Tagged: AMC

Housing Bubble, FTC vs LREAB Update & Antitrust Immunity Bill 6

Housing Bubble, FTC & Antitrust Immunity

Is the Housing Bubble About to Burst? Subpoenas Have Been Issued; A Stay Has Been Granted; The Case is Moving Forward The FTC vs LREAB case has had numerous articles floating around.  Some information that is being stated is inaccurate, some embellished, some truthful. The official case log contains everything from the initial complaint to the Judge’s rulings. Take a look at some of the subpoenas issued and who is filing motions to quash them…. What do these AMC’s have to hide? Click here for the official case log. Wow, Just Wow! “S.1649 – A bill to help States combat abuse...

Relationships with Companies Harming Appraisers' Interests ... Wells Fargo 52

What’s In a Relationship?

Salvaging Relationships with Appraisers… Wells Fargo, one of the oldest banks in the country, is working hard to salvage relationships, not with just customers and regulators, but appraisers as well. Wells Fargo recently stopped using Appraisal Management Companies and is aggressively trying to build an appraisal panel of their own. Appraisers are excited that one of the largest banks in the country is no longer using AMC’s. We give Wells Fargo high “Kudos” for making a change in the right direction. However, there is a bit of a dilemma when making an informed decision whether to have a relationship with Wells...

North Carolina in FTC's Crosshairs Over C&R Appraisal Fees 12

FTC Sends Warning to NC Over C&R Fees

North Carolina in the FTC’s crosshairs… VaCAP learned that the Federal Trade Commission (FTC) has issued a warning to North Carolina over HB-829 mandating Customary and Reasonable Fees. This is the second time in the last couple of months that the FTC is accusing a state of violating antitrust laws over Customary and Reasonable fees. An article titled “FTC Warns NC Appraisal Fee Bill Could Break Antitrust Law” was published on Law360 on July 6, 2017. See excerpts of the article below. To see North Carolina Bill H-829, click here or see below. So what can be done? Contact The FTC with...

Zillow, The First "Agent Management Company" (AMC) for the Real Estate Agent 12

The First AMC for Agents

Zillow, The First "Agent Management Company" (AMC) for the Real Estate Agent Brokers and Agents, welcome to the appraisal world. Zillow is the first "Agent Management Company" (AMC) for your side of the Real Estate Industry. Yes you read that correctly. Zillow’s actions have many similarities to Appraisal Management Companies, so it is fair to say, they are the first "Agent Management Company" “Zillow is hurting the people you are licensed to protect” Doesn’t that sound very familiar to what appraisers have been saying about Appraisal Management Companies?  On the website www.stopzillow.com, Greg Hague, a Real Estate Attorney, Broker and...

Allegations of Price Fixing by FTC Against LREAB: Response Filed 17

Allegations of Price Fixing Rejected by LREAB

LREAB denies FTC’s allegations as factually false & politically wrong-headed… On June 19, 2017, the Louisiana Real Estate Appraisers Board (LREAB) filed a response to the Federal Trade Commission’s price-fixing allegations. In its 15-page response, LREAB denies all FTC’s allegations (see PDF at the end of the article). GENERAL RESPONSE TO THE COMMISSION’S ALLEGATIONS To shore up the integrity of the residential mortgage appraisal process and, thereby, help to avert a recurrence of the real estate-fueled financial crisis of 2007-2009, the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) requires States to empower their real estate licensing agency,...

Technology Forced Upon Appraisers Is About Money in AMC Pockets 32

Enough Already, Nobody is Listening

AMC technology is not about efficiency of the appraisal process… I am very tired of reading all the articles from appraisal management companies stating appraisers need to embrace new technologies and tools. Please stop telling me how to do my job! For the record, appraisers are professionally trained and licensed individuals. We use technology each and every day. We use analytical tools each and every day. Our most power tool, our brains, tells us most of these new technologies and analytical tools are pure garbage; not because the programs are flawed, but they do not have enough accurate data to...

Fee Charged by the AMC Must Be Paid by the Lender 78

Lender Must Pay AMC Fee Proposal!

Appraisal fee charged to consumer must not include AMC fee This is huge. The New Jersey Department of Banking is proposing to change the current regulations of mortgage lenders. The change will require the maximum fee charged to the borrower for appraisal services is no more than the actual fee the appraiser is paid. In other words, any fee charged by the AMC must be paid by the lender. We all need to support New Jersey in this action. This is about Consumer Protection! Please note this did not initiate from appraisers, this came from the New Jersey Department of...

Smoke Detectors Scope Creep & Appraiser Responsibilities 16

Smoke Detectors & Appraiser Responsibilities

Smoke / CO detectors are not “market-measurable” Dear Mr. Lunsford, We have been asked to write to you by an appraiser that just received your most recent communication concerning your new requirements for fee panel appraisers to inspect, photograph and opine as to operability of Carbon Monoxide (CO) and smoke detectors. The American Guild of Appraisers through its affiliated union sponsors represents our own appraiser members as well as the real estate appraisal interests of our combined fraternal families more than thirteen million union members, retirees and their families. We believe this to be an issue of concern for our...

HousingWire Blasted by Appraisers: Sorry, HousingWire, You're Wrong 7

Sorry, HousingWire, You’re Wrong

Appraisers Blasted HousingWire… Last Week HousingWire published an article about the appraiser shortage. The author did not source appraisers for factual information and relied on the propaganda being fed by Appraisal Management Companies (AMCs). “At the current pace, appraisals can kill deals and even give cash buyers an added advantage, according to Urban Institute’s report. Some argue, there are not enough appraisers to meet the rising homebuyer demand as they struggle to fill out long or even redundant forms. Appraisers themselves often comment on HousingWire message boards and say there is no shortage; Quality appraisers are just unwilling to make,...

Staff Appraisers, Monopolies, Labor Shortages 6

Staff Appraisers, Monopolies, Labor Shortages…

The issue of staff appraisers at AMCs and more…. Kilts, Labor Shortages, High Performance Homes, Monopolies, Politics, Surveys and a new direction for VaCAP… all within the last 24 hours! Yesterday was the 2017 Virginia Coalition of Appraiser Professionals (VaCAP) Annual Conference, while we discussed our mission, accomplishments and goals, we voted unanimously to change our by-laws to allow our continued growth. Moving forward our processes will be streamlined and we will be offering educational opportunities for our members. We discussed current issues in Louisiana with the FTC and how the outcome will impact the industry throughout the country, monopolistic...

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