Appraisal News and Appraisal Tips For Real Estate Appraisers - Your source for appraisal industry news, appraisers' opinions, and discussions of appraisal issues

Human Real Estate Appraisers Unnecessary? - Appraisers Blogs 72

Human Real Estate Appraisers Unnecessary?

“Real estate appraisers will not exist in the future.” – Reasons Behind Matt Rider’s Projection and Why He’s Wrong Technology in real estate is advancing to a point where any user can “pull up a property’s data together” and create an appraisal. This is the main point raised by Franklin American Mortgage’s Chief Information Officer Matt Rider in his interview with National Mortgage News. He claimed that as a result, real estate appraisers wouldn’t exist in the future. Rider’s projection seems to be based on society’s increasing dependence on Big Data and artificial intelligence (AI). According to Forbes contributor Jason...

Regulators, Appraisers & AMCs Working Together, Appraisers Take on DC 3

Appraisers Take on Washington DC

Hybrids were a big topic & many regulators are concerned about their compliance… Independent Fee appraisers representing 15 different states were well represented in Washington DC this past weekend. Appraisers from  Virginia, North Carolina, South Carolina, West Virginia, Ohio, Louisiana, California, Illinois, South Dakota, Michigan, Utah, Rhode Island, Delaware, Maryland and Washington State joined together in DC for several gatherings. To sum it up simply… Positive Unity among all. On Friday, three members of VaCAP attended the Appraisal Standards Board Meeting. This meeting was live streamed, so hopefully you were able to watch live. Lots of discussions on the proposed changes to the 2020-2021...

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...

Using SmartExchange? You May Have Violated State Law & USPAP 30

The Possibly Just Became Reality!

Using SmartExchange? You May Have Violated State Law & USPAP I will not drag this out. I will simply be direct and to the point. IF YOU OPTED IN TO ALAMODE’S SMART EXCHANGE, YOU MAY HAVE JUST VIOLATED STATE LAW AND USPAP ON EVERY APPRAISAL YOU HAVE EVER COMPLETED. Let me repeat that so it sinks in a bit… If you opted in to alamode’s Smart Exchange, you may have violated State Law and USPAP on every appraisal you have ever completed. Now that it has sunk in, let me explain. Each state statute may define an appraisal differently. Some...

When an Appraisal is Not Required - Appraisals & Evaluations Regs 4

Appraisals NOT Required

…is not required to obtain an appraisal under other law… The Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution Letter to US banks on 10/16/18, which incorporates Appraisal and Evaluation regulations and guidelines. This consolidates previously issued regs and guidelines into one document: Letter  FIL-62-2018 Part 323 – Appraisals Appraisal and Evaluation Guidelines 2000 – Rules and Regulations PART 323—APPRAISALS § 323.3 Appraisals required; transactions requiring a state certified or licensed appraiser. (a) Appraisals required. An appraisal performed by a state certified or licensed appraiser is required for all real estate-related financial transactions except those in which: (1) The transaction value is $250,000 or less;...

A Real Estate Agent is Not an Appraiser - Who Are You Going to Call? 10

Who Are You Going to Call?

Is a real estate agent the right individual to state what adds value on a home appraisal? …Ghost Busters! (no, actually an appraiser) Social media can be rife with misinformation, even when the information presented is well intentioned, but of a national scope. National studies are not local studies, and blanket statements presented as fact are potentially misleading. Real estate agents are professionals who are involved in selling houses on a daily basis and know their markets — as well as what drives interest with the buyers and sellers they are working with. Their job is difficult; often rewarding, and...

Stolen Appraisals Class Action - Theft of Appraisers' Data 87

Theft of Appraisers’ Data

…they charge appraisers an upload fee for the privilege of having their data stolen… I would never allow my data to be used for or by a service that specifically uses to create, modify or enhance products designed to compete with my professional services to the detriment of my business and profession. THAT is something that the Fifth Circuit Court of Appeals identified when they found that CoreLogic’s subsidiary FNC STOLE appraisers data after promising them data security. FNC stole data. We now know FNMA also stole data. Alamode is delving into individuals own personal databases in order to even...

Deal Falls Through & Everyone Blames the Appraiser - AppraisersBlogs 12

Blaming Appraisers

…deal falls through and everyone involved is convinced the appraiser ruined everything… We hear all about low appraisals, but we never seem to hear about homes that are flat-out over priced, often by an agent who wants to prove they are smarter than everyone else and will take advantage of any unusual feature or circumstance to push the value beyond any other homes in the local market. For example: A buyer finds a house in need of some updating. Medium sized market and things are selling between 90-120 days on average. The neighborhood is good and the house has a...

Clarification for the Term assists Regarding Hybrid Appraisals 10

Who ‘assists’ in Hybrid Appraisals

the appraiser shall identify any person who "assists" in the appraisal process… NCREAA recently submitted a letter to the North Carolina Appraisal Board regarding hybrid / desktop appraisal products. As a result of this letter, which highlights concerns raised by NC Appraisers, NCAB is forming an ad hoc committee to clarify, define and provide guidance on these hybrid / desktop products with respect to current North Carolina Appraisal Laws. Read the letter below: The North Carolina Real Estate Appraiser Association (NCREAA) has recently received requests/inquiries from our members regarding guidance on assignments for “hybrid/interior desktop” appraisals requests they have recently...

CoreLogic’s a la mode is Pulling a Facebook Privacy Play 20

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...

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