Category: Customary & Reasonable Fees

BB&T Adopts VA Appraisal Fee Schedule & Will Refund Appraisers Upload Fees 10

Appraisal Fee Increase & Upload Fees

VaCAP has learned from one of our members, BB&T will be following the Veterans Administration Fee Schedule moving forward. They will also being reimbursing appraisers for all upload fees. This is exciting news. Please share with your contacts and clients. See the announcement below. To: BB&T Approved Mortgage Appraiser Continuing our commitment to compensate appraisers with fees which are customary and reasonable, BB&T utilizes the Veterans Administration’s published fee schedule as a foundation. We wish to inform you that we are adjusting our mortgage fee schedule to remain consistent with recent fee increases announced by the Veterans Administration to certain states in...

AMC Registration Act, Hybrids Take Another Hit, & Appraiser Liability Webinar 13

Hybrids Take Another Hit

Registration Act, reinserts the definition of “appraisal firm”… Bifurcated (Hybrid) Appraisals Take Another Hit Last week VaCAP shared some information questioning the legality of these products in Virginia. This week Phil Crawford, Voice of Appraisal, talks about the ethical side of them and how appraisers completing these could be on the receiving end of legal actions. Listen to show E206 at Voice of Appraisal NAR Appraiser Liability Webinar On July 17, 2018, the National Association of Realtors along with Peter Christensen from LIA, presented a Webinar on liability issues for appraisers. A strong concern about the certifications exists that open up liability...

Fee Is Non-negotiable - Help Wanted - Wanted Fast & Cheap Appraisers 42

Help Wanted

…fee is non-negotiable… Real Estate Appraisers REQUIREMENTS Active appraiser license, preferably certified, a computer, appraisal software, MLS, E&O insurance, dependable vehicle, camera, smart phone, a background check (by us) because the one your state requires every year is just not good enough and good communication skills (see smart phone requirement). JOB DESCRIPTION You will be responsible to perform valuations subject to 30 pages of requirements set forth in the engagement letter. We will require availability always to answer our redundant calls and emails. Special note: if you live in ND and have a license in GA, TX, and NJ you...

Financial Reform Legislation in Terms of What it Does For or To Appraisers 12

Bridging The Gap

I’m an appraiser. I look at all proposed financial reform legislation in terms of what it does for, or to appraisers. Not whether it was proposed by a red or a blue. Dear AppraisersBlogs readers and fellow appraisers; Anyone who has read my past posts is aware I happen to be a Republican Union Organizer. Usually it isn’t an issue because I try to remain non partisan in my posts and to avoid offensive partisan rhetoric, while promoting appraisers rights; the American Guild of Appraisers, and being critical of bad lending policy and bad appraisal practices. I have also attempted...

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...

Stop Senate Bill 2155 in the Senate, Fake Claim of an Appraisers Shortage 49

Stop S.2155 in the Senate

Call to action to oppose Senate Bill 2155, also opposed by an overwhelming majority of Americans… Appraisers, We are placing an immediate nationwide call to action to oppose Senate Bill 2155 currently in the United States Senate. Senate Bill 2155 has a provision, (sec 103) which allows a bank to waive an appraisal in rural communities. This will be detrimental for homeowners and communities in rural areas. A loss of income will also occur for appraisers who cover rural counties. To see the text of S.2155, click here. The Independent Community Bank Association has been hard at work promoting this bill....

Price of this Fiasco May be the Downfall of the US Real Estate Market 16

The Price of Big Data Valuation Fiasco

"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...

Price Fixing? Why is the FTC Involved at All? FTC vs Louisiana Hearing 32

Price Fixing? Why is the FTC Involved at All?

FTC "Price Fixing" Allegations Hearing Update On Thursday, Feb 22, 2018 there were oral arguments presented in the Federal Trade Commission building at 2 pm. The meeting adjourned just before 3:30 pm. There were 55 to 65 people in attendance, which we were told is an extraordinarily larger crowd than typical. This is a very unique case. On the FTC side there were two lawyers – one male, one female. On the Louisiana side there were four males at the head counsel table and three or four other attorneys. I have never attended one of these hearings, so I really did...

Send it to India & Save Billions! 10

Send it to India & Save Billions!

Appraisal? Obviously its only worth ten bucks – off to India with it… Most appraisers (and consumers) know the difference between ‘right and wrong’. We don’t need the tortuous, twisted ambiguities of ASB straddling the fence, on all issues to know what is and is not okay. So far ALL they do is hypothesize that bad products can theoretically be used, IF they conform to all the USPAP rules that we all already know they fall short of. As in every single exception being sought for regulatory exceptions in the financial sector, only impractical, not very probable, best case scenarios...

Evaluation NOT required to Meet USPAP - AGA Views on Legislative Bills 17

The Devil is Always in The Details

An evaluation is NOT required to meet USPAP requirements… I went over the bills VaCAP requested action on (see VaCAP Legislative Call to Action) and wanted to share my views as it appears they were interested in individual views. HB 1453 Real estate appraisers; changes definition of evaluations. Introduced by: R. Lee Ware SUMMARY AS INTRODUCED: Real estate appraisers; evaluations. Changes the definition of "evaluation" from an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real property to an opinion of the market value of real property or real...

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