Author: VaCAP Board

Choices Have Outcomes & Consequences: Appraisers Have Choices 3

What’s Your Pleasure?

Appraisers Have Choices… So the bartender asks, what’s your pleasure? Appraisers have choices; choices that impact how we do business, with whom we do business and why we do business. Outcomes and consequences of these choices can and will vary. One of the choices we face, and perhaps is one of the most important choice, are you going to be an industry leader or are you going to be a follower? Any organization, appraisal profession or not, needs both leaders and followers to survive. Professional organizations for appraisers are an important part of the future of the industry. Whether it is a national...

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What Can You Do When AMC Does Not Pay?

What happens when an AMC does not pay or closes its doors & should funds collected for appraisals be kept in escrow? 54.1-2021.1 of the Code of Virginia requires AMCs to post a $100,000 bond or letter of credit. Appraisers may be able to file a claim against the bond or letter of credit and receive funds if they have not been paid. Directly from the statute: “§ 54.1-2021.1. Appraisal management companies; license required; posting of bond or letter of credit. In addition to the filing fee, each applicant for licensure shall post either a bond or a letter of credit...

TCValuations ceasing operations & paying appraisers $0.25 on the dollar! 57

TCValuations Ceasing Operations!

TCValuations Paying Appraisers $0.25 on the Dollar! VaCAP has just learned TCValuations is ceasing operations. They are paying appraisers $0.25 on the dollar! Some good advice: AMCs ceasing operation may be the beginning of a trend as more lenders stop using AMC’s. Stay on top of your receivables and be careful when granting credit. Dear Appraiser, It is with much regret, that I write this letter to inform you that TCV has commenced an orderly wind up and liquidation of operations. Unfortunately a significant downturn in revenue and the loss of part of our volume with two key clients in...

Housing Bubble, FTC vs LREAB Update & Antitrust Immunity Bill 6

Housing Bubble, FTC & Antitrust Immunity

Is the Housing Bubble About to Burst? Subpoenas Have Been Issued; A Stay Has Been Granted; The Case is Moving Forward The FTC vs LREAB case has had numerous articles floating around.  Some information that is being stated is inaccurate, some embellished, some truthful. The official case log contains everything from the initial complaint to the Judge’s rulings. Take a look at some of the subpoenas issued and who is filing motions to quash them…. What do these AMC’s have to hide? Click here for the official case log. Wow, Just Wow! “S.1649 – A bill to help States combat abuse...

Appraisal Report Going Public: Appraisals Posted on the Internet or MLS 10

Appraisal Report in MLS Listings

Your Appraisal Report Attached to a MLS Listing…. Private prelisting appraisals are a good revenue stream for many appraisers. Do your clients understand the intended use and intended users? Do you, the appraiser, understand the intended use and the intended users? We often get complacent and assume everyone understands, and then the unthinkable happens; you find your appraisal report attached to a MLS listing or worse, attached as a photo on Zillow. Yes, this actually is happening! On recent MLS listings, the following statements were found: “Offers accepted until… Owner reserves the right to accept or reject any/all offers –...

Fee Survey....Survey Says! Appraisal Fee Increases & 2017 Surveys 19

Fee Survey…. Survey Says!

Fee Survey Results & Fee Increase…. Appraisers have certainly been hearing a lot of negativity lately and we finally have some good news to share. The Veterans Administration has completed its fee survey. This is good news as the VA now considers $525 as the normal fee for non-complex properties in Virginia. This equates to a 16.5% increase from the previous fee of $450. To see the new fee schedule for Virginia, District of Columbia, Kentucky, Maryland and West Virginia, please click here or see table below. The fees become effective 09/01/2017. Greetings, The purpose of this communication is to...

Fake Foreclosures Listed on Zillow - StopZillow - AppraisersBlogs 9

Zillow Fake Floreclosures

Zillow Lists "Fake Foreclosures"… We have all heard the term "Fake News" by now… We now have "Fake Foreclosures" According to a local TV station in the Grand Rapids Michigan area, Zillow is falsely posting homes were foreclosed on, when they were not. Are these posting an honest mistake? Or are they a planned maneuver to overtake the Real Estate Industry. Regardless of the answer, the owners of the property have been harmed and Zillow should be held accountable. See the story here or watch Target 8 investigation below. In Virginia, foreclosure and title transfers are public record. This information is available...

North Carolina in FTC's Crosshairs Over C&R Appraisal Fees 12

FTC Sends Warning to NC Over C&R Fees

North Carolina in the FTC’s crosshairs… VaCAP learned that the Federal Trade Commission (FTC) has issued a warning to North Carolina over HB-829 mandating Customary and Reasonable Fees. This is the second time in the last couple of months that the FTC is accusing a state of violating antitrust laws over Customary and Reasonable fees. An article titled “FTC Warns NC Appraisal Fee Bill Could Break Antitrust Law” was published on Law360 on July 6, 2017. See excerpts of the article below. To see North Carolina Bill H-829, click here or see below. So what can be done? Contact The FTC with...

Zillow, The First "Agent Management Company" (AMC) for the Real Estate Agent 12

The First AMC for Agents

Zillow, The First "Agent Management Company" (AMC) for the Real Estate Agent Brokers and Agents, welcome to the appraisal world. Zillow is the first "Agent Management Company" (AMC) for your side of the Real Estate Industry. Yes you read that correctly. Zillow’s actions have many similarities to Appraisal Management Companies, so it is fair to say, they are the first "Agent Management Company" “Zillow is hurting the people you are licensed to protect” Doesn’t that sound very familiar to what appraisers have been saying about Appraisal Management Companies?  On the website www.stopzillow.com, Greg Hague, a Real Estate Attorney, Broker and...

Fee Charged by the AMC Must Be Paid by the Lender 77

Lender Must Pay AMC Fee Proposal!

Appraisal fee charged to consumer must not include AMC fee This is huge. The New Jersey Department of Banking is proposing to change the current regulations of mortgage lenders. The change will require the maximum fee charged to the borrower for appraisal services is no more than the actual fee the appraiser is paid. In other words, any fee charged by the AMC must be paid by the lender. We all need to support New Jersey in this action. This is about Consumer Protection! Please note this did not initiate from appraisers, this came from the New Jersey Department of...

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