Category: Snippets

On July 29, 2020, the Appraisal Subcommittee voted to extend the North Dakota waiver for another year with a 6 to 1 vote. The overarching reason to extend was because of the COVID outbreak prevented them from meeting in person this year. HUD was the only agency to take issue with this and I have to say I agree with their reasoning. North Dakota had 7 months to come up with a solution before COVID hit. I’m not taking ASC to task on this though because there is some validity to the COVID excuse. My assumption is that there is...

Instead, good appraisers have been lumped in with the bad appraisers who are long gone… Although I’ve shared the following CNBC clip before, it’s worth showing again given my 15-year ago hairstyle. In 2005, I was interviewed by CNBC in the midst of the Housing Bubble and said that 75% of the appraisals being done then weren’t worth the paper they were written on (hey it was 2005 and they were done on paper, not pdf). They found me because I had just started my Matrix Blog because no one seemed to be listening to appraisers. Incidentally as of this week, Matrix is...

Here’s a shoutout to Jim Amorin and Leslie Sellers as you are reading this right now – – here’s a refresher on Appraisal Institute history… Like Craig Steinley, the 2007 victim of the unethical petition process I’ve covered over the previous two weeks, Anne L. Johnson was selected by the nominating committee to be Vice President after being vetted against a number of candidates. This sham petition process was implemented to get Leslie Sellers (he voted for himself after not making the cut with the nominating committee) on track to later become President and then led AI to exit TAF without a legitimate explanation...

One of the most unethical actions against AI membership is about to take place (for a third time), and the uproar is just beginning. I’ve had many appraisers reach out to me over the past week, conveying how upset they were. I’m not even affiliated with the Appraisal Institute, and I’m furious because it brings down the entire industry in the eyes of others. Back in 2016, I unleashed a flurry of commentary criticizing the Appraisal Institute executives who had a plan to take all chapter funds for no justifiable reason. The membership reacted by calling leadership to task, which is a...

Back in early February on Appraisalville, I questioned a new definition that appeared in USPAP for the term “misleading.” Many others took to their platforms to criticize it, such as Phil Crawford of the Voice of Appraisal podcast and Dave Towne, a prolific writer of all things that keep appraisers sane. Dave writes today: Gad zooks… I (and lots of others) hope and wish the Appraisal Standards Board would QUIT making changes to USPAP every friggin’ two years! There is no way to satisfy everyone’s individual perspective as to how USPAP should be written. Here is the problematic definition from the current version of USPAP. While...

Here is my take on the new ruling since I just happen to be an appraiser with 34 years of experience: Lenders have seen their mortgage volume drop because of liquidity issues (namely job loss and uncertainty about future income). Lenders are also reluctant to issue low rate loans in this situation given concerns about liquidity and lack of processing capacity, so mortgage rates are not falling in aggregate. In essence, they are slightly higher than a month ago. There is also the likelihood of declining property values going forward, so an 80% LTV could be a 100% LTV tomorrow....

As real estate appraisers, we are the best source of market insights to the consumer because we aren’t paid on commission. One of the things that appraisers should not do, is pretend to know what will happen in the aftermath of the Coronavirus. No one knows at this point because the Coronavirus itself hasn’t reached its Apex so there is no light at the end of the tunnel. Sure we can speculate about the future, but there are no specific numbers to back that up. That’s why a recently shared report by the AMC known as Veros is so irresponsible....