#$%@ has hit the fan as of 1/26/15 - Dave Towne Appraisers…. Many of you know I scan various sources for appraiser/appraisal related into, and send out items I think are important. Well, today Collateral Underwriter (the extraordinarily SECRET process developed by FNMA and given ONLY to LENDERS for report review) started. As predicted by many other appraisers, it’s already generated responses appraisers are forced to deal with ….. primarily because the reporting appraiser’s data (in the report) is different from “peer” reports. As a poster to one of the forums I read said: “Now appraisers must conform to the opinions of other unknown persons of unknown competence!” Here are several CU Quality Assurance Notices received by the ‘offending and apparently deficient (per the CU)’ appraiser today: 1- The condition rating for comparable #3 is materially different than what has been reported by other appraisers. Please provide supporting commentary for your data on this condition 2- The quality rating for comparable #3 is materially different than what has been reported by other appraisers. Please provide supporting commentary for your data on this condition 3- The quality rating for comparable #2 is materially different than what has been reported by other appraisers. Please provide supporting commentary for your data on this condition 4- Sale #4 has a view of B, however, other appraisers have reported the view for this property as N. 5- From an appraiser with first-hand knowledge of a particular comp: “Comp using MLS says 2 car garage and [other appraisers] would have no idea it isnt unless inspected house. I previously appraised house so I have a slightly different GLA than MLS and has 3 car garage. My peers will all have different info than me. Once again, I have the poor appraisal.” 6- “Had one come back from a client. Stated prior appraisal reports by peers indicated the subject was located in a rural area, please correct or explain. Subject is suburban per my report. The subjects area has not been anywhere near rural area in at least 40 years, maybe close to 30 years if you really stretch it.” (I think the numbers are reversed, but you get the point.) Some appraisers are inserting language such as this into their reports: “The Uniform Appraisal Dataset (UAD) mandates classification of property characteristics (for the subject and comparables) using a standard response and rating system. The UAD is not flexible and employs a best fit methodology (from limited choices) as opposed to user defined terms. In some cases, the appraisers rating from the UAD list may be different from another appraisers opinion of the same attribute. The appraiser completed the report to comply with the UAD while considering the observed characteristics of the subject and comparables (from a distance) and factored those into the value reconciliation.” Prediction: much extra time will be spent by appraisers writing responses to CU generated alleged deficiencies. What fun this next few weeks, months and potentially years will be for appraisers. Yah, right. Dave Towne, AGA, MAA Washington State Appraiser and Educator 360-708-1196 Accredited Green Appraiser [email protected] 360-708-1196
Posted on: Tue, 27 Jan 2015 10:24:04 +0000
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