Category: Appraisers News

Increased Cost of Appraisal Businesses... Lettuce and Tomato Cost More 22

Lettuce and Tomato Cost More!

…our health insurance is  more than then it was last year, and our auto insurance policy increased as well… There is a burger place my wife and I frequent here in town. All they do are burgers and you can pretty much get them any way you want with your choice of rolls and topping. They offer a vegan burger as well as many organic toppings. We each get a burger and split an order of loaded nacho fries and the bill usually is $25 and some change. The other day we went for burgers. The bill was $31.58. When looking closely, guess...

Credible Third-Party Inspections, Use of EA & USPAP Q&A 17

Credible Third Party Inspections

…producing credible real estate appraisal reports… Is it any wonder that The Appraisal Foundation has lost nearly all credibility as America’s self-proclaimed foremost authority on appraisal matters? I humbly submit their most recent offering. Excerpt from current ASB Q&A: “2018-19 USPAP Q&A Issue Date: March 29, 2018 The Appraisal Standards Board (ASB) of The Appraisal Foundation develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP) on behalf of appraisers and users of appraisal services. The USPAP Q&A is a form of guidance issued by the ASB to respond to questions raised by appraisers, enforcement officials, users of appraisal...

Story of My Appraisal Fee is Told to the Consumer, Not Buried on Page 26 15

Front & Center

The story of my fee! Disclosure of my Fee is Front & Center Remember those dreaded book reports in grade school? Remember the oral presentations in front of the class? We did not think much of it then, but this was the beginning of public speaking. Fast Forward to today: Our appraisal reports are similar to those dreaded book reports except there is no oral presentation, no public speaking. No way to BS your way through it because you only read the Cliff Notes, not the actual book itself. We have come a long way and today we write reports...

Know How Much You Are Paying for an Appraisal? - AppraisersBlogs 40

What’s Not in Your Wallet?

Shouldn’t consumers know where their money is going to? Before the housing collapse, when applying for a loan, you would go to your bank or mortgage broker and apply. Upon approval, they would explain the property would be appraised by a real estate appraiser and as the borrower, the cost of the appraisal was to the borrower (even though the appraisal is for the lender). The appraiser would either bill the lender the cost of the appraisal or coordinate payment when the appraiser was at the house. Sometimes, the lender would pay for it and roll it into your mortgage...

FRT Not Reflecting the Majority of the Mortgage Lending Environment 6

Watering Down FRT Definition

Definition of FRT simply does not reflect the majority of the mortgage lending environment… So what exactly is a “federally related transaction”, or FRT for short? Wait, that’s not the right question. Let’s start here: What is NOT an FRT? It’s not a mortgage loan insured by the Federal Housing Administration. It’s not lending underpinned by the Department of Veterans’ Affairs home loan program. It certainly isn’t a loan that’s sold to a Government Sponsored Enterprise (or GSE), like Fannie Mae or Freddie Mac. Just considering a loan for sale to those two entities is enough to fall outside the...

Appraisal Lock, A safe and Secure Way of Getting Paid - AppraisersBlogs 17

Appraisal Lock

Appraisal Lock… a Safe and Secure Way of Getting Paid Deliver your .pdf, .xml and .env files to your clients and get paid instantly! The Virginia Coalition of Appraiser Professional’s Exclusive Announcement April 1, 2018 is a security overlay attached to your appraisal report locking your report from opening until payment is made. Here is how it works: After installing our program, simply choose the Appraisal Lock® Print option. Fill out the client’s information and the amount of your invoice. Appraisal Lock® delivers your report securely locked until payment is made. Payment is deposited directly into your bank account. We have...

Getting Rid of the Human Appraiser & Putting Appraisers out of Business 14

Are ‘No Appraisal’ First Mortgages the Future?

A human appraiser usually goes to a home… Appraisers, The article, linked here, purports to say that future mortgage loans will be done without using the services of a “boots on the ground” appraiser… "the human appraiser". Why??… because speed and low cost are paramount when people want to finance their largest investment in their life. From the article: “The appraisal process, which typically is not automated, remains a problem. A human appraiser usually goes to a home, takes pictures, makes sure there’s nothing terribly wrong with the structure. It takes seven to ten days to turn around, van den Brand...

Virtual Assistants & Outsourcing Appraisals? When is Enough, Enough? 96

When is Enough, Enough?

Yet another expert who is making gazillions of dollars using "virtual assistants and outsourcing"… I have been blessed in my life with more than my share of good friends. I’m talking about the lifelong kind. The kind we maintain friendships over 30; 40 or even 50+ years. My Mother and Father have always told me you can never really have too many real friends. They were right. So, at my age I don’t need or consciously seek to make enemies. Just as I have had more than my fair share of true friends, I’ve probably also had my share of...

Are Appraisal Management Companies Value-Adding? 29

Are AMCs Value-Adding?

The Federal Housing Finance Agency has released a working paper “Are Appraisal Management Companies Value-Adding? – Stylized Facts from AMC and Non-AMC Appraisals” We have not had a chance to review the report in great detail, however, a quick glance has some very interesting analysis. This is a must read for every appraiser! See the “Are AMCs Value-Adding?” paper here or below. Excerpt: Are Appraisal Management Companies Value-Adding? – Stylized Facts from AMC and Non-AMC Appraisals In this paper, we study whether there are any systematic quality differences between appraisals associated and unassociated with appraisal management companies (AMCs). We find...

Appraisal Thresholds Raised $500K. How Long Before Its Raised for SFR? 12

Appraisal Thresholds Bordello

Anyone wants to place a wager on how long before appraisal thresholds are raised for SFR? Retirement, with a part-time job working as a bouncer at a bordello in the Nevada desert is beginning to look appealing. Activity there is similar to what appraisers are experiencing these days. From the article: “The FDIC board of directors today (Mar. 20, 2018) approved a final rule to raise the appraisal thresholds for commercial real estate transactions from $250,000 to $500,000…” While the individual 1-4 unit investment properties are being kept at $250,000, would anyone like to place a wager on how long...

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