Wells Fargo RVS Desktop

[Donald Martin]

We are having a chat about this to with multiple AQB Certified USPAP Instructors and others in the USPAP, Uniform Standards of Professional Appraisal Practice Group on LinkedIn. If you are not already a member of LinkedIn, it is free. Then look for the Group and apply for "membership" which is also free. We have about 630 members so far, which includes a couple of hundred USPAP Instructors, members of the TAF, their boards past and present, many AI, NAIFA and Appraisal Section members and many others. Operative word is it's free. Very few people like this form for multiple reasons. Who in their right/sane mind would accept a job to do one of these, I shudder to imagine.

 

[dobie]

<snip>
However....the very first line in the appraiser's certification states:
"The facts and data reported by the appraiser and used in the appraisal process are true and correct." <snip>

When quoting please do so in context. The line preceding this nugget is:

The appraiser certifies and agrees that to the best of his or her knowledge and belief:

 

[Brian Weaver]

The same thing can happen on a drive-by, or a similar item on a full interior- say if the basement wall has a big crack and it was covered with paneling. There are some things you cannot know no matter how detailed the inspection. Appraisers have to make extraordinary assumptions about some items.

How far are you recommending appraisers go to verify all information? Where does it end? Do you recommend that appraisers go beyond what is written in USPAP?

Not trying to be argumentative with you Brian, well maybe a little :icon_lol:
Really though, a careful SOW while following USPAP allows appraisers to do a lot. Where a lot of appraisers get into problems is letting client imposed assignment conditions affect their process AND not knowing what USPAP allows and does not allow...which is what I think you were trying to warn appraisers about with this particular form. I do appreciate it. Thanks for being on here for guidance.

That's not correct. If the basement wall has a big crack and was covered by paneling, it would require "destructive discovery" to reveal it. An appraiser should not be liable for a condition that is unapparent.

In my example regarding Hartford or even Roxanna (near St. Louis) the EPA problem is well documented. An appraiser wouldn't need to be in the house to know it. But...it IS known.

Appraiser's can't know the unknowable. But appraisers have a keen eye for the obvious...if they just take time to look.

If you examine the "grid" (keeping in mind that you'd be in your office the whole time) how could you possibly comment whether the "location" or "view" was anything other than "unknown"?

I promise you, they won't accept "unknown" in the grid. They won't care that it's true.

Extraordinary Assumptions and Hypothetical Conditions are the most troublesome, abused and misunderstood terms in appraising.

Let's examine the fee issue.

Wells Fargo states that "The compensation of $55 takes into consideration that you will from time to time have a No-Hit."

This means that the $55 should be more than enough to cover the fall-out. Really?

Let's say they send you 40 of these assignments in a month. Let's assume the fall-out ratio to be 20%. This means you'll collect (32 x $55) - 32 x $4 = $1,632 (barring additional upload fees). Yet...you had to figure out the No-Hits for them...so you really worked all 40 assignments for the grand total of $40.80 each. And this is if you're not splitting the fee with someone else.

I'd rather fly pies for the local pizza joint.

So...why am I so hung up on the fee?

Cheap work is bad. Bad work is cheap. This is set up so that the appraiser will look to cut corners any way he/she can. Wells doesn't care. This is about expedience and production; not quality or competence.

Appraisers that cut corners do the public a disservice and that falls squarely with the regulator in any state.

Appraisers who are reasonably compensated for their skill have fewer problems because they take the time to do it right. Skilled appraisers don't generate many complaints. My 300+ complaints contain NO single family narratives. 90% is form work.

Don't look on USPAP as an obstacle. If you understand it, it becomes an opportunity.

 

[Brian Weaver]

When quoting please do so in context. The line preceding this nugget is:

The appraiser certifies and agrees that to the best of his or her knowledge and belief:

That's not a bullet-proof caveat, either. Like I wrote, do these all day long if that's the business decision you choose to follow. Be prepared for what comes after.

 

[Mr Rex]

I'm glad to see the state enforcement agencies take such a hard line against comp checks. Although written evidence has been available for years, it took Wells/RELs written policy to raise the hairs in the enforcers back.

 

[dobie]

That's not a bullet-proof caveat, either. Like I wrote, do these all day long if that's the business decision you choose to follow. Be prepared for what comes after.

I did not say it was "bullet proof". I merely said that you quoted the certification without including the full context. It is unquestionably a modifier. To what extent would be up to a judge.

 

[Brian Weaver]

No, it's not up to a judge...not in Illinois. It's up to the Appraisal Board. Here, an Administrative Law Judge makes a recommendation then the board decides whether or not to accept it. I suspect the same thing might be true in NJ...but I'm not certain how your board is set-up.

 

[Jim Onderisin]

Given the intended use of these reports, why would one ever end up being referred to the state's appraisal coordinator? That's the reason appraisers are willing to do these at all.

 

[JRS at OBX]

Given the intended use of these reports, why would one ever end up being referred to the state's appraisal coordinator? That's the reason appraisers are willing to do these at all.

Once you submit it, it grows legs.

 

[Brian Weaver]

Homeowners will be entitled to it. Especially when the loan is denied.