Category: Snippets

Valuation Expertise Viewed as a Commodity - Appraisers Blogs 43

Valuation Expertise Viewed as a Commodity

Here’s the math: An appraiser shared an email survey concerning hybrid appraisals. The survey reveals the fees they are thinking of charging. These fees aren’t that different from what I’ve heard elsewhere. It’s actually quite telling on how the AMC/Mortgage Lending industry sees the appraiser’s role in providing a reasonable benchmark on their collateral to make more informed lending decisions. Here’s the scenario – take the $78 national desktop report fee and divide it by the $500 average appraisal fee as quoted by Realtor Magazine. Now think in terms of the inspection versus valuation. valuation expertise is viewed as a...

Appraiserfest Has Your Back 14

Appraiserfest Has Your Back

Appraiserfest movement has your back (and teeth). After an amazing Appraiserfest conference in San Antonio, I had to have an emergency root canal. So for protection, I wore my Appraiserfest t-shirt and all went well. Proof positive that the Appraiserfest movement has your back (and teeth).   What The Appraiserfest 2018 Conference Happening Meant I can’t speak for each attendee at the San Antonio happening but I can say what it meant to me: A big thanks to Phil Crawford, Mark Skapinetz and Lori Noble for making the dream happen! There was LOVE everywhere – I can’t tell you how...

AI Appraiser Shortage Narrative is at Best Propaganda & at Worst, a Lie 29

Appraiser Shortage Lie & Propaganda

AI research piece is at best propaganda and at worst, a lie. The following CSBS article essentially written by the Appraisal Institute which is being distributed by lenders – continues to misrepresent the idea that the number of appraisers is falling and no new appraisers are coming into the profession. Notice how CSBS tracks the number of appraisers from the peak of the housing bubble? If this organization’s or the Appraisal Institute’s intentions were honest, they would show the trend before the housing bubble as well. In this piece, they show that credentialed appraisers have fallen 21% in 10 years which is...

Dumbing Down Appraiser Licensing does NOT Protect the Public Trust 31

AI Dumbing Down Appraiser Licensing

Over the past month, I have been writing about SB-70, a California Law that allows appraisers to get a pass and do evaluations on the cheap and not have to verify anything in their appraisals. After all, what MAI or SRA doesn’t want to do an appraisal on the cheap so they can compete with dog-walkers, pool-cleaners, and TV-repairmen? It is what every residential appraiser wants to do because obviously, they can do it better than a septic tank-cleaner or ditch-digger who does evaluations on the side. Appraisersblogs posted my thoughts on this from an earlier Appraisersville post I wrote...

CoreLogic’s a la mode is Pulling a Facebook Privacy Play 21

a la mode Pulling a Facebook Privacy Play

One of the tactics of Facebook has long been to “cross the line and apologize” rather than “ask permission.” Now that “A la mode has been acquired, by CoreLogic” the company with a 50% market share of the industry seems to be employing this tactic. We have been A La Mode users for a decade. Heck, I even appeared on their homepage and in their marketing materials to attest to our firm’s belief in the product. But that was before Dave Biggers sold the company and our belief in the product was replaced with suspicion. Rightly so. In a routine update to...

AI Damaging Appraisers' Livelihood - Shame on All AI National Leadership 57

AI Damaging the Livelihoods of Appraisers

Congrats AI National, you got a win and hope you can sleep at night… The Appraisal Institute succeeded pushing SB-70 into CA law without informing their own membership. Their long-term goal for all their anonymous lobbying to dismantle all appraisal licensing is to revert to a previous time before FIRREA when membership in trade groups mattered a lot more. Unfortunately, they are heavily damaging the livelihoods of appraisers in the process. Be sure to shake hands with Scott DiBiasio, Bill Garber, Jim Amorin and the rest of AI executive leadership at your next AI meeting. The background on this insanely...

Indirect Appraiser Pressure of The Daily Kind - Appraisers Blogs 9

Indirect Appraiser Pressure

An appraiser shared this email from a mortgage underwriter: I saw you called a few days ago and I apologize as I have been very busy. If you can just email back notes as to why your not changing value or you can input notes into the appraisal. This can give the borrower a better understanding why the appraisal is low. If your updating value; that is find too.” My response to the appraiser: “Good grief. The Appraisal already explains why the value is the value in the report to your client – the bank. The lender is the one...

Cuomo Opened the AMC Pandora’s Box... 2008 Crisis a Decade Later 5

Cuomo Opened the AMC Pandora’s Box

Over the past several weeks, there has been a slew of thought-provoking pieces on the financial crisis of ten years ago. There are so many varying views on what happened and what caused it. It was such a systemic event that ten years later, there are strong opinions on the cause and the lessons learned and not learned. I’ve always looked at it from a valuation/mortgage/credit standpoint since that has been my business orientation. I saw the events roll out from my perspective, but I only saw a sliver of what the crisis represented. Mortgage brokers I knew that thrived...

“Spirited” Banks Treat Appraisers Like Cattle 15

“Spirited” Banks Treat Appraisers Like Cattle

Warning: lots of “spirited” inside jokes abound. No offense to the cows I’ve met in my lifetime (none are on a first name basis with me). When an institution has “spirit” it is all about the lowest bid and fastest turn time…period. Clerical staff usually makes the choice when institutions (with spirit) treat their appraisers whose spirit has been crushed, like this. In looking at this particular request, here’s what I find — we uploaded the request around 11:30 yesterday. The “huddle” on Appraisal Shield pushes each request out to an appraiser about once an hour — I did a...

Angelo Mozilo' Legacy of his Landsafe AMC still Lives Today within CoreLogic 4

‘Spray on Tan’ Was Never An Option

His legacy of his Landsafe AMC still lives today within CoreLogic… During the housing bubble, I remember thinking about how BofA had avoided the systemic insanity of lending that overtook most mortgage lenders including banks like Washington Mutual… and then they bought Countrywide and all hell broke loose. From the appraisal perspective, I observed them incorporate the Countrywide’s Landsafe Appraisal Management Company into the mix and all of a sudden, they took half of the appraisal fee and applied military-like rules such as 48-hour turn times and 19-year-olds chewing gum who followed long checklists without regard for local market knowledge....

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