Looking at who and what MISMO Directors are, is it a surprise that FNMA included language in basic appraisal forms resulting in appraisers having infinite liability and no ownership over their own work product IF they do work for FNMA?… European Union General Data Privacy Regulations (EU GDPR) may seem like a stretch for an Appraisers Blog topic, but please bear with me. For some time now, The Appraisal Foundation has been focusing on major international valuation issues other than real estate appraisals. IVSC is one of the bigger and most detrimental misdirection’s they’ve taken as far as impact on...
NO REAL ESTATE APPRAISER IN THE COUNTRY IS ALLOWED TO MISS THE MARK BY 7.8% WITHOUT RISKING LOSS OF LICENSE! The Working Paper demonstrates more than anything else, that given an 8-hour work day the computer will take 6 full working days (1.2 working weeks) to arrive at a result that is at best 7.8% error prone. Office of the Director, Honorable Melvin Watt Federal Housing Finance Agency… Dear Sir(s) The American Guild of Appraisers is a Guild within the more than 12 1/2 million members, retirees and family members of our parent union OPEIU, AFL/CIO. In addition to representing...
In 2015, Dave Biggers of a la mode stated: I’ll wrap up by wishing you a happy new year, in spite of all the recent fear mongering, and by thanking you for supporting us with your business. I’m confident that in 2015 you’ll see even more reasons for that loyalty, especially in terms of us continuing in our long-standing role as the independent appraiser’s staunchest advocate, and in being the most innovative, reliable, and accessible technology provider. We look forward to working with — and for — all of you this year. Time and time again, we were assured that...
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...
Amrock, Inc, formerly Title Source (TSI Appraisal) was ordered to pay House Canary $706 MILLION in damages for theft of intellectual property and fraud. Bottom line, there was a 7 week trial with a 12 person jury. Amrock (Title Source) was found guilty of theft and fraud unanimously! Amrock (Title Source) plans on appealing the verdict. Housing Wire has an in-depth article with lots of details. See it here. Things to ponder on: Should Amrock’s amc license be revoked due to this guilty verdict? Should appraisers and the public trust a company guilty of fraud and theft? Could appraisers win a law...
GSE’s “really want your input” on the proposed revisions… Folks, Rumor has it that the GSE’s are ‘finally’ considering making revisions to the current appraisal report forms. I suspect there have been draft forms already produced, and possibly are actually being tested in a cave somewhere in the Appalachian Mountains wilderness or perhaps inside Yucca Mountain, Nevada. But rumor has it that the GSE’s “really want your input” on the proposed revisions. But how to do that is not revealed in the rumor. This is something to keep at least one eye observing over the next many weeks, months,or maybe...
"Price" of this Fiasco may be the Downfall of the American Real Estate Market… I Choose Not to Be Part of the Big Data Valuation Revolution The big data and automated valuation explosion will ultimately destroy the real estate industry and it will take decades for it to recover. The facts are, we live and work in a price-per-square-foot industry. The square footage data used in the so-called “official record” in local tax records is in error enough to alter home values and it’s an equal opportunity offender – values can be too low or too high. And, it’s wrong...
…it will be the appraisal management companies that are going to be held to the fire, not the appraiser… In the spring of 2002 my wife and I bought our third house; an older cape cod in a great school system where our son would start kindergarten in the fall and his sister the year after. This house literally was 1970 inside. It had deep red shag carpet in the family room and sculptured avocado green carpet upstairs. Not to worry, it blended well with the sunshine yellow stove, bright orange counter top and turquoise and pink bathrooms. After 3...
Kudos to Congressman Member Jeb Hensarling! House Financial Services Committee Chairman Jeb Hensarling (R-TX) is one of the few federal watchdogs that ‘gets it’ on Fannie Mae’s & all GSE’s operations. All appraisers that have watched Fannie Mae’s changes in policies over the past 3+ years knew it was only a matter of time before they would need another taxpayer bailout. What we didn’t know was that it would be this soon. Most of us assumed it would be after the next crash that their reckless policies trigger. Reading the recent press release from the House Financial Services Committee, my...
Hopefully you have been busy and have not noticed VaCAP has been quiet over the past few weeks. Not by choice, but necessity. You see, there has been so much happening, we have been overwhelmed and our heads are spinning out of control. VaCAP needs more members to volunteer to help us help you. Let us know how you can help. Let’s start with the easy stuff: The Virginia Real Estate Appraiser Board Quarterly Meeting will take place on February 21, 2018. The meeting will begin at 10:00 AM and there will be a public comment period for anyone who wishes to address...
