Category: Appraisal Organizations

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...

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...

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...

FHFA Working Paper Credibility Questioned by AGA 9

Working Paper Credibility Questioned

NO REAL ESTATE APPRAISER IN THE COUNTRY IS ALLOWED TO MISS THE MARK BY 7.8% WITHOUT RISKING LOSS OF LICENSE! The Working Paper demonstrates more than anything else, that given an 8-hour work day the computer will take 6 full working days (1.2 working weeks) to arrive at a result that is at best 7.8% error prone. Office of the Director, Honorable Melvin Watt Federal Housing Finance Agency… Dear Sir(s) The American Guild of Appraisers is a Guild within the more than 12 1/2 million members, retirees and family members of our parent union OPEIU, AFL/CIO. In addition to representing...

TriStar Bank Nuclear Option DENIED! FTC vs LREAB in Circuit Court 16

Nuclear Option DENIED!

VaCAP has just been informed the TriStar Bank Waiver Request has been DENIED by the ASC. Representatives from VaCap attended the TriStar bank appraisal waiver hearing at the Federal Reserve building in DC this morning. Also present were John Russell with the ASA-NAIFA, Leo Regensburg with the AGA, Bill Garber with the AI, Mark Shiffman with REVAA, appraisers and other stake holders. The board members consisted of Robert Witt with the FHFA, Veronica Spicer representing the CFPB, Richard Taft representing the OCC, and ASC board members. The meeting got off to a late start because the Tri-Star representatives were held...

Financial Reform Legislation in Terms of What it Does For or To Appraisers 12

Bridging The Gap

I’m an appraiser. I look at all proposed financial reform legislation in terms of what it does for, or to appraisers. Not whether it was proposed by a red or a blue. Dear AppraisersBlogs readers and fellow appraisers; Anyone who has read my past posts is aware I happen to be a Republican Union Organizer. Usually it isn’t an issue because I try to remain non partisan in my posts and to avoid offensive partisan rhetoric, while promoting appraisers rights; the American Guild of Appraisers, and being critical of bad lending policy and bad appraisal practices. I have also attempted...

REVVA Reacts to FHFA Study RE AMCs' Appraisal Quality 8

REVVA Reacts to FHFA Study

…the methodology, measures of quality, errors & the insertion of staff opinion seems to indicate bias…. REVVA responds to the FHFA study indicating AMCs bring little value. Mark Schiffman, Executive Director of REVAA, stated to Jacob Gafney, Editor of HousingWire, via email: “We are disappointed that AMCs and lenders were not consulted at the outset of this research so that we could have help ensure sound methodology. We are also disappointed not to have had the chance to discuss this research with the FHFA before it was distributed publicly. This is not a final report of any kind from the FHFA,...

How the Agreement Between CoreLogic & the FTC Impacts Appraisers 15

FTC vs Corelogic

…how the agreement between CoreLogic and the FTC from 2014 impacts appraisers… The FTC vs CoreLogic: Why it is important to Appraisers Some appraisers have reached out to VaCAP asking how the agreement between CoreLogic and the FTC from 2014 impacts appraisers. VaCAP wants to highlight the case and provide some key points of reference. The agreement revolves around the purchase of DataQuick by its competitor CoreLogic in 2014. The FTC at that time allowed the transaction with some parameters in which CoreLogic agreed to. See the analysis of the agreement here. A summary of the parameters are below: CoreLogic...

Credible Third-Party Inspections, Use of EA & USPAP Q&A 17

Credible Third Party Inspections

…producing credible real estate appraisal reports… Is it any wonder that The Appraisal Foundation has lost nearly all credibility as America’s self-proclaimed foremost authority on appraisal matters? I humbly submit their most recent offering. Excerpt from current ASB Q&A: “2018-19 USPAP Q&A Issue Date: March 29, 2018 The Appraisal Standards Board (ASB) of The Appraisal Foundation develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP) on behalf of appraisers and users of appraisal services. The USPAP Q&A is a form of guidance issued by the ASB to respond to questions raised by appraisers, enforcement officials, users of appraisal...

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