Category: Appraisal News

Appraisal Waiver Programs Risky for Taxpayers and Homeowners 4

Appraisal Waiver Programs… A Risky Business

ICAP (and 36 other industry groups) signed a Letter To The Committee on Banking, Housing and Urban Affairs Over The New Appraisal Waiver Programs ICAP along with 36 other industry groups signed a letter to the Committee on Banking, Housing and Urban Affairs to raise concern over the new appraisal waiver programs recently implemented by Freddie Mac and Fannie Mae (the “Government Sponsored Enterprises.”) The letter states that these programs will create unnecessary and unacceptable risks for taxpayers and homeowners, and they come at a time when markets are at all-time highs – when risk mitigation should be tantamount. The...

Treasure Valley No Longer Accepting AMC Invoices, PIW & ACE Programs 10

Not Such a Quiet Week

For a quiet Holiday Week and the first week of school for many localities, many things to report: VaCAP has learned Treasure Valley Factors is no longer accepting “Managed Appraisal Services Inc.“ invoices. Treasure Valley Factoring has been highly promoted by Phil Crawford and many appraisers utilize their service. VaCAP does not know the reasoning behind their decision, but we can only assume it is risk based, or this AMC simply is not paying. This could be a sign of things to come. Be mindful of your receivables and take early action the first sign of trouble. It is a business...

Texas Appraisers Affected by Harvey Flooding Need Your Support! 9

Support Texas Appraisers

Help Texas Appraisers! Over the weekend, we received word that a group of appraisers started a fundraising campaign using GoFundMe, which will be used to help appraisers affected by the flooding of Hurricane Harvey in Texas. Some of our fellow Texas appraisers have been harmed by Hurricane Harvey. Please consider making a donation and help spread the word. This fundraising campaign is co sponsored by Mark Skapinetz (What’s It Worth Appraisal Services), Joe Mier (Joseph Mier & Associates), Lori Noble (The Noble Appraiser), Jonathan Miller (Miller Samuel Inc. Real Estate Appraisers & Consultants) and Phil Crawford (Voice of Appraisal). For...

HUD Tag # on Manufactured Homes Missing? Solution for Appraisers 4

Missing HUD Tag # on Manufactured Homes

Sometimes NO HUD Tag number can be found… Appraisers, Regarding Manufactured Homes (MFH), sometimes NO HUD Tag number can be found on, or in, the MFH. However, this number is required to be entered on the 1004C appraisal form. Loans for MFH’s cannot be processed without these numbers. The HUD Tag is the metal plate(s) attached to the rear of each section. Numbers are usually sequential, with three letters as the prefix. Inside the home, someplace, should be a paper ‘Data Plate’ with the home serial number, HUD Tag #’s, and other data. But often the Data Plate cannot be found, and...

Non Payment to Appraisers by Diligent Asset Valuations - BREA vs DAV 7

Anatomy of a Substantiated (AMC) Complaint 

Diligent Asset Valuations Alleged Multiple Non Payment to Appraisers Anyone that knows me, or who has read past comments concerning California BREA’s non enforcement of C&R fees also knows I’m not generally their (BREA) biggest fan. However, it would be intellectually dishonest not to recognize a case where they did the right thing. The case in question, BREA vs Diligent Asset Valuations (DAV), involved alleged multiple order non payment to appraisers by an AMC where orders were placed or assigned through the MERCURY NETWORK. The specific logistics of how Mercury is involved could be of interest to those that use...

Let's get back to real appraising 23

Let’s Get Back To Real Appraising!

Let’s Get Back to Real Appraising: We have all encountered the glass is half full / half empty perspective. This perspective could be applied to everything life throws at us. The appraisal industry is no different. We are hearing a lot of doom and gloom over Fannie Mae’s Property Inspection Waivers (PIW) and Freddie Mac’s Automated Collateral Evaluation Program (ACE). On the surface the glass appears half empty. Well, the glass is definitely half full; maybe even 3/4 full. We can now get back to real appraising……. No more UAD, No more 1004mc, No more scope creep, No more false...

Subject as Comparable Sale: Can You Use the Subject as a Comp? 17

Can You Use the Subject as a Comp?

To keep my finger on the pulse of the real estate appraisal community, I like to check in on Facebook groups dedicated to our profession. A little while ago, I noticed that the same question was coming up over and over again; ‘can you use the subject as a comparable sale?’ When you work in a big, metropolitan area, this isn’t really an issue. Real estate appraisers in those places would probably dismiss this idea out of hand; they’re going to have plenty of comparables to use in their valuation process. In rural areas like the one in which I...

Barton, Robert, the First Licensed Appraiser in Virginia Passed Away 4

Robert Barton Passed Away

We are saddened to learn Bob Barton has passed way. Bob was a true pioneer to the profession and a leader for Virginia. Bob entered the Real Estate Industry in 1965 as a sales agent, later to become the first licensed appraiser in Virginia. His license number is 4001-000001. Bob was also the first Chairman of the Real Estate Appraiser Board and a true friend to Virginia appraisers. He will be greatly missed. The funeral Services are Tuesday August 22 at 11:00 AM. VaCAP has received many expressions of sadness and sorrow. We will forward those condolences to Bob’s Family....

Low Echelon AMCs, Lenders & Appraiser Servants 9

This Reminds Me of Low Echelon….

Appraisers who won’t or can’t “just say NO” to low echelon AMCs The comic strip below reminds me of… Low echelon lenders who think a copy of an appraiser’s license must be included in appraisal reports. They apparently never have actually read an entire report to find that info is already included Low echelon lenders who think a copy of our E&O binder page must be included in appraisal reports Low echelon AMCs who are agents for the low echelon lenders above and just accept that nonsense, passing the demand on to appraisers Low echelon AMCs who fail to inform their...

Choices Have Outcomes & Consequences: Appraisers Have Choices 5

What’s Your Pleasure?

Appraisers Have Choices… So the bartender asks, what’s your pleasure? Appraisers have choices; choices that impact how we do business, with whom we do business and why we do business. Outcomes and consequences of these choices can and will vary. One of the choices we face, and perhaps is one of the most important choice, are you going to be an industry leader or are you going to be a follower? Any organization, appraisal profession or not, needs both leaders and followers to survive. Professional organizations for appraisers are an important part of the future of the industry. Whether it is a national...

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