Category: Virginia Coalition of Appraiser Professionals

The FDIC Says NO to Appraisals - Appraiser Connections AMC Folds 3

FDIC Says NO to Appraisals

The FDIC voted to increase the minimum appraisal threshold to $400,000 for residential appraisals, despite the overwhelming opposition. The vote was quietly supported by the Consumer Financial Protection Bureau (CFPB). Maxine Waters and The Appraisal Foundation condemn the actions of the FDIC. See The Appraisal Foundations response below. (Washington, DC) August 20, 2019 – The Appraisal Foundation President David Bunton issued the following statement after the final rule exempting residential real estate transaction of $400,000 or less from appraisal requirements was approved by the Federal Deposit Insurance Corporation. “When the proposed rule was announced in November 2018, The Appraisal Foundation...

Sunshine Act - Federal Agencies Changing FIRREA & Raising De Minimis 5

Federal Agencies Changing FIRREA

VaCAP has just been made aware of a Sunshine Act Meeting that will take place on Tuesday August 20, 2019. We have been told that the FDIC meeting on Tuesday will vote with no discussion to raise the residential de minimis. This is scheduled to happen despite the volumes of opposition and in the wake of a similar act by the FFIEC to grant appraisal waivers in North Dakota. The Federal Financial Regulators are changing FIRREA through rules and bypassing Congress in doing so. FIRREA was put in place for a reason and is being reduced to rubble by agencies...

We Need Pat Turner, The Gladiator Appraiser - Call to Action 5

The Gladiator Appraiser, Pat Turner

Regulatory reform is needed in the appraisal profession and Pat Turner is the right appraiser to help move it forward! This is a CALL TO ACTION. Please listen to Phil Crawford’s Voice of Appraisal Show released yesterday morning. He has put out a call to action to every appraiser to write a letter of recommendation for VaCAP President Pat Turner to be appointed to the Appraisal Standards Board: Time to stand up again! Pat Turner, “The Gladiator Appraiser”, from the Great Commonwealth of Virginia has applied for a position on the Appraisal Standards Board at The Appraisal Foundation! Now more...

Competitors on State Appraisal Boards - NSAO Supports HR 3619 5

Competitors on State Appraisal Boards

Phil Crawford has a new Voice of Appraisal show. This is one of the best shows Phil has ever done. He touches on issues with Bifurcation, Board competitors and even mentions VaCAP and our “Other Side of Things” article that received a lot of attention on Appraisers Blogs last week. Phil encourages support for VaCAP President Pat Turner to be appointed to the Appraisal Standards Board. The show is 36 minutes, so please take the time to listen. You might even get a good laugh out of some of the humor displayed. Listen to the show below. Board Competitors? VaCap,...

Stupid Appraiser Scenarios - An Appraiser is Asked to Value 29

Stupid Appraiser Scenarios

A business appraiser is asked to value a company, but the appraiser may not inspect the audited financial statements of the company. Instead, the company provides the appraiser with a summary of the company’s financial condition that was prepared by their in-house bookkeeper. An appraiser of timber is asked to value a 100-acre tract of woodland, but the appraiser is instructed not enter the woodland to conduct any quantity surveys or maturity tests of the stand. Instead, the appraiser is given an undated aerial photograph of the property. An appraiser who is a member of the Gemological Institute of America...

Bifurcated Appraisal Fans Can Claim SOW Till They're Blue in the Face 47

Hybrids vs USPAP Scope of Work Rule

Supporters of the bifurcated appraisal can claim scope of work till they are blue in the face… Appraisal Buzz published an article written by Joshua Walit on July 31, 2019 titled Nothing New Under the Sun: The Varied Face of Appraisal. The article brings up some good points, however; it does not take into account the reality of the market and the control of the lenders and appraisal management companies in the process. The mere fact that the appraiser does not have control over the person completing the inspection and in most cases, no way to even know who is providing the...

Holding AMCs Responsible for Hybrid Inspections - AppraisersBlogs 11

AMCs Responsible for the Hybrid Inspection

It seems holding the appraisal management companies responsible for the hybrid inspection is the best option. The thinking was they choose, engage and pay the inspector. The Virginia Real Estate Appraiser Board met for its quarterly meeting on July 30, 2019. We are happy to report CoesterVMS no longer has a license to operate in Virginia. The Board voted to accept the consent order accepting the voluntary surrender of his license. The Board also passed a motion to draft legislation to be introduced into the General Assembly giving the Board regulatory control over the hybrid inspection and those individuals that...

DOJ Investigates Big Tech - Atlantic1 AMC Not Paying Appraisers 8

DOJ Investigates Big Tech

The Department of Justice announced last week they have initiated a review of anti-trust concerns with Big Tech Companies. From the Wall Street Journal article, the Federal Trade Commission and the Department of Justice collaborated on who would take the lead on this investigation. Also pointed out in the article, both the FTC and DOJ are pursuing separate investigations of Big Tech Companies. Although CoreLogic was not named as an initial target, we suspect it is just a matter of time before they are included. Frank Garay and Brian Stevens did a short 6 minute video on the subject which...

Proposed Hybrid Meeeting - Overwhelming Majority Were Against Hybrids 5

Overwhelming Majority Are Against Hybrids

The next Virginia Real Estate Appraisal Board Meeting will be held on July 30th, 2019 @ 10:00 AM. This meeting will be a historic meeting as the board will be discussing the proposed hybrid appraisal guidance document and the corresponding 153 public comments. Also on the agenda, CoesterVMS is listed under the disciplinary cases! Why is this meeting so important? First, the 153 comments is the second highest amount of comments that have been made on any guidance document in the past year. The highest amount of comments on any proposed guidance document was by the Board of Health Professions in which 727...

Bill Requires AMC to Disclose their Fee and Fee Paid to the Appraiser 12

Full Transparency in Fee Disclosure

Requirement to disclose appraisal fees: Uniform Settlement Statement SHALL include the AMC fee AND fee paid directly paid to the appraiser by the AMC… HB 3619 has been referred to the House Financial Services Committee. VaCAP has learned over the weekend that HB 3619 has been introduced in the US House of Representatives. HB 3619, short titled “Appraisal Reform Act of 2019” amends the Financial Institutions Reform, Recovery and Enforcement Act. The main change to  FIRREA deals with appraisal management company and appraiser trainee registries and the addition of a member of the Veterans Affairs on the Appraisal Subcommittee. The bill also modifies Section 2603,...

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