The image above is not a part of the Appraisal Technology Special Report “Across the street from a house are two vacant lots. Zillow thinks one of them is worth $16K and the other one’s worth $169K. You can see them on the aerial view here.” I was recently asked by professional peers if I would read and comment on a Special Report published by ValuationReview, with the introduction penned by Mike Holzheimer, Editor. This Special Report may be downloaded here. Let’s be clear up front. I was not asked because of my proficiency with grammar, punctuation or even my...
A few weeks back, VaCAP asked appraisers to start a conversation with agents and brokers about the ACE & PIW Waiver Programs being used for purchases. This is an opportunity for appraisers to gain more non lender work. As it turns out, appraisers are not the only ones that are concerned about these program. The National Association of Realtors (NAR) sent a letter Director Melvin Watts of the Federal Housing Finance Agency expressing concerns over the use of these programs. Specifically siting lack of transparency on how the use of these programs will ensure a safe and sound housing market....
Call Congress about Fannie/Freddie’s Risky Appraisal Waiver Program! VaCAP has received the following from the Appraisal Institute. Please contact your representative concerning Fannie and Freddie. Appraisers, Appraisal Organizations and NAR are all uniting to stop this. Make your voice be heard. Contact your representatives today. All, FYI — An action alert has been set up for appraisers to call their members of Congress relative to the GSE appraisal waiver issue. Click here to find the contact information of your member of Congress. Please let me know if you need assistance or have any questions. Bill Garber Director of Government and...
Using MLS photographs for comparable sales… In its September 2017 Bulletin, Freddie Mac updated its appraisal requirements. One change worth noting is the use of MLS photographs for comparable sales. Freddie Mac now allows copies of MLS photographs to be used for comparable sales without an explanation from the appraiser. While most appraisers welcome this change, others believe that this is another step to remove the appraiser from the process. One appraiser commented: “Anyone that thinks this is great should think about the long term. Freddie is now saying you don’t need your own pictures to prove you did an...
What happens after you file a claim against a defunct AMC’s bond? One appraiser has shared the response received from Western Surety Company, the company that issued the surety bond on TCValuations. “Western Surety Company is in receipt of several claims to date. If the amount of claims exceeds the penal sum of the bond, Western Surety Company will be required to do a pro-rata distribution of funds or file an interpleader action. In an interpleader action, the court will decide the amount that is due each individual claimant and generally represents a pro-rata amount of each individual claim based on the total...
In 2013, Brian Coester of the Coester VMS AMC tweets “we pay the least and get the least qualified appraisers.” The graphic below was sent to me so I looked for it on twitter and the conversation is still there. A long dormant appraiser twitter account @insidevalues engaged in a conversation with AMC founder Brian Coester back in 2013. Brian responded 4 days after the question and then explained the “elite gold club” set up where appraisers would get more volume at a lower price point. I kept trying to apply sarcasm to Brian’s (he has blocked me even though I don’t recall ever engaging...
Assignments Funneled Back Through HouseCanary & Your Data Appraisers, CU from the GSE’s was thrust on appraisers in 2011. Since then, the giant sink hole designed by the ‘enterprises’ has gobbled up millions of home data elements. And in some cases, this data has been used AGAINST appraisers – who have no direct access to it, even though ‘we’ are the ones supplying the data. But they are not the only entity doing this. A company named ‘HouseCanary’ has also been amassing more millions of data points about US properties. During 2017, HouseCanary has had $64 MILLION dollars of investor funding...
Transcontinental Valuations has gone out of business and stated that it can pay only 25% of the amount owed to each appraiser. VaCAP has been forwarded the following email from the North Carolina Appraisal Board. Please use this as a reminder to watch your receivables. No appraiser should go unpaid for their work! From: NCAppraisal Board [mailto:n…@ncab.org] Sent: Friday, September 15, 2017 10:20 AM Subject: Transcontinental Valuations (NC-1174) On August 23, 2017, we sent out an email letting you know that Transcontinental Valuations has gone out of business. Since then, the Board received a cancellation notice from the bond company...
I want to talk today about one of my biggest pet peeves in the whole real estate appraisal industry: geographical competency. We belong to an industry in which large numbers of people are failing to make a living, and being forced to leave. It’s sad, but it can be reversed. One of the major changes that is needed regards geographical competency. We throw this phrase ‘geographical competency’ around a lot, and pretend that it means something. Does it really? Well, if you go and take a look in USPAP, I don’t think you’ll find it there. You’ll find the competency...
No matter how you sugar coat it, Fannie Mae and Freddie Mac have been stealing data from independent appraisers for years. The information gathered by licensed appraisers and delivered to their clients, is sold to one of these two GSEs, who then store all the data under the auspices of appraisal quality review. Appraisers are not even allowed to see the info because it’s only for the lenders who hire the appraisers in the first place. Now armed with years of appraisal data (which I firmly believe is gathered illegally and an entire industry is virtually blackmailed into having no...
