Tagged: Alternative Valuation Product

Appraisal news for real estate appraisers and real estate professionals regarding Alternative Valuation Product. News relating to the Appraisal Industry.

Appraisers Knew Fannie Mae Would Need Another Bailout 29

Kudos to Rep Hensarling!

Kudos to Congressman Member Jeb Hensarling! House Financial Services Committee Chairman Jeb Hensarling (R-TX) is one of the few federal watchdogs that ‘gets it’ on Fannie Mae’s & all GSE’s operations. All appraisers that have watched Fannie Mae’s changes in policies over the past 3+ years knew it was only a matter of time before they would need another taxpayer bailout. What we didn’t know was that it would be this soon. Most of us assumed it would be after the next crash that their reckless policies trigger. Reading the recent press release from the House Financial Services Committee, my...

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How Fast Can Your Head Spin?

Hopefully you have been busy and have not noticed VaCAP has been quiet over the past few weeks. Not by choice, but necessity. You see, there has been so much happening, we have been overwhelmed and our heads are spinning out of control. VaCAP needs more members to volunteer to help us help you. Let us know how you can help. Let’s start with the easy stuff: The Virginia Real Estate Appraiser Board Quarterly Meeting will take place on February 21, 2018. The meeting will begin at 10:00 AM and there will be a public comment period for anyone who wishes to address...

Send it to India & Save Billions! 10

Send it to India & Save Billions!

Appraisal? Obviously its only worth ten bucks – off to India with it… Most appraisers (and consumers) know the difference between ‘right and wrong’. We don’t need the tortuous, twisted ambiguities of ASB straddling the fence, on all issues to know what is and is not okay. So far ALL they do is hypothesize that bad products can theoretically be used, IF they conform to all the USPAP rules that we all already know they fall short of. As in every single exception being sought for regulatory exceptions in the financial sector, only impractical, not very probable, best case scenarios...

TAF Admits Current USPAP Is Inadequate & Requires Substantial Change 11

TAF / ASB Challenge USPAP

30 days after implementation of the last changes, ASB/TAF is already admitting they think the current USPAP is inadequate and requires substantial change. They’re ALREADY Doing It Again! On January 30, 2018 the Appraisal Standards Board announced the release of their Discussion Draft for the 2020-2021 USPAP based in part on a survey from 2017 & prior draft comments. I’m confused. Didn’t we just have the 2018-2019 become effective 30 days ago? Should all those that have not yet purchased 2018-2019 just save their money and wait for the significantly revised 2020-2021 revisions? Rely on word of mouth and online...

ClearVal Value IS So ClearCut - What IS a “ClearVal Appraisal” 149

What IS a “ClearVal Appraisal”?

Clear Capital ClearVal… Value Not So ClearCut… I’ve finally had an opportunity to read a hybrid ‘appraisal’ start to finish. All may read the unedited, non-redacted version in all its glory… or infamy, as the case may be. Please click here (report also embedded below) and read it first. I’ll wait right here. Finished? Great. One thing is clear. It is not an appraisal by any current accepted definition that I am familiar with. Ironically, there is also very little that is clear as far as support for the opined values is concerned. (I’m old fashioned and think it should...

Hybrid Reports: ASB USPAP Q&A Justifies Alternative Appraisal Reports 15

Hybrid Reports ASB Q&A

What the cohorts promoting hybrid reports are overlooking is APPRAISAL PRACTICE… Appraisers, On Tuesday, Jan. 23, 2018, the Appraisal Standards Board released their latest Q&A document (see embedded PDF below). This document appears to justify reasons why appraisers can complete the new ‘hybrid’, ‘bifurcated’, ‘desktop’ and ‘alternative’ appraisal reports (regardless of what they are named), although the Q&A document is written ‘generically’ and does not specifically mention those categorical names. I have two issues with this Q&A document: it does not discuss the appraiser’s true responsibility when completing certain kinds of these reports; for more on that see the additional...

USPAP Compliant Hybrid Online Forms? Risks With Hybrid Reports 14

What’s All the Fuss About?

There is no form that is USPAP compliant… There have been numerous articles and discussions on blogs, social media and other forums concerning alternative products, mainly Hybrid Appraisals. The profession is truly divided on the topic. Some see it as a race to the bottom, others see it as another revenue stream. Regardless if you are for or against completing these products, we need to remind all appraisers that there is no form that is USPAP compliant. The appraiser’s actions are what will make a report USPAP compliant. If the product is an online form, which most are, make sure you are able to...

BPO Outsourced to India Replacing Appraisals 27

BPOs ‘Made in India’

$10 a pop ‘Made in India’ BPO… When saying you’re 'sari' just won’t do. The Blackstone Group is nothing short of legendary. To say it is a 'Big Deal' is an understatement squared. A little background from their website. “Who We Are Our investments are designed to preserve and grow our limited partners’ capital, provide financial security for millions of retirees, sovereign wealth funds, and other institutional and individual investors, and contribute to overall economic growth.” An honorable & worthy objective by any measure. Helping retirees on fixed income, little old ladies, grandmothers and mothers, albeit wealthy ones I’d guess. Sovereign...

Professionals With No Appraisal Experience Cornering The Hybrid Market 6

New Hybrid Desktop Hucksters

What could lure these successful 'professionals' from their chosen careers? Fellow appraisers, I just received an advertisement for a company that wants to pay ‘me’ $50.00 an hour to do desktop appraisals. Actually, probably not me, because they prefer a degree. Now, my routine hourly rate for complex appraisal assignments is $150 ($500 for EW and something variable in between for pretty much everything else). So they are asking me to take a cut of 2/3… assuming I could meet their degree requirement “preference”. It got me thinking. I cannot always command my hourly rate for 8 hours a day,...

Order Takers? AQB Advocating For All The New Garbage Products 18

Careless Order Takers?

Appraisers were simply order takers… A friend that refers a lot of commercial work to me forwarded the following communications from an AMC. He’s been telling to ‘go away’ for some time now. This time he played along to see exactly what it is they are hustling. I’ve redacted my friends name and eliminated excessive line spacing and repetitive email signatures. I also bold highlighted references to John Brenan & AQB communications. Otherwise it’s as copied from my email. We’ve all heard enough about hybrids so you can either read the copied emails or skip them. It’s the article from...

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