Category: Political Action

Blacklist Computers judging Appraisers 6

Blacklist: Appraisers Judged by Computers

Blacklist of Appraisers – the End Is/Must Be Near: Advancements in the Art of Blacklisting If you are a real estate professional, please read this, especially if you fear your own business is being damaged by all of the new regulations designed to “help” the real estate industry recover. Imagine you, a hardworking, law abiding taxpayer, are sitting at home one evening watching television when there is a knock at your door. Somewhat surprised by the late hour of the visit, you get up and open the door and three IRS agents barge into your home and declare, “We are...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Quality Monitoring / Appraisers News

Online Petition to Make a Difference in Customary and Reasonable Appraisal Fees 5

Customary & Reasonable Appraisal Fees

A Cost-Plus fee structure will allow the Customary and Reasonable Fee provision, a component of Appraiser Independence, to be more readily adopted. Fellow Professional Appraiser, I am asking you to take a moment from your busy day to PARTICIPATE in an important industry effort. That issue is referred to within Title XIV of the Dodd-Frank legislation as “Customary and Reasonable Fees”: CUSTOMARY AND REASONABLE FEE In General – Lenders and their agents shall compensate fee appraisers at a rate that is customary and reasonable for appraisal services performed in the market area of the property being appraised. Evidence for such...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CFPB

Call to action DPOR AMC hearing 1

DPOR AMC Public Hearing CALL to ACTION

CALL to ACTION: DPOR Public Hearing for Initial Appraisal Management Company Regulations Thursday, February 27, 2014, DPOR is holding a public hearing on the proposed Initial Appraisal Management Company Regulations. The hearing will begin at 9:00AM in the DPOR  meeting room at 9960 Maryland Dr, Richmond. The new regulation establishes definitions, qualifications, fees, and standards of practice and conduct for appraisal management companies. The new regulation is required to implement Chapter 405 of the Acts of the 2012 General Assembly, which resulted from HB 210. The goal of the regulation is to establish qualifications, fees, and standards of practice and...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

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NJ Governor Vetoes BPO Legislation…Again

Legislation that would have significantly expanded the ability of New Jersey real estate brokers and salespersons to offer broker price opinion services did not become law because of a Jan. 21 “pocket veto” by Gov. Chris Christie. This is the second time Christie has vetoed BPO legislation. The legislation (S. 3058) was passed by both houses of the New Jersey legislature Jan. 6, and was presented to Christie for his consideration. However, because the bill was passed by the legislature during the last 10 days of the 2012-13 legislative session (which ended Jan. 14), the governor only had seven days...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

Assigning Blame 0

Assigning Blame

Even though the redirection of blame is an ancient approach to avoid taking responsibility for ones one actions, this seemingly innocuous tactic has become the leading downfall to the financial industry today. Consider, the consequences of shifting blame: The actual party who has made poor lending decisions escapes taking responsibility, and often times will even get promoted. Thus the initial behavior does not change. Since the poor decision has not been corrected, the pattern will continue. Redirecting the blame combined with the continuation of the faulty decisions expands the direction of investigation, because now a larger pool of appraisers appear...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Political Action

BPO bill consumer confusion 0

NJ Governor Vetoes BPO Cites Consumer Confusion

NJ Governor Vetoes BPO Legislation, Cites Consumer Confusion On Aug. 19, New Jersey Gov. Chris Christie vetoed bill S. 2551, legislation that would have significantly expanded the ability of the state’s real estate professionals to provide broker price opinion and comparative market analysis services. In his veto message to the Legislature, Christie said, “While I appreciate the desire to facilitate additional business for real estate licensees in the state of New Jersey, I am concerned about potential consumer confusion.” The Appraisal Institute chapters in New Jersey testified in strong opposition to this bill when it was going through the legislative...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

Real Estate Appraisers Warned us About the Crisis but We didn't Listen 2

Appraisers Warned Us but We Didn’t Listen

Federal actors could have responded to the appraisers’ warning and prevented the crisis On July 9, 2013 I participated in a radio interview with a lobbyist for the 100 largest financial firms. The San Francisco radio program host asked me what question I would ask the lobbyist and I said that any discussion should begin with allowing him to state his view of what caused the crisis. In the course of his explanation, he bemoaned the fact that there was no warning about the crisis. I found this ironic because I had just published that morning an article about how the...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / FDIC / Petition

Volunteer to help VaCAP 1

Letter From Pat Turner

Volunteer to Help As we move forward into a new year and the time for renewing our memberships, I wanted to share some points with you. Yesterday I had a long time respected friend and colleague take me aside to offer me some good advice and counsel. She had been at a gathering of appraisers and she was concerned with the few of us who have joined and/or renewed our VaCap memberships. She asked people why and the overwhelming answer was “Well, VaCap has not done anything for me lately”. This was a wake-up call. Reflecting on that, I can...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

NAIHP Promotes New Appraisal Rules on Capitol Hill 4

NAIHP Promotes New Appraisal Rules on Capitol Hill

NAIHP acknowledges neither HVCC nor Appraiser Independence rules require the use of AMC’s. The conflict of interest rules contained in the “Interim Final Rule on Appraiser Independence,” were designed to establish a firewall between a loan production department ordering valuations of residential real estate and appraisers, who perform valuations. The Federal Reserve Board (FRB), who established the Interim Final Rule to replace the Home Valuation Code of Conduct (HVCC) in October of 2010, recognized it was not always practical to separate these functions in small financial institutions, which is why the FRB created two sets of firewall requirements: one for...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

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The FHA is Broke – Bailout Broke

Chairman Hensarling Announces Series of Committee Hearings Focused on Looming Financial Crisis at FHA Washington, Jan 30 – Chairman Jeb Hensarling announced today that the Financial Services Committee will hold a series of hearings throughout the year that focus on the financially troubled Federal Housing Administration, the FHA’s outsized role in the nation’s housing finance system, and the need to create a sustainable mortgage finance system. The FHA’s single-family insurance fund, which insures more than $1 trillion worth of home mortgages, has a negative economic value of $16.3 billion, according to an actuarial report released by the Department of Housing...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Administration / FHA

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