personnel via "a system or process" that does not meet ANY USPAP standards for real estate appraisal review, by a federally regulated institution; GSE. It is "illegal" because it is misleading and fails to communicate the results of an appraisal review in a meaningful or honest way. It is fraudulent (again, in my opinion) because it is used in part to assure purchasers of bundled loans or securities that the loans they are buying have been subjected to a meaningful or relevant valid "collateral risk rating system" that is fundamentally flawed and incapable of accurately delivering what is promised.

 

[DiverMike]

Just one more reason not to do GSE work.

Thanks, but from the article;
I don't see how a Fannie Review can be illegal, while the Burger Flipping AMC QC checker is not a "review" along the same lines.

It would be "illegal" (in my opinion) because it IS an appraisal review and one that is being performed by unlicensed personnel via "a system or process" that does not meet ANY USPAP standards for real estate appraisal review, by a federally regulated institution; GSE. It is "illegal" because it is misleading and fails to communicate the results of an appraisal review in a meaningless or honest way. It is fraudulent (again, in my opinion) because it is used in part to assure purchasers of bundled loans or securities that the loans they are buying have been subjected to a meaningful or relevant valid "collateral risk rating system" that is fundamentally flawed and incapable of accurately delivering what is promised.

Which has what to do with Fannie applying for a patent for CU as an automated appraisal review program?

.

Thank you Dennis. No single plan by one person is likely to meet everyone's ideas or beliefs for a better system. For those that studied it, it DOES have the flexibility of being able to be implemented with EITHER regional (State by state) or national fees.

Yesterday it was presented in support of VaCAPs own separate proposal for deminimus fees before the Virginia Real Estate Appraisers Board. VaCap proposed $450 / VA based fees. We intended to demonstrate how "FAIR" & just THEIR fee proposal was by proffering our own higher "reasonable" fee based proposal. I'm told there was considerable interest on the Board's part because our methodology was based on and derived from Federal Civil Service pay scale equivalents; adjusted for location; benefits and self employment business overhead.

Again I'm only repeating what I was told, but a VaCap leader reportedly thanked our rep and told him that together "We won" (meaning VaCAPS position). I think that is a HUGE victory for appraisers, because it is one that MAY be able to be duplicated in other states. Well Done VaCap!

To me it does not particularly matter if 'my' specific C&R proposal won the day or not. What is important is that VA MAY adopt SOME level of MINIMUM AMC fees that can be paid to appraisers.

 

[DiverMike]

Interestingly enough, I searched for that thread of his and couldn't find it; but someone just replied to it so now it is active again.

Here is the thread that I was referencing: http://appraisersforum.com/forums/threads/when-customary-fees-become-unreasonable.209023/

Hi Marion and Dennis, I usually post to www.appraisersblogs.com ALL articles I have authored can be found there. For anyone that wants to read the original C&R proposal without all the personal opinion comments it's on my website at : http://mfford.com/html/c___r_fees.htm and there is also a link at www.appraisersguild.org too.

For those that are interested in DOING anything, please come join us. For those that are having more fun taking "potshots" that's ok too. It makes us work a little harder to either explain ourselves, or to come up with better ideas. Your actual constructive help would be MORE welcome, but even criticism for criticism's sake helps us improve. Thank you.

 

[CANative]

Potshots?

Fannie Mae is using THEIR proprietary software and data to QC appraisal reports in real time versus finding out later that the appraisal was crap and then trying to get their contracted lender to buy back the loan or find out they've got tens of thousands of bad properties in their portfolios. This has nothing to do with the term Appraisal Review and Appraisers.

 

[Meandering]

Hi Mike,

I believe in some law, oh sometime between 2011 and 2015, they wrote some rule and definition that said opinions can only be formed by humans. Hence, AVMs are not appraisals as the computer can not perform an opinion, it can only provide a range, and that would be a ditto for a computer review.

You wouldn't think they left their bases uncovered since they have been working on this since 2005.

.

 

[CANative]

Appraisers should embrace CU instead of whining about it and signing on to causes to bring it down. It makes them better appraisers who do more research and analysis and be more detail oriented. It's extra work and time... that we should be selling instead of just accepting what some AMCs think we should be allotted.

 

[DiverMike]

He's posting the patent application description to try to prove that it's an appraisal review and that Fannie Mae is lying. It's a ridiculous story (I've been following this on the Facebook appraiser groups most of the day.) It's ridiculous.

Greg, I believe?
You keep repeating the same thing "ridiculous" which by itself is not much of a persuasive argument. ANY support for your conclusion?

 

[DiverMike]

Appraisers should embrace CU instead of whining about it and signing on to causes to bring it down. It makes them better appraisers who do more research and analysis and be more detail oriented. It's extra work and time... that we should be selling instead of just accepting what some AMCs think we should be allotted.

How DARE an appraiser object to anything in todays world. Why its OBVIOUSLY whining!