Tagged: appraisal fee

Fundamental Risks in Doing Hybrids 7

Fundamental Risks in Doing Hybrids

…the intent is to caution all appraisers about the fundamental risks in doing these… Hybrids – As if another reason for not doing them was required! Regular AppraisersBlogs readers are well aware of the controversy associated with doing bifurcated hybrids. Extensive information as well as disinformation has been spread by the hucksters that promote them, and those few management or owner-appraisers of such firms that benefit from them. This article is not to debate whether they should be done, or even if they could theoretically be done in anything resembling a USPAP compliant manner. Instead, the intent is to caution...

Mortgage Financial Services Puts Appraisers on Timeout for Delays 21

Appraisers on Timeout for Delays!

Early in January, Mortgage Financial Services (MFS) sent out a notice to the appraisers on their panel announcing changes in their turn time policy. In this communication, they state if appraisals are more than 48 hours late, the appraiser will be suspended for 10 business days with no new orders assigned. They also state that the appraiser must request for a longer due date prior to accepting the order, or to raise the appraisal fee for rushes. However, they add, “turn times and fees have to be realistic”. Not long ago, a small number of our clients included penalty clauses...

iMortgage, the Dollar Bidding Company, Sues LREAB for Antitrust Violation 7

LREAB Hit With an Antitrust Lawsuit

…everyone knows that iMortgage / Single Source is the “dollar bidding” company. They send out appraisal requests at $1.00 and ask everyone to provide their fee… The Louisiana Real Estate Appraiser Board has been hit with another legal battle. This time, iMortgage, operating under the name Single Source has filed suit against the Louisiana Real Estate Appraisal Board claiming a violation of antitrust laws. This suit mirrors that of the FTC, which is currently paused by the Fifth Circuit Court. In the suit, iMortgage claims rules created by the Louisiana Real Estate Board, which consists of market participants, set appraisal...

Think It's Okay to Do Bifurcated Hybrids? Georgia Fines Hybrid Appraiser! 101

Georgia Fines Clear Value Hybrid Appraiser

So, do you think it’s ok to do bifurcated hybrids? On January 31, 2018, what appeared to be egregiously deficient Clear Capital “Clear Value” bifurcated hybrids were exposed in AppraisersBlogs. See What IS a “ClearVal Appraisal”? The properties were in Georgia. The appraisals were performed on a desktop basis by an appraiser in Indiana. Total fee was $250. Out of that $250, AMC Fee was $225, and the Indiana desktop appraiser was paid $25.00. Keep that fee in mind as you read through the attachments. Two complaints were filed by AGA™. One with the State of Indiana, and one with...

Hard Fixed Appraisal Fee in TRID - Possible Changes by CFPB 19

TRID – Possible Changes by CFPB

For appraisers and lenders, a key sticking point is the ‘appraisal fee’ has been hard-fixed, quoted up front, and difficult to change, at the time the assignment is given to the appraiser… Appraisers / Lenders, the Bureau of Consumer Financial Protection (CFPB) has opened a comment period soliciting written comments on the current TILA-RESPA Integrated Disclosure (TRID) process applying to consumer mortgage loans. Comments can be submitted to the following addresses, until Jan. 21, 2020. You may submit comments, identified by Docket No. CFPB-2019-0055, by any of the following methods: Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments....

Appraisal Fee Transparency Falls Short - Appraisal Complexity Ignored 9

Appraisal Fee Transparency Bill Falls Short

No system that continues to allow (or limit) defining appraisal complexity to the lender or AMC will ever achieve reasonable, or fair compensation for the appraiser…. We need to do much better than “half a loaf” in our appraisal legislative efforts. Especially when that half loaf does no more than enshrine continued price-fixing by lenders; with the support & blessing of REVAA… WorkingRE published news of recent House of Representatives action. The Bill addresses consumer disclosure of AMC fees among other issues. While the American Guild of Appraisers applauds the efforts of those that worked in good faith on this,...

Appraisal Waivers and Hybrid Appraisals False Narrative - Quality Matters 23

Appraisal Waivers and Hybrid Appraisals

The fallacy of those who endorse Hybrid appraisals is their assumption that the appraiser’s field work is less valuable, less important, than their analytical work behind a computer. They feel the task of inspecting the property and driving comps is best farmed out to someone else with less training. The real truth is that the field work is critical! There is no way an appraiser can credibly analyze a property through the eyes of another… The Need for Speed: In a previous post entitled The Need for Speed, I explained that lenders and Appraisal Management Companies are on a mission to shorten the...

Competitors on State Appraisal Boards - NSAO Supports HR 3619 6

Competitors on State Appraisal Boards

Phil Crawford has a new Voice of Appraisal show. This is one of the best shows Phil has ever done. He touches on issues with Bifurcation, Board competitors and even mentions VaCAP and our “Other Side of Things” article that received a lot of attention on Appraisers Blogs last week. Phil encourages support for VaCAP President Pat Turner to be appointed to the Appraisal Standards Board. The show is 36 minutes, so please take the time to listen. You might even get a good laugh out of some of the humor displayed. Listen to the show below. Board Competitors? VaCap,...

Bill Requires AMC to Disclose their Fee and Fee Paid to the Appraiser 12

Full Transparency in Fee Disclosure

Requirement to disclose appraisal fees: Uniform Settlement Statement SHALL include the AMC fee AND fee paid directly paid to the appraiser by the AMC… HB 3619 has been referred to the House Financial Services Committee. VaCAP has learned over the weekend that HB 3619 has been introduced in the US House of Representatives. HB 3619, short titled “Appraisal Reform Act of 2019” amends the Financial Institutions Reform, Recovery and Enforcement Act. The main change to  FIRREA deals with appraisal management company and appraiser trainee registries and the addition of a member of the Veterans Affairs on the Appraisal Subcommittee. The bill also modifies Section 2603,...

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...

xml sitemap
blank