Author: VaCAP Board

VREAB board meeting - VaCAP Call to Action 32

Call to Action

Board meeting about AMCs hiring staff appraisers, email blasting, non C&R fees, & background checks. VaCAP understands you are busy with lots of orders, but it is important for you to attend the VREAB Board Meeting on Tuesday April 26th. There will be a public comment period during the meeting. Every independent fee appraiser needs to voice concerns about AMCs hiring staff appraisers to complete appraisals, email blasting, the continuation of non customary and reasonable fees, and background checks. The public is not protected with any of these practices. The Virginia Real Estate Appraisers Board Meeting April 26th,@ 10:00 AM...

BPOs, Drones, Oil War & Appraising 3

BPOs, Drones, Oil War & Appraising

Appraisers doing $300,000 a year in BPOs There has been a lot of chatter about BPOs again. Maybe we should consider changing the law in Virginia from being a mandatory USPAP state to a state like Tennessee. Appraisers can do BPOs in Tennessee and they do not have to worry about USPAP. Now, mortgage work still falls under USPAP. But I hear of appraisers doing $300,000 a year in BPOs. Food for thought. It won’t affect your business in a negative sense. Because those who want BPOs are getting them already. Just ask any agent. It will just let us...

AMC staff appraiser positions and the lack of public protection and trust 1

Virginia Appraisers in the Spotlight Again

AMC staff appraisers are not independent If you have not already done so, please listen to the Voice of Appraisal with Phil Crawford. Once again, Phil has brought Virginia into the spot light. This is the third show Phil has talked about AMC staff appraiser positions and the lack of public protection and trust. Thank You Phil and Kevin! Listen to the show at the bottom of this article. Please attend and speak against AMCs hiring staff appraisers to complete the appraisal reports. By definition, an AMC and an appraiser have two very different functions. Even the National Association of...

Non-USPAP states - appraisers liability limited to appraisal fee 6

Limiting Appraiser Liability to the Cost of the Appraisal?

I recently got an email from an appraiser I have high regards for. He asked me a simple question that got me thinking. It was: “Why don’t a group of appraisers get together and form an AMC?” I found that an interesting concept. It has been done. Coester was an appraiser and now he is just an AMC. Allen Hummel, an Appraisal Institute icon, has an AMC. Why not? We know it better than anyone. But the devil is in the details. Appraiser’s liability for mistakes or omissions in this appraisal report is limited to a refund of the fee...

Independent Appraiser Takeover by AMCs 34

An AMC Takeover is Coming!

AMCs completing appraisal reports in direct competition with the independent appraiser As an appraiser, you have probably seen or heard that AMCs are hiring staff appraisers to complete appraisal assignments in local markets. What does this mean for independent fee appraisers? Here is some background information to consider. 54.1-2020 of the Code of Virginia states: An Appraisal Management Company is “a person or entity that (i) administers a network of independent contract appraisers, receives requests for appraisals from clients, and receives a fee paid by the client for the appraisals and (ii) enters into an agreement with one or more...

VaCAP AMC Compliance Notification 9

Compliance Notification to AMCs

Virginia Coalition of Appraisal Professionals’ Courtesy notification to AMCs licensed in Virginia On Monday March 29, 2016, VaCAP sent via email a courtesy notification to each AMC licensed in Virginia along with a copy of the Guidance Document issued by the Department of Professional Occupation Regulation. They will follow up with a hard copy to each licensed AMC next week as well. VaCAP continues to Unite, Preserve and Promote the collective interests of all appraisal professionals in the Commonwealth of Virginia. To all Licensed AMCs in Virginia: This correspondence is intended as the Virginia Coalition of Appraiser Professionals (VaCAP) courtesy...

Cracking Down on Appraiser Licenses & Higher Fees 12

Cracking Down on Appraiser Licenses & Higher Fees

Now they’re saying your license has to be revoked! The Federal Government is cracking down on appraiser licenses that were issued by the states where the applicant did not meet the “new” TAF requirements. Several states have this problem. Virginia is in that mix. About nine appraiser licenses were issued that the Federal Government is now saying have to be revoked. About half of these people have reached out to me. There is not a lot I can do or VACAP can do. But the state will be addressing this issue over the next couple of board meetings. So if...

We work together and support each others initiatives 1

Let’s Work Together

We work together and support each others initiatives… Like VaCAP, other appraiser organizations are working towards the betterment of the appraisal industry and public trust. VaCAP works independently, as well as with a network of other state coalitions and other professional organizations in our industry. Many of the initiatives VaCAP supports are the same initiatives other organizations support. Although we may have different ideas on solutions, we work together and support each others initiatives as the appraisal industry and the consumer benefits. The American Society of Appraisers was represented by John Russell, Director of Government Relations, at the Customary and...

An Opportunity for More Work? 15

An Opportunity for More Work…

Work opportunity for $25… Opportunity? A member of VaCAP forwarded this email from an AMC. VaCAP wanted to share. “We have a new product which is a review of a BPO. You’ll need to log onto a site and complete a checklist. The pay is $25 per report with a 24-48 hour turn time. Most can be done in about 10-20 minutes. All work can be done from your desktop. Training will be provided. Please let us know if you are interested. At this time, we are reaching out to garner interest. We’ll let you know the next steps as...

Comments Continue to be Invited - Appraisers Call to Action 6

Should the Government Accept Appraisers’ Complaints?

If you believe the government should be accepting complaints from appraisers regarding Appraiser Independence Issues, then please send your comments Please respond to the call to action below! The IACF was developed for use by those who wish to file a formal, written complaint that an entity subject to the jurisdiction of one or more Agencies, the Board, or the NCUA has failed to comply with the appraisal independence standards or USPAP. The IACF is designed to collect information necessary for one or both of the Agencies, the Board, or the NCUA to take further action on a complaint from...

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