Tagged: CoreLogic

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.”...

CoreLogic vs Appraisers: My Day as an Appraiser 63

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...

Contract Price vs Failed Appraisal...The Blame Game Just Won't Quit 34

Shame on Us – Appraisal FAILS Replace LOW Appraisal

Appraisal under contract price… Appraisers, The blame game just won’t quit. Now instead of dealing with a ‘low appraisal’, it’s now a “FAILED appraisal.” It’s always “our” fault properties don’t sell – when the contract sale price is higher than the appraised value. It’s never the fact that the home may have been over-priced, the buyer was desperate or over-emotionally involved, or the seller super greedy. The latest example highlighting “our” deficiencies: Excerpts from the Mortgage News Daily article: “…collateral problems are consistently the third most frequent cause of loan denials.” “…appraisals coming in below the contract selling price is...

Freddie Mac Criminal Aspects of Its Appraisal Free Mortgages 33

Freddie Mac Criminal Aspects of Its Appraisal Free Mortgages

Freddie Mac is opening itself up to over 150,000± potential individual lawsuits… This is a response from Mike Ford to Kenneth Harney’s article, “Freddie Mac planning appraisal-free mortgages”. I represent the American Guild of Appraisers, #44OPEIU, AFL-CIO, and the real estate appraisal-related consumer and taxpayer interests of our more than fifteen million± AFL-CIO members, retirees and their families. I’m prompted to write this open letter regarding your recent well written & researched article, titled “Freddie Mac planning appraisal free mortgages”. Regrettably, it was too brief to cover several additional critical aspects of the issue, but I assume the Chicago Tribune’s...

Unintended Use & Misleading Appraisal Reports 13

Unintended Use & Misleading Appraisal Reports

Unintended and Potentially Misleading At what point do we ALL say enough? When they insist on unlocked PDF, XML or ENV formats that facilitate recipients in removing portions of appraisal reports they don’t like? Too late. When they blacklist appraisers for refusing to make post effective date contract analysis changes? When they set the fees we charge? When they change the scope of work after assignments are completed? When they LIE to borrowers about how much the ‘appraisal fee’ is? Now we have several that think THEY own MY professional work product? Like HELL they do! Any, repeat, ANY appraiser...

ACI Sky Causing Distress for Appraisers 44

ACI Sky Causing Distress for Appraisers

Are you giving in to ACI Sky? An appraiser who will remain anonymous tells us… “within the last week, I have had two issue of concerns with “UAD” compliance and ACI Sky Delivery ( I can hardly write that; as, it is a significant source of stress when I have to deal with it). I have tried to submit reports, with issues that prevented the upload (no surprise with “Sky”). The first involved the 1004MC form. The comparables that were available for the subject were extremely minimal – something like 4-6. The last period only included 1 comparable (no valid...

AVMs can Never replace Appraisals 34

AVMs Can NEVER Replace Appraisals

AVMs Can NEVER Replace Appraisals & why FNMAs vaunted CU AVM is flawed! Yesterday (March 15, 2016), an appraiser called me to discuss a complex assignment he had. One of his comparable sales was reported in MLS as having sold for $3,469, 898. It was in range with his other comparable sales for his subject property. It was the most similar comparable property. When he went to verify the sale price with our Los Angeles, California subscription-equivalent to “public records” he discovered a shocking discrepancy he couldn’t explain. RealQuest (CoreLogic) showed the full value sale price as $17,665,455! So what...

commercial aprpaisal world 39

Commercial Fees Taking a Hit, Revision Requests & C&R Fees

Fee for commercial appraisals cut in half Metro West is an AMC entering the Virginia Commercial world. They are coming on strong as they have viable operations in other states. I heard that in the states they are presently in, the fee for a commercial appraisal has been cut in half. Like I said before, it’s only a matter of time. Will Virginia establish a C&R fee for a commercial report? Customary & Reasonable Fee Since Virginia enacted the C&R fee rule, I have gotten a lot of emails from appraisers asking when can they charge more. “When can I...

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