Comments on: Report Observation & Trigger Points

By: Dan T

Dan T — Thu, 14 Feb 2019 22:02:52 +0000

I enjoy these types of blogs. Great learning experience for a green horn like myself. Not for reviews but to help me work on my abilities and what I need to be conscious of. Thank you!

By: chris

chris — Wed, 19 Dec 2018 11:02:22 +0000

I say put that appraisal in front of the state review people. Audit several appraisals a month and whip the appraiser into shape, that’s all that’s needed.

By: John Pratt

John Pratt — Tue, 18 Dec 2018 16:22:45 +0000

Dave I agree with you that this is a bad appraisal in many way. Appraisers that are this bad need to be removed from the industry, they are probably beyond help. There are numerous major items in this appraisal report that show the appraiser is incompetent. Any reviewer of this report should recommend that a new appraisal be completed by a competent appraiser in the local area.

By: Lori Alexandra on Facebook

Lori Alexandra on Facebook — Mon, 17 Dec 2018 20:47:29 +0000

In reply to Baggins.

So true

By: Baggins

Baggins — Mon, 17 Dec 2018 19:28:31 +0000

In reply to Lori Alexandra on Facebook.

They’ve got people who’s sole responsibility is to farm orders to the lowest bidder, to meet operational pricing expectations, aka to profit from improperly co mingled fees and variable service costs. Appraisers who bother to ‘quote’, merely perpetuate the cycle, regardless if they win or lose on individual orders. Middle management companies are all the same, and easy to research.

The more you know…

By: Lori Alexandra on Facebook

Lori Alexandra on Facebook — Mon, 17 Dec 2018 19:15:59 +0000

In reply to Baggins.

Our company pretty much rejected AMCs some time ago. We worked with lenders and got peeled off quite a few local companies for not hitting value. They do not even try to hide it in our market. I hear that story more and more from other appraisers. Many have stepped away from the AMC models. Hard to take them seriously when they send an order with a 2 day turn time and 225 fee on a $2M property.

By: Baggins

Baggins — Mon, 17 Dec 2018 17:41:21 +0000

In reply to Lori Alexandra on Facebook.

The mandate of origination departments is a moving target. All it takes sometimes is one or two staff turnovers to change the game completely. It can happen overnight and appraisers need to be ready for that. This is why working with amc’s is counter productive to the cause of appraiser independence. Unlike independents, the viability of the amc company is wholly dependent on a limited spread of lender customers. And if appraisers rock the boat, they lose multiple lender clients because they’ve upset one amc. This sort of institutionalized intimidation and pressure factor is absent or at least substantially diminished when appraisers simply focus on direct assignment panels and reject amc’s.

By: Baggins

Baggins — Mon, 17 Dec 2018 17:36:30 +0000

Still on Aurora. Some things can not change. I prioritize data security and familiar use over assimilation of pages. My counter argument to limited applicable ranges of ppsf adjustments which are routinely 25 to 50 is simple. If one were to add in the line item adjusted amounts for specifics, the actual total adjustment spread is better aligned with the going market for ppsf analysis. That’s why regression falls short, the whole enchilada in the ppsf line. This allows highest and best comparability without restriction and isn’t that exactly what went wrong with comp searching 10 years ago? You have to adjust out the details before determining a reasonable ppsf adjustment. You can back into ppsf adjustment if the other line item adjusts are sound, and you know it’s working or not, based on streamlined benchmarks for indicated adjusted value range of the gridded comparables.

Cheers.

By: TruthBTold

TruthBTold — Mon, 17 Dec 2018 17:27:41 +0000

I’d be willing to bet that this appraiser came along during the mortgage boom days, was rushed thru the process to get licensed (and/or illegally assisted). What many don’t understand is there was an attitude amongst banks and AMC’s, during the mortgage boom to go find people to be appraisers, help them in any way they could, legal or not to obtain their license. This was all done to reduce turnaround time. The appraisal profession was presented to them as a profession to appease the lender/AMC. This is why they have no pride or respect for their license, work or profession. Yes, there are a few bad apples in every bunch and a good portion of those bad apples can be blamed on lenders/AMC’s!

By: Lori Alexandra on Facebook

Lori Alexandra on Facebook — Mon, 17 Dec 2018 16:13:49 +0000

In many cases you almost have to satisfy the client or you are booted from their panels. A lot of us do not fall into this trap and actually value our license and our reputation.