They are more than welcome to try. This isn’t careless, untrue rhetoric. Its deliberately colorful language to highlight issues adversely affecting our profession. While the specific post above was an all inclusive generic for ALL similar fraud promoters, IF Clear Capital -from the post higher up (or any other less than USPAP compliant hybrid report promoters) want to open themselves up to that specific level of public scrutiny trying to defend this kind of product that a lawsuit would entail they are more than welcome to do so.

I have often repeated the invitation, and again repeat it. Post a verifiable hybrid report in its entirety redacting only client name and borrower and we’ll ALL take a look at it just like we did the original PACE PRO fraud garbage. If it complies and is all it is claimed to be (including economic for appraisers to do)  we will be the first to shout its praises

When and if any fraud promoters think they have a case against me all they have to do is serve a legal complaint. We can check their stock prices on the day of the complaint, and then again after I prevail and they are funding my retirement (so I can commit FULL time to appraisal issues). Chris, threats of retaliation should never stop anyone from doing what they believe to be right where the issues are truly important.

Well said Mike. And that language about producing credible results… can, and you better bet your ass, will be used against you in a court of law.

Exactly! The bottom line is that the users of these eToilettissues investors want to see the word “Appraisal” on it somewhere.

The fraud promoters will have language buried in the 20 page engagement letter addendum at their online link that say “Nothing contained herein prohibits the appraiser from supplementing or augmenting the report as they feel necessary to produce credible results” or words to that effect. The burden for USPAP compliance was and still is on the appraiser’s shoulders and that burden CANNOT BE MET with 25 or even $250 appraisals…no matter what ‘alternative’ name we give them.

Margaret you are always entitled to your own opinions but not to your own facts. The APPRAISER FEE is listed pretty clearly on the order form above. She is located in Indiana. The property is in Georgia. $25 wouldn’t have covered her gas there and back if she were actually doing the  driveby.

Appraiser fee $25.00.

AMC Fee $225.00

Pretty hard to rationalize that.

Bill & John, true and the exact number vs trend is just helpful in computing examples. I concur with both your conclusions and shouldn’t be distracting from them. Apologies.

Except for the ones being done in the field by “the broker”. A guy that has 3 or 4 offices statewide and dont believe for a minute drives out to do property inspections himself for $25 to $50.

That’s not counting the guys in Hyderabad Pakistan that were written about previously doing billions of dollars worth of valuations (or loans anyway) for $25 total fee. They illegally use someones MLS login in the USA and pictures and write up an entire hybrid appraisal – nothing left but for the US appraiser to sign…unless they are falsifying those signatures too.

Either we are going to have standards for appraisals or we are not. It’s pretty simple. IF we are going to have standards then TAF and everybody else involved in regulatory enforcement needs to stop accepting the use of alternate euphemisms and go after ANYONE that is claiming these fraud-facilitations are anything else.

Just say NO! Why shortcut the profession, let Realtors do it for $ 50. BPO, not a pro like us.

Agreed !!!

Lmao. Why would I when I’m making $140,000 plus a year. My reports are far superior than these Pos I see reviewing on a daily basis. It’s just you sheeple being duped by the AMC for $35. Lol what a joke. Riddle me this. How do u know, or the bank know what the interior of the house looks like??? You are flawed, you say you want appraisers to unite, but yet you will do a job for $35?? If no one did these they would be forced not to not use the product. It’s not the future for appraisers, it’s the end of our livelihood if jokers like yourself continue to work for peanuts.

If they are making the loan because the borrower is low risk then it is called an unsecured signature loan.

If they are requiring collateral for the loan it is because their regulators or investors require collateral to meet certain requirements. IF it is the latter, then the State of Georgia has very specific requirements for appraisers to follow. Oddly enough, so does the state of Indiana since the appraisal is actually being performed there.

Any bank relying on a hybrid for a pre foreclosure are run by absolute morons. Exterior appraisals are far more than drive bys. Hybrids don’t even come close. Lenders relying on these are setting themselves up to be defrauded by local agents and REO flippers down the road. To save $500 on an appraisal fee they will gamble 20% to 40% of a properties potential market value?

People can be as stupid as the choose to be where it only concerns themselves.They don’t have that right when they have fiduciary obligations to others. Appraisers need to stop helping them by refusing to endorse their outright stupid policies regarding appraisals.

Maybe a direct letter writing campaign to identifiable investors who have engaged in these. Along with suggestion that if they sustained a loss they may want to get a real appraisal and go after the hybrid writers E&O.

Hi Margaret, the appraiser was paid $25 for the hybrid “appraisal”. Some non-appraisers did the inspection and their fee was not disclosed.

AMC fee was $225. Click on the link and you’ll see.

They DO NOT use appraisers to do the drive-by “inspection”. They need appraisers’ signatures and so only compensate them for the written report. Good luck trying to write up 4 of these in an hour!

…and the out of state appraiser complies fully with Georgia’s very specific laws on how comparables must be selected?

I remember this one, and heard that the $25 fee was just for the drive-by, nobody wrote a desktop for $25. You could do 4 drive-by’s in an hour ($100/hr) if they’re all relatively close to each other.

We may have little recourse to the guys doing these in Pakistan or India but we sure as hell can do something about them in the U.S.

(1) At some level there is an investor that thinks (or at least hopes) that the appraisal he is being told supports the collateral value of the security for his investment is a real appraisal…and accurate.
(2) Georgia appraisers should be performing appraisals in Georgia. Our licenses are STATE licenses currently – not National licenses. Just because some major fly-by night appraisal factories buy licenses in multiple states for their out of state hacks doesn’t eliminate the need for competency.
(3) accepting these types of actions being called “appraisals” of ANY kind undermines MY profession…and yours.
(4) Failing to let the public know that ALL of these products are pure unadulterated garbage is the same as misleading them.

Preparation of these products is so reckless that I can see no conceivable business purpose for them other than to support fraud whenever they are being used or read by more than one human being that is a sole decision maker with full knowledge that the valuation is nothing more than repackaged pony-loaf.

What a racket !!!

Shame on those appraisers, we are our own worst enemy !!

$25 drive by…I have heard and seen it all now !  What loser appraiser is willing to work for that….Time to get a real job working at McDonald’s !!!

Anyone who has been on this blog long enough, knows how hybrids work! At $25 a pop, you’re making $12.5/hour. My minimum is $90/hour.

So why were these hybrids ordered by Clear Capital for these properties in GA again?

http://appraisersblogs.com/clearval-value-hybrid-appraisal

Hah, maybe. Think it’s more about a borrower being low-risk and the bank is just extending credit or servicing the loan in some fashion. Other times is when the bank is getting ready to foreclose or short sell it and they can’t get anyone inside the house.

so its just a drive by…..my bad.

And why do they order drive by’s……lol Cause the interior of the house sucks !!!

Doesn’t seem like you know how the typical hybrid or desktop works. The desktop part takes maybe an hour-to-hour and a half. The observation is just a drive-by, which takes 30 minutes. You can send the photos while you’re still in your car.

Control both sides….????  For a $100.00 for a 1-2 hr write job and a 2-3 hour/drive/inspection/ fill out the forms/add photos/email to an appraiser.

You have to be STUPID !!!

LOL ..they STILL need our signatures !!!

Sell yourself cheap fools !!!!