After having seen samples of these hybrid products it is impossible to conclude anything but that they are not credible and should not be relied on for making lending decisions. Worse, as time goes along, if more and more of these products are used in making lending decisions, market data that appraisers rely on to develop an opinion of value will become diluted and unreliable.

Furthermore, the fees associated with them are well below what is reasonable for the amount of work necessary to develop an opinion of value and for the liability of the appraiser.