Category: The American Guild of Appraisers

Serfs Are Starting to Get Upset 10

Serfs Are Starting to Get Upset

The serfs are PISSED! Apologies. America was not founded by people that ‘went along to get along’, or that were willing to accept economic or political serfdom. Though they did so until a critical mass of frustration was reached. It is human nature to seek and then protect the benefits of privilege. To some extent this is a positive attribute. It’s the foundation of Capitalism. It is only when dishonesty and manipulation of laws becomes prevalent that the system is at risk, and not operating properly. We had dueling to keep honorable people honorable two hundred years ago. That was...

AVMs can Never replace Appraisals 34

AVMs Can NEVER Replace Appraisals

AVMs Can NEVER Replace Appraisals & why FNMAs vaunted CU AVM is flawed! Yesterday (March 15, 2016), an appraiser called me to discuss a complex assignment he had. One of his comparable sales was reported in MLS as having sold for $3,469, 898. It was in range with his other comparable sales for his subject property. It was the most similar comparable property. When he went to verify the sale price with our Los Angeles, California subscription-equivalent to “public records” he discovered a shocking discrepancy he couldn’t explain. RealQuest (CoreLogic) showed the full value sale price as $17,665,455! So what...

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...

Appraiser Shortage Myth Used to Raise De Minimis Value 42

Appraiser Shortage Myth Used to Raise De Minimis Value

Appraisers, I know everyone is busy right now, but this cannot wait. This may be the most important blog post affecting appraisers this year. I don’t think it is an exaggeration to say that if something is not done, it really COULD lead to the end of ALL residential appraisers for federally regulated transactions under $500,001. FFIEC under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), is considering raising the de minimis lending level from $250,000 to $500,000, because the local community banks are complaining that they cannot find enough appraisers in rural America to handle the volume! If...

We Need More Appraiser Drivers! 9

We Need More Appraiser Drivers!

Powerful ‘uncles’ gave us the vehicles, but we need more drivers! Stand up for yourself and oppose those things that are wrong in our own profession and the related lending industry. Oregon: Teach THEIR Board USPAP! Seriously. They were trying to fine people for not meeting turn times, as a USPAP violation! TWENTY FOUR PER CENT of the AARO (Government Regulatory Officials) members they contacted for advice ALSO thought the same way! …New Jersey, Minnesota, Illinois and how many others: Ongoing reports, and evidence, of punitive mindsets rather than protective of the public views. They are using fines to balance budgets…

Appraisers Need to Learn to Stop Being Doormats! 40

Appraisers Need to Learn to Stop Being Doormats!

Being a bad businessman is not an excuse not to pay me. Period. The borrower pays the AMC up front. The AMC HAS MY FEE FROM DAY ONE! If they do not have it on the date I complete the assignment, it is because they used MY MONEY for some other purpose. If they are too incompetent to operate a general ledger, then open a second checking account and make the fee deposits for the appraisers the same day they are received. Being a bad businessman is not an excuse for not paying me for work I do for you....

Experience, Education Criteria Input Request & AGA Open Letter 18

AGA Open Letter Regarding Changes to the Criteria

Request for Appraiser Input The AGA sent the below letter to the AQB in response to their outreach asking for comments. Please write them and tell them YOUR views. If you agree with what we have said, then just copy it and add your name to it saying “we agree”. Or don’t copy it, and just say “We agree with the AGA letter”. If there are any significant parts you disagree with, then please ‘except’ those. If you have additional thoughts or suggestions for them (civil ones), feel free to add them. I’ve already received an acknowledgement so I KNOW...

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Collateral Underwriter, What’s Under the Hood?

Collateral Underwriter – Garbage In, Garbage Out (GIGO) FNMA has a fascination for first patenting garbage, & then implementing it as policy! FNMA simply LIED! Collateral Underwriter IS an automated ‘appraisal review’ despite disclaimers. It was never intended as anything else. Read the patent application below. Before I get into the details, I want to ask each reader to forward this to every appraiser you know. This concerns FNMA’s patent of the seriously flawed techniques and underlying support for their Collateral Underwriter (CU) Risk Rating “System”. It’s time for appraisers to take action against the unreliable system which is unfairly...

Titanic market value big data 9

Market Value in the Age of Big Data Infallibility

“Practically” unsinkable! This isn’t a topic I generally spend a lot of time on. Partly because I am ‘uneducated’ (sans college degree) and partly because it bores people to death. Despite this I ask you to bear with me. It all started while I was listening to my favorite local radio stock market gurus on the way to wash my car. An expert from the firm of Dewey Fleecem & Howe (DF&H), or some such firm, was explaining the current stock market instability in a historical context. Since our inception as a nation, DF&H reports that we have had 45...

Board Member Says Squeaky Wheel Gets the Grease 2

Board Member Says ‘Squeaky Wheel Gets the Grease’

Board Members reported a shortage of individual appraisers offering suggestions, complaints and concerns… Legitimate ‘complaints’ should never be referred to as whining by any professional in my opinion. To do so diminishes the importance of the concerns being addressed. I attended the Las Vegas Public Hearing of the The Appraisal Foundation (TAF) / Appraisal Practices Board (APB) last Friday. No Appraisers Guild or member funds were used in any way for this. There was lots of good information. Board Members reported that there really is a shortage of individual appraisers offering suggestions, complaints and concerns to them as a Board,...

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