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#464613 - 05/03/19 09:55 PM Appraisal inspections
Analog Man Offline
Major Contributor

Registered: 07/22/07
Posts: 2098
Loc: Tampa Bay
Companies like Clear Capital and Xome are slowly rolling out appraisal inspections. The residential appraisal community isn't too happy about that. (Go figure)

Here's a nice write up (dated 4/2) addressing this issue from their point of view. What's getting lost IMHO is that an appraiser is the one determining value, NOT the person that does the photos and sketching.

The comments at the bottom of this article are very worth reading !!!!!

#464618 - 05/04/19 08:26 AM Re: Appraisal inspections [Re: Analog Man]
Long Walk Offline

Registered: 06/27/08
Posts: 380
Loc: New Hampshire
I read this blog post a few weeks ago. The interviewee is a broker expressing something approaching alarm at the use of a largely untested product. His principal concern was the validity of the evaluation:

"My overarching concern is the validity of the “appraisal.” The buyer was charged less than a traditional appraisal and in my view received less. The proper valuation of a property is essential for many reasons. Inaccurate or incomplete information can effect value and that can effect a transaction, both during the transaction and later on if there is ever a question about value resulting from loss bankruptcy, foreclosure."

From the appraisal perspective, it is not clear yet whether these evaluations can be USPAP compliant. Since the client is the lender, the valuation product delivered to support any proposed loan only really needs to meet their risk management guidelines within the context of federal law/rules. It doesn't matter to lenders whether appraisers do the valuation, or brokers, or contract support folks in Mumbai who have access to the local MLS, so long as they have something in the file that meets the statutory requirements and fits their risk profile.

The residential market is strong, interest rates are low, and lenders need to lend money. Since the borrower pays for the appraisal, it is clear that reducing the fee is not the objective. Appraisals create a bottleneck in the loan closing process and that keeps lenders from doing more loans in the same time period. Evaluations help with that. So does raising the minimum transaction value needing an appraisal. And there is a strong move toward doing that.

The blog comments are generally in agreement that financing work isn't desirable to appraisers, but it keeps the lights turned on. The comments also agree in the belief that the next downturn will show whether the lenders' risk models were accurate.


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