This is a pretty niffty detailed chart for finding time adjustments, we are done.

[alebrewer]

Posted today in a Facebook group:



View attachment 94989

yeah, DW can say this isn't required till he's blue in the face, but that doesn't change the fact that MANY lenders, AMC's - and appraisers think just that - that come February, you better have something like this in your report.

 

[Non Sequitur]

yeah, DW can say this isn't required till he's blue in the face, but that doesn't change the fact that MANY lenders, AMC's - and appraisers think just that - that come February, you better have something like this in your report.

Yep. And with the new UAD this type of monkey see-monkey do appraisal development and reporting will be the norm.

 

[alebrewer]

Yep. And with the new UAD this type of monkey see-monkey do appraisal development and reporting will be the norm.

I mean, at the end of the day, they're forcing appraisers to become data analysts - something they should have been all along. Prior to the 1004MC, 90%+ of the appraisals I reviewed had zero market analysis. And, I've no doubt the GSE studies on appraisers under adjusting for changing markets are accurate. So is it a bad thing that they're forcing appraisers to do what they should have been doing all along? No. But.... the problem, as I see it, is that they're forcing too much granularity into the market analysis and adjustments. As has been pointed out ad nauseum, market changes don't happen in a vacuum, and often (if not always) there is cross contamination of the independent variables. So that what they're actually going to get is appraisers who don't understand how to 'do' the analysis using a fancy tool developed by Spark or DataMaster or ACI to apply market adjustments that are not reflective of actual market changes.

Take the scenario where PPF is increasing, but mean/median price point is steady or declining. Is that an increasing, stable, or declining market? Or can you even tell by 'just' using those two data sets?

IMO, a better approach would have been to just strong arm the ASC to require an 8 hour market analysis class, but instead they issued this nifty graph, along with a bit of esoteric instruction, and expect to see better supported reports as a result. Gonna be a disaster.

 

[Sadie]

Not if they're waived!

Just have to wait for the inevitable REO/short sale market to kick in.

 

[Tom D]

So knowing that many of yous don't know what appraising was like long ago. My question?
What was wrong with the index card appraisal, or my 8 page appraisal.

Since appraisals have nothing to do with bad lending processes & stupid fed rates, which caused every market crash.

But i'm only kidding the perfectionists here. I love doing my 40 page reports. They are like works of art. Lenders have them hanging on the walls.