Tagged: Alternative Valuation Product

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

Existing Regulatory Burden on Appraisal, a Proven Failure- System Reform 6

Appraisal Reform or System Reform

It is my hope that the Subcommittee on Housing, Community Development and Insurance consider long-term impact. The existing regulatory burden, a proven failure, may insure a repeat of the past. The body of a letter to the U.S. House Committee on Financial Services about systems reform. Appraisal reform or Appraisal industry reform? It is critical to understand that ‘appraisal’ does not equal ‘valuation’, or risk analysis, or anything else.  It is a precise definition of a nebulous product. The current U.S. House Committee on Financial Services is asking the question: “What’s Your Home Worth? A Review of the Appraisal Industry.” I believe it is...

NCUA Board Decision Could Potentially Hurt Commercial Appraisers 8

NCUA Quadruples the Appraisal Threshold

Like so many things in life, the NCUA Board decision was predicated primarily on greed… This is a lot like the liar loans that infiltrated residential lending not that long ago. Appraisers, especially Commercial appraisers, I picked this info up from a message sent out by the Appraisal Institute on July 18, 2019: “The NCUA Board of Directors today quadrupled – from $250,000 to $1 million – the appraisal threshold for nonresidential real estate loans. NCUA is the National Credit Union Administration. The appraisal threshold is the loan amount below which appraisals are not required. Increasing the threshold would drastically...

Protecting Appraisers Against Frivolous & Retaliatory 3rd Party Lawsuits 6

Frivolous & Retaliatory 3rd Party Lawsuits

Appraisers are routinely coerced & intimidated by third parties to violate their independence and integrity… Honorable Committee Members: We are writing to add our voice to that of the Massachusetts Board of Real Estate Appraisers (MBREA is a State Coalition of professional real estate appraisers) in support of each of the above bills. The American Guild of Appraisers is a Guild within the Office Professional Employees International Union (OPEIU) of the AFL-CIO, representing the appraisal and real estate related financial consumer / taxpayer interests of over twelve and a half million AFL-CIO Family Union & Guild Members; their families, retirees...

Desktop Appraisals, the be-all end-all of Valuation Hype by non-Appraisers 25

Desktop Appraisals Hype

…attempts to make readers believe desktop appraisals are the be-all, end-all of property valuation… Folks, a ‘white paper‘ was put out by a company in the property title, escrow and servicing sectors, tied to mortgage lending. It does a reasonable job of explaining what Hybrid appraisals are… which they call “desktop” assignments. Then this puff piece put out by Clear Capital, attempts to make readers believe these products are the be-all, end-all of property valuation. Both of these are typical PR pieces, designed to provide information while promoting a specific brand. Interestingly, neither mention anything at all about the interest...

Let Appraisers Train their Own Inspector Personnel for Desktop Appraisals 64

Let Appraisers Train Their Own Inspectors

If we are to make a third party inspector liable for the data they provide… FNMA’s recent newsletter states that a third party inspector should be hired to deliver photos, sketches, etc about a property to them. After their review, if they believe an appraisal is needed then they can forward that information to the appraiser and a desktop can be performed with ease and accuracy. In their words, this is no different than an appraiser relying upon other forms of data in the report such as public records, MLS, etc. I really do appreciate the perspective of some who...

The Truth is Hybrid Hucksters Don't Hire Professionals! 8

The Truth is They Don’t Hire Professionals!

Hybrid hucksters always argue “Why can’t trained professionals like brokers or insurance inspectors” perform the appraiser’s field inspection. The answer is because ‘trained professionals’ like those noted don’t work for $25 an inspection; are unwilling to give up their day jobs for a chance at a single $25 inspection one or two days a week, AND if they are truly trained professionals, to begin with, they are unwilling to work for part-time income of $0 to $25 a day in vain hope of having a periodic 8 or 16 inspection day (assumes all 16 are side by side since there’d...

Verisite Photo Appraisal Report... Is the Door Open Wide for Fraud? 42

Verisite Photo Appraisal

Appraisal Photo Report for use on loans, pick and choose pictures… Is the Welcome Mat Down and the Door Opened Wide for Fraud? “What Appraisers Need to Know about Property Data Collection” is a topic of discussion in the latest Fannie Mae Newsletter. The article describes how property data is being collected and being sent to Fannie Mae to determine the type of valuation that is needed on a property. It discusses Appraisal Modernization, Desktop appraisals, Scope of Work and USPAP. It even references The Appraisal Foundation Video on Inspections & Hybrid Appraisal Assignments. Well, Fannie Mae is the last entity that should be discussing...

Mueller Sample Bifurcated Appraisals. YOU Decide! - AppraisersBlogs 46

Mueller Sample Report. You Decide!

A recruiter for Mueller Services, Inc. (Mueller Reports) contacted a VaCAP member about joining their team as a W-2 employee to complete bifurcated appraisals. Our member communicated with them and received samples of their product.  During the course of the communication, the recruiter mentioned, via email: In the past 30 days, we have had 23 cases in Virginia as a whole and expect that number only to increase. A quick check on the Department of Professional Occupational Regulations (DPOR) website revealed Mueller Services, Inc. is not registered as an appraisal firm. In fact they are not registered at all. In Virginia, to operate an...

$599 Appraisal Waiver to Save the Borrower Money? - Appraisers Blogs 16

$599 Waiver to Save the Borrower Money?

The consumer is being fed yet another lie! Remember when we heard an appraisal waiver will save the borrower money? Do you recall all those videos from loan officers and mortgage companies encouraging borrowers to obtain an appraisal waiver to save them money? News flash – they lied! But you already knew that. Well, fellow appraiser and blogger Krystal Schware of Paragon Appraisal Services has a story for you: “The Danger of Saying Yes to an Appraisal Waiver”. “For only $599, we will grant you an appraisal waiver to help you avoid having an appraisal that ‘comes in short’.” **...

Faster Cheaper Appraisals! Really Cheap Abbreviated Appraisals... 41

Faster Cheaper Appraisals!

An appraiser shared the following with us. Vintage Mortgage Firm is offering faster cheaper appraisals. New Faster Cheaper Appraisals! Three points: One: We run automated approvals with both DU (Fannie) and LP (Freddie) with the click of one button. This gives us the best chance for appraisal waivers. Have you done a purchase transaction recently with NO appraisal needed? We do them all the time. Two: As of Feb 1st, we will have access to a completely different kind of appraisal if one is needed. First step is a much cheaper $145.00 abbreviated appraisal. This information is put into our...

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