Where Do You Think "geographic Competency" Begins And Ends?

[George Hatch]

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And what part of the Truth in Lending Act,
did you think wasn't applicable to residential lending appraisals?

And what part of the higher priced mortgage REQUIREMENTS did not include the level of inspection for the appraisal?

If Rodger were here, he'd tell you................

But just keep making up little stories to make yourselves feel better.

.

Still not an appraisal standards issue as such. Those regulations are aimed at the lenders' conduct, not appraisal standards or appraiser conduct. The feds don't directly regulate appraisers - the states do.

It doesn't matter where the requirements a USER has come from, those requirements still form a user expectation within the context of a SOW decision.

 

[Joe Flacco]

Nobody care what we think, either.

What a lot of you guys think carries more weight than what I think cus you guys know more people.

 

[timd354]

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And what part of the higher priced mortgage REQUIREMENTS did not include the level of inspection for the appraisal?

Another red herring....high priced mortgage loans make up a very small percentage of mortgage loans and zero percent of GSE loans since such loans are ineligible for purchase by the GSE's.

Thus, the conversation regarding hybrids and other alternatives to so-called traditional appraisals with a "full" inspection has nothing to do with high priced mortgage loans

 

[Artemis Fowl]

The client is not responsible for the public trust in the appraisal profession (which is what that term means in that usage).

If what makes your services marketable is your credibility then that's the same factor that makes the services of our profession marketable - the perceptions of credibility.

As as the SOWR plainly states, the credibility is measured within the context of the intended use.

Since before licensing and ever since, we have NEVER offered only one level of reporting and development for all services. We have ALWAYS offered different levels of services for different uses and users. The whole madrassa thing where appraisers are sitting on the floor facing Washington, DC and chanting "there is only one appraisal under the heavens and the URAR is its' name. Peace be unto Fannie" is just one big fallacy.

This was easily the most difficult bias to overcome after leaving the FNMA lending world. I knew the words but understanding was more difficult.

 

[Carnivore]

Just drawing a radius and bracketing GLA with little regard to anything else has nothing to do with lacking geo-competence and everything to do with just plain 'ol laziness and/or overall incompetence.

Many get this from doing years of AMC work where they are supposed to have comps within in one mile, 6 months and line, net & gross, adjustments all within a tight group. Doesn't matter if you have the perfect sale 12 months old another great comparable 2 miles away in an identical neighborhood that competes...that's a big no no..and no matter how they explained it.

 

[TC]

The world started going to hell when Wham! broke up.

 

[J Grant]

Maybe I'll like doing a bifurcated - I can sit at computer in PJ's while someone else does the driving and schleppy inspection...

I wonder if lenders/AMC's will find bifurcated or out of area expansion for appraiser an advantage ...(, other than squeezing volume out)..

Right now they assign and need updates from one person ( the appraiser ) . With bifurcated they have to track and coordinate two people, the appraiser and inspector. Right now, the appraiser assigned in local area typically has MLS access of their own. If they start assignng out of area, they may have to provide access to MLS , ( I Say that since many here assume MLS access will be part of the equation ..)

I wonder how much time the clients will spend addressing consumer/RE agent complaints when the agents/owners /builders see non appraisers sent out to the properties, or get calls from the desk person out of area looking for information.

One of the first things RE agents or other parties ask me on an assignment is if I know the area ( (yes). At least with that as a basis, if they don't "like" a value, or other appraisal conclusion, they can't blame it on appraiser not local to area, or that a non appraiser inspected... should be interesting!

 

[timd354]

Many get this from doing years of AMC work where they are supposed to have comps within in one mile, 6 months and line, net & gross, adjustments all within a tight group. Doesn't matter if you have the perfect sale 12 months old another great comparable 2 miles away in an identical neighborhood that competes...that's a big no no..and no matter how they explained it.

That mindset did not originate with AMC's, but originated with certain lenders and underwriters and is one of the reasons that Fannie eliminated the 10%/25% net/gross adjustments guidelines and published several statements regarding the use of more distant and dated comps being acceptable with an explanation

 

[George Hatch]

One thing I'd like to add is that I recall in the early part of my career doing a lot of URAR and driveby appraisal assignments for use in low-intensity decisions that probably never needed an appraisal, except to verify the subject was there and in a reasonable physical condition. Lots of them. It was the easy ones that paid the freight. The hard ones where you had to slow down and work the problem were often losers, fee-wise.

Fast forward where the competing valuation products have scavenged a large percentage of the no-brainer assignments from the mix and now the fee situation is really stressed for most people. I get that.

The point here i think everyone might give some consideration to is this: If a lender is going to use a valuation product performed by someone other than the person who inspects the property, do you think that valuation will be performed more competently by an experienced appraiser than by someone who lacks those qualifications? If that SOW is going to be used, shouldn't we prefer that appraisers be the ones selected to do it, and that they complete those assignments to spec?

 

[Mr Rex]

Maybe I'll like doing a bifurcated - I can sit at computer in PJ's while someone else does the driving and schleppy inspection...

I wonder if lenders/AMC's will find bifurcated or out of area expansion for appraiser an advantage ...(, other than squeezing volume out)..

Right now they assign and need updates from one person ( the appraiser ) . With bifurcated they have to track and coordinate two people, the appraiser and inspector. Right now, the appraiser assigned in local area typically has MLS access of their own. If they start assignng out of area, they may have to provide access to MLS , ( I Say that since many here assume MLS access will be part of the equation ..)

I wonder how much time the clients will spend addressing consumer/RE agent complaints when the agents/owners /builders see non appraisers sent out to the properties, or get calls from the desk person out of area looking for information.

One of the first things RE agents or other parties ask me on an assignment is if I know the area ( (yes). At least with that as a basis, if they don't "like" a value, or other appraisal conclusion, they can't blame it on appraiser not local to area, or that a non appraiser inspected... should be interesting!

Who other than you has made that postulation?