Category: Appraisal Organizations

Coester VMS Surety Bond Claims Exceed Value 9

Coester Surety Bond Claims Exceed Value

Coester VMS Surety Bond Claims Exceed Value… Appraisers licensed in North Carolina received the following email by International Fidelity Insurance Company: Re: Principal: Coestervms Bond No.: TXIFSU0633863 Obligee: NORTH CAROLINA APPRAISAL BOARD Please be advised that International Fidelity Insurance Company (the “Surety”) issued an Appraisal Bond to CoesterVMS (“Coester”). The penal limit of the bond is $25,000.00. This letter will advise you that the Surety has received claims against the above referenced bond in excess of the bond’s penal sum. As a result, the Surety will pay claims on the bond on a pro rata basis according to the amount...

Hybrid Committee Meeting Recap 25

Hybrid Committee Meeting Recap

The Recap The VREAB Committee meeting on hybrid appraisals met last week. The turnout was a decent one. Some traveled a great distance to attend. There were appraisers, assessors, consumers and trade group representatives in attendance. The meeting started with the Appraisal Foundation Video on Hybrid Appraisals. Public comments followed and many spoke and shared their concerns. Examples of hybrid appraisal products were submitted to the committee. Protecting the public was a key discussion and the following existing Virginia laws and regulations were discussed. 54.1-2009 Definition of appraisal- “Appraisal” means an analysis, opinion, or conclusion relating to the nature, quality,...

CoesterVMS Surety Bond Cancelled 15

CoesterVMS Surety Bond Cancelled

VaCAP has been forwarded an email from the North Carolina Appraisal Board stating the Surety Bond for Coester VMS has been cancelled. We have not heard anything from Virginia or any other state, but will update you as new developments arise. From: NCAppraisal Board ncappraisalboard@ncab.org Sent: Monday, November 26, 2018 11:24 AM Subject: Bond Claims against CoesterVMS The surety bond holder for CoesterVMS, IFIC, has notified the Appraisal Board that Coester requested the bond to be cancelled. The effective date of the cancellation is February 16, 2019. The bond number is TXIFSU0633863. A scan of the original bond is attached. Note...

Open Letter to Taxpayers... Afterall, Taxpayers Aren’t Stupid 32

Open Letter to Taxpayers

An Open Letter to Taxpayers Dear Ms; Mrs. & Mr. Taxpayer: In a recent article published by Housing Wire; authored by Ben Lane (November 20, 2018) it was reported that our federal “regulators” are at it again. “At what?” One might ask. Facilitation of increased LOAN FRAUD & consumer deception with Taxpayers yet again left holding the bag. Click here for the article Back in 1994 (actually it started in 1989-91 when FIRREA was being drafted) the Fed agreed that the loan threshold for banks when an appraisal of real estate would not be required was $250,000. That was roughly...

Proposal to End Appraisal Requirement on Home Sales of $400k or Less 50

Proposal to End Appraisal Requirement

Regulators’ Proposal to End Appraisal Requirement on Some Home Sales of $400,000 and Below… The Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve released a proposal that would increase the appraisal requirement from $250,000 to $400,000, meaning that certain home sales of $400,000 and below would no longer require an appraisal. According to data provided by the FDIC, the agencies estimate that increasing the appraisal threshold from $250,000 to $400,000 would have exempted an additional 214,000 residential mortgages at regulated institutions from the agencies’ appraisal requirement in...

coester-vms-bank-accounts-seized 180

Coester VMS Bank Accounts Seized!

VaCAP has been informed the bank accounts of CoesterVMS have been seized. We have received the following email from one of our members. From: *****@coesterappraisals.com> To: Sent: Tue, Nov 20, 2018 10:02 am Subject: CoesterVMS: Accounts Recievables** -I am e-mailing to provide clarity on a letter you may receive from FVC Bank sent by Gilbert Kennedy and Patrick Gil from Shapiro Sher. The letter was sent to provide instructions on account receivables and the proper way of handling them for CoesterVMS as of 11/14/2018. Immediately both Patrick and Gill will be your point of contact for any questions or concerns...

Is It Possible to Prove an Adjustment 3

Is It Possible to “Prove” an Adjustment?

We read articles and advertisements on how to prove an adjustment. Is this possible? How wonderful it would be. To prove an adjustment, just push a button and bam! Out comes the correct answer. How could we have we missed this? …prove an adjustment, just push a button…Of course, if such a simplistic and exact answer was possible – anyone could push that button.  An AVM run, a BPO agent, an “evaluator”, or anyone else. Who needs all that USPAP competence and integrity stuff? Even a lender-appointed hybridized “field inspector” could just push the button. The whole process could even skip working with the licensed appraiser completely!...

VREAB to Discuss Concerns Surrounding Hybrid Appraisals 21

VREAB to Discuss Hybrid Appraisals

…concerns on the negative impact on the real estate market… The Virginia Real Estate Appraisal Board Committee on Hybrid Appraisals will meet on Wednesday November 28th @1:00 PM. We ask that all appraisers attend and share your comments on these products. If you are unable to attend we ask that you submit your comments to the VREAB to be shared with the committee. Concerns on if these products comply with: 54.1-2011 which states any assistance by an unlicensed person must be directly supervised by a licensed appraiser. 54.1-2009 Definition of an appraisal which states an appraisal is an opinion, analysis...

What Are Recognized Techniques & Methods? Adjustments: Now What? 13

Adjustments: Now What?

So, what are these methods and techniques? We’re told to “support” our adjustments. We hear words like “prove” your adjustments… as if there were some magic formula which can give an exact, correct, and absolutely true number. It used to be so easy… Our trainer gave us a sheet with the “right” adjustments. Simple. USPAP Standards Rule 1-1 says we must be aware of, understand, and correctly employ recognized methods and techniques. What are they? Who recognizes them? How do I apply them? So, what are these methods and techniques? Let’s look. In The Appraisal of Real Estate (ARE) p.46, it says: “Qualitative analysis techniques may also be...

Ditech, You Are Out of Here... Appraiser Whistleblowers Stepping Forward 3

You Are Out of Here…

The New York Stock Exchange has removed Ditech Holdings from trading due to their share value and volume of shares. According to a HousingWire article, Ditech shares are less than $1.00. It’s been a swift fall in the stock price department for Ditech. When the company emerged from bankruptcy, it began trading under a new symbol, “DHCP.” See the article here. Please watch your receivables. The market is slowing and there is chatter about late payments from several amcs and lenders in social media appraisal groups. Save the Date: The VaCAP conference will be held February 7-8th in Northern Virginia!  More...

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