Category: AVM

Subject Inspection for Hybrid Appraisals & USPAP Compliance 62

USPAP Compliance & Hybrid Appraisals

WHO does the SUBJECT INSPECTION? Appraisers, Some appraisers have questioned the name ‘Hybrid Appraisal’ because the requesting client WON’T USE THAT NAME for the product. When they call or email you, they’ll say something like “We have a really fast appraisal for you to do that you can do on your desktop without leaving your office.”, or “Can you do an exterior appraisal for us?” or they might identify it by the ‘name’ that client uses for the product. The FIRST question you need to ask is simple: WHO does the SUBJECT INSPECTION? If they say ‘someone else does that’…...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

Markets & Big Data Fool Proved Forecasting 10

I Got It Wrong…

“…after forty years of studying markets, I got it wrong…” As time goes on, the one thing that appears to be both a societal and financial markets constant, is our inability to learn from our past mistakes. Late, a couple of nights ago (10/23/17), while channel surfing, I happened on an economics program intended to explain the financial crisis of 2008. My apologies for referring to a programming without its name or network. Instead, I had to consider the person who was the primary focal point of the program: Hyman Minsky (see link to The Economist here). Before reading the...

a la mode / AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Software

Comps Sharing & Big Data By Appraisers For Appraisers 28

Big Data Assisting Appraisers

Big data comps sharing assisting appraisers… I admit to having a dog in the fight. Maybe even a pony, camel, or even a pure bred Clydesdale horse… On 10/09/2017, the owner of alamode software informed customers of a significant new change in how ‘comps’ can be added to a current report – which will be implemented sometime early next year. Read his message here. This is significant because the ability of ‘Big Data’ is being put to work ASSISTING appraisers, rather than being withheld from us as is done with the GSE’s highly touted Collateral Underwriter – even though ‘we’...

a la mode / Appraisal / Appraisal News / Appraisal Software / Appraisers News / Automated Valuation Models

Community Bankers Voice Their Concern About Real Estate Appraisal 19

Bankers Concerned About Appraisals

Community bankers said appraisals are becoming a concern… A survey was distributed by state banking regulatory agencies in April and remained open through July. More than 600 community bankers from across the U.S. lent their voices to this year’s survey, and those views are captured in this volume. Responses are summarized and presented in following five major areas: Local market conditions; regulation and supervision; small business lending; management structure and succession planning; and technology. The responses provide context for the data gathered through the survey and highlight some of the dierent challenges faced by community banks in different states. The...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Automated Valuation Models / AVM

Special Report on Appraisal Technology Rebuttal - Hey! BIG Data, Leverage This! 13

Hey BIG Data, Leverage This!

The image above is not a part of the Appraisal Technology Special Report “Across the street from a house are two vacant lots. Zillow thinks one of them is worth $16K and the other one’s worth $169K. You can see them on the aerial view here.” I was recently asked by professional peers if I would read and comment on a Special Report published by ValuationReview, with the introduction penned by Mike Holzheimer, Editor. This Special Report may be downloaded here. Let’s be clear up front. I was not asked because of my proficiency with grammar, punctuation or even my...

ACI / AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News

PIW & ACE Waivers Still a Hot Topic 2

PIW & ACE Waivers Still a Hot Topic

A few weeks back, VaCAP asked appraisers to start a conversation with agents and brokers about the ACE & PIW Waiver Programs being used for purchases. This is an opportunity for appraisers to gain more non lender work. As it turns out, appraisers are not the only ones that are concerned about these program. The National Association of Realtors (NAR) sent a letter Director Melvin Watts of the Federal Housing Finance Agency expressing concerns over the use of these programs. Specifically siting lack of transparency on how the use of these programs will ensure a safe and sound housing market....

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Automated Valuation Models / AVM

HouseCanary, Another High Powered AVM Affecting Appraisers 21

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...

Appraisal / Appraisal News / Appraisal Software / Appraisers News / Automated Valuation Models / AVM

Pressure Can Never Be Removed From Appraisers 7

Gaining Perspective On Our Profession

Pressure that used to be overt has now become covert… I hold no particular pedigree or credential to speak for everyone in the real estate appraisal profession. All I can do is draw from nearly 26 years of being a part of it. In that time, I have heard almost every opinion on every issue that promises to be the next big challenge for our industry. It’s true that like everything, change is inevitable. We adapt to new technologies and practices as well as learn new skill sets. From FIRREA to Dodd-Frank, appraisers have continued to evolve when swift moving...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

Technology Forced Upon Appraisers Is About Money in AMC Pockets 37

Enough Already, Nobody is Listening

AMC technology is not about efficiency of the appraisal process… I am very tired of reading all the articles from appraisal management companies stating appraisers need to embrace new technologies and tools. Please stop telling me how to do my job! For the record, appraisers are professionally trained and licensed individuals. We use technology each and every day. We use analytical tools each and every day. Our most power tool, our brains, tells us most of these new technologies and analytical tools are pure garbage; not because the programs are flawed, but they do not have enough accurate data to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Technology / Appraisers News

Zillow Gone Wild 21

Zillow Gone Wild

Some very interesting news is surrounding Zillow… A lawsuit over Zestimates has now gone to a class action status. This will have rippling effects on each and every state and expand the liability to not only licensing, but privacy and consumer fraud. Read about this change here. Excerpt from the article titled “Class-action suit aims to halt Zestimates in Illinois”: “The Zestimates that Zillow posts are misleading and pose as accurate appraisals in violation of Illinois’ legal description of an appraisal, according to the complaint filed by three members of the Patel family and Schaumburg-based CastleBldrs.com. They claim homebuyers read...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Trending

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