First Hand Experience
I am probably one of few if any appraisers who have been personally affected by a hybrid appraisal. I purchased an investment property that a hybrid appraisal was ordered on through an Appraisal Management Company (AMC). The AMC then employed an "inspector" from a third party who performed the actual physical inspection of the subject. The inspector identified himself as the appraiser to the buyers agent and completed the inspection. The report was in fact signed by a differently named appraiser/person located a great distance from the subject and who never inspected the property per the signed certification. The results of the report were misleading and although the loan was able to close I chose to privately engage the services of a local certified appraiser to perform an additional valuation. The results between the two were painfully obvious not only from someone with experience but to others within the financial field, including those who ordered the hybrid and are debating whether to revert back to a conventional appraisal. From somebody who has experienced both sides of this matter, I can firmly say that not only are hybrid appraisals betraying the public trust, they are and will continue to contribute to a financial crisis. Allowing an untrained, unlicensed, unvetted, and uninsured person to prepare an inspection report to provide to an "appraiser" in an entirely different area of the state who then develops an "appraisal" is a great injustice to the many licensed and certified appraisers of this state who have worked tirelessly to promote and maintain public trust.