Category: Automated Valuation Models

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The Appraisal Foundation Responds to August 12 Wall Street Journal Article

On August 12, 2011 the Wall Street Journal published an article entitled “Judgment Call: Appraisals Weigh Down Housing Sales.” The Appraisal Foundation has submitted a letter to the editor in order to clarify several aspects of the article. August 17, 2011 The Editor The Wall Street Journal 1211 Avenue of the Americas New York, NY  10036 Dear Editor: We  are  contacting  you  in  reference  to  an  article  written  by  S.  Mitra  Kalita  and  Carrick Mollenkamp that appeared in The Wall Street Journal on Friday, August 12, entitled “Judgment Call: Appraisals Weigh Down Housing Sales.” As the Congressionally-authorized organization that establishes...

AppraisersLoft fined 1

VaCAP letter to AG Cuccinelli RE Violation of Virginia Code

The mandates override the Virginia Code Re: Impending Violation of Virginia Statute 18 VAC 130-20-160. Dear Attorney General Cuccinelli, There is an extremely urgent and important matter that the Virginia Coalition of Appraiser Professionals (VaCAP) wishes to bring to your attention. The Government Sponsored Enterprises (GSEs), which are The Federal National Mortgage Association (FNMA) and The Federal Home Loan Mortgage Corporation (FHLMC), have mandated Real Estate Appraisal reporting requirements that will severely compromise the integrity of information provided in appraisal reports and potentially eliminate the private appraisal profession. This new, comprehensive format will cause unnecessary risk and expense to the...

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Residential Appraisals: Opportunities to Enhance Oversight of an Evolving Industry – GAO

Yesterday, the GAO released its analysis of the Real Estate Appraisal Profession and its regulatory framework titled Residential Appraisals: Opportunities to Enhance Oversight of an Evolving Industry. Full report can be reviewed or downloaded below. Summary of analysis: Real estate valuations, which encompass appraisals and other estimation methods, have come under increased scrutiny in the wake of the recent mortgage crisis. The Dodd- Frank Wall Street Reform and Consumer Protection Act (the Act) mandated that GAO study the various valuation methods and the options available for selecting appraisers, as well as the Home Valuation Code of Conduct (HVCC), which established appraiser...

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AVM Appraisals Facing Controversy

Chase’s motion to dismiss a lawsuit over HELOCs (Home Equity Line of Credit) was denied in a US District Court. JP Morgan Chase was trying to have a lawsuit thrown out of court because of their use of AVM (Automated Valuation Models) to value properties in their portfolio in determining which HELOCs to cut. The judge refused to throw out the lawsuit. This could have a greater impact on the use of AVMs in the future. “The use of AVM has for once been questioned and acknowledged… So the ruling by the US District Court in the case of Chase...

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