Welcome to the new 1004

[Zoe]

All they need is your assistance to gather data. IMO-you are now working for F&F, with no benefits, paid holiday, health insurance, and all related costs are still on you. Now that's appraisal Modernization.

I think that may apply to IRS rules.

 

[Zoe]

If they are wanting appraisal and AMC fees separated, they are worried about CFPB coming down on them. Chopra won't take any prisoners. He will go after them all.

Intended/untended use/user won't matter to Chopra. Remember he is in it for the consumer.

 

[Zoe]

View attachment 91452

Chopra would love this. He would go after everybody. Regulators included. That is why he always spoke last in bias hearings.

HUD, FDIC, FSLIC, GSE, American Banker's association, FTC, etc. would say: "what do you want me to do in order to fix this Sir?"

Give me a white paper. I'll give you all 3 months.

In the meanwhile, we have these fines you owe America.

 

[sputnam]

Interesting. It seems to me there is a lot of crap to read through. It's going to take longer to fill out simply because there is so much other garbage in the report that has nothing to do with the subject and it is going to be easy to miss something. My guess it will take an extra hour to 2 hours to fill out a report. And then all the call backs and stipulations are going to add more time. One thing I noted, and maybe I missed it. In the certifications it doesn't say anything about visibly inspecting the comparable sales from the street. Did I miss it? Correct me if I did.

Maybe it will take longer. Maybe not.. What is certain is that appraisers will complain about it for months before finally pulling up their socks and getting on with it. Some appraisers will never stop complaining about it. Just like the last time the form was revised. Just like when 1004MC was required. Just like when ANSI Z765 was mandated.

 

[Tom D]

Since form being new and maybe more work, the AMC will need to take more away from you plantation workers for their extra 5 min of work.

The reason for a new form. 1 form simplfies the data imput into the avm model, you dopes

However, the few zombie appraisers left may end up being paid as professionals. Business is in a death spiral for the majority.

 

[Zoe]

In some ways, it is more transparent. More narrative will be required. The narrative being on same page as the section it addresses is nice.

You will have to be careful on the words you use in order not to show any bias.

Always remember the borrower gets a copy of the appraisal.

 

[sputnam]

Since form being new and maybe more work, the AMC will need to take more away from you plantation workers for their extra 5 min of work.

The reason for a new form. 1 form simplfies the data imput into the avm model, you dopes

However, the few zombie appraisers left may end up being paid as professionals. Business is in a death spiral for the majority.

A revision of the 1004 form is long overdue. The form has required add-ons in order to comply with USPAP for a very long time. Yes, it will take more time to complete a report the first and maybe the first dozen times you use the new form. Some will never become comfortable with it and will be posting about how bad it is two or three years from now.

For one, I'm glad to see the change. It will force appraisers to put comments in the logically correct spots in their reports. Hopefully, it will also force appraisers to finally update the template reports they've been using. I still see appraisal reports that invoke Departure. I regularly see appraisal reports that miss one or more USPAP required elements. I see reports that are full of boilerplate comments that don't apply to the subject property.

We whine a lot about not being treated as professionals. Maybe that's because a lot of us don't act like professionals.

 

[George Hatch]

We might not see addenda and multiple signatures in most reports

 

[Zoe]

Always remember the borrower gets a copy of the appraisal. Perform it like you are doing it for them to let them understand.

That is where VA operates differently as leadership.

They take no prisoners. They are like you protect the veteran, lender, and us.

We can handle it if you don't.

VA says we have a big interest in the subject property.

VA needed no bailout. See?

Leadership?

 

[djd09]

What are you crying about? I'm not trolling you. I'm fact checking you. If you would stop saying stupid things I'd stop calling them stupid.

just keep being a good lap dog and roll over when they tell you...