Where are the review appraisers?

[Carnivore]

Apparently you missed the point.

The point was, that rather than answering the question they just post regs that everyone already knows and abuse the person making the inquiry.
But if you would like to make stuff up feel free.

Apparently not everyone knows the answers, otherwise the questions would not have been posed.

The questioner is abused because,

1. It is almost always something they should know or at least know where to look it up.

2. The questioner is to lazy to look it up, read it first, then ask because they dont understand.

3. The questioner often does not get an interpreation of the regulation they were looking for.

4. They fail to understand that we all play in the same sandbox and collectively this group knows more then any individual.

For the record, give me an example of abuse by posting a link from the form

 

[Wingit]

Review appraiser available for abuse

I am a review appraiser and appraisal consultant. I do not perform appraisals. I review commercial and residential appraisals for financial institutions, attorneys, homeowners, appraiser credential applicants and a state regulatory agency. As as former appraiser, I understand the frustration with review appraisers. I doubt if any of them have 20 years experience appraising as I do. Few reviewers understand the challenges faced by appraisers in this insane lending climate.

I am not afraid to be sworn at, as long as my side gets heard as well. Because of my problem solving experience, I have a great capacity to assist appraisers who are trying to improve their work product and comply with ever-changing appraisal requirements and USPAP. We may only discuss one appraisal report, but what you learn from WORKING with me will help you in many future appraisal you complete.

It's not that tough to make the underwriters happy when you know what they are looking for. The issue is - do you, as an appraiser, REALLY know what is required when you fill out a form report? Do you understand that form-filling is NOT appraising? Do you understand the practical side of appraisal compliance - yes, that comp within 90 days isn't one you would normally use but the underwriter is asking for it. So, what then? Not something that's covered by USPAP and there is no manual to suggest how to comply.

I own an appraisal management company. My job is to facilitate the appraiser and lender in the time span between the assignment and closing the transaction. My firm does NOT operate like any other AMC. We advocate for the appraiser and help the lenders understand that there are limitations to how appraisals can be completed as a result of having to comply with USPAP. There are numerous other differences between my firm and the traditional AMC business model.

Go ahead - let me have it - in the name of improving our profession I will attempt to address your issues.

 

[Kevin Mc]

Go ahead - let me have it - in the name of improving our profession I will attempt to address your issues.

Here you go Linda, I'm going to let you have it...........great post, thank you.

 

[Randolph Kinney]

Go ahead - let me have it - in the name of improving our profession I will attempt to address your issues.

Linda,

You appear to have the link to the knowledge of what a lender is looking for and what the appraiser should have supplied. That is a valuable service indeed.

Good point on form filling and appraising.

 

[Wingit]

Aw gee, I was bracing myself and you guys are really sweet! Thanks for your comments. I guess I will have to learn to use the forum properly since that's the only positive feedback I can remember in ages! I would give you applause for your open minded attitudes, but don't know how to make the icons appear in my posts!

 

[timd354]

I am a review appraiser and appraisal consultant. I do not perform appraisals. I review commercial and residential appraisals for financial institutions, attorneys, homeowners, appraiser credential applicants and a state regulatory agency. As as former appraiser, I understand the frustration with review appraisers. I doubt if any of them have 20 years experience appraising as I do. Few reviewers understand the challenges faced by appraisers in this insane lending climate.

I am not afraid to be sworn at, as long as my side gets heard as well. Because of my problem solving experience, I have a great capacity to assist appraisers who are trying to improve their work product and comply with ever-changing appraisal requirements and USPAP. We may only discuss one appraisal report, but what you learn from WORKING with me will help you in many future appraisal you complete.

It's not that tough to make the underwriters happy when you know what they are looking for. The issue is - do you, as an appraiser, REALLY know what is required when you fill out a form report? Do you understand that form-filling is NOT appraising? Do you understand the practical side of appraisal compliance - yes, that comp within 90 days isn't one you would normally use but the underwriter is asking for it. So, what then? Not something that's covered by USPAP and there is no manual to suggest how to comply.

I own an appraisal management company. My job is to facilitate the appraiser and lender in the time span between the assignment and closing the transaction. My firm does NOT operate like any other AMC. We advocate for the appraiser and help the lenders understand that there are limitations to how appraisals can be completed as a result of having to comply with USPAP. There are numerous other differences between my firm and the traditional AMC business model.

Go ahead - let me have it - in the name of improving our profession I will attempt to address your issues.

Nice post....why would any appraiser "let you have it" for anything you have stated in this post? You sound like someone who knows what she is doing and you sound like you have the right temperment to be an excellent reviewer.....keep up the good work.

 

[JSmith43]

Aw gee, I was bracing myself and you guys are really sweet! Thanks for your comments. I guess I will have to learn to use the forum properly since that's the only positive feedback I can remember in ages! I would give you applause for your open minded attitudes, but don't know how to make the icons appear in my posts!

Hi Linda, I have to ask the question others must be thinking. If you are advising a state regulatory authority and are in Wisconsin........, well, never mind. It wouldn't be appropriate for you to comment on a public forum.

Why not get one of those anonymous handles so we can talk, just between you and me:icon_mrgreen:

 

[Metamorphic]

Linda,

What happens when you get an appraisal on a complex property? That's mostly all I do and based on many of the comments we get from many reviewers you'd think it was the first non-tract appraisal they'd ever seen. It seems pretty clear from this side of the telephone that they skim along a check list that says "comps should be less than...adjustments should not be more than..., etc etc" As soon as you violate that standard they call you and let you explain the report to them in detail over the phone rather than reading the same explanation that you have already written into the report. It seems like the system punishes the appraiser that puts in the extra effort to do the job right (rather than just punting and putting down what will pass through without making waves) by making them go through the review ringer with an ill qualified reviewer that cant be bothered to read before they pick up the phone and waste more of your time. Just a pet peeve of mine.

 

[TC]

Aw gee, I was bracing myself and you guys are really sweet! Thanks for your comments. I guess I will have to learn to use the forum properly since that's the only positive feedback I can remember in ages! I would give you applause for your open minded attitudes, but don't know how to make the icons appear in my posts!

Ah, get lost you stinkin' newbie review appraiser!!!

There, now you can feel at home.

TC

 

[The Warrior Monk]

Go ahead - let me have it - in the name of improving our profession I will attempt to address your issues.

Okay.

Do you understand the practical side of appraisal compliance - yes, that comp within 90 days isn't one you would normally use but the underwriter is asking for it. So, what then? Not something that's covered by USPAP and there is no manual to suggest how to comply.

The practical part of appraisal compliance is that the appraiser is the state-licensed individual performing the appraisal, and that the appraiser should not be forcing arbitrary information into an analysis where it does not belong because some third party wants it.

We received a request from a management company today where they required 3 sales within the past 90 days for a multimillion oceanfront property. The fact that it's from a management company aside, which means it's headed for the round file, there is simply no way to comply with that request...the data doesn't exist. Am I supposed to use an inland property and adjust the location at a few hundred percent to satisfy some UW???...Not a chance.

However, there is a reasonable medium, and it is not to focus on a few noncompeting properties sales that recently occurred...that's not appraising. Simply use the most competing sales available, regardless of when the occurred for that part of the analysis. Recent market trends must also be analyzed to determine the direction of the overall market, which may involve looking at the movement of prices for properties that may not necessarily be comparable to the subject. The appraiser then interprets, and explains, this data/analysis in the report.

Otherwise, your post was good.