Monthly Archive: November 2017

Track Delays Between Contract Date & Appraisal Ordered Date 26

Tracking Appraisal Delays

Help us track appraisal delays… VaCAP and your fellow colleagues need your help! As you all have probably heard, according to some, appraisals are taking too long and delaying closing. Their take on this is that there is an appraisal shortage. Some of our Network colleagues have discovered a delay in which the appraisals are being ordered. From a limited sample, an average of 21 days occurs between contract ratification and when the appraisal is ordered. The Network of State Appraiser Organizations is working hard to solve this issue, but first we need to know where the problem truly is...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Trending / VaCAP

Hybrid Reports - The Story About "Hybrid" Who Does What 11

The Story About “Hybrid” Who Does What

WHO actually fills in the subject info in ‘hybrid reports… Appraisers, This is a long message… grab a cold one and settle in! Last Wednesday, (yah, bad on me!), I sent out a message asking appraisers who have done, or are doing, the new ‘hybrid’, ‘alternative’, ‘bifurcated’ or “easy squeezie” desktop reports promoted by some AMC’s and others, what the actual process is concerning WHO actually fills in the subject info in ‘hybrid reports’. A number of appraisers took time to answer via email that afternoon. Among the responses, I actually CALLED and talked to 4 appraisers who are from different...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / The Appraisal Foundation

Clarocity May Have Gone Dark.... Have AMCs Gone Dark? 34

Have AMCs Gone Dark?

Clarocity May Have Gone Dark… VaCAP has learned from one of our members the Appraisal Management Company, Clarocity Valuation Services, may have gone dark. The VaCAP member has invoices for their services over 30 days old and Clarocity has been unresponsive to numerous emails and phone calls over the past several weeks. Additionally, new orders are being assigned through their portal, Appraisal Scope. Virginia passed a 30 day prompt payment law that went into effect July 1, 2017. The statute is very clear that an AMC must pay an appraiser within 30 days from the initial delivery of the report....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

mysterious device revealed 2

Mysterious Device Revealed

On Monday, I distributed a photo (see below), which was taken by a western US appraiser at the subject property, and asked if anyone could accurately describe what this device is: The property owner was not at the property when the appraiser was there, and the appraiser was frankly stumped as to what this ‘thing’ is. By late afternoon Monday, the appraiser was able to talk with the property owner, and was told about this contraption. Meanwhile, dozens of appraisers wrote back with suggestions or positive “it’s a” statements. One appraiser actually has an administrative assistant who is a HAM radio...

Appraisal / Appraisal News / Appraisers News

Quit Overreporting 12

Quit Overreporting!

Why Do Appraisers Keep Overreporting…? Appraisers, Another friend has provided a copy of an appraisal on the friend’s home. Good golly, miss Molly… Why do appraisers keep overreporting comparable property data, which really isn’t comparable? This subject property is an 1,100 sq.ft. single story home, in a near-beach side community, with partial marine view, not on WFT, in a suburban location. Similar ‘comps’ are extremely limited (no more than 6 sales and 2 listings) due to its GLA, location, age, etc., based on the appraiser’s report, and my own research from multiple searches which proved similar comparable properties are almost non-existent. The report...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Third Party Services Prohibited - Prohibition is Back! 24

Prohibition is Back!

AMC strictly prohibits the use of third party services. A recent review of an engagement letter from a large national appraisal management company revealed something pretty peculiar… “An appraiser is prohibited from using any third party services.“ Wait, What? No third party services? I am no attorney, and certainly do not know all the aspects of law, but it seems that the definition of third party services is pretty self-explanatory. To be sure I am not mistaken; I researched the definition of third party. FreeDictionary.com: “A person who is not a party to a contract or a transaction, but has...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

Who doesn't like a good BRAWL 4

Who doesn’t like a good BRAWL?

So who doesn’t like a good BRAWL? Brokers Rallying Against Whole-Tail Lenders (BRAWL) is a network of independent mortgage brokers who have joined together against unethical practices by wholesale lenders. The group has created the term “Whole-tail”, a combination of wholesale and retail for those lenders who close both wholesale and retail mortgages. The group claims that some bad wholesale lenders are using the brokers to obtain client information to solicit clients directly through the lenders own retail divisions and affiliates. “Mortgage brokers are beyond tired of various wholesale lenders acting like they’re on our team, when they’re actually just...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Flag Flying for Veterans at This Nation's Heart... - AppraisersBlogs 3

Honoring Veterans

Whether or not there’s a flag flying at your place of rest, there’s a flag flying for you at this nation’s heart. Folks, I received the message below from an appraiser who lives near this cemetery in north-central WA State. It’s worthy of your read, and to remember the sacrifice veterans have made in service to our country. I’d like to add that the “Key Club” is a youth organization sponsored by Kiwanis International, with local Kiwanis clubs around the US being mentors to the high school age members who belong to Key Club. I was a Kiwanis member for 27 years,...

Appraisal / Appraisal News / Appraisers News

Do Third Party Inspectors Violate USPAP 6

Do Third-Party Inspectors Violate USPAP

It was recently brought to my attention, by a reputable appraiser I might add, that the use of third-party inspectors may be a violation of USPAP. Or more specifically, that an appraiser relying on a third-party inspector for information (without knowing their name), may be a violation of USPAP. For example, there are several (and growing) companies who are providing clients with what are being postulated as “hybrid appraisals” or “hybrid reports.” The definition, as far as I can discern, is that a third-party inspector ‘inspects’ the property (usually an exterior from the street – which is why there are...

Appraisal / Appraisal News / Appraisers News / Business Development / Uniform Standards of Professional Appraisal Practice / USPAP

State Organizations Changing the Landscape, Appraisal House Is in Order 19

Who’s for Dinner?

State Organizations & Appraisers Helping Appraisers You may have heard the expression “if you do not have a seat at the table, you are on the menu.” VaCAP can honestly state, appraisers are not on the menu. Over the past several weeks, members of the Network (NSAO), which has now grown to 28 state organizations, have been recapping the events that transpired at the meetings in Washington D.C. last month. These meetings consisted of the FHFA meeting, the NSAO meeting, the ASC meeting, and the AARO conference. Most state organizations participated and many individual appraisers attended. The support for the appraisal...

AARO / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News

xml sitemap
blank