The New and Improved ROV...

[alebrewer]

Do you really think that will stop them? I've had brokers chime in and complain why didn't I use this and why didn't I use that to the point the Loan officer had to call the broker and tell them to STFU.

I mean - literally that is in the reg. And I can't speak for others, but WRT my current group, we have a stop built into the procedure to close out the offering after the 1st submission.

 

[Terrel L. Shields]

I mean - literally that is in the reg. And I can't speak for others, but WRT my current group, we have a stop built into the procedure to close out the offering after the 1st submission.

Lucky you. I mean I've had borrowers and agents call me complaining loudly. they don't bother to call the LO or go thru channels. If I had $5 for every time I was told "You don't know the market...." I'd be rich. I had one throw a hissy because my estimate of $240K was less than her $440k listing...but a year later that broker got let go and a new one listed at $275k. They took an offer of $250k not six weeks later.

 

[alebrewer]

Lucky you. I mean I've had borrowers and agents call me complaining loudly. they don't bother to call the LO or go thru channels. If I had $5 for every time I was told "You don't know the market...." I'd be rich. I had one throw a hissy because my estimate of $240K was less than her $440k listing...but a year later that broker got let go and a new one listed at $275k. They took an offer of $250k not six weeks later.

No doubt. The new reg doesn't change any of the 'routine' stuff folks do to try to coerce an appraiser - leaving comps on the table, owner following the appraiser around, "I need $zzz,zzz to make this deal work." But that's been around my entire career. Nothing new there.

 

[NC Appraising]

I wonder if theses national appraisal firms and AMCs lobbied the powers that be to avoid the ROV having a place geographic competency and ROV for AVMs?

What's your complaint consumer/borrower?

ROV: The inspector is not an appraiser and the appraiser who signed the report is located in another s 600 miles away? Wth?

 

[Digger88]

I did an ROV for my brother on a house he is selling where I pointed out obvious errors and missed adjustments then supplied 2 more comps to bracket items he missed. The appraiser provided none of these things to refute his errors and UMW was fine with that.

 

[sputnam]

Lucky you. I mean I've had borrowers and agents call me complaining loudly. they don't bother to call the LO or go thru channels. If I had $5 for every time I was told "You don't know the market...." I'd be rich. I had one throw a hissy because my estimate of $240K was less than her $440k listing...but a year later that broker got let go and a new one listed at $275k. They took an offer of $250k not six weeks later

Borrowers and agents have always called appraisers directly. It's part of our job to be professional while explaining to them that they need to take it up wiht the Lender.

 

[djd09]

Borrowers and agents have always called appraisers directly. It's part of our job to be professional while explaining to them that they need to take it up wiht the Lender.

more treating all parties unequally...

 

[djd09]

edit

 

[Tom4value]

The OP is the ROV process that has been in place with major Lenders for years. Fannie has caught up and made it 'official'. The only change is that Fannie is mandating to Lenders that must offer ROVs to borrowers. Unfortunately, an unintended consequence will be that some appraisers will be more inclined hit the number so that they can aviod ROVs.

I agree with the first part.

I disagree with last point, at least with me. I am sure you are like me. Just before I click send I ask myself, “are you good with this?”. I know I can defend anything they throw at me as long as it is not an actual error. I have had uncounted ROVs in my career and I can count on one hand with fingers left over the amount of times I changed the value. All were due to errors and one was the client’s fault (due to their not giving me accurate info on new construction).

 

[sputnam]

I agree with the first part.

I disagree with last point, at least with me. I am sure you are like me. Just before I click send I ask myself, “are you good with this?”. I know I can defend anything they throw at me as long as it is not an actual error. I have had uncounted ROVs in my career and I can count on one hand with fingers left over the amount of times I changed the value. All were due to errors and one was the client’s fault (due to their not giving me accurate info on new construction).

Sure... I said "some". We all already know that there are appraisers who are number hitters. The better appraisers in our industry aren't.