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

Secret Revealed: UAD & Appraisal Forms Redesign Coming NOT Soon 20

Secret Revealed… Coming NOT Soon

New initiative will focus on modernization of the current UAD dataset and residential appraisal forms… What I originally described as a ‘rumor’ several months ago has finally been fully exposed. FNMA and FrMAC are in the process of examining the current GSE appraisal forms, which encompass UAD and the MC Form, to ‘finally’ get the appraisal forms & functions into the 21st Century! But it won’t happen for at least 3 years (2021)… by then many current appraisers will be enjoying bon-bons and brewskies while on the golf course, or be on their long-planned world cruise, after chucking their clipboard...

Let’s just use the Tax Assessments...Tax Values just as Accurate as AVMs? 22

Tax Values Just as Accurate as AVMs?

In a head to head contest between tax values and AVMs for use in mortgage lending, I’ll take tax assessments every time… The battles rage on to decide who will take over the automated valuation process. There are big companies lining up to take over this massive profit arena. And, make no mistake, it’s all about the money. At the end of every discussion about AVMs verses traditional appraisals, it has less to do with faster or cheaper, or better, and sadly little to do with consumer protection. It has to do with who gets the profits that will be...

Appraisal Simulator, Evaluations, S2155 update, & Recap of Meetings 16

Appraisal Simulator

The industry is working of an appraisal simulator… The US House of Representatives Passed S 2155 today! Section 103 allows for waivers of appraisals by licensed appraisers in certain situations. See the press release here and the bill here. Other News: Last week The National Association of Realtors held their Real Property Valuation Committee meeting. We have 2 VaCAP members on this committee. Here is a brief over view of the meeting from our representative in attendance. John Brenan with the Appraisal Qualifications Board (AQB) spoke at the meeting and gave an update on the roll back of licensing requirements that went...

Improper Direction to Appraisers as a New Special Lender Condition 21

Improper Direction to Appraisers

…specific prohibited direction to appraisers involved in federally regulated transactions… Improper direction to appraisers as a new special lender condition Honorable Ladies and Gentlemen: The following article appeared in a recent online post at http://appraisersblogs.com/appraisers-asked-2-overlook-weed-cultivation (also copied to this letter following our inquiry). We consider the original author to be a credible source. Due to the serious implications of any appraisal management service giving such specific prohibited direction to appraisers involved in federally regulated transactions we believe it to be our duty to bring this to your collective attention. We respectfully request that each Federal Regulatory Agency review this issue...

Don’t Ask, Don’t Tell About “The Weed” 42

Don’t Ask, Don’t Tell About “The Weed”

My son is a police officer and when they smell weed on a traffic stop it enables them to search the car. Appraisers are being placed in the awkward position of not reporting something that they see during the inspection. This Corelogic work around seems very awkward to me. Then again, I’m not appraising in Colorado. Thoughts? Engagement Letter Update – Marijuana Cultivation and Residential Appraisals On March 15, 2018, CoreLogic Valuation Solutions will update the lender specific instructions for all Bank of America products. As a result, a new engagement letter will be generated for any open CoreLogic Valuation...

Fix What is Broken before Replacing the Product 34

Fix It Before Replacing It!

Fix what is broken before replacing the product. Appraisers are talented professionals that know how to take mass amounts of data, filter through it, analyze & make sense of it all. Utilize the talents of the 70,000 plus experienced, licensed professionals & don’t short change the consumer… Yesterday was the National Association of Realtors Real Property Valuation Forum: Rethinking Real Estate Valuations: Alternatives to Traditional Appraisals. First, VaCAP was well represented with 8 members present from all over the state.  There were many of our Network colleagues there as well from all over the country. Thank you for taking the...

Trade Secrets Battles of AMCs & Lenders Relating to Valuation Technology 16

AMCs & Lenders Fighting…

…Battles over alleged misappropriation of trade secrets relating to residential valuation technology and services… AMCs and Lenders Fighting Over Next Generation Valuation Products and Technology The residential valuation business for mortgage lenders has been taking big steps lately toward wide scale replacement of the historical Uniform Residential Appraisal Report (URAR or 1004) form used in mortgage lending. As this movement happens, some would-be providers of replacement valuation products (such as “hybrid” appraisals) and automated valuation models (AVMs) are fighting over technology turf and trade secrets. There are currently three big legal battles over alleged misappropriation of trade secrets relating to...

Importance of Intended Users Identification - Case Helpful to Appraisers 12

Case Helpful to Appraisers

This is the only way that the opinion would ever help other appraisers, especially residential, in future cases filed by parties who are not intended users of the appraiser’s work. Newly Published California Case Helpful to Appraisers: Tindell v. Murphy Today, the California Court of Appeal, Third Appellate District certified for publication its recent decision in a case entitled Tindell v. Murphy. The case involved mortgage borrowers who sued a real estate appraiser blaming the appraiser for a purchase they made in 2005 at the peak of the real estate bubble. The trial court had dismissed the borrowers’ suit because they...

Alternatives to Traditional Appraisals 5

Alternatives to Traditional Appraisals

…increasing usage of alternatives to traditional in-person appraisals for valuations in real estate transactions… A California Judge has ruled Wells Fargo must pay $97 million to mortgage employees for not paying employees for the state mandated breaks.  From the article, the Judge sided with the employees and ruled compensation for breaks should include commissions, not just an hourly rate. Just think, this is one state. Don’t most states have similar laws? $97,000,000 x 50 = $4,850,000,000 See the article here. Reminder: The National Association of Realtors, Real Property Valuation Forum presents: Rethinking Real Estate Valuation: Alternatives to Traditional Appraisals The...

Do Not Get Quiet, Ever Again... As a Matter of Fact, Get LOUDER! 17

Get Louder!

We are most certainly being heard… Do not get quiet, ever again… As a matter of fact, get louder! Colleagues, As Appraisers we have witnessed a lot of changes, some good, some not so good. However, it is undeniable we are most certainly being heard. On state and national levels we are a relatively new voice. Do not get quiet, ever again. As a matter of fact, get louder! We have watched as AMCs have gained stronger and louder voices. However, they are now wary of us as Appraisers as never before. We stand toe to toe with them, and please never forget that truth...

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