The GSE's implemented new formatting for real estate appraiser in Sept. 2011. The new formatting provides the ability of the GSE's to import the appraisal report into a computer model and run analytics on the information. The report can be compared to other reports in the market area to verify reasonableness of the adjustments and opinion of value based on the feature set and quality/condition ratings. This ability to review and quantify prior to loan funding has opened the appraisal ordering process back to traditional practice. Yes, the HVCC has expired and a loan officer/home owner can order an appraisal for purchase or refi. However, make sure you choose a lender who has updated their internal policies to reflect the GSE's policy change. This policy change back to traditional business practices with better over sight is a great move forward for the industry. Now it's up to the lenders to reinstate policies away from the appraisal management company model (shortest turn time and cheapest) to local experienced appraisers. Thorough analysis and investigation takes time and based on a small sample of review work I completed over the last two years some appraiser's are not taking the time to properly develop an appraisal report.
Carlton Mitchell
Certified Appraiser
www.appraisersoncall.com
301-906-4446
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