Tagged: Appraisal Management Companies

American Guild of Appraisers Petitions Fed 0

Fed Petitioned by American Guild of Appraisers

American Guild of Appraisers Petitions Fed and Consumer Financial Protection Bureau to Overturn Regulation that Threatens Viability of Professional Appraisal Practice WASHINGTON, Feb. 23, 2012 /PRNewswire-USNewswire/ — The American Guild of Appraisers (AGA), a national organization of real estate appraisers that is an affiliate of the AFL-CIO’s Office and Professional Employees International Union (OPEIU), has petitioned the Federal Reserve Board (“Fed”) and the Consumer Financial Protection Bureau to overturn a regulation adopted by the Fed that is contrary to the Dodd Frank Financial Reform law, threatens the viability of professional appraisal practice and undermines the legitimacy of real estate appraisals...

NAIHP Exposes AMC Tax Evasion / RESPA Violations 1

NAIHP Exposes AMC Tax Evasion / RESPA Violations

AMCs violating RESPA NAIHP recently discovered many Appraisal Management Companies (AMC’s), are operating without authority in most states and have failed to pay state income tax. When businesses are formed, they are required to register with their Secretary of State, for authority to conduct business. That registration alerts the State Tax Department you exist and may be responsible for certain taxes. The same holds true if you operate outside your home state, according to Marc Savitt, NAIHP President. “Most AMC’s are only registered in a handful of states, but operate nationwide. If you’re not registered, you’re not paying taxes,” said...

AMC’s Filing Complaints Against Appraisers 1

AMC’s Filing Complaints Against Appraisers

AMC’s are sending in complaints on appraisers… From ICAP – Illinois Coalition of Appraisal Professionals “Good afternoon ICAP’ers, I am writing to our residential members regarding a growing problem that ICAP is concerned with regarding lenders and AMC’s filing complaints against appraisers. THE SETUP: You receive a call from a lender or an AMC who wants to talk to you about an appraisal assignment you recently completed for them. The call usually comes from the QC Department at the post closing stage of the loan. They start questioning you on your line item adjustments. All the comparables are on smaller...

Urge your Representative to Vote for Regulation of AMCs 0

Urge your Representative to Vote for Regulation of AMCs

Urge your Representative to Vote for HB 210 Regulation of AMCs Hello VaCAP! As you know, VaCAP leadership has been working hard with VAR and the VAR Appraisal Alliance to help draft and support an AMC regulation bill. This bill is currently in the Virginia House of Delegates, and will cross over to the Senate on February 15th. Since many local realtor associations now require appraisers to be full members in order to obtain access to their MLS systems, VaCAP has many members who are also members of VAR. If you are a member of VAR, your dues have helped...

Appraisal and AMC Fees Separated on Revised Settlement Forms 4

Appraisal and AMC Fees Separated on Revised Settlement Forms

The Consumer Financial Protection Bureau released the second proposed version of a new Consumer Disclosure Form Feb. 1 that includes clear disclosure of any fee paid to a “Local Appraisal Company” and to an “Appraisal Management Company.” The Appraisal Institute reported last month that the CFPB is in the midst of developing a new form that would replace the existing HUD-1 settlement statement. In December 2011, Appraisal Institute representatives met with CFPB officials about the new form. The CFPB has indicated that several versions of the proposed form will be developed and tested with consumers by focus groups, with a...

On Appraisals, Should You Follow the Money? 6

On Appraisals, Should You Follow The Money? Asks Kenneth Harney

Follow the Money Some appraisers are being paid less than half the fee, while the balance flows to an appraisal management company. Washington – The new Consumer Financial Protection Bureau is working on a real estate issue that gets to the core of the agency’s purpose: Bringing clarity and better disclosures about the often opaque and costly fees that homebuyers, sellers and refinancers are hit with at closings. One of the disclosures now under review might surprise you: appraisal charges. Why do they need clarifying? Doesn’t just about everybody who applies for a mortgage, whether it’s to buy a house...

American Guild of Appraisers Files Request with Federal Reserve Board Seeking Documents Related to Regulations on Customary and Reasonable Compensation of Fee Appraisers 1

American Guild of Appraisers Files Request RE C&R Fees

American Guild of Appraisers Files Request with Federal Reserve Board Seeking Documents Related to Regulations on Customary and Reasonable Compensation of Fee Appraisers WASHINGTON, Jan. 23, 2012 /PRNewswire-USNewswire/ On behalf of the American Guild of Appraisers, today the law firm Garvey Schubert Barer filed a request with the Federal Reserve Board under the Freedom of Information Act seeking a wide variety of documents related to the regulations on customary and reasonable compensation of fee appraisers that were issued by the Board in October 2011. In announcing this action, Guild President Peter Vidi said, “It is clear that appraisal management companies...

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Putting Your Licence in Your Appraisals?

Why I refuse to put a full size copy of my appraisal license in reports This story appeared in the Columbus Dispatch, Columbus, Ohio on Jan. 14, 2012.  I have ‘clipped’ excerpts: Durk Reese’s efforts to launch an appraisal business were nearly destroyed when his name was used without his knowledge on inflated appraisals as part of a mortgage-fraud scheme. Mark Harmon is still trying to recover from the damage to his reputation after his name was used in the scam two years ago. Both were victims of identity theft committed by Daniel J. Nichter, a former Franklin County development...

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Congresswoman Jackie Speier letter to author of “Public Trust Betrayed”

James E. Manning, author of “Public Trust Betrayed”, an appraiser in California who began his career in 1973, received a letter from Congresswoman Jackie Speier in response to his book and the state of the appraisal industry: December 30, 2011 – Mr. James Manning Dear Mr. Manning: Earlier this year you offered me a copy of your book, Public Trust Betrayed.  After some delay, I have finally had an opportunity to briefly review it. I agree with many of your conclusions. For example, you indicate that existing laws created after the savings and loan debacle were not enforced. I  agree,...

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FDIC Publication Focuses on Real Estate Valuation Programs

Issues related to real estate appraisal and valuation programs are of critical interest to bankers and regulators. “Navigating the Real Estate Valuation Process,” which appears in the Winter 2011 issue of Supervisory Insights released on December 14, 2011, highlights certain aspects of the 2010 Interagency Appraisal and Evaluation Guidelines (Guidelines). This article also provides information for bankers regarding sound practices for banks’ real estate valuation processes in the areas of valuation review, independence, content standards, preparer selection, and monitoring. “Banks have implemented provisions of the Guidelines, but continue to seek feedback from their regulators on appraisal-related concerns,” said Sandra L. Thompson, Director, Division of...

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