Virgina REAB and Portal Petition

[Fred]

Unlike others, who seem to have taken as gospel truth the claim that lenders will not provide copies back to the appraiser, I have put that claim to the test. I have had clients send me copies of my own reports - reports that were submitted in AIReady. What I got back was a true and complete copy of what I sent.

Several have claimed clients will not do this, but I got one back within a few minutes of asking for it. How many can say they have actually had clients refuse to do this, and how many are just piggybacking on claims and war stories posted by people who admit they have don't even use AIReady?

It's not that you debunk these claims, it's alacrity and efficiency of it.

Statements like this lead to my fear of unintended consequences.
Let's immediately prohibit requiring conversion of reports into a format the client wants!! Of course such a regulation would make it a violation for a client to require reports in PDF format,

or make it a violation to serve a client who wants paper.

 

[Ken B]

A letter of transmittal is, by its nature, a restricted-use report, less certification. It states what is summarized in the attached form report and addenda. It is "nice", but hardly necessary to the understanding of the report.

A TOC is, likewise, unnecessary in a form report with addenda. The property's description, market analysis, valuation section, reconcilation, certification, and statement of limiting conditions are located on the same page in every form. Addenda are not too difficult to find.

Lack of a LOT and TOC does not create a misleading report. They are unnecessary. If they are unnecessary, they could be irrelevant. If they are irrelevant, why waste time and resources creating them or requiring the client to print them? Most intended users of an appraisal for mortgage lending purposes certainly do not waste their time reading them.

 

[Fred]

Kenneth,
While you are making a reasonable theoretical point, it seems the specifics here are that THE CLIENT is the one who wants the format. The idea that these knowledgeable clients are going to be misled by the very format their own policy departments have developed is silly to me. It's like saying Fannie would be misled by the format of the 1004.

 

[Marcia Langley]

It's like saying Fannie would be misled by the format of the 1004.

Actually, in some ways, I believe she is.:icon_idea:

 

[Fred]

Actually, in some ways, I believe she is.:icon_idea:

Then turn yourself in.

 

[TJSum]

Kenneth,
While you are making a reasonable theoretical point, it seems the specifics here are that THE CLIENT is the one who wants the format. The idea that these knowledgeable clients are going to be misled by the very format their own policy departments have developed is silly to me. It's like saying Fannie would be misled by the format of the 1004.

Any inhouse appraiser will tell you there are always interdepartmental conflicts within any organization. Each department has their own separate aggendas. Many times the appraisal quality aggenda does not win out. Appraisers run into these other aggendas everyday from their clients.

 

[Fred]

Any inhouse appraiser will tell you there are always interdepartmental conflicts within any organization. Each department has their own separate aggendas. Many times the appraisal quality aggenda does not win out. Appraisers run into these other aggendas everyday from their clients.

So, therefore every report is misleading? I guess you'll have to turn yourself in as well.

 

[TJSum]

So, therefore every report is misleading? I guess you'll have to turn yourlself in as well.

I did not say that, you took it to that conclusion. I am just saying that each and every policy coming from our clients does not have the highest quality appraisal report as their aggenda. Imagine how great life would be if they did !!!!!

 

[woodyva]

If lacking a letter of transmittal and TOC makes a report misleading then tens of thousands of appraisers are in deep trouble. These items might make a report easier to read, but how does not including them render a report misleading?

Those in the "misleading camp" can ignore me all they want. However, state boards and courts must operate using evidence, not emotion.

Danny:

Appraisers are free to communicate however we see fit. We are allowed to decide if a TOC of LOT is important to our scope of work. We should be allowed to choose, and there lies the rub. Our clients do not understand that they are messing with the process or they wouldn't ask for it, bet you no lenders show up tomorrow. The third party web portals are making the decisions to circumvent how we communicate.

Web portals, as far as I know are not capable of making decisions to circumvent and augment reports. That is why we get hired. We are licensed to do our job, not the portals. Not the portal's staff, not the lender. Lenders can request additional info for the report, but they can not limit it it. I have to develop as I see fit, please tell me how and when I could not develop or decide how best to develop my report.

The simple truth is they want the data sections in the report only. Someone has decided that the only important data is what the appraiser sifts through and organizes.

 

[rcsone]

....is it turn yourself "in" or "over"........rs