Category: Valuation Technology

The RPR® Epidemic – Online Valuations vs Trained Appraisers 11

The RPR® Epidemic – Online Valuations vs Trained Appraisers

Consumer protection goes right out the door as consumers learn to trust these online valuations over a local, highly trained appraiser. Realtor Property Resource® is a private automated system just for Realtor® members. They are making great strides in promoting this service, and more and more agents are using this system to create their CMAs to present to owners. I recently reviewed a report provided by the listing agent which included sixty-nine pages of every imaginable piece of information. To an owner, this must look very impressive. However, to anyone who understands what a “Comparable” sale is, this report was...

Hybrid Appraisals – Why They Are Impacting Appraisal Employment 27

Hybrid Appraisals – Why They Are Impacting Appraisal Employment

How hybrid appraisals may impact your future Appraisers, A day or so ago, I found out about the rebranding of ZAIO into Clarocity, and their purchase of Valued Veterans AMC. The ‘new’ CEO of the Canadian/USA company, formerly ZAIO, now named Clarocity, was recently interviewed. Take the time to actually read this interview. If you have forgotten, ZAIO came into the US in about early 2008 or so with the intent to develop property data bases in most urban areas – with photos, that could be re-used by various entities. They sold ‘zones’ to a number of appraisers, expecting them...

Valligent New $40 Alternative Valuation Assignment 31

Valligent New $40 Alternative Valuation Assignment

Valligent, an AMC with ‘national’ presence, is soliciting appraisers to complete a new alternative valuation product on behalf of their GSE clients. There is nothing wrong with doing these. Any appraiser can. But any appraiser who does these assignments is required to comply with USPAP’s Record Keeping Rule. Which means keeping a Workfile for every assignment. In order to do these alternative valuation assignments, you need to comply with USPAP Standard 3, because you ARE providing a report review service. Even though Valligent is sly about not really revealing that aspect. The SOW for these assignments, which I highlighted below,...

PACE Pro Form is an appraisal 11

Form PACE Pro – Appraisal or Evaluation?

Frankly this form is so screwed up! To First American Mortgage Solutions…(copy to appraisers around the US): Do you folks really understand what your PACE form report REALLY is??  It is not an Evaluation report. It is an actual appraisal, disguised very poorly as a so-called Evaluation. Here’s what I found in your form, after actually reading it: “This report is provided for the benefit of the named customer only and is not intended to be, nor shall it be deemed to be, an appraisal or any form of an appraisal.” OK, fine, not an appraisal. The main form page says...

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When is an Appraiser Not an Appraiser?

With an influx of alternative valuation products now being offered to appraisers, I am often asked which of these assignments can be done by appraisers and which should be avoided. I am not a USPAP instructor, a lawyer, or a specialist in your individual state’s law, but I will give you the answer as I understand it (I am not responsible for your individual compliance to USPAP, the law, and blah blah blah). First, an analogy is in order. Imagine you are a spectator at a sporting event. Sitting next to you is your buddy who asks you about a certain call the...

Alternative valuation products 1

Alternative Valuation Products & USPAP

Alternative Valuation Products and the Uniform Standards of Professional Appraisal Practice The Appraisal Foundation has drafted a white paper on Alternative Valuation Products and the Uniform Standards of Professional Appraisal Practice (USPAP). The white paper is intended to provide information to assist appraisers, users of appraisal services, and others, with a greater understanding of Alternative Valuation Products and their use in the marketplace. The paper also attempts to view these products in light of an appraiser’s USPAP obligations. All interested parties are encouraged to comment in writing before the deadline of December 31, 2013. Send comments to TA…@appraisalfoundation.org. Introduction In...

Extinction of the Appraisal Industry - Image courtesy of Nujalee / FreeDigitalPhotos.net 23

The Imminent Extinction of the Appraisal Industry?

Late yesterday afternoon a bill was introduced in the House of Representatives that would alter the mortgage process and ultimately the way millions of Americans receive a mortgage. HR 1108 would eliminate the need for an appraiser to appraise a home prior to the funds being disbursed to the

Statement of Frank Gregoire (NAR) Before Appraisal Oversight Hearing 3

Statement of Frank Gregoire (NAR) Before Appraisal Oversight Hearing

NAR believes that lenders should be prohibited from retaining the services of an AMC where the lender maintains any level of ownership. Frank Gregoire‘s written testimony to the United States House of Representatives Committee on Financial Services Subcommittee on Insurance, Housing and Community Opportunity before the Appraisal Oversight Hearing … APPRAISAL ISSUES AND CHALLENGES There are a myriad of circumstances and issues working to hinder the recovery of the nation’s housing market. Among them, and often overlooked, are those related to the credible valuation of real property. A credible valuation provided by a licensed or certified professional 1) ensures the...

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Challenges Facing State Appraisal Boards

My testimony today will focus on issues that are particularly relevant to state regulatory officials. Challenges Facing State Appraisal Boards Enforcement States established appraiser licensing and certification programs as a result of the Financial Institution Reform, Recovery and Enforcement Act (FIRREA) of 1989. These agencies issue appraiser licenses and certifications to those individuals who possess the education and experience requirements promulgated by the Appraiser Qualifications Board of The Appraisal Foundation. The agencies also oversee compliance by appraisers with the Uniform Standards of Professional Appraisal Practice (USPAP), state law and agency rules. These programs have been set up in a variety...

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Appraisal Strategy Altered in Unstable Canadian Market

Several Canadian banks have reconsidered their appraisal strategies due to increased concern about the accuracy of property values in a market with the potential to overheat, the Globe and Mail reported June 13. Canadian lenders currently use such valuation methods as full appraisals, drive-by appraisals and databases to determine market value. Banks are emphasizing on-site visits, particularly for properties over a certain price threshold or in rural areas, the Globe and Mail reported. They also are more carefully evaluating who performs appraisals. The banks hope that increased diligence will result in more accurate values in light of concerns about an...

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