Workfile

[Terry L. Hart]

I am being asked by a review appraiser to further explain an adjustment made in a report. I have replied that the supporting documentation is contained in my workfile and no further explanation is needed. I do not wish to be contentious but would like peer opinions.

 

[CGinMN]

Whether you mean this or not, "It is in my workfile but I don't want to provide it" is code to reviewers for "I made it up." Summarize the support you have. If you don't have very good support, go to the market and develop the support, then revise your report accordingly. If it changes your opinion, so be it.

 

[shrubberyvaluation]

I am being asked by a review appraiser to further explain an adjustment made in a report. I have replied that the supporting documentation is contained in my workfile and no further explanation is needed. I do not wish to be contentious but would like peer opinions.

Well what explanation do you have so far? Can you expand on it.

 

[ucbruin]

I've hated having to show my work....
Since 4th grade math....

 

[Red Flint]

I would convey my peer opinion and explanation to you, but I have it written here on my desk.

 

[JTip]

Explain it to us.

 

[Fritz in NY]

Data Mining again. This time it's adjustments in each Geo area in the Country. If I say an old 2 car attached is worth $ 12,000. in that market for that subject, it will be data for the AI to utilize in the future. We are giving away our Data which is our future.

 

[shrubberyvaluation]

Data Mining again. This time it's adjustments in each Geo area in the Country. If I say an old 2 car attached is worth $ 12,000. in that market for that subject, it will be data for the AI to utilize in the future. We are giving away our Data which is our future.

Well they will see that in your adjustment, no way to get around that. Just give a brief explanation without giving every detail.

 

[Tom4value]

I am being asked by a review appraiser to further explain an adjustment made in a report. I have replied that the supporting documentation is contained in my workfile and no further explanation is needed. I do not wish to be contentious but would like peer opinions.

Oooooo, no, no, no.

I am presuming this is for mortgage lending so you are doing a URAR, 1073 or 1025. All three require you to summarize your results. This means, by definition, you explain in the report enough so the reader can understand your results. By them asking, you failed to do this in a way (in the report) that they understand.

You can get away with, “support is in the file” on a restricted report BUT that only can be if they have enough information to…..understand your conclusions.

 

[Tom D]

It is possible that CU put a red check mark next to that adjustment.

I learned from a friendly reviewer how i was making a wrong no adjustment for a condition situation. Been doing it since the c condition started. So then i did the required CU adjustment to make fannie happy.

Did you ask the reviewer why they didn't like your briliant adjustnent.

Pretty much i put my work file into my report. But, it's always a business decision, one for which i'm never stipped.