Alternatives to Traditional Appraisals
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…increasing usage of alternatives to traditional in-person appraisals for valuations in real estate transactions…
A California Judge has ruled Wells Fargo must pay $97 million to mortgage employees for not paying employees for the state mandated breaks. From the article, the Judge sided with the employees and ruled compensation for breaks should include commissions, not just an hourly rate.
Just think, this is one state. Don’t most states have similar laws?
$97,000,000 x 50 = $4,850,000,000
See the article here.
The National Association of Realtors, Real Property Valuation Forum presents:
Rethinking Real Estate Valuation: Alternatives to Traditional Appraisals
The Real Property Valuation Forum at the May NAR Legislative Meetings and Trade Expo in DC will take place on Tuesday, May 15th at 1pm – the day before our committee meeting. This year’s Forum was envisioned by your fellow committee members and Forum Chair @Beth Graham and Vice-Chair @Jamie Moore?? and is titled: Rethinking Real Estate Valuation: Alternatives to Traditional Appraisals – an extremely hot topic for all REALTORS®.
As mentioned, it will be on May 15th from 1:00pm to 3:00pm in the Marriott Wardman Park Thurgood Marshall Ballroom North East. The forum will have panelists from Fannie Mae, Moody’s Investor Services and Clarocity discussing the increasing usage of alternatives to traditional in-person appraisals for valuations in real estate transactions. Panelists will discuss the potential benefits and pitfalls of using data-based valuation methods, as well as desktop or hybrid appraisals, and the effect of these appraisal alternatives on risk in mortgage backed securities, which affects lending generally.
VaCAP has been informed questions to the panel from those attending will be allowed to be submitted to the moderator throughout the event.
To register for this event and get more information, click here.
Virginia Real Estate Appraiser Board Meeting: May 22, 2018 – 10:00 AM
Department of Professional & Occupational Regulation
9960 Mayland Drive
Richmond, Virginia 23233
See the agenda here.