Appraisal News and Appraisal Tips For Real Estate Appraisers - Your source for appraisal industry news, appraisers' opinions, and discussions of appraisal issues

Score Card, Turn Times, Undue Pressure & Appraisal Independence 16

Appraisal Independence

Most appraisers could care less about an amc score card… Professionals don’t treat other professionals like they are in grade school… What exactly is appraisal independence? Dodd Frank requires appraisal independence and associates it with pressure against the value of the property. But what about other areas of the appraisal process in which appraisers receive pressure? Let’s take turn times for example. Normal turn times in a steady market average 5-7 business days in most markets. Market activity, location, complexity, etc. will require longer turn times. First let’s define a business day. This is Monday through Friday and excludes Federal...

Protecting Appraisers Against Frivolous & Retaliatory 3rd Party Lawsuits 6

Frivolous & Retaliatory 3rd Party Lawsuits

Appraisers are routinely coerced & intimidated by third parties to violate their independence and integrity… Honorable Committee Members: We are writing to add our voice to that of the Massachusetts Board of Real Estate Appraisers (MBREA is a State Coalition of professional real estate appraisers) in support of each of the above bills. The American Guild of Appraisers is a Guild within the Office Professional Employees International Union (OPEIU) of the AFL-CIO, representing the appraisal and real estate related financial consumer / taxpayer interests of over twelve and a half million AFL-CIO Family Union & Guild Members; their families, retirees...

Protect Appraisal Report Integrity By Delivering Locked PDFs 11

Protect Appraisal Report Integrity

Obviously, it is easy to unlock a pdf report, but we lock every report as an effort to maintain report integrity. This should be a regulatory requirement. Periodically we have seen reports we delivered electronically that ended up being modified to the client’s needs. This almost happened a week ago. My firm received this request from Servicelink on a BoA request. In accordance with the new AMC law in New York State, we are including the invoice with our reports. This was the first report to this particular BOA group since the new law was activated so it is reasonable to assume...

Commercial Appraisers Livelihood Threatened by NCUA 6

Commercial Appraisers Livelihood Threatened

Commercial appraisers may want to open this link, and read it. Your livelihood is possibly threatened by the National Credit Union Administration (NCUA). You may want to send a letter to the NCUA Board of Directors. Proposed Appraisal Rule Provides Relief, Clarity As part of the NCUA’s regulatory relief agenda, the Board approved a proposed rule (Part 722) to amend the agency’s real estate appraisal requirements for certain transactions. The proposed rule would provide a measure of regulatory relief and increased clarity by: Increasing the threshold for required appraisals in non-residential real estate transactions from the current $250,000 to $1 million; Reorganizing...

Unintended Users Phony Low Value Claims Against Innocent Appraisers 6

Phony Low-Value Complaints

ALL unintended users are specifically excluded from any right of reliance on this appraisal report… Recently, Mr. Steve Kahane, Board Member of the Association of Texas Appraisers (ATA) wrote a great article in WorkingRE. It included several suggestions for Texas to deal with it’s excessive number (70%-75%) of unfounded complaints against appraisers. An American Guild of Appraisers member in New Jersey who has twice faced this exact kind of complaint abuse reminded me of the article and concurred with its suggestions for his state. Fortunately for our member, New Jersey is not one of those relatively few ‘charge and win...

Why Haven't State Licensing Boards Audited AMCs? 19

Should AMCs Be Audited?

Why haven’t State Licensing Boards audited AMCs? Things went a bit crazy, but in a very good way! Monday April 29th, VaCAP launched a consumer protection campaign on WRVA 1140 AM News Radio. Our email and social media accounts were non stop. Many of our sister Coalitions in The Network of State Coalitions helped spread the word and shared our Press Release with their members, posted on their websites and on their social media pages. A huge thank you to all our Sister Coalitions for helping us spread the word. In case you missed all the excitement, here is the...

Science & Art Reflect our Search for the Truth - Is There an Art in Science? 8

Is There an Art in Science?

We know there is science in art. Musical scales. Perspective and the golden ratio. The ordered sequence of a good novel. It’s difficult to be a good artist without knowing, or at least intuitively applying the truths found in the logic. Both science and art reflect our search for the truth. Our primal human nature is to resist the truth, even as it hits us in the groin. Resist the change. Fear. Give up something that has protected you. Something that gives you a place. A belonging. A prestige. An ego. A place where you are respected. Then someone or something comes along and says there is a better way. I...

Desktop Appraisals, the be-all end-all of Valuation Hype by non-Appraisers 24

Desktop Appraisals Hype

…attempts to make readers believe desktop appraisals are the be-all, end-all of property valuation… Folks, a ‘white paper‘ was put out by a company in the property title, escrow and servicing sectors, tied to mortgage lending. It does a reasonable job of explaining what Hybrid appraisals are… which they call “desktop” assignments. Then this puff piece put out by Clear Capital, attempts to make readers believe these products are the be-all, end-all of property valuation. Both of these are typical PR pieces, designed to provide information while promoting a specific brand. Interestingly, neither mention anything at all about the interest...

NY AMC Law Sends Shockwaves Through AMCs - Appraisers Blogs 20

NY AMC Law Sends Shockwaves

Back on April 19th, I wrote about the New York AMC law in my Housing Notes newsletter. After years of AMCs chipping away at the public trust, the New York AMC law was designed to protect the consumer. The bill summary was: Relates to the registration of real estate appraisal management companies or an individual or business entity that provides appraisal management services to creditors or to secondary mortgage market participants including affiliates by the department of state. Last week, AppraisersBlogs ran it as a standalone post and I got a lot of feedback. To be clear, the bill was...

Let's Come Together, and Take Control of the Appraisal Process 28

Take Control of the Appraisal Process

If the appraisers want to take back their industry they need to come together… This new law in NY has aroused a lot of comments from appraisers but let’s be honest. Appraiser have been complaining about AMCs for the last 10 years and waiting for the government, regulators and other to solve the problem with the whole AMC disaster. I have written about this before, the appraisers have no one to blame except themselves. If you wait for someone else to solve the AMC problem you are looking in the wrong place. We all know of the problems with AMCs...

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