Why field review after closing

[Carnivore]

Review Fee's offered by AMC's are crap. For that matter most reviews that require the review appraiser to agree with the original MV are just a cheap way to get a more costly 2nd appraisal.

So Fernando's review could come back to haunt him if the loan defaults

 

[J Grant]

Review Fee's offered by AMC's are crap. For that matter most reviews that require the review appraiser to agree with the original MV are just a cheap way to get a more costly 2nd appraisal.

So Fernando's review could come back to haunt him if the loan defaults

There are no reviews that require a review appraiser to agree with the original MV. It is an option on a field review.

You are correct about the fees offered by AMC's for a review being crap.

 

[sputnam]

Compliance reviews are a waste of money and are used to fulfill a review requirement, but IMO they should be called a checklist and not called a review. A compliance "review" can pass an appeal for not having errors or having USPAP compliance, much of which is rote such as proper license verbiage and including prior sale transaction. none of it addresses comp selection and things that materially affect value or other conclusions and many a bad appraisal can pass a compliance or other checklist type of review, some of which need not be performed by an appraiser

Tell it to USPAP. Compliance reviews are reviews. And if you are doing them, and are a credentialed appraiser, your work has to meet standards.

 

[sputnam]

There are no reviews that require a review appraiser to agree with the original MV. It is an option on a field review.

You are correct about the fees offered by AMC's for a review being crap.

Wrong. When the Client tells you to complete your field review on FNMA 2000... they want your opinion of value. Either you agree with the appraisal or you don't. Obviously, you can negotiate with the Client to not provide an opinion of value as part of your review. Not many Clients will be okay with that.

 

[Fernando]

BTW, how much they paying you for this particular assignment? LOL

Just between you and me, I got a measly $500 for my critical review.

 

[Zoe]

Just between you and me, I got a measly $500 for my critical review.

Pretty good. You did alright.

Send them a Christmas card and ask for another one.

 

[J Grant]

Wrong. When the Client tells you to complete your field review on FNMA 2000... they want your opinion of value. Either you agree with the appraisal or you don't. Obviously, you can negotiate with the Client to not provide an opinion of value as part of your review. Not many Clients will be okay with that.

review Fee's offered by AMC's are crap. For that matter most reviews that require the review appraiser to agree with the original MV are just a cheap way to get a more costly 2nd appraisal.

I was responding to the above from Carnivore's post #91 (Italics above ). Would you agree that no review requires an appraiser to agree with the original MV?

 

[J Grant]

Just between you and me, I got a measly $500 for my critical review.

$500 is a decent fee. It is rare for a review to pay more than an average appraisal.

 

[J Grant]

Tell it to USPAP. Compliance reviews are reviews. And if you are doing them, and are a credentialed appraiser, your work has to meet standards.

Sorry, I personally think that, in most cases, they are a waste of money. A lot of USPAP compliance is housekeeping issues. The appraisal can still have terrible comps and a poorly supported value opinion and other problems and pass a compliance review. What is the point then?

Imo, the point is to protect the AMC or lender so they can say they did a review.

 

[J Grant]

Wrong. When the Client tells you to complete your field review on FNMA 2000... they want your opinion of value. Either you agree with the appraisal or you don't. Obviously, you can negotiate with the Client to not provide an opinion of value as part of your review. Not many Clients will be okay with that.

I agree, of course. I've performed hundreds of field reviews ...back in the day.

Some appraisers might not understand that if they agree with the opinion of value, they still perform an appraisal. If they agreed, they usually do not add comps to the grid, and they did not provide their own alternate opinion of value. Still, by agreeing with the OA's opinion of value, they performed an appraisal and now are responsible for that value as their opinion.