Category: Snippets

Snippets of recommended and/or thought-provoking articles, columns, podcasts, etc. broadcasted by Real Estate Appraisers from around the web

Waivers, Hybrids, AI Roams the Halls of Irrelevance in DC, & Collaberation 28

Appraisal Forum Recap

The Appraisal Foundation Hosts National Appraisal Forum to Discuss Appraisal Waivers and Hybrid Appraisals “Preserving the Public Trust” I really got a lot out of this week’s joint meeting with IAC and TAFAC of The Appraisal Foundation that took place in Arlington, VA. I represented my appraisal firm Miller Samuel at IAC (Industry Advisory Council) and RAC (Relocation & Consultants) at TAFAC (The Appraisal Foundation Advisory Council) and I’ll be sharing new insights on these and other topics in the coming weeks. Appraisal Waivers – Both Julie Jones of Fannie Mae and Scott Reuter of Freddie Mac spoke about the waiver concept. On...

Rationalizing accepting $50 to $100 hybrids ’cause you’ll get volume 20

$50 to $100 Hybrids?

Here’s the sales pitch being sent to appraisers: MCSV is currently offering a distinct hybrid product to our clients that involve a restricted report. We would like to extend our hand – beyond the product types that you already cover, to determine if this is something that you would be interested in. I have provided useful information and attachments below regarding the RESIDENTIAL EVALUATION REPORT (RER). An RER is a restricted appraisal report that involves a Broker Price-Opinion completed by one of our BPO vendor/Brokers for the purpose of providing an inspection – as interagency guidelines require evidence of an...

Don’t Ask, Don’t Tell About “The Weed” 42

Don’t Ask, Don’t Tell About “The Weed”

My son is a police officer and when they smell weed on a traffic stop it enables them to search the car. Appraisers are being placed in the awkward position of not reporting something that they see during the inspection. This Corelogic work around seems very awkward to me. Then again, I’m not appraising in Colorado. Thoughts? Engagement Letter Update – Marijuana Cultivation and Residential Appraisals On March 15, 2018, CoreLogic Valuation Solutions will update the lender specific instructions for all Bank of America products. As a result, a new engagement letter will be generated for any open CoreLogic Valuation...

AMCs Add Weeks to The Appraisal Process? 13

AMCs Add Weeks to The Appraisal Process?

By my math, this is a 18-day process… appraisal part only took 3 days as a rush… Despite being approached all the time to add our firm’s name to an appraisal management company, we decline. However, when wealth management companies were forced by their parent company, they made arrangements to help attract better firms like ourselves to consider working with them: Pay our fee Respect our turn time quote Not inundate us with clerical addenda requests Last fall we were approached by 4 different AMCs because their wealth management clients demanded they fix the problem of not attracting the better...

Data Grab from Appraisers, Core-Facebook-Logic Consumes Us a la mode 26

Data Grab From Appraisers

How can the a la mode purchase not be a data grab from appraisers? This has been a tumultuous couple of weeks for Facebook. I’ve never been a heavy user of it, mostly a lurker. They constantly change navigation paths making it nearly impossible to update your settings frequently – and when you do, do you really trust them? I’ve always seen them as the “dark side” much like Mac lovers see PCs and Appraisers see CoreLogic. We all know by now that when you use something that is free, then you are the product. This was never more apparent...

AppraiserFest 2018 Agenda 0

AppraiserFest Agenda

“Phil Crawford and Mark Skapinetz break down the Appraiserfest 2018 Agenda! This will be the cutting edge event that no appraiser will want to miss! Register today and we will see you in San Antonio on November 1st, 2nd, and 3rd!!!” Here is the core Appraiserfest schedule that I believe will be subject to additions. Think of signing up for the event as a “rush appraisal” – just clear the deck and get it done now. It will help Phil & co. with planning for the event immensely.    

Skapinetz versus Coester 7

Skapinetz versus Coester

BREAKING: David versus Goliath Redux: Skapinetz versus Coester – Case Direction Favors Underdog Court Refuses to Dismiss Lawsuit That Coester and His AMC Hacked Appraiser Mark Skapinetz’s Emails My colleague and friend, Georgia appraiser Mark Skapinetz, sued COESTERVMS.COM, INC. and BRIAN COESTER in the U.S. District Court for the District of Maryland last year for hacking his email account. Here is the evidence submitted. Coester subsequently filed a motion to dismiss. On February 9th, U.S. District Judge Paula Xinis Denied The Motion to Dismiss for 3 of the 5 claims and the lawsuit will move forward. I find this whole matter very compelling – especially with...

Clear Capital Evaluations: The Expert Only Gets 10% of Fee 19

The Expert Only Gets 10% of Fee

In the Appraisal World, The Expertise Only Gets Ten Percent of Fee An Indiana state certified appraiser based in Indiana who is also certified in other states including Georgia did an evaluation of a number of properties in Georgia. The “appraisal fee” was $250 but the AMC (Clear Capital) got $225, and this appraiser got $25 for each evaluation. I’ve blocked out the specifics of one of the orders except for the fee – in this disclosure form required in Georgia. In other words, the administrative fees for Quality Assurance, Broker/CMA fee, Home Data Index Fee (whatever that is) and...

Standards Written in Weasel Words - Is it jUSt PAP? ~ copyright AppraisersBlogs 6

Is it jUSt PAP?

…standards written in weasel words… Appraisal is not rocket science, but it’s been around for about 300 years and it worked pretty well when the principles were kept simple and the consequences for ignoring them were disastrous. It would also have been nice if individual lending institutions still had to hold their own loans into perpetuity. The “Just Pap” is more unpopularly known as the Uniform Standards of Professional Appraisal Practice, which came into being after the last big residential mortgage greeding frenzy (the failure of S&Ls in a 17%-mortgage-rate environment during the late 1980s). Before your friendly author proceeds...

Just say NO to Superfluous AMC Addenda Requests 30

Appraiserville – Just say NO

…Multiple Wall Street and other large financial institutions have approached my firm this year after they neutered their AMC vendors, requiring that they use our firm for high-end work. We are to be paid our fee and allowed to provide our reasonable turn times. I was told many horror stories by those institutions who came to realize we are not robots, nor are we widgets. By taking this step, they invested in risk management. However, their initial stream of new business was met with 3-4 addendum requests per assignment that had nothing to do with any requirements, repeated prior requests...

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