Valligent

[Evincere]

I was giving some details. They said they didn't want a value. But they did want the appraiser to grade the comparable as 1) Best available 2) Acceptable 3)Unacceptable.

I believe she said if acceptable or unacceptable was marked , new comparables had to be re-gridded . At least one new comparable, and maybe more for unacceptable.

.

Valligent, the valuation provider formerly known as EAS, has released the Desktop Risk and Valuation Engine (DRiVE), a new product suite the company describes as an alternative to broker price opinions (BPOs).

"Over the past several years, our industry has witnessed a huge degradation in the quality of property valuations," says Jeremy McCarty, Valligent's CEO. "Five million BPOs are performed every year, and while they are very inexpensive, a growing addiction to these inferior valuation products has contributed to the crisis of confidence we’re seeing in our industry today."

And how does an Appraisers review of these BPOs generate new confidence?

Each DRiVE report includes detailed property information, local market trends and a foreclosure risk analysis developed by one of Valligent's certified senior review appraisers, the company says. Each (E&O INSURED) appraiser is trained and licensed in compliance with Uniform Standards of Professional Appraisal Practice and all appropriate regulations in their respective jurisdictions.

Oh. But they left out the obvious stated in red. Could it be that confidence is generated by virtue of the Appraisers E&O Insurance which realtors who initially perform these addictive BPO products do not have nor are required to carry to do business. It would appear to me that the fee of $50 being offered for these new products is not really much more than what was paid to the Realtor for the BPO the Appraiser is charged with reconciling.

 

[Evincere]

dup deleted

 

[J Grant]

"Over the past several years, our industry has witnessed a huge degradation in the quality of property valuations," says Jeremy McCarty, Valligent's CEO. "

Could the "huge degradation" be connected with the huge lowering of fees? Fees for BPO's have been slashed in the last 5 years, as AMC's became the conduit and keep a share of the profit, result is BPO's pay to the RE agent is aprox half of what it used to be. Origination and review work appraiser fees are reduced by certain of big box clients. This results in the inevitable, the only way for an agent or appraiser to survive on low fee work is to race through assignments fast food style . Then, surprised at the degradation of quality (who woulda thought?), a company designs a review product about comp selection but it pays a low fee.

Which means the only way an appraiser can profit is to race though the comp review fast food style. In fact, the company uses the speed at which it can be done as an enticement to sign up appraisers, since they can't entice them with compensation. A perfect circle of the results of using evaluation as a cash cow for third parties ensuring more lousy results.

 

[Deleted member 80407]

Hmmmm??? Wondering why no one is questioning volume and if the reviews are in an area which the appraiser is familiar with or has an adequate data source to make any determinations on the report being reviewed. It seems to me that volume would mean nationwide reviews and not a geographic area. Nationwide reviews would require public sources of data which are not that reliable (like p...illow). I am not saying it could not be done, however, 30 minutes seems unreal considering what has to be research to determine the quality of comps (or sales) within the report under review. Furthermore, how can one rate the comps or sales without an adequate geographic data source.

 

[bnmappraisal]

Valligent, the valuation provider formerly known as EAS, has released the Desktop Risk and Valuation Engine (DRiVE), a new product suite the company describes as an alternative to broker price opinions (BPOs).

It seems like these companies come up with "product" names like they come up with "company" names ... a dime a dozen! But then again, that's probably how many look at appraisers ... a dime a dozen!

 

[CANative]

Hmmmm??? Wondering why no one is questioning volume and if the reviews are in an area which the appraiser is familiar with or has an adequate data source to make any determinations on the report being reviewed. It seems to me that volume would mean nationwide reviews and not a geographic area. Nationwide reviews would require public sources of data which are not that reliable (like p...illow). I am not saying it could not be done, however, 30 minutes seems unreal considering what has to be research to determine the quality of comps (or sales) within the report under review. Furthermore, how can one rate the comps or sales without an adequate geographic data source.

From the same topic in a FB appraiser page

XXXXXXXX has been engaged by one of the GSEs to perform an analysis of their portfolio using our outstanding panel of appraisers. This represents a significant opportunity, which may result in ongoing desktop-type assignments.

The basis for this assignment is portfolio analysis leveraging the expertise of our panel to conduct a simple yet important analysis of only a portion of a prior appraisal report. You would be asked to limit the scope of your review to the comparable selection and the question of whether the comparables used were the best/most appropriate as of the effective date. No inspection is required, and no analysis of any other sections of the report are needed.

Client qualification requirements dictate that you must have prior experience appraising within the subject property’s specific zip code. As the results will be relied upon by the GSE, it is imperative that your knowledge of the immediate area be extremely thorough, and that the utmost care be given to your results.

Due to the limited scope and limited time required to complete the assignment, a fee of $40 will be paid for each assignment. You will have 2-3 business days to perform your analysis and finalize the report using the Acuity and Harmony platforms. It is estimated that each assignment will take approximately 20-45 minutes to complete, once you familiarize yourself with the requirements.

Computer Requirements:

Operating System:
Report must be completed in our portal (Harmony) on a PC running Windows Vista, 7, 8 or 10. You will not be able to complete a report using a Mac or a Windows XP Operating System (discontinued by Microsoft in 2014)

Browser:
Harmony can only be run in Internet Explorer 9 or newer. Report CANNOT be completed in Chrome, Firefox, or Safari.

Please let me know if you would be interested in assisting us with any of these orders. If you wish to see a sample report, please sign and return the attached Independent Contractor Agreement.



Thank you, and have a great day!

 

[CANative]

SR3

 

[Mike Kennedy]

Over the past several years, our industry has witnessed a huge, INTENTIONAL, degradation in the quality of property valuations

A. you and your "brethren" got what you paid for from duhpraisers who were heroes when they hit the bullseye and thrown to the curb as incompetents when they didn't because the confirmed Market clearly dictated otherwise. .
B. now you expect gleeful, grateful bottom-o-the barrel duhpraisers to fill your machine with millions of additional "comparables" to ensure your "drive" - drives.

(POSSIBLY fictitious board meeting - "hey Joe how the hell are we gonna get our hands on millions of properties in several months and pay nothing or almost nothing for the data?' Joe - c'mere ill whisper in your ear - it's gonna be EASSSSSSSSSY)

C. you and your ilk financed the degradation by engaging individuals who purportedly can fog mirrors for 1990s fees and then bemoan their actions.
D. "alternative" valuations were on the drawing board at the beginning of the planned demise of Human Professional, Ethical and INDEPENDENT Mortgage Appraisers.
E. congrats on your well-planned execution.

 

[CANative]

Over the past several years, our industry has witnessed a huge, INTENTIONAL, degradation in the quality of property valuations

A. you and your "brethren" got what you paid for from duhpraisers who were heroes when they hit the bullseye and thrown to the curb as incompetents when they didn't because the confirmed Market clearly dictated otherwise. .
B. now you expect gleeful, grateful bottom-o-the barrel duhpraisers to fill your machine with millions of additional "comparables" to ensure your "drive" - drives.

(POSSIBLY fictitious board meeting - "hey Joe how the hell are we gonna get our hands on millions of properties in several months and pay nothing or almost nothing for the data?' Joe - c'mere ill whisper in your ear - it's gonna be EASSSSSSSSSY)

C. you and your ilk financed the degradation by engaging individuals who purportedly can fog mirrors for 1990s fees and then bemoan their actions.
D. "alternative" valuations were on the drawing board at the beginning of the planned demise of Human Professional, Ethical and INDEPENDENT Mortgage Appraisers.
E. congrats on your well-planned execution.

Are you familiar with the terms "Intended Use" and "Intended User?" How about "Scope of Work" for another?

 

[CANative]

Sounds like the review assignment is to examine the adjustment table section of the appraisal report, understand what the report says the subject is like (it doesn't matter if it's true or not), and then study the comparable properties in the context of what is stated for the subject on the portion of the appraisal provided. After that run an MLS search to see if there are better sales that have not been included and should have been included. Something like that. They want an appraiser with experience in that market to give the comp selection a going after.

Doesn't sound illegal, unethical, stupid, fattening or full of gluten. I could do these in an urban area in 30 minutes or less after getting used to their software. I've seen and worked with Harmony (not on this type of assignment) and it's not bad.