Author: Dave Towne

HouseCanary, Another High Powered AVM Affecting Appraisers 12

CU Not the Only AVM Affecting Appraisers

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...

HUD Tag # on Manufactured Homes Missing? Solution for Appraisers 4

Missing HUD Tag # on Manufactured Homes

Sometimes NO HUD Tag number can be found… Appraisers, Regarding Manufactured Homes (MFH), sometimes NO HUD Tag number can be found on, or in, the MFH. However, this number is required to be entered on the 1004C appraisal form. Loans for MFH’s cannot be processed without these numbers. The HUD Tag is the metal plate(s) attached to the rear of each section. Numbers are usually sequential, with three letters as the prefix. Inside the home, someplace, should be a paper ‘Data Plate’ with the home serial number, HUD Tag #’s, and other data. But often the Data Plate cannot be found, and...

Low Echelon AMCs, Lenders & Appraiser Servants 9

This Reminds Me of Low Echelon….

Appraisers who won’t or can’t “just say NO” to low echelon AMCs The comic strip below reminds me of… Low echelon lenders who think a copy of an appraiser’s license must be included in appraisal reports. They apparently never have actually read an entire report to find that info is already included Low echelon lenders who think a copy of our E&O binder page must be included in appraisal reports Low echelon AMCs who are agents for the low echelon lenders above and just accept that nonsense, passing the demand on to appraisers Low echelon AMCs who fail to inform their...

Pendings Can Reveal Market Trends - Use of Graphs in Appraisal Reports 5

Graphing Using Spreadsheet – Including Pendings

Pendings can reveal market trends, turns and current activity… Appraisers, How many of you use visual graphs in your reports to demonstrate sales (and Pending) trend data? This can be a very important tool to convince your clients that you really have a good understanding of current valuation issues. I am indebted to David Braun, Patrick Egger, Steve Smith, George Dell, Anthony Young and Joe Lynch (among others) for their presentations about this key feature we can utilize. Frankly, using spreadsheets and their built-in graphing functions is something every appraiser should learn. I bring this up because an appraiser peer was...

Buggy Whip Makers' Fate Chasing Appraisers 20

Appraisers = Buggy Whip Makers?

Appraisers Going the Way of the Buggy Whip Makers? Ken Harney has another article all appraisers should read: Refinancing mortgage? Maybe you don’t need that appraisal after all This discusses and discloses the Fannie and Freddie initiatives to eliminate appraisals ON CERTAIN TYPES OF LOANS. Of course, the loan sellers/salespeople are all in favor of speeding up the process, eliminating costs, and promoting a ‘better relationship’ for their loan customers. Appraisers, on the other hand, are wary of the processes which rely on dated property info kept in giant data bases, and disinterest by ‘those with the gold’ to really...

Flagstar Bank Eliminating Use of AMCs: Direct Vendor Appraisers Wanted 23

Flagstar Bank Eliminating AMCs

Flagstar Bank’s Direct Vendor Appraisers Appraisers, I have just learned from reading a forum that Flagstar Bank is doing away with the AMCs they use, and bringing appraisal ordering back in-house. However, you must agree to this: PLEASE NOTE: We only pay via ACH (automatic deposit twice a month on the 1st and 15th) so your bank information is also mandatory. There are no other payment methods available at this time so if you prefer not to use automatic deposit we unfortunately cannot add you to the panel. Also effective July 24th, 2017 there will be a click fee charge...

Conservative Appraisers Blamed By Economist 5

So-Called Economist Slams Appraisers

Is the cost-benefit of conservative appraisers worth it? Appraisers, Mr. Adam Ozimek, who is described as a ‘senior economist’ at Moody’s Analytics (from a search I did) penned this gawd-awful piece: Appraisers May Be Holding Back the Housing Market, And That Might Be Okay. This piece appeared in Forbes.com on July 5 – the focus of which is to nearly blame ‘conservative’ appraisers for “holding back the market,” … but maybe it’s OK, he says. Where do they find these people, anyway? I love it when so-called authority figures start off with speculations, not backed with any facts, and fill the...

Concession Adjustments Missing in Appraisal Reports 32

Concession Adjustments Missing

Concession Adjustments are expected to be made… Appraisers, As noted previously, I ‘observe’ various reports from various sources. A new one arrived last week. In looking over the grid, I noticed the concession adjustments are missing in the grid, as shown below. Commentary continues below the image. The appraiser correctly shows the concession amount in the left portion of the comp grid (Comp 1 & 2 – Green Arrows), but does not put a corresponding adjustment for the concession in the actual grid column (Red arrows). This is NOT the first time I have seen this in reports. Apparently this...

Weighting Process & Gridding of Comparable Sales - AppraisersBlogs 2

Results of Comps Grid Placement Survey

Weighting Process & Gridding of Comparable Sales Couple of weeks ago, I sent out a survey to NW WA State appraisers asking how they organize the comps grid page(s) on completed reports. Of the appraisers emailed, approximately 10% responded. Thank you. I did a limited distribution to keep my compiling time to a minimum, but I wanted to share the results with appraisers across the country as an FYI. I also sent a similar query to review appraisers I know. I offered 6 possible ways to do the grid, but as often happens, several appraisers wrote back saying they did it differently...

Photographs in Reports & 2 Refers 12

Photographs in Appraisal Reports

Photographs, 2 refers & Nat’l RE Appraiser’s Day… I’ve been asked to formally review a recent report. When looking over the report pages, the subject photo pages contain a mix of horizontal and vertical photographs, about half ‘n half. And there are lots of subject photos. Bear in mind, most report photo pages are formatted for horizontal photographs. It appears to me the appraiser used a smart phone for photos, as there would be no normal tendency to hold a regular camera vertically except in rare occasions to emphasize height of some feature. But people do that with phones. The...

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