Tagged: appraisal news

Fee Charged by the AMC Must Be Paid by the Lender 76

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...

Copyright of Appraisal Reports: Control Over Our Own Intellectual Property 41

Copyright of Appraisal Reports – Again

Why do we need a copyright in the first place? Before deciding whether you need to copyright, or whether it is too complex or not I urge all to read the information found in the following link. When I started searching to see what the specific requirements were, I initially thought I’d have to pay a fee and submit each ‘work’ (appraisal report) to the United States Copyright Office. Clearly not a practical process for most of us, even if the fee weren’t so high (about $114.00). I’m pleased to say if is not that complicated, or costly. In fact,...

FTC Attorney Response & AGA Seeking Appraisers Opinions 9

FTC Attorneys Response to AGA

Is the FTC asserting that FNMA is exempt from antitrust laws? I don’t think of myself as being obtuse, nor do I think those that know me well would consider me to be particularly slow of wit or comprehension. Despite this, I’m truly confused by the Federal Trade Commission (FTC) attorneys response to the American Guild of Appraiser (AGA) email letter we sent them. The first sentence states “The federal antitrust laws prohibit anticompetitive mergers and business practices that seek to prevent hard-driving competition, such as monopolistic conduct, attempts to monopolize, and conspiracies and combinations that harm competition and consumers.”...

Residential Appraiser Abandoned & Neglected by the Appraisal Institute 95

AI Ignored the Residential Appraiser

AI all but abandoned the residential appraiser… I have been a member of the Appraisal Institute (AI) for many years and the organization has always been tilted toward the Certified General Appraiser. I am Certified General and recognized this long ago. I think the education of the AI is the best with no comparison for both residential and commercial and their publications are second to none. The AI has long neglected the residential appraisers as they sent in their $300 per year. The AI completely dropped the ball starting in 2007 when the crash began. The Appraisal Management Company (AMC)...

Suppression of Appraisal Service Free Trade & Fair Price Competition 23

Restraint of Trade Investigation

I am heartened that the Federal Trade Commission has recognized the need to assure that appraisal “…consumers deserve to benefit from a free market where those fees are set by competition.” It appears that your complaint may have been instigated by the very special interests that are most responsible for suppression of appraisal service free trade and fair price competition in America today. By that I am referring to the entities broadly described as Appraisal Management Companies (AMCs), and in this specific complaint – the Federal National Mortgage Association, also known as Fannie Mae and/or FNMA .

Paying Too Much For Appraisals? 29

Paying Too Much For Appraisals?

Why am I paying more than TWICE the amount paid to the appraiser? I was recently charged/paid $750.00 to have the appraisal completed on the home I was purchasing. With the fees and costs associated with obtaining a mortgage, the appraisal fee was one of little to no concern to me BUT then I received a copy of my appraisal. In accordance with local regulations, the appraiser disclosed the amount he was paid to do the appraisal… $275.00 minus a $15.00 technology fee. I thought to myself why am I paying more than TWICE the amount paid to the person...

Zillow Gone Wild 19

Zillow Gone Wild

Some very interesting news is surrounding Zillow… A lawsuit over Zestimates has now gone to a class action status. This will have rippling effects on each and every state and expand the liability to not only licensing, but privacy and consumer fraud. Read about this change here. Excerpt from the article titled “Class-action suit aims to halt Zestimates in Illinois”: “The Zestimates that Zillow posts are misleading and pose as accurate appraisals in violation of Illinois’ legal description of an appraisal, according to the complaint filed by three members of the Patel family and Schaumburg-based CastleBldrs.com. They claim homebuyers read...

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