Monthly Archive: May 2016

Paid Late AMC Violations 18

The Appraiser is the Only One Policing the Industry

Paid Late, Non C&R fees, Operating Without License AMC Violations VaCAP has learned North Carolina has disciplined Appraisal Nation and Independent Settlement Services for non-payment within 30 days in accordance with North Carolina Law. See the details below. How does this help appraisers in Virginia? The answer is simple, precedence! When the VREAB receives a complaint and determines a violation has occurred, there is guidance in disciplinary actions. On the topic of AMC’s not complying, VaCAP has learned of several AMC’s operating in Virginia without proper licensure. And yes, all of them have been reported to DPOR! We can not...

AQB Experience Requirements and College Degree Requirements Changes 25

AQB Proposes Alternative to College Degree Requirement

In a long-awaited and highly anticipated announcement, the Appraisers Qualifications Board (AQB) has just released an Exposure Draft (May 18) that indicates it intends to walk back the bachelor’s degree requirement for Certified Residential appraisers and more. The AQB also is proposing significant changes to appraiser experience requirements. An AQB Exposure Draft is issued in anticipation of implementing changes to the Real Property Appraiser Qualification Criteria (Criteria), which is the set of education, experience, and examination requirements for appraisers to achieve a state license or certification. The AQB always sets a comment deadline and is committed to reading and considering...

AMC Exposed inflate values 37

AMC Exposed… Getting the Value Needed

Are AMC appraisers pressured to inflate property values? We stumbled upon this article yesterday from WSB Atlanta and thought it was worth sharing. Jim Stickland, a Channel 2 Consumer Investigator with Atlanta TV News, covers the story of a lender colluding with an AMC to inflate property values. Stickland reports that John Laymac, a new homeowner was denied a mortgage on his $390,000 home when the appraisal came at $365,000. Consequently, the builder, SR Homes, had Laymac apply with its preferred lender, Brand Mortgage, claiming that they will get the value needed to close the deal. In an email to...

Transparency… Where is it? 38

Transparency… Where is it?

Is transparency with the lender? Did the lender explain to the borrower the fee they (the borrower) are paying to the AMC and the benefit they are receiving? Oh wait, what benefit is the AMC to the borrower? Was this fee disclosed verbally, in writing or anywhere? Did the lender disclose any relationship they have with the AMC? Is transparency with the AMC? Did the AMC disclose their fee to the borrower? Did the AMC disclose how much the appraiser is being paid? Did the AMC explain any benefit of their service to the borrower? Did the AMC explain how...

Standardized Data & Death of Residential Appraiser 30

The Death of the Residential Appraiser

Standardized data & the death of the residential appraiser (as we know it today)… Those that know me on a personal level and that have worked with me over the years have had to hear me talk endlessly about the pending death of the residential appraiser. The other day I eluded to it at the end of another long post. I figured it’s time to share the thoughts with everyone. First off, I come from a long career in corporate America and spend 20 years working in everything from manufacturing, order administration, marketing, sales, and engineering. One thing always held...

Requests from Lenders with Specific Statements 4

Requests from Lenders with Specific Statements

Lenders’ Requests, C&R Fees, Email Blasts, SOW, Unlicensed AMCs and more… What is the best way to ensure you receive a customary and reasonable fee for an appraisal? Answer: Only accept assignments with a customary and reasonable fee! That being said, here is a reminder of a USPAP requirement to consider before you respond to that email or text blast…. Scope of Work Rule Identify the problem to be solved. Determine and perform the scope of work necessary to develop credible assignment results. Disclose the scope of work in the report. Comment: Scope of work includes, but is not limited...

Lesson learned or Lessons Lost 12

Haven’t We Learned Our Lesson?

Lesson Learned or Lessons Lost? Many have heard me say that we should expect a large market correction around 2019-2020. Some agree, some think it will be sooner, and I am sure there are some that don’t think it will happen again because we learned our lesson. There are a ton of factors that drive it so it’s not an easy thing to predict. The good news is most agree that there will be one, we just don’t know when. We have not learned our lesson and the lesson will be repeated. I’ll share my 2 cents on this and...

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