Tagged: AGA

February 23, 2016

Collateral Underwriter, What’s Under the Hood?

Collateral Underwriter – Garbage In, Garbage Out (GIGO) FNMA has a fascination for first patenting garbage, & then implementing it as policy! FNMA simply LIED! Collateral Underwriter IS an automated ‘appraisal review’ despite disclaimers. It was never intended as anything else. Read the patent application below. Before I get into the details, I want to ask each reader to forward this to every appraiser you know. This concerns FNMA’s patent of the seriously flawed techniques and underlying support for their Collateral Underwriter (CU) Risk Rating “System”. It’s time for appraisers to take action against the unreliable system which is unfairly...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Quality Monitoring / Appraisers News

February 16, 2016

Market Value in the Age of Big Data Infallibility

“Practically” unsinkable! This isn’t a topic I generally spend a lot of time on. Partly because I am ‘uneducated’ (sans college degree) and partly because it bores people to death. Despite this I ask you to bear with me. It all started while I was listening to my favorite local radio stock market gurus on the way to wash my car. An expert from the firm of Dewey Fleecem & Howe (DF&H), or some such firm, was explaining the current stock market instability in a historical context. Since our inception as a nation, DF&H reports that we have had 45...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / The American Guild of Appraisers

February 8, 2016

Environmental Issues Notice to Appraisers

Response to LRES email concerning appraiser’s responsibility regarding environmental issues Fellow Appraisers, Have you asked yourself WHY a few more of the larger regional AMCs are joining organizations like REVAA? In my opinion, it is because they and their clients (usually GSE lenders) KNOW that they are not truly compliant with Dodd-Frank’s C&R requirement. Despite disclaimers or advisories like this, they also know that the bulk of their work products are ‘probably not compliant’ with USPAP. Notices like this don’t normally get set out until ‘after the fact’ issues arise. REVAA recently helped coerce the State of Virginia (through threat...

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

February 4, 2016

Board Member Says ‘Squeaky Wheel Gets the Grease’

Board Members reported a shortage of individual appraisers offering suggestions, complaints and concerns… Legitimate ‘complaints’ should never be referred to as whining by any professional in my opinion. To do so diminishes the importance of the concerns being addressed. I attended the Las Vegas Public Hearing of the The Appraisal Foundation (TAF) / Appraisal Practices Board (APB) last Friday. No Appraisers Guild or member funds were used in any way for this. There was lots of good information. Board Members reported that there really is a shortage of individual appraisers offering suggestions, complaints and concerns to them as a Board,...

AGA / AMC / APB / Appraisal / Appraisal Management Companies / Appraisal News

December 29, 2015

Second Appraisal Controversy

On reading a recent post about agents telling their clients to just order a second appraisal when the values came in ‘low’, I’m reminded of an old saying that both my parents used to frequently address toward me, “People who live in glass houses, shouldn’t be throwing stones.” I had no idea what they were talking about since when growing up I’m CERTAIN that ALL of my criticisms were well founded and deserved by those they were directed to. Teachers, government officials, world politicians, teachers, general authority figures, friends, enemies, and did I mention teachers? Basically most of the entire...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

You Are Not Alone - American Guild of Appraisers - AGA - Imagecredit Flickr - David Pacey

November 11, 2015

You Are Not Alone – AGA

How many appraisers do you know that are enthusiastic about the future of our profession? How many appraisers believe that they are alone in the fight to save their profession? How many appraisers do you know that feel trapped in a “no win” situation with increasing liability and time commitment without being properly compensated or appreciated? My name is Jan Bellas. I am the National Membership Coordinator for the American Guild of Appraisers (AGA). Please give me a few minutes to tell you how the AGA can help you and other professional real estate appraisers. AGA is a national organization focused...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

October 29, 2015

FFIEC Requested Action on TRID

The American Guild of Appraisers, Chapter 44, of the Office and Professional Employees International Union of the AFL-CIO (AGA, OPEIU/AFL-CIO) wishes to add its name to the attached letter on behalf of our professional appraiser members, and our thirteen million consumer members and their families, with the additional concerns: As written, TRID necessarily embeds an appraisal fee cap determined by third party service providers other than appraisers, within the initial consumer disclosure provided to prospective borrowers. The perception of these providers as to what constitutes “customary and reasonable fees” as required under Dodd-Frank is at odds with what appraisers consider to...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

September 30, 2015

Free Enterprise an Appraisal Myth?

Is THAT free enterprise? I’m surprised anyone in the business today sees any minimum pricing proposal as being anti-free enterprise. Contrary to popular belief we have not had free enterprise in the GSE appraisal process since HVCC first reared its ugly head. AMCs ‘telling’ us to pick a number from $250 to $350, or that ‘THEY pay’ $325 per 1004 is NOT free enterprise. I’m an old timer (1986) that was brought up on what used to be AIREA (now the AI) & SREA (now gone) positions that free enterprise and the Sherman Anti-Trust Act prohibited us from ‘even discussing’...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

“Customary” & “Reasonable” Fees Exclusive Oxymorons

September 25, 2015

‘Customary’ & ‘Reasonable’ Fees – Oxymorons

If WE don’t set ‘reasonable’ minimums for ourselves, then others will do it for us (or to us). Fellow appraisers, Please read this draft proposal for minimum national appraiser fees. I appreciate those who believe no one other than themselves should set fees, and I concur. Except, in the real world of today someone (lenders and AMCs) are ALREADY SETTING your fees. If not directly, then through ruinous less than customary OR reasonable fee competition. I’m interested in your meaningful, constructive feedback as well as comment & discussion here. For those that insist ONLY regional fees are practical, this same system works...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

September 2, 2015

Another Win for Appraisers – California

Cooperation between appraisers and multiple appraiser organizations wins the day in California! When is the last time you heard of a State bill that was already passed by both State Houses (Assembly & Senate) in any state, being quashed short of a Governor’s veto? Especially a “consent calendar” item that legislators automatically vote to approve for each other as a legislative courtesy. In less than two months? Let me share a quote from Rey Cano’s regular appraiser newsletter (www.Malibuappraisal.com). Rey, along with George St Johns, was an original co-founder of the California Coalition of Appraisal Professionals (CaCAP), where with full...

AGA / AI / American Society of Appraisers / Appraisal / Appraisal Institute / Appraisal News