Category: Political Action

Bill Prohibiting Discrimination in Appraisals, BPOs & CMAs 12

Bill Prohibiting Discrimination in Appraisals…

A bill to amend Illinois’ appraiser and real estate licensing acts to address discrimination. With increased public attention on the issue, complaints alleging unlawful discrimination are emerging in the courts and before regulators in relation to appraisals. In Illinois, a bill (HB 5862) has been introduced to amend the Illinois Real Estate Appraiser Licensing Act and the Real Estate License Act to expressly prohibit discrimination in appraisals, broker price opinions (BPOs) and comparative market analyses (CMAs) for residential real estate. The bill would amend each licensing act to state that an appraiser or real estate licensee engages in prohibited discrimination...

Biden Calls Out Racial Bias Among Appraisers 37

Biden Calls Out Racial Bias Among Appraisers

To counteract low appraisals in minority neighborhoods, Biden says he’ll push for training to address racial bias among appraisers… Appraisers, you might want to “take a gander” at this article in the link below, because it indicates possible/probable changes coming. I especially like the ‘extra training for appraisers’ to avoid discrimination/racial bias. Not. In other words, appraisers are at fault for lower values in certain neighborhoods which are not as highly valued as others, and so we must be indoctrinated to be more sensitive. Buckle up folks, as it’s going to be an interesting ride. Excerpt from Biden Admin and...

Biden's Claim of Racial Bias in Appraisals Faces Criticism from Appraisers 31

Biden Claims on Racial Bias in Appraisals

Over the past week or so, Presidential Candidate Joe Biden publicly called for more regulation and oversight over appraisers to combat racial bias. He specifically cited the Brookings Institute Study ”The Devaluation of Assets in Black Neighborhoods, The Case of Residential Property”. If you are unfamiliar with this study, in a nutshell, the findings accuse appraisers of undervaluing properties in black neighborhoods. The study is an easy read and can be found here. We will warn you, much of the data used in the study carries very little weight as Census Bureau (self-reported data) and information from Zillow were used....

Arizona Goes After CoesterVMS - GAO to Investigate Appraisal Loopholes 1

GAO to Investigate Appraisal Loopholes

…Arizona is seeking damages and penalties against CoesterVMS… GAO has agreed to complete the study… Maxine Waters and Congressman William Lacy Clay requested a formal study/investigation into Title XI (FIRREA) and the recent dilution of its intent by the Federal Agencies. VaCAP has learned GAO has agreed to complete the study. The Network of State Coalitions has sent the following to their state members: This is the result of so many voices – the Foundation, ASA, coalitions, NAR, etc. Our Network efforts have given us an inside connection that hopefully we can continue to build on. Our meeting in DC...

FIRREA Under Attack - Protecting Homeowners from Appraisal Loopholes 25

FIRREA Under Attack!

…the federal agencies charged with implementing Title XI of FIRREA have taken steps to limit the number of transactions for which an appraisal is required… Congresswoman Maxine Waters and Congressman William Lacy Clay request a formal study/investigation into Title XI (FIRREA) and the recent dilution of its intent by the Federal Agencies. The letter to  Gene Dodaro, Comptroller General, Government Accountability Office, addresses threshold increases, regulatory exemptions, appraisal waivers, the North Dakota appraiser certification waiver and evaluations in lieu of an appraisal. It is clear the Chairwoman of the House Financial Services Committee and Subcommittee Chairman on Housing, Community Development and Insurance...

Independent Appraisers or Employees & CA AB5 Law - Appraisers Blogs 8

AB5 – Employee or Independent Contractor?

Most independent appraisers are paid ‘by the job’ and are issued 1099’s for the payments made. Appraisers who are ‘staff appraisers’ for specific clients are considered EMPLOYEES, and are issued a W-2 for income paid to them. Independent appraisers should not create an EMPLOYEE RELATIONSHIP until and unless that is specifically what is desired… I’ve been having a respectful discussion with a California appraiser, who believes (as do others) that just because a particular client requests a certain kind of appraisal report be completed using an online web based report form, then that action constitutes establishing an EMPLOYEE relationship with that...

New Law Effect on the Working Relationship Between Appraisers & AMCs 3

New CA Law Negative Effect for Appraisers

Some of you appraiser in California may not realize there is a new law, AB-5, which goes into effect on 1/1/2020, less than 60 days from now that will have a significant effect on the working relationship between appraisers and AMCs. Most appraisers work as Independent Contractors when working with AMCs. However, this will most likely change under this new law, AB-5, as of the first of the year. Most engagement letters or other instructions from AMCs to appraisers are in conflict with this new law as it pertains to the use of Independent Contractors. Under most of these agreements...

Fannie and Freddie Will Fail! Stated FHFA Director Mark Calabria 7

Fannie and Freddie Will Fail!

Fannie and Freddie Will Fail! That comes straight from Dr. Mark Calabria, the Federal Housing Finance Director that oversees Fannie and Freddie! In a prepared statement given to the US House of Representatives Committee on Financial Services, FHFA Director Mark Calabria did not hold back in his comments. But in their current condition, Fannie Mae and Freddie Mac will fail in a downturn. The testimony of Dr. Calabria before the US House of Representatives Committee on Financial Services was geared around affordable housing goals. Blame is given to local zoning, land use restrictions, environmental regulations, onerous building codes and permitting...

Appraisal Fee Transparency Falls Short - Appraisal Complexity Ignored 9

Appraisal Fee Transparency Bill Falls Short

No system that continues to allow (or limit) defining appraisal complexity to the lender or AMC will ever achieve reasonable, or fair compensation for the appraiser…. We need to do much better than “half a loaf” in our appraisal legislative efforts. Especially when that half loaf does no more than enshrine continued price-fixing by lenders; with the support & blessing of REVAA… WorkingRE published news of recent House of Representatives action. The Bill addresses consumer disclosure of AMC fees among other issues. While the American Guild of Appraisers applauds the efforts of those that worked in good faith on this,...

Appraisal Fee Transparency Act of 2019: Pivotal Point for Appraisers 21

Fee Transparency, Pivotal Point for Appraisers

…appraisers may finally have a chance at making the goal of fee transparency a reality… Keep your eyes open, events are happening fast. Ever since the passage of the Home Valuation Code of Conduct (HVCC) in 2010 and the monumental rise of Appraisal Management Companies (AMCs), one of the main issues appraisers have pressed for is transparency for consumers in terms of the fee split between appraisers and AMCs. Specifically, how much of the actual “Appraisal Fee” being paid by the consumer goes to the licensed real estate professional and how much is withheld by the AMC “manager.” Now, over...

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