Category: Appraisal Management Companies

Fix What is Broken before Replacing the Product 34

Fix It Before Replacing It!

Fix what is broken before replacing the product. Appraisers are talented professionals that know how to take mass amounts of data, filter through it, analyze & make sense of it all. Utilize the talents of the 70,000 plus experienced, licensed professionals & don’t short change the consumer… Yesterday was the National Association of Realtors Real Property Valuation Forum: Rethinking Real Estate Valuations: Alternatives to Traditional Appraisals. First, VaCAP was well represented with 8 members present from all over the state.  There were many of our Network colleagues there as well from all over the country. Thank you for taking the...

Trade Secrets Battles of AMCs & Lenders Relating to Valuation Technology 16

AMCs & Lenders Fighting…

…Battles over alleged misappropriation of trade secrets relating to residential valuation technology and services… AMCs and Lenders Fighting Over Next Generation Valuation Products and Technology The residential valuation business for mortgage lenders has been taking big steps lately toward wide scale replacement of the historical Uniform Residential Appraisal Report (URAR or 1004) form used in mortgage lending. As this movement happens, some would-be providers of replacement valuation products (such as “hybrid” appraisals) and automated valuation models (AVMs) are fighting over technology turf and trade secrets. There are currently three big legal battles over alleged misappropriation of trade secrets relating to...

Do Not Get Quiet, Ever Again... As a Matter of Fact, Get LOUDER! 17

Get Louder!

We are most certainly being heard… Do not get quiet, ever again… As a matter of fact, get louder! Colleagues, As Appraisers we have witnessed a lot of changes, some good, some not so good. However, it is undeniable we are most certainly being heard. On state and national levels we are a relatively new voice. Do not get quiet, ever again. As a matter of fact, get louder! We have watched as AMCs have gained stronger and louder voices. However, they are now wary of us as Appraisers as never before. We stand toe to toe with them, and please never forget that truth...

No Control Over the Way YOUR Business Prices Its Products! 55

Appraisals, Fees, Lenders and Lies…

Can you think of a single business where an individual has less control over their own financial future than the appraisal business? In most professions, your level of success is dependent on your personal work ethic, dedication to education, promptness of service, and overall level of quality. But, no, not in the appraisal industry. The HVCC took all that away. In the vast majority of circumstances, appraisers in any general market are paid the same fee. An average appraisal in Moore County, NC is worth $450.00. A VA appraisal $500.00. It doesn’t matter if you’ve been licensed six months or...

Pressure: My Story... This Is What Value Pressure Looks Like 21

Pressure: My Story

Appraiser pressures aren’t normal everyday life pressures…THIS IS WHAT PRESSURE is like for appraisers. Hit value, get paid. Don’t hit value, get fired or quit. In just 16 years as an appraiser, I’ve seen and heard many things. Some, I just want to forget and some I wish I never heard. Appraiser pressures aren’t normal everyday life pressures, they’re different. Typically, when business is good, it’s for reasons like doing a great job and providing a great service. Or, it could be because one aims to keep the client happy by hitting value, which is not exactly a good thing....

Appraisal-Free Race to the Bottom Home Loans - Risky Business 15

PIW’s Get National Attention

…“a race to the bottom” between the two companies in pushing for more appraisal-free loans Ken Harney, a friend of the appraisal community has written an article about Fannie and Freddie waiving appraisals. The article will be seen by consumers throughout the country. VaCAP encourages everyone reading this to share Ken’s article on all your social media outlets, your websites, blogs, etc.  See the article here. For homeowners and buyers, appraisal-free loans have offered an unexpected windfall: relief from having to pay between $400 and $600 for the service… Fannie’s and Freddie’s no-appraisal option has been popular with lenders… The...

Hybrid AMCs & Appraisal Firms: Employees vs Independent Contractors 5

Hybrid AMCs & Appraisal Firms

The monetary risk, however, may be much bigger for hybrid AMCs… company’s vendor panelists should be classified as employees, rather than contractors, plaintiff’s counsel offered evidence that the company “tells vendors where to go, when to go, what to do, when to get it done and how much and when they will be paid for their efforts…” Appraisal Firms and Hybrid AMCs: Beware of the Dynamex Decision and Its Impact on Classifying Appraisers as Independent Contractors in California Classifying “staff appraisers” as independent contractors, rather than as employees, is a very common business practice among real estate appraisal firms. It...

Clarocity Multi Million Dollar Garbage Technology vs. Appraisers 36

Garbage Replacing Appraisers?

If appraisers were to embrace such garbage, would the demise of this technology be sooner? …14.53 million dollar loss in 2017… Hey Clarocity, Give it up. It is time to face the facts! From Clarocity Public Financial Statements: 14.53 million dollar loss in 2017 9.49 million dollar loss in 2016 13.00 million dollar loss in 2015 5.43 million dollar loss in 2014 6.82 Million dollar loss 2013 4.95 million dollar loss in 2012 0.36 million dollar loss in 2011 1.19 million dollar loss in 2010 0.86 million dollar loss in 2009 44.8 million dollar loss in 2008 The 2017 Clarocity’s...

MISMO, Appraisal Data Mining, Hybrids, and Other Fraud Facilitators 14

Who’s to Blame?

Looking at who and what MISMO Directors are, is it a surprise that FNMA included language in basic appraisal forms resulting in appraisers having infinite liability and no ownership over their own work product IF they do work for FNMA?… European Union General Data Privacy Regulations (EU GDPR) may seem like a stretch for an Appraisers Blog topic, but please bear with me. For some time now, The Appraisal Foundation has been focusing on major international valuation issues other than real estate appraisals. IVSC is one of the bigger and most detrimental misdirection’s they’ve taken as far as impact on...

Prizes Awarded for Correctly Identifying AMC in Appraiser Contest 37

Appraiser Contest

…multiple prizes will be awarded…correctly identify this LandSafe-like wannabe to win ANNOUNCING NEW APPRAISER CONTEST! Look at the following time requirements from one national [anonymous] AMC. These requirements are so outrageous that advance disclosure to their clients should be a requirement that their policies suborn appraisers to ignore USPAP and encourage appraisers to take improper short cuts. Here’s the challenge… I have redacted the name of this unprofessional company that appears to think their drive to offer what their competition cannot, (or more likely won’t) warrants promoting subpar appraisal practices. All you have to do is correctly identify this LandSafe-like...

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