Why field review after closing

[Charles West]

If you don't know what is required. How can you tell what is "missing"?

Fernando has that seat of the pants feeling down low thing going on, machismo in search of a clue.

 

[Fernando]

I think I like reviewing appraisals. May be my calling.
Doing 1004s require too much drudgery. and I hate measuring ANSI way. Can't see why I need a class as long as what a real appraiser ls supposed to do.
I like to give suggestions to improve other appraisers' reports.

 

[sputnam]

I'm doing a field review but purchased has recently closed.
Why did AMC asking for a review after closing? Wouldn't it been better prior to closing?
Is my review mainly to criticize original appraiser if done incorrectly?

Lenders do post funding reviews on a random basis as a quality control measure. The appraisal report looks fine, the appraiser has a history of reliability, and there is no credit problem... but, every once in a while, the Lender will back check. I'm not sure but, there may be banking/lending regulations that require it.

I agree that you should decline the assignment. Your comment suggests you aren't a qualified reviewer. Reviewers do not review the appraiser. They review the appraisal and the appraisal report. How deep that review is depends on the Clients needs and the Scope of Work. I hope I get a chance to review one of your reviews sometime. Yes, that is a thing.

 

[sputnam]

This appraiser measured to the 0.01 feet. That's not necessary.
Overall, after reviewing the appraisal, I have to admit it's not that bad in that the appropriate comps were used

It's 0.1 of a foot. Not 0.01. Please retire from the appraisal industry and spend your time taking care of your rental properties.

 

[Zoe]

Many times federal and state bank regulators make banks go do a field review after the loan is closed, especially if they think they don't believe it and the loan is not performing well.

They probably pick so many loans after their audit and say please do field review on these loans and get them back to us.

 

[J Grant]

I think I like reviewing appraisals. May be my calling.
Doing 1004s require too much drudgery. and I hate measuring ANSI way. Can't see why I need a class as long as what a real appraiser ls supposed to do.
I like to give suggestions to improve other appraisers' reports.s

I still think this is suspect. The Form 2000 field review asks a series of questions, and all you need to do is answer each question in order, and it brings it to a logical conclusion, including if new comps are needed, or not, or why you agree or disagree with their OA value. You have not referred to any of those questions. If you are actually performing a field review then good luck . A review can get reviewed btw and can get challenged as well,

 

[Tom D]

yous stop harassing fernando, king of reviews. he can't hear you anyway, padding himself to hard on his own back.
don't listen to the peasant appraisers king fernando, all hail the king. quality control at the highest peak.
and threaders, stop reviewing all the mistakes on his comments.

 

[Carnivore]

Although it's not to my appraisal peccadillos, the appraisal did appear to justify the value. I'll go easy on the appraiser.

Once again your baiting us members Also You have an obvious Bias. Withdraw from the assignment. Here is some advice. Stop accepting any review work until you take some CE related to review work and after that make sure you have a full understanding of USPAP Standard Three and Standard four

 

[Fernando]

It's 0.1 of a foot. Not 0.01. Please retire from the appraisal industry and spend your time taking care of your rental properties.

It goes to show as I suspect many appraisers don't understand what Fannie expects us to do with ANSI. You would think we measure similarly but instead some measure to the 0.01 foot.

 

[Fernando]

I still think this is suspect. The Form 2000 field review asks a series of questions, and all you need to do is answer each question in order, and it brings it to a logical conclusion, including if new comps are needed, or not, or why you agree or disagree with their OA value. You have not referred to any of those questions. If you are actually performing a field review then good luck . A review can get reviewed btw and can get challenged as well,

I had no problem with the value since it's a purchase. Overall, most importantly I'm happy with the comps that were selected.
Going through the questions in Form 2000, I had hard time checking Yes or No because there were some mistakes or things not mention like being on busy street or being on border of a neighborhood which I feel is significant.