Tagged: CoreLogic

Third Party Services Prohibited - Prohibition is Back! 24

Prohibition is Back!

AMC strictly prohibits the use of third party services. A recent review of an engagement letter from a large national appraisal management company revealed something pretty peculiar… “An appraiser is prohibited from using any third party services.“ Wait, What? No third party services? I am no attorney, and certainly do not know all the aspects of law, but it seems that the definition of third party services is pretty self-explanatory. To be sure I am not mistaken; I researched the definition of third party. FreeDictionary.com: “A person who is not a party to a contract or a transaction, but has...

State Organizations Changing the Landscape, Appraisal House Is in Order 19

Who’s for Dinner?

State Organizations & Appraisers Helping Appraisers You may have heard the expression “if you do not have a seat at the table, you are on the menu.” VaCAP can honestly state, appraisers are not on the menu. Over the past several weeks, members of the Network (NSAO), which has now grown to 28 state organizations, have been recapping the events that transpired at the meetings in Washington D.C. last month. These meetings consisted of the FHFA meeting, the NSAO meeting, the ASC meeting, and the AARO conference. Most state organizations participated and many individual appraisers attended. The support for the appraisal...

Tax Reform & Appraisers Responsibility to Verify Data - AppraisersBlogs 12

It’s All About the Details…

The National Association of Realtors is encouraging all members and citizens to contact their representatives concerning tax reform. Congress is considering many tax reforms including the elimination of the mortgage interest deduction. See their website for further details on how the middle class can be impacted. Excerpt from NAR Tax Reform Call for Action: I urge you to oppose any tax reform plan that would weaken the tax incentives for owning a home, such as the mortgage interest deduction. Additionally, please do not let a tax reform plan increase taxes on middle-class homeowners through the elimination of the state and...

Markets & Big Data Fool Proved Forecasting 10

I Got It Wrong…

“…after forty years of studying markets, I got it wrong…” As time goes on, the one thing that appears to be both a societal and financial markets constant, is our inability to learn from our past mistakes. Late, a couple of nights ago (10/23/17), while channel surfing, I happened on an economics program intended to explain the financial crisis of 2008. My apologies for referring to a programming without its name or network. Instead, I had to consider the person who was the primary focal point of the program: Hyman Minsky (see link to The Economist here). Before reading the...

Bid Request to Find the Lowest Bidder Coming Soon to Mercury Network 60

Let the Bids Begin!

Bid assignments are more often than not awarded to lowest bidders… For the past couple of days, we have been hearing rumors about Corelogic beta testing a “Residential Bidding” system for Mercury Network. It is no longer a rumor. It will be launched in late August. It did not take Corelogic long, after it acquired Mercury Network, to implement some changes. The bidding system will allow their customers to request bids from multiple appraisers. They claim that this feature will help their clients find an appraiser faster. Yet, will this be the primary reason it will be used? Based on...

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...

Copyright of Appraisal Reports: Control Over Our Own Intellectual Property 42

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.”...

CoreLogic vs Appraisers: My Day as an Appraiser 74

My Day as an Appraiser

Big Corporations like CoreLogic are like sharks… This morning, as I do every morning, I made some coffee and began work on one of the two appraisal reports that were soon to be due. The first was for an AMC known as Speedy Title and Appraisal Review Services. This appraisal management company is owned by CoreLogic. From their website “CoreLogic is an Irvine, CA based corporation providing financial, property and consumer information, analytics and business intelligence. The company analyzes information assets and data to provide clients with analytics and customized data services. The company also develops proprietary research, and tracks...

Hybrid Appraisal Products & Public Trust 7

Hybrid Appraisal Products & Public Trust

Are busy appraisers doing Hybrid Appraisal products? Appraisers, The article titled First American launches new appraisal solutions technology popped in my system Tuesday early morning as I was getting ready to park my slippers. This article touts another ‘major’ company’s effort to design and implement a new version of what’s become to be known as a Hybrid Appraisal product. These products are designed to have a real estate sales person do the on-site property observation and photos, which are then provided to an appraiser, who completes a USPAP compliant ‘desktop’ appraisal. The whole point of these Hybrid appraisal products is...

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