Category: CoreLogic Valuation Services

commercial aprpaisal world 39

Commercial Fees Taking a Hit, Revision Requests & C&R Fees

Fee for commercial appraisals cut in half Metro West is an AMC entering the Virginia Commercial world. They are coming on strong as they have viable operations in other states. I heard that in the states they are presently in, the fee for a commercial appraisal has been cut in half. Like I said before, it’s only a matter of time. Will Virginia establish a C&R fee for a commercial report? Customary & Reasonable Fee Since Virginia enacted the C&R fee rule, I have gotten a lot of emails from appraisers asking when can they charge more. “When can I...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Big data is in real estate 13

Big Data is in Real Estate

The only thing Big Data can’t do is smell. I got a call from my credit card company. Now I have been traveling a lot lately on business. Apparently, someone got my number and charged $199.53 at WalMart on Monday. I was not in WalMart, but a couple a weeks ago I bought a new TV at Sam’s Club. No question about the Sam’s Club purchase. How did they know I did not go to WalMart? I am truly amazed. The reason – BIG DATA! The banks are amassing massive amounts of data on you, me, everyone. They know more...

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

Adjustment Values, Frequency & Dollar Amount 18

Adjustment Values, Frequency & Dollar Amount

Ever wondered what other appraisers are doing with adjustment values? Appraisers, Have you ever wondered what other appraisers are doing with adjustments in their reports? CoreLogic has done research over the past 3 years, using 1.3 MILLION+ reports, and has produced the graph attached here.  You may want to print this for reference. This graph shows the percentage of time a certain feature is adjusted, and the average dollar amount of the adjustment for each of those. It’s rather interesting. The highest amount of adjustment, approximately $14,000, is for the Quality Rating. Not really surprising as to the amount, but the percentage...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

AMC Dangers: Appraisal Management Companies (AMC) are changing how our profession works 4

AMC Dangers to the Consumer

Appraisal Management Companies (AMC) are changing how our profession works. It’s important to know exactly how they are affecting the real estate process, especially if you are a home-owner, looking for real estate or are involved in another part of the property. Who does an Appraiser work for? An appraiser works for “The Client” named in the report who ultimately responsible for the appraiser’s compensation. It is important to realize that while a borrower may have paid a lender or third party the cost of the appraisal, “The client” remains the only party authorized to use the report. The appraiser...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Proposed Amendments to the Sentencing Guidelines in Mortgage Fraud Cases 2

Appraisal Fraud – Stay Vigilant

Remaining Vigilant Against Appraisal Fraud While recent studies show that appraisal fraud is on the decline, the nation’s largest professional association of real estate appraisers still cautions lenders and other real estate industry professionals to be on the lookout for suspicious activity. According to CoreLogic’s Second Quarter Mortgage Fraud Report, the risk of mortgage fraud decreased during the second quarter with valuation fraud showing the biggest improvement, falling 7.1 percent between the first and second quarters of the year. However, fraud has escalated in cases where potential borrowers attempt to deceive lenders about their incomes. The report showed that an...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

CoreLogic acquires Marshall & Swift & DataQuick 1

CoreLogic to Acquire Marshall & Swift/Boeckh & DataQuick

The combination of CoreLogic, MSB and DataQuick should yield significant future growth opportunities… CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today announced the Company has entered into a definitive agreement to acquire Marshall & Swift/Boeckh, a leading provider of residential and commercial property valuation solutions to the property and casualty insurance industry, DataQuick Information Systems, a property data and analytics information company, and the credit and flood services operations of DataQuick Lender Solutions from the Decision Insight Information Group (DIIG). Founded in 1930, Marshall & Swift/Boeckh (MSB) is the leading provider of building cost information,...

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

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When the FDIC Comes A’ Knockin’

The implosion of the real estate bubble reverberated across the American landscape.  Neither residential nor commercial markets were spared.  This implosion not only had a very palpable effect on the economy, but on the political debate of this nation as well.  That political debate—as it seems is often the case—has turned to finger-pointing.  Those fingers have now curled up into a fist, and that fist is now knocking on the doors of appraisers across the country. In the aftermath of the economic downturn, many banks were taken over by the Federal Deposit Insurance Corporation (FDIC) after their balance sheets dived...

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

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New York Attorney General v. eAppraiseIT: Settlement

The New York Attorney General’s Office announced yesterday that it has reached a settlement with CoreLogic, as successor to eAppraiseIT, over the 2007 lawsuit filed against eAppraiseIT by then-Attorney General Cuomo. This was the case, of course, that led to the HVCC with Fannie Mae and Freddie Mac. It also put the AMC liability train in motion, which has kept rolling since — resulting in significant lawsuits filed by both government agencies and private parties against a majority of the 10 largest AMCs. The NY AG noted that the lawsuit concerned approximately 10,000 appraisals in New York for WaMu in...

AMC / Appraisal / Appraisal News / Appraisers News / CoreLogic Valuation Services / eAppraiseIT

REVAA FAIR appraisal fees 18

REVAA and FAIR Approach for Appraisal Fees

REVAA and FAIR Call for Market-Driven Approach for Appraisal Fees Washington, DC (PRWEB) July 14, 2011, Donald Kelly, executive director, Real Estate Valuation Advocacy Association (REVAA), appeared today before the House Financial Services Committee, Subcommittee on Insurance, Housing, and Community Opportunity to testify on behalf of REVAA and the Coalition to Facilitate Appraisal Integrity Reform (FAIR) on Mortgage Origination: The Impact of Recent Changes on Homeowners and Businesses. The testimony comes just prior to the Federal Reserve Board transitioning its rulemaking authority to the Consumer Financial Protection Bureau (CFPB). Members of REVAA and FAIR advocate that the Federal Reserve Board,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

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Mysterious “Notice of Claim”

This post is for appraisers who have received a document entitled “Notice of Claim — Appraiser” relating to lawsuits filed by the FDIC (see example below). We have received multiple reports from appraisers and defense counsel about the mysterious “Notice of Claim.” The notices are so far nearly identical and state that the FDIC has filed a lawsuit for damages against one of two AMCS (either CoreLogic-eAppraiseIT or LSI Appraisal) based on one or more of the recipient appraiser’s appraisals and that the appraiser may be the subject of claims for negligence by one of those AMCs or by another...

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

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