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mayflower

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Reply with quote  #1 
I wanted to be up to date with Fannie Mae's most recent guidelines as usual, so I searched if there was anything new. What showed up confounds me!

Please kindly tell me what this means under Georgia laws. An unlicensed trainee can actually
conduct an inspection acceptable to Fannie Mae, and supervisor doesn't need to be there? Really? Am I reading this right? Help me folks....

 
Attached Files
pdf Fannie Mae and Trainees 2017.pdf (199.30 KB, 16 views)


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BillDing

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Reply with quote  #2 
It is true that Fannie allows (and has allowed) an unlicensed person to complete the property inspection. However, if you reads that entire section, you will see that there are also related disclosure requirements. Signing on the left side is an indication that that person (the one who signed on the left) has personally inspected the property.

On the 1004 form's pre-printed certification, there are two places to sign:

1. As the appraiser (which can include trainees or non-licensed appraisers)
2. As the supervisory appraiser

If you read the certifications of the appraiser (the one who signs on the left) you will see that the appraiser who signs on the left takes responsibility for the appraisal process and appraisal reporting.
If you read the certifications of the supervisory appraiser (the one who signs on the right) you will see that the supervisory appraiser takes full responsibility for supervising the appraisal process and reporting.
But what is clearly required (based on the certification) is that an appraiser (however that is defined) must sign on the left and the appraiser signing on the left was supervised by the appraiser who signs on the right. The level of supervision could vary with the level of competency of the left-signing appraiser (although whomever signs the certification on either side takes full responsibility for the report).

Short answer: Yes, you have always been able to have the trainee do the inspection...but will the court consider that in compliance to "I directly supervised the appraiser", as you certified you did.

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Meatloaf

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Reply with quote  #3 
Nothing has changed.

When I was a wee little registurd, I did inspections and full reports without a supervisor.  He would then read the report, look at the workfile and authorize me to apply his signature.

Occasionally a client would require him to state that he viewed the property.... In those instances he would get in his car and go do an inspection before signing on the right.



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RubberStamp

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Reply with quote  #4 
Quote:
Originally Posted by Meatloaf
Nothing has changed.

When I was a wee little registurd, I did inspections and full reports without a supervisor.  He would then read the report, look at the workfile and authorize me to apply his signature.

Occasionally a client would require him to state that he viewed the property.... In those instances he would get in his car and go do an inspection before signing on the right.




Yes but registered was still an acceptable licensure for this type of work at the time.  You had to pass tests.  You were training to be an appraiser.   What mayflower is alluding to is that it can now be your hairdresser with no training whatsoever.

BillDing is correct that in typical gov't fashion they just convolute everything and put the onus back on you.  But those of the doom and gloom outlook (unfortunately, me) I see them opening up a window for new products that will use unlicensed inspections coupled with AVM to eliminate us and save $100.   

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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Quote:
Originally Posted by RubberStamp


Yes but registered was still an acceptable licensure for this type of work at the time.  You had to pass tests.  You were training to be an appraiser.   What mayflower is alluding to is that it can now be your hairdresser with no training whatsoever.

BillDing is correct that in typical gov't fashion they just convolute everything and put the onus back on you.  But those of the doom and gloom outlook (unfortunately, me) I see them opening up a window for new products that will use unlicensed inspections coupled with AVM to eliminate us and save $100.   


This is not correct.

The language references an unlicensed APPRAISER... It does not say an unlicensed PERSON.

In order to be considered an appraiser you must actually be an appraiser.  An unlicensed/uncertified appraiser is an appraiser trainee or a registurd appraiser... Not a hairdresser.

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RubberStamp

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Reply with quote  #6 
From what I'm finding you may be correct but I can't find the original doc/wording that came out early this year.  Maybe I jumped the gun but I believe the wording was more ambiguous or I may have interpreted it as so.
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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Reply with quote  #7 
Quote:
Originally Posted by RubberStamp
From what I'm finding you may be correct but I can't find the original doc/wording that came out early this year.  Maybe I jumped the gun but I believe the wording was more ambiguous or I may have interpreted it as so.



You have been interpreting it wrong since day 1.

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johnmbryant

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Reply with quote  #8 
I believe that unlicensed and uncertified means a registered appraisal.  Georgia has appraiser trainees now but that is new.  A registered appraiser and an appraiser trainee are both unlicensed and uncertified.
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Meatloaf

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Reply with quote  #9 
Quote:
Originally Posted by johnmbryant
I believe that unlicensed and uncertified means a registered appraisal.  Georgia has appraiser trainees now but that is new.  A registered appraiser and an appraiser trainee are both unlicensed and uncertified.


Thats what I have been trying to get into RS's head for a while now... Somehow everyone takes "unlicensed" appraiser to mean hair dresser.

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