Author: Dave Towne

Another Draft to a USPAP Draft! Everyone Should be on Their Toes... 13

Another Draft to a USPAP Draft!

Well, don’t toss your reading bifocals in the wastebasket just yet. Apparently, there were so many negative issues with the THIRD exposure draft to the 2020-21 version of USPAP, that the ASB jettisoned it, and will move forward with a FOURTH draft. Everyone should be on their toes, ready to peruse this stellar document when it is released not long from now! Can’t we, please, establish a set of reliable and understandable procedures, and leave them in place for 5 years minimum? Please! Here’s the announcement issued on February 8, 2019, after the ASB meeting in Scottsdale, AZ: (From the Appraisal Foundation)...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / The Appraisal Foundation

MCS Valuations (AMC) Closing Shop - ABA Supports Raising De Minimus 18

MCS Valuations (AMC) Closing Shop

I saw a posting by another appraiser on a Facebook page on February 5, 2019 that MCS Valuations, based in Lewisville, TX, is closing shop. They are an AMC, and provide BPO’s and other real estate related services. The appraiser posted a letter from the company. They will not be placing any more appraisal assignments, but are asking appraisers to finish any assigned reports already in the pipeline. What’s really striking about this closure is that in 2014, MCS Valuations bought ‘components’ of CoreLogic’s associated entities that CoreLogic no longer wanted in their business! February 5, 2019 This communication is to inform...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CoreLogic Valuation Services

What's Happening With the New Forms? 11

What’s Happening With the New Forms?

Many of you are aware that the GSE’s are in the process of evaluating the entire appraisal process, including the existing ‘forms.’ This initiative was announced in 2nd Qtr 2018, and reps from both FNMA and FrMac made presentations at various appraiser conferences and other places through the year to gather info and suggestions from all appraisal forms users. This new initiative was never intended to be an immediate make-over; instead, the GSE’s said it was to be an approximate 3 year process. In December 2018, the GSE’s released their Executive Summary (see PDF below) describing what’s been accomplished so...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / UAD / Uniform Appraisal Dataset

Highly Skilled Appraisers' World. Where Would You Go to Find Comps? 3

The World of Highly Skilled Appraisers

…the world of highly skilled appraisers, who are more than just “form fillers”… I hosted a USPAP Update class on Friday January 25 (taught by an approved USPAP instructor). During the class I asked attendees if they had heard about the ‘most expensive residence sale’ in the US. Some attendees knew about this, but most didn’t. To see what I’m talking about, click on this link from Jonathan Miller’s Housing Notes blog. Scroll down and you’ll see a photo of the view from that unit, a multi-story penthouse apartment in a brand new building, I think the tallest now in New...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Valuation Technology

Bonding Company Info for CoesterVMS for if You Are Owed Money 11

Bond Company for CoesterVMS

…contact information for the bonding company… Appraisers, if any of you are owed money for unpaid appraisals from CoesterVMS, you might want to read and save this message. However, first…often, bonding companies require a Superior Court judgement in writing before they will pay up. So you may need to follow that process in your state. You will need to have invoices for all unpaid reports which document the property address, and report file number, plus lender name if known. A peer appraiser has provided me the name and contact information for the bonding company as filed with the CoesterVMS AMC...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Coester VMS

Ulterior Motive in Raising De Minimus 20

Ulterior Motive in Raising De Minimus

…raising de minimus shenanigans being promoted… Appraisers, a couple of weeks ago, I sent out a message about a Fee/TT quote conversation I had with an AMC clerk. I received a number of responses from appraisers across this fruited plain who said often they will receive Fee/TT quote requests for the SAME property from MULTIPLE AMC’s. That corroborates stories I hear from appraisers I talk with at conferences. The entire AMC situation is a giant time-wasting game that really doesn’t benefit the borrower at all, and least of all, appraisers. Lenders are the coaches in this game. Another message I received...

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

Quoting Fee/TT to AMCs - Lenders SLOWING DOWN the Loan Process 30

Quoting Fee/TT to AMCs

Appraisers, I had a revealing conversation with a clerk at an AMC last week. I actually received an email requesting Fee/TT, then awhile later a phone call about the same property, from a different clerk. I decided to call that clerk back after researching the property. Conversation went something like this: AMC clerk: Hi, this is James. Me: Hi James, I’m calling about the Timbucktoo property, which I can do for you. AMC: OK, I have that pulled up. Me: First of all, I don’t discount my fee for anyone, including your AMC. Second, I can do the assignment, probably...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

Landmark Acquired by Class Valuation - VA Drops 1004MC...Done Deal! 17

Done Deal

AMC Consolidaton – Class Valuation (formerly Class Appraisal) of Troy, MI is acquiring Landmark Network, of Van Nuys, CA. This document does not say ‘when’ it will occur, or if the transaction has concluded, but the way it is written, the implication is that it’s a “dun deel.” Anybody have any scuttlebutt on which of the hundreds of the remaining AMC’s might be next to be consolidated with another one? Landmark Network’s email: Hello! Eleven years ago, I set out to create a different kind of appraisal management company. One that truly valued our appraiser partners while embracing the efforts...

1004MC / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News

Report Observation & Trigger Points - Don't Fall Into a Trap! 10

Report Observation & Trigger Points

Appraisers, this is another essay written about a report I have ‘observed.’ I’ve mentioned before that I “come in contact with” appraisal reports from a variety of sources. Those that I determine have significant issues I write about. Conclusions about the ‘real value’ will be disclosed below. Trigger points for having reports formally reviewed are discussed. I do this because a majority of appraisers do not participate and interact with their peers on a consistent basis, and therefore may not get exposed to items that clients and lenders see in reports, which they question. I believe it’s important to expose items in reports that...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

CoesterVMS in Bankruptcy? Not Paying for Orders Completed! 94

CoesterVMS in Bankruptcy?

…all payments on orders completed prior to 11/15/2018 cannot be paid… Appraisers, there is a body of evidence being disseminated via various sources that CoesterVMS, the AMC based in Maryland started by appraiser Brian Coester, is in bankruptcy. This message from CoesterVMS was circulated last week: “Due to financial difficulties all payments on orders completed prior to 11/15/2018 cannot be paid at this time, our BK attorneys will be in contact with all creditors. Coester can guarantee payment next day on all orders completed on or after 11/16/2018. We apologize for any inconvenience.” Does it make any logical sense to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Coester VMS

xml sitemap
blank