Category: Appraisal Software

HouseCanary, Another High Powered AVM Affecting Appraisers 9

CU Not the Only AVM Affecting Appraisers

Assignments Funneled Back Through HouseCanary & Your Data Appraisers, CU from the GSE’s was thrust on appraisers in 2011. Since then, the giant sink hole designed by the ‘enterprises’ has gobbled up millions of home data elements. And in some cases, this data has been used AGAINST appraisers – who have no direct access to it, even though ‘we’ are the ones supplying the data. But they are not the only entity doing this.  A company named ‘HouseCanary’ has also been amassing more millions of data points about US properties. During 2017, HouseCanary has had $64 MILLION dollars of investor funding...

Weighting Process & Gridding of Comparable Sales - AppraisersBlogs 2

Results of Comps Grid Placement Survey

Weighting Process & Gridding of Comparable Sales Couple of weeks ago, I sent out a survey to NW WA State appraisers asking how they organize the comps grid page(s) on completed reports. Of the appraisers emailed, approximately 10% responded. Thank you. I did a limited distribution to keep my compiling time to a minimum, but I wanted to share the results with appraisers across the country as an FYI. I also sent a similar query to review appraisers I know. I offered 6 possible ways to do the grid, but as often happens, several appraisers wrote back saying they did it differently...

FTC Attorney Response & AGA Seeking Appraisers Opinions 9

FTC Attorneys Response to AGA

Is the FTC asserting that FNMA is exempt from antitrust laws? I don’t think of myself as being obtuse, nor do I think those that know me well would consider me to be particularly slow of wit or comprehension. Despite this, I’m truly confused by the Federal Trade Commission (FTC) attorneys response to the American Guild of Appraiser (AGA) email letter we sent them. The first sentence states “The federal antitrust laws prohibit anticompetitive mergers and business practices that seek to prevent hard-driving competition, such as monopolistic conduct, attempts to monopolize, and conspiracies and combinations that harm competition and consumers.”...

CoreLogic vs Appraisers: My Day as an Appraiser 72

My Day as an Appraiser

Big Corporations like CoreLogic are like sharks… This morning, as I do every morning, I made some coffee and began work on one of the two appraisal reports that were soon to be due. The first was for an AMC known as Speedy Title and Appraisal Review Services. This appraisal management company is owned by CoreLogic. From their website “CoreLogic is an Irvine, CA based corporation providing financial, property and consumer information, analytics and business intelligence. The company analyzes information assets and data to provide clients with analytics and customized data services. The company also develops proprietary research, and tracks...

Rules Check Software 6

Rules Check Software

If the ‘story’ can be told using 3 comps, why are 4 or more really necessary? Folks, As you are probably aware, all of our appraisal reports receive an initial examination electronically. There are a number of businesses which have written and provide to the industry various types of ‘rules check software.’ This actually began in the early 1980’s by the appraisal computer software pioneers who wrote programs to ‘check’ reports for inconsistencies. I just learned about one such ‘rules check’ company, and the results they’ve seen using their software – below. They even admit to users that the users can ‘mine’ reports...

Freddie Mac Criminal Aspects of Its Appraisal Free Mortgages 33

Freddie Mac Criminal Aspects of Its Appraisal Free Mortgages

Freddie Mac is opening itself up to over 150,000± potential individual lawsuits… This is a response from Mike Ford to Kenneth Harney’s article, “Freddie Mac planning appraisal-free mortgages”. I represent the American Guild of Appraisers, #44OPEIU, AFL-CIO, and the real estate appraisal-related consumer and taxpayer interests of our more than fifteen million± AFL-CIO members, retirees and their families. I’m prompted to write this open letter regarding your recent well written & researched article, titled “Freddie Mac planning appraisal free mortgages”. Regrettably, it was too brief to cover several additional critical aspects of the issue, but I assume the Chicago Tribune’s...

ACI Sky Causing Distress for Appraisers 44

ACI Sky Causing Distress for Appraisers

Are you giving in to ACI Sky? An appraiser who will remain anonymous tells us… “within the last week, I have had two issue of concerns with “UAD” compliance and ACI Sky Delivery ( I can hardly write that; as, it is a significant source of stress when I have to deal with it). I have tried to submit reports, with issues that prevented the upload (no surprise with “Sky”). The first involved the 1004MC form. The comparables that were available for the subject were extremely minimal – something like 4-6. The last period only included 1 comparable (no valid...

First American Financial and ACI software 13

Software Provider Conflict of Interest(s)?

ACI software & “restricted appraisals” that suffer from schizophrenia… It’s been awhile since I reviewed or researched influences affecting products offered by appraisal software providers. It’s hardly been a number one priority lately. However, I just noticed something I’ve missed for I can’t even begin to guess at how long. Like many appraisers, I use a variety of software providers. Some do some things better than others, or easier. It’s usually been a matter of preference. I started out back in the 1980’s with Formfil PC+, back on my old DOS based system. It was a decent appraisal software. Pretty...

The Realities of Regression - Imagecredit Flickr - Walfer X 6

The Realities of Regression

The use of Fannie Mae’s Collateral Underwriter (CU) tool by lenders has created some “hot topics” for appraisers. Durbin is encouraged by the use of CU and thinks it will be a good thing for the appraisal profession. One of these topics is the discussion around how to clearly show the methodology the appraiser used to arrive at the adjustment values. In this presentation Durbin proposes the use of “Regression Analysis” (RA) as a solution to this problem.
Durbin lamented there is a perception that appraisers make subjective, anecdotal, arbitrary, and unscientific adjustments. Now that CU will be looking at adjustments…

Appraisers - The Reason You Have No Business Functional Obsolescence - Imagecredit Flickr - Howard Lake 16

Appraisers – The Reason You Have No Business: Functional Obsolescence

Functional obsolescence is the reason many appraisers are going out of business. On a daily basis, appraisers moan: “It’s because of the HVCC that my business is down” or “that AMC or X or Y or Z caused my income to decline.” Really? Are you sure? So, why is my company buried in business and you’re not? We’ve all heard about blacksmiths being out of work; Seems the use of horses has declined. And the need for typewriter repairmen, the demand just isn’t what it was 20 years ago. The people in these jobs failed to adapt; Maybe appraiser are having the same problem....

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