Tagged: data

Verifying Property Sales Data Is Key Element in Doing Appraisals Correctly 10

Verifying MLS Shown Sales Price

Verifying property sales data is a key element and requirement in doing appraisals correctly… Verifying property sales data is a key element and requirement in doing appraisals correctly. We cannot just assume the MLS reports sale prices correctly. One aid to help do this is by using one of the ‘data download’ software providers which prefill many property data items in the report comparable grids. These companies have direct interties with the local MLS (most, not all across the US), and public data from either your jurisdiction recording or assessor office, or an amalgamation company such as Realist. Two ‘data...

Appraisal / Appraisal News / Appraisal Software / Appraisal Technology / Appraisers News / DataMaster

Appraisal Forms Redesign - What's Coming Down the Track? 3

Appraisal Forms Redesign

In 2018, the GSEs began working on ‘mortgage lending appraisal forms redesign’, a process they said would take approximately 3 years to accomplish. The effort is currently underway, however they have not announced exactly when the process will be completed, or when the new forms will take effect. Attached is a PDF of their FAQs through June 2020 which you may want to peruse, just so you become more aware of “what’s coming down the track” not too long from now. From my quick read of this FAQ document, key items include: GSE forms are not to be used for...

1004MC / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / UAD

Until Census Data is Made Illegal in Appraisals, There will Be Discrimination 5

Use of Census Data in AVM & Discrimination

Every single appraisal any of us do has a census tract number as a required element. There are no exceptions for federally regulated transactions. Even where no bias or prejudice is intended, language that the PC Police have ascribed as being ‘potentially racist, biased or prejudicial’ has long been prohibited. Buyers clearly do care and weight ‘neighborhood or school or special amenity neighborhoods’ in terms of ‘desirability’, but no appraiser can consider this. We are even prohibited from having people in pictures which could be indicative of race. It’s gotten so nuts that property owner’s own photos of religious icons,...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Valuation Technology

Homeowner Enabled Appraisal Inspection Tool, Social Distancing Protocols 28

Homeowners Providing Interior Home Data

Clear Capital is launching a new homeowner-enabled appraisal inspection tool the week of March 30… Over the past few weeks, I have seen in forums many appraisers talking about having homeowners provide home interior details (photos, videos, etc.), which can be used in appraisal reports. Well, guess what? American Ingenuity at work, which will be available soon. From the HousingWire article titled “Clear Capital launches new remote inspection tool“: “Real estate technology company Clear Capital has launched a new homeowner-enabled appraisal inspection tool, which adheres with encouraged social distancing protocols in light of the coronavirus. OwnerInsight is a tool that...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

Amrock Sharing Appraisers' Personal & Tax Info Without Permission 27

Don’t Open that Email!

Have you given permission to Amrock to outsource / share your personal and tax information?… Amrock recently sent their panel appraisers an email informing them a third party company, Fidelity Financial LLC, will be sending an email with a link to obtain their 1099-MISC. Don’t open that email! A simple Google search did not reveal any specific results for Fidelity Financial LLC. Who are they? Are they part of Fidelity Investments which is the #1 result on the search? Are they part of Fidelity Financial Group, which is an insurance wholesaler? Where are they located? Who are the principals? How can we contact them?...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

We Need Software which Enables & Empowers the Analyst... the Appraiser 7

What Skills Do I Need Now?

Analyst software focuses on analysis – sorting, classifying, comparing, and associating data to turn it into useful information… New technologies require new skills. The bad news is that new data science skills are not taught in appraiser education. The good news is that the new technologies are things an appraiser can sell. Let’s look at the good news! Data science skills include the ability to: Identify the relevant data. Turn the data into useful knowledge. Express the analytic flow to a customer. Who can best collect, analyze, and explain an analysis? Well, it takes someone who understands the subject (the market), the analytics (algorithms), and communication (visuals and summaries).  Machines...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM

SFREP Doesn't Do Data Collection - Software by Appraisers for Appraisers 23

SFREP Does Not Collect Your Data

What Exactly Can SFREP Software Offer for Real Estate Appraisers? Are you working as efficiently as possible? In this day and age, appraisers need to be quick on their feet and utilize every tool under the sun to help streamline the process. That’s where SFREP comes in. This company is creating software designed to make the appraisal process digital while keeping it as fast, accurate, and straightforward as possible. But how exactly does SFREP work, and can it really make your job easier? For many real estate appraisers, the answer is a resounding yes. Software by Appraisers, for Appraisers SFREP...

Appraisal / Appraisal News / Appraisal Software / Appraisal Technology / Appraisers News / Trending

Data and Verification Sources Are Critical 11

Data and Verification Sources Are Critical

The genesis for this essay began when I heard from another appraiser that a VA report reviewer rejected the comparables “DOC Number” on the Verification Source(s) line. The reviewer said the “DOC Number” was not acceptable as a Verification Source. In fact, VA has said in a newsletter to appraisers that “… Assessor’s File Number may never be used as a Verification Source.” I disagree with that position, and this essay explains why. It also explains what appraisers should do to provide credible Data and Verification Source(s) in reports. Caveat: I don’t do VA assignments. I decided that a deeper dive...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / The US Department of Veterans Affairs / UAD

Is an Appraisal Report Considered Intellectual Property? - Appraisers Blogs 8

Are Reports Intellectual Property?

Recently one of my Mastermind students asked about Intellectual Property. He told me that he’d had an associate leave his firm to go solo. Later, he was reading one of his former-associate’s reports and found the now-independent associate’s reports looked a lot like his in format, and even language. My student asked me if this was wrong. Well, I’m not a lawyer, but there are some sound issues to consider here. If you write something, if you are its author, it is your intellectual property. You can either trademark it (like a logo), or copyright it (like a novel). We...

Appraisal / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP

Game Over ServiceLink - AMCs Appraisal Schedule Fees Made Public! 60

Game Over ServiceLink

Now that ServiceLink fee schedule, indicating fees paid to appraisers and fees charged to the lenders, has been released to the public, there is absolutely no reason for in camera review… We are sure you have heard the old saying what goes around comes around, right. Well, here we are again; The FTC vs Louisiana Real Estate Appraisal Board case has been brought back into the spot-light. As you may recall, the LREAB filed a civil case against the FTC in attempt to stop the case against them. That case was denied due to lack of jurisdiction. Then the LREAB...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

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