Appraisal News and Business Tips

Posts Tagged Hybrid appraisals

2-22-18 Newz//ASB Meeting Live Streaming, McMansions, Risky Appraisal Alternatives

Who Ordered All the McMansions? 10 Cities Where They’re Piled Highest

Excerpt: You know them when you see them.

The imposing, ostentatious structures looming over surprisingly wee plots of land. The crazily mismatched architectural styles. The hipped roofs, gabled roofs, and pyramidal roofs-all on the same house! The bank columns. The front yard Romanesque fountains. The puzzling profusion of window sizes and types. The gigantic, two-story front doors.

Click here for more info and where there are lots of them:

https://www.realtor.com/news/trends/metros-with-most-mcmansions

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2-1-18 Newz//Fannie Selling Guide Update, Zillow sued, Cost vs. Value Remodeling

Fannie Selling Guide Update for appraisals

Announcement SEL-2018-01: Selling Guide updates

Two appraisal changes:
– Remove the requirement for a field review on certain properties valued at $1,000,000 or more.
– Require lenders to choose the most reliable appraisal when two appraisals are obtained for one property.

Also
– Detached Condo Projects
– Minor Litigation in Projects
Click here to read the announcement for more info

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1-18-18 Newz//Hybrid Appraisal Rejected, Scope Creeping, UsPaP False Assumptions

Scope Creep – Head’em Off at the Pass!

By George Dell
Excerpt: Why do we have scope creep?
Possible answers include:
– The reviewer or clerk has to justify their existence;
– There is genuine concern about something;
– The work should’ve been there in the first place;

It’s important to remember that our entire system of appraisal production and review is belief-based.  It must be “worthy of belief.”  We have no objective standards.  Your work must be subjectively “credible” in the mind of the reader.

Read this short, interesting blog post at:

My comment: George Dell writes regularly for Appraisal Today. His articles are much longer than his blog posts, often expanding on a blog post.

UsPaP – A few of the more obvious false assumptions

By Barry Bates

Excerpt from blog post

The appraisal client is always the intended user.

A lovely concept out in the ether somewhere, but hardly ever the case in practice. The client (who engages the appraiser) is a lending technician or AMC drone; the intended user is an underwriter, servicer or portfolio manager. (This assumes the fact that only about 10% of appraisals are ever done for anybody other than a mortgage company.)

To read the full post, click here

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11-30-17 Newz// My Client the FBI, 50 Lane Traffic Jam,Third Party Inspections

China’s 50-Lane Traffic Jam Is Every Commuter’s Worst Nightmare

What happens when a checkpoint merges 50 lanes down to 20.

Excerpts: Thousands of motorists found themselves stranded on Tuesday in what looks from above like a 50-lane parking lot on the G4 Beijing-Hong Kong-Macau Expressway, one of the country’s busiest roads. Some are dubbing the traffic jam a “carpocalypse,” while others are calling it “carmageddon.”:

China is no stranger to these ridiculous traffic jams, especially on national highways. In 2010, gridlock spanning more than 74 miles on the stretch between the Inner Mongolia Autonomous Region and Beijing left drivers with nowhere to go for a staggering 12 days. That time blame fell on everything from road construction to broken down cars and fender-benders.

My comment: Check out the photos. Wow! One of my nightmares is getting stuck in a big traffic jam, but I never thought about one as bad as this…

https://www.citylab.com/transportation/2015/10/chinas-50-lane-traffic-jam-is-every-commuters-worst-nightmare/409639

A Mysterious Device Revealed

Excerpt: On Monday, I distributed a photo (see below), which was taken by a western US appraiser at the subject property, and asked if anyone could accurately describe what this device is:

The property owner was not at the property when the appraiser was there, and the appraiser was frankly stumped as to what this ‘thing’ is.

By late afternoon Monday, the appraiser was able to talk with the property owner, and was told about this contraption. Meanwhile, dozens of appraisers wrote back with suggestions or positive “it’s a” statements.

My comment: There was a fun email thread on this topic. To sign up for Dave Towne’s emails, send an email to dtowne@fidalgo.net He has been writing a lot recently about hybrid appraisals (non-appraiser does the site inspection). Very controversial. I am working on an article for this topic in the paid Appraisal Today newsletter.

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10-12-17 Newz//FHA-Appraisers responsible for water quality reporting?, Hybrid appraisal survey

New CU 4.2 makes it easier for lenders to change comp and subject data. MI companies can access CU

Excerpts: During the weekend of Dec. 9, we will implement Collateral Underwriter® (CU™) 4.2, (which includes) the ability to edit the subject and appraiser-provided comparable sales property characteristics. CU 4.2 will also provide mortgage insurers (MIs) with access to CU. Lenders will be able to give their MI risk partners access to appraisal-specific data by providing them the Doc File ID generated at the time of appraisal submission.

Comparable Sales Review Edit Feature
The ability to edit subject and appraiser-provided comparable sales property characteristics (currently available via the pencil icon in classic CU) will be added to the Comp Review page. Clicking on the pencil icon in the Edit column of the comparable sales review table will open the Edit Property Characteristic pop-up. If there are data errors or missing data elements, the edit feature can be used to modify the data elements and rerun the model with the revised data.
Click here to read the full release
My comment: Lenders have been able to change subject and comp data and now it will be easier? I didn’t know that they are able to change the data now. MI companies have access to CU? What about appraisers?

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