Category: Appraisers News

Ryan Lundquist Medical Fundraiser 1

Ryan Lundquist Medical Fundraiser

Folks, well known respected appraiser, blogger, writer, speaker, mentor – Ryan Lundquist of Sacramento, CA – is presently in the hospital with ulcerative colitis. A GoFundMe account has been set up by two other appraisers to help with medical expenses, with payments going directly to his wife Jennifer. At the time of my message, the donation status is just under 50% of the goal. Let’s push it higher!! If you can help out, the link is https://gf.me/u/yiqv25 Additional details: Our friend Ryan Lundquist has suffered from colitis for several years and has had a flare-up in the past month. He...

Standards Rule Proposed Revision Undercutting the Appraisal Profession 7

Undercutting the Appraisal Profession

Proposed Revision to STANDARDS RULE 2-2…a change that would undercut the appraisal profession in a major way… Comments on the proposed changes to the 2022-23 USPAP are needed. The proposed changes to the reporting requirement of Standard 2 may impact the profession negatively and confuse the public on who we are and what we do. We ask that each and every one of you pause for a moment and comment by July 30th. Below is what was sent out to the Arizona Association of Real Estate Appraisers by Joanna Conde. Virginia also requires anyone using the title appraiser, be licensed....

Wells Fargo at It Again! - Where Are the Criminal Prosecutions? 6

Wells Fargo at It Again!

Those fine outstanding law abiding people at Wells Fargo are at it again! This time the fraud is against the United States Bankruptcy Court and as usual, their very own customers. Wells Fargo’s explanation… The Covid-19 Pandemic! Wells Fargo is using the Covid-19 virus as the excuse for placing borrowers currently under Chapter 13 bankruptcy repayment plans in forbearance. The borrowers never asked for the forbearance and Wells Fargo filed a claim with the Bankruptcy Courts halting mortgage payments for the borrowers without their knowledge. According to the NBC news article: On April 29, without Harlow’s knowledge or permission, Wells Fargo told...

ANSI Z765 2020 Update: Are ANSI Standards Changing? 6

Are ANSI Standards Changing?

American National Standard for Single-Family Residential Buildings, Square Footage – Method of Calculating, ANSI Z765-2020 VaCAP has just learned of a meeting on July 22 to discuss and vote on proposed changes to the square footage calculation under ANSI guidelines. The proposed changes were published for public comment which closed in March. The meeting, which is described as a virtual Consensus Committee Meeting is open to the public, however you must request the meeting credentials to attend. Again, VaCAP has just learned of this proposed change and apologizes for the last minute notice. See the press release below or on their website. Once...

Until Census Data is Made Illegal in Appraisals, There will Be Discrimination 5

Use of Census Data in AVM & Discrimination

Every single appraisal any of us do has a census tract number as a required element. There are no exceptions for federally regulated transactions. Even where no bias or prejudice is intended, language that the PC Police have ascribed as being ‘potentially racist, biased or prejudicial’ has long been prohibited. Buyers clearly do care and weight ‘neighborhood or school or special amenity neighborhoods’ in terms of ‘desirability’, but no appraiser can consider this. We are even prohibited from having people in pictures which could be indicative of race. It’s gotten so nuts that property owner’s own photos of religious icons,...

Zestimate vs Appraiser... Will Zestimates Put Appraisers Out of Business? 19

Will Big Data Put Appraisers Out of Business?

Part of the boom in the availability of data has led to companies such as Trulia and Zillow who claim they can “Zestimate” a home’s value instantaneously. But can your potential customers trust such value? In the old days, if a homeowner really wanted to find out how much their property was worth in the current market, they called an appraiser. Our customers understood that a licenced and qualified appraiser is trained, experienced, knowledgeable, and unbiased in his or her own marketplace. In the past few years, the Information Age has flooded us with data; lots of data. Big data...

The Con, the American Dream Dies Where Power Lies - End of Corelogic? 11

The Con, The American Dream Dies…

The Con is a 5-part series in-depth investigation into the 2008 financial crisis. If you attended the Appraisers Economic Forum, better known as AppraiserFest, in San Antonio, Texas back in October 2018, you may recall a couple of guys with video cameras. Many of the appraisers attending were  interviewed for this production. The 5 part docu-series premieres August 5, 2020. You definitely want to clear your calendar to watch. See the trailer below and sign up for updates here. From writer/director Eric Vaughan, producer Patrick Lovell and executive producer Adam Bronfman, The Con is an in-depth investigation into the 2008...

AVM vs My Opinion - Armed Appraisers Can Beat AVMs Every Day 6

AVM vs My Opinion

AVM versus my opinion… My recent article “Why is Residential Appraisal in Trouble” lays out how the profession and the individual (you?) can prepare for the future. I do not take an emotional position for or against AVMs. AVM is a competing industry for valuations. AVMs have succeeded in taking a large market share for valuations and risk analysis in the past 20 years. Every large lender and our GSEs use them every day. And yes, a machine can only deliver an analytic result, not an opinion! My only mission (Stats, Graphs, and Data Science classes) is to help arm...

The Power of No! Use the Power of No and Let the AMCs Self-implode 14

The Power of No!

Appraisers always had the power to end the appraisal management pyramid scheme. All we had to do is say no. Low fees, headaches, and idiotic reviewers have reached maximum capacity. The imploding of appraisal management companies is forthcoming. Over the past few months, appraisers have been simply saying no to low paying, time wasting, headache giving appraisal management companies; problematic portals too. I even read recently an appraisal was unable to be uploaded to a portal because the opinion of value was below the contract price. This type of influence rises to a whole new level, not to mention the...

CFPB Wants to Eliminate the Debt to Income Requirement - Not AGAIN 5

Playing Fast and Loose With Credit?

CFPB is moving forward with proposing to eliminate the Debt to Income requirement… Appraisers, prepare yourself for what we are about to share. The short sighted proposal is simply nonsensical from every angle. The Consumer Financial Protection Bureau wants to eliminate the Debt to Income requirement on Qualified Mortgages. You may recall this was proposed a while back and most of the profession objected strongly. Letters, emails and phone calls were made and this absurdity went away. Earlier today CFPB Director, Kathy Kraninger announced the CFPB is moving forward with proposing to eliminate the Debt to Income (DTI) requirement and...

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