Comments on: Fraud Facilitating Misleading GSE Products

By: Adele Lindquist

Adele Lindquist — Tue, 22 Feb 2022 20:30:42 +0000

My lenders already know that I will not be doing these. I still have not heard how this is going to save appraisers time!!!

By: Jesse

Jesse — Sun, 20 Feb 2022 14:24:44 +0000

Given the lending industry’s reputation of blacklisting appraisers who “didn’t hit the number” – who will protect the third party inspectors who “refuse to hide the problems” in their reports? This is a massive step backward towards pre-2008 fraud levels.

By: Rick Mayberry

Rick Mayberry — Sat, 19 Feb 2022 15:55:04 +0000

https://www.change.org/SayNoToDesktopAppraisals

By: Jaydee

Jaydee — Sat, 19 Feb 2022 00:10:36 +0000

If you’re interest in committing suicide by being sued, winding up in court, loss of your E&O carrier. Please continue to do desktop “appraisals”. Thinning the herd comes to mind. I will not be doing this sort of “work”.

By: Kenneth Yasinski

Kenneth Yasinski — Fri, 18 Feb 2022 23:36:38 +0000

I will not be accepting any of these BS appraisal (so-called) assignments.

By: John Pfeizer

John Pfeizer — Fri, 18 Feb 2022 22:33:05 +0000

First of all, they are all pre-labeled as being USPAP compliant. Next, NO extraordinary assumptions or hypothetical conditions may be employed. ADDITIONAL limiting conditions can only be used as long as they do not conflict with Fannie Mae’s pre-approved one-size-fits-all limiting conditions.

-the exact same thing as any other appraisal completed on a FNMA form, so nothing new here…

Then there is the laughable requirement of an interior floor plan, complete with interior walls. Apparently, they misunderstand the concept of DESKTOP appraisal.

-the appraiser is not required to create this, it is provided by the lender

So, some third party has to be relied upon to go measure the interior. This is either an untrained owner or, a cheap, poorly trained third-party non-appraiser vendor.

-the exact same thing as public records and MLS – cheap, poorly trained people supply the information you take as correct on every appraisal you have ever created

Keep in mind that NO EXTRAORDINARY ASSUMPTION of accurate or competently completed interior representations can be employed. The appraiser is responsible for all content of the report including representations of the interior. Some past bifurcated formats have even gone so far as to say the appraiser deems the (unknown) inspector to be competent!

-wrong! the appraiser is only responsible for their opinions and conclusions. if the data that lead to that was erroneous the appraiser cannot be held accountable for it.

By: Jim

Jim — Fri, 18 Feb 2022 22:03:11 +0000

Since under this program the appraiser no longer goes to the neighborhood how will the appraiser remain geographically competent? Who will drive by the comparable sales? I have not seen the criteria for the appraiser’s replacement in the home and neighborhood. Who are they? When the forms were changed in 2005 it seems we had more input.

By: Scott

Scott — Fri, 18 Feb 2022 19:42:52 +0000

I wonder if the people they will hire know how to measure to ANSI standards.

As mentioned by others, what happens when the appraised value is $25K short of contract? The realtor will say “the appraiser never set foot on the property.” Lawsuits for everyone.

This is the death rattle of the appraisal profession, all in the name of lenders, banks, the NAR, et al getting their ‘valuations’ faster.

By: DAK

DAK — Fri, 18 Feb 2022 19:27:35 +0000

Thank you, Mr Ford.

Every Appraiser needs to read this if they are considering doing this type of desktop work .

By: Jodi Standaert

Jodi Standaert — Fri, 18 Feb 2022 19:10:56 +0000

What I find really ironic is that on one hand Fannie wants these desktop appraisals with dubious floor plans, while at the same time everybody must use the ANSI measurement standard by April 1. It really puts into question any leadership and/or forethought. I am not planning on accepting any desktop orders, but honestly if I was an older appraiser that was planning on getting out relatively soon and really didn’t want to be in the field anymore, and if the fee was reasonable then I might consider them. However, I don’t see how much time is really saved by not doing the physical inspection. They might want to pay less for a product that relies on a lot of assumptions, but I am not willing to get paid less for essentially the same amount of work and greater liability.

By: Pat Turner

Pat Turner — Fri, 18 Feb 2022 18:54:00 +0000

Wait until the realtors begin to get sued right along with us. Don’t forget their listings usually contain a sf!

By: EJ Brown

EJ Brown — Fri, 18 Feb 2022 18:43:00 +0000

43 days until retirement, counting down !

By: dale bailey

dale bailey — Fri, 18 Feb 2022 17:32:01 +0000

One thing is for sure, the paradigm will drastically change as those with the gold make the rules and those with the egg on their face for not banding together, 60,000 strong, will either go with the change or just go.

And I will not do the Desktops at this point until they remove any and all liability associated with them.

By: Jason T

Jason T — Fri, 18 Feb 2022 17:16:34 +0000

What about driving the comps ? Are we required to drive the comps on a desktop appraisal ?

By: CJK

CJK — Fri, 18 Feb 2022 15:18:01 +0000

I have already removed desktops from my product list in Mercury Network and Appraisalport. I will also inform all of my direct lenders that I will not be doing any of them. I do not work for any AMC’s so I will not need to deal with them. FNMA is a joke, and I will not let them tell me how to run my business. If I can hold out for 3 more years, I will be done with all of this BS. 39 years ago my mentor told me that this day would come, I am happy that he retired years ago so he did not have to watch our profession be destroyed by dimwits.

I am calling it now, when these properties end up as REOs the lenders, FNMA and your state board will be coming after you. The only real reason they keep us around is for our license and insurance. So, if skippy wants to do these reports for $100 make sure your E&O is up to date. You might want to call your insurance company to see if they will even cover you, if you are signing off on someone’s floorplan and photos. Remember they will be coming after the appraiser not the other person, have fun.

By: noydb

noydb — Fri, 18 Feb 2022 14:33:30 +0000

I absolutely and completely agree with the author. I refuse to put my professional and personal reputation at risk by accepting this type of assignment. There will always be poorly trained, hungry or unethical appraisers out that accept these types of assignments. Taking into consideration the unethical and irresponsible actions of the end user (FNMA), I too refuse to play in this sandbox.