Unintended consequence of reviews

[timd354]

That idea has merit. AMC employees have to take USPAP. Why not Lenders? Even better... require that reviewers be seasoned, credentialed appraisers.

Never going to happen.

 

[John Hassler]

That idea has merit. AMC employees have to take USPAP. Why not Lenders? Even better... require that reviewers be seasoned, credentialed appraisers.

It is a condition of employment in CA that all appraiser investigators hold a valid appraiser credential.

 

[Mark K]

Never going to happen.

Nope. Tip of the tail trying to wag the dog sort of thing.

 

[alebrewer]

True to some extent. More significantly it is the lenders who employed those mentors and gave them the financial ability to service and have a trainee.

Do huh? So your line of logic is that the reason trainers don't do a very good job of training is because of the lenders? Don't know if that's the most inane thing I've heard, but it's up there.

 

[John Hassler]

Do huh? So your line of logic is that the reason trainers don't do a very good job of training is because of the lenders? Don't know if that's the most inane thing I've heard, but it's up there.

You read it right but lacked the ability to understand it right. In the universe of appraisers, lenders who feed the F/F pipeline have gravitated to the lowest-cost least-competent appraisers. You can’t expect the least competent appraisers to be anything but the least competent appraiser trainers. In that above statement, you can replace “appraiser” with any profession or trade you wish and it would a truism.

 

[alebrewer]

You read it right but lacked the ability to understand it right. In the universe of appraisers, lenders who feed the F/F pipeline have gravitated to the lowest-cost least-competent appraisers. You can’t expect the least competent appraisers to be anything but the least competent appraiser trainers. In that above statement, you can replace “appraiser” with any profession or trade you wish and it would a truism.

You're still issuing fault where there is none to issue, although that may be because you lack the ability to understand it right. An appraiser either has integrity or he/she doesn't - and the fees/expectations of the clients should not alter that obligation. The system was broken WAY before your 'F/F pipeline have gravitated to the lowest-cost least-competent' appraisers. The reason we have turd appraisers training new turd appraisers is because their trainers were turds and their trainers were turds. Now, the F/F standards may contribute to the length of tenure of turd appraisers, but I know lots of appraisers who do F/F work - who are very conscientious about their work. I also know GC's who don't work for F/F who are completely lost in the sauce.

Your logic doesn't hold.

 

[sputnam]

Never going to happen.

Oh... I agree. It's not going to become general practice. However, there are lenders and AMCs that use credentialed appraisers for reviews.

 

[Dale Floyd]

Talked to a reviewer last week, who admitted he only did F4 searches for key words in appraisals when he reviews them, to see if certain things are included or not, which is why he missed so many things I addressed in my narrative addenda. I was shocked he admitted never reading the report fully.

 

[sputnam]

Talked to a reviewer last week, who admitted he only did F4 searches for key words in appraisals when he reviews them, to see if certain things are included or not, which is why he missed so many things I addressed in my narrative addenda. I was shocked he admitted never reading the report fully.

Some do that I'm sure. Many don't. I do both. I read the report and if there is something I think is missing, I search for it. Some appraisers put things in odd places in reports and don't bother to add headings. Some apparently don't understand about paragraphs. That makes it difficult to spot some of the required elements... like exposure time. A lot of that will go away when UAD 3.6 is fully implemented.

 

[alebrewer]

Talked to a reviewer last week, who admitted he only did F4 searches for key words in appraisals when he reviews them, to see if certain things are included or not, which is why he missed so many things I addressed in my narrative addenda. I was shocked he admitted never reading the report fully.

Most OMS, as well as CU, will pick those words up systematically now.