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Unsupervised Trainees and REO's

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Tudor

Member
Joined
Aug 15, 2006
Professional Status
Certified Residential Appraiser
State
Arizona
Will the next influx of unsupervised trainees get most of their experience from REO's?

Majority of these properties are on lockbox and don't require a 2nd party for access. Plus, the fees are very low.

Both make for perfect unsupervised trainee territory.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
There is no doubt in my mind. Of course the lenders want it that way; fast and cheap.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
Will the next influx of unsupervised trainees get most of their experience from REO's?

Majority of these properties are on lockbox and don't require a 2nd party for access. Plus, the fees are very low.

Both make for perfect unsupervised trainee territory.

There are a ridiculous amount of unsupervised trainees out there despite the additional "did inspect" signature on the report.
 

Mike Phillips

Senior Member
Joined
Dec 16, 2004
Professional Status
Certified Residential Appraiser
State
Florida
Will the next influx of unsupervised trainees get most of their experience from REO's?

Majority of these properties are on lockbox and don't require a 2nd party for access. Plus, the fees are very low.

Both make for perfect unsupervised trainee territory.

Sure they will. Just like many of the today's recently Certified appraisers got their experience in a market where market values were always increasing.

Perfect unsupervised trainee territory? That "territory" has been around for decades. Supervisors have been sending trainees out by themselves to do appraisals of homes that were on lock boxes for ages. Nothing new. Up market, down market, doesn't matter.

Unethical behavior will continue until there are real consequences for NOT doing the right thing.
 

Smokey Bear

Elite Member
Joined
Dec 8, 2004
Professional Status
Certified Residential Appraiser
State
California
Business as usual. :-(
 

ezillmer

Freshman Member
Joined
Sep 19, 2007
Professional Status
Certified Residential Appraiser
State
Arizona
Supervising appraisers are required in Arizona to walk through every assignment for 2 years with a trainee. The penalty for not doing it is jail tume and I think there are 2,000 angry appraisers that would turn someone in if they did not follow the rules. 2 large profile appraisal firms are out of business because they did not follow the rules. My fear is that these lenders are turning to BPOs and Zaio.
 

agedaprsr

Freshman Member
Joined
May 29, 2008
Professional Status
Certified Residential Appraiser
State
Florida
REO's

Kinney was right ...

All they want is fast and cheap ! How many qualified Certified Residential Appraisers would personally go out and inspect the properties for what the REO's are paying for fees ??

I once had a Certified Appraiser tell me he will send trainees out until they catch him and make him quit ..... He was driving a very nice car when forced to retire !
 

PJK03

Sophomore Member
Joined
Mar 4, 2007
Professional Status
Licensed Appraiser
State
California
I just heard that a trainee who just moved to my neck of the desert is using a guy who lives 250 miles South of us, and he is charging her $100 for his signature, per report. She even boasted, to my friend, that this guy was making $80K a MONTH! At first I thought she wouldn't get any work, but it appears that I was wrong. I would love to find out who this supervisor is.
 

Ken B

Elite Member
Joined
Feb 18, 2004
Professional Status
Certified General Appraiser
State
Florida
An elementary school level trainee should receive constant supervision.

A middle school level trainee should receive a moderate level of supervision, but should not require constant handholding.

A high school level trainee should be given increasing levels of responsibility.

By the time the trainee reaches a experience/education level which would allow the trainee to test for their CR/CG license, they should be able to work with minimal supervision.

If they cannot, the supervising appraiser has failed.
 

ezillmer

Freshman Member
Joined
Sep 19, 2007
Professional Status
Certified Residential Appraiser
State
Arizona
A Trainee who represents me had better know his/her stuff. I am sick of reviewing an appraisal that has major errors and the supervisor blames it on a trainee and gets off free in front of an Appraisal Board. If you make a math error it can be a very be error on an appraisal. We have to start reporting the greedy supervisor appraisers when they break the law. If you trust there training fine, the laws were made to protect the client and the public...The supervisor has to be accountable for what comes out of his office.
 
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