Tagged: liability

Mortgage Industry Expert Wants to “Eliminate” Appraisers – A Response 107

Expert Wants to “Eliminate” Appraisers

Mortgage Industry Expert Wants to “Eliminate” Appraisers – A Response The National Mortgage News website just published an interview with an industry expert who openly stated she wants to “eliminate” the appraisal profession. No subtlety, no nuance — she wants us gone! Given the name of the website, I didn’t expect to find too many pro-appraiser viewpoints. I ran a search for the term “appraiser” on the website’s internal search engine and many of the articles that came up were about eliminating the profession or the current state of appraisal waivers.…to “eliminate” the appraisal profession…   Rather than read the article...

Is It Possible to Prove an Adjustment 3

Is It Possible to “Prove” an Adjustment?

We read articles and advertisements on how to prove an adjustment. Is this possible? How wonderful it would be. To prove an adjustment, just push a button and bam! Out comes the correct answer. How could we have we missed this? …prove an adjustment, just push a button…Of course, if such a simplistic and exact answer was possible – anyone could push that button.  An AVM run, a BPO agent, an “evaluator”, or anyone else. Who needs all that USPAP competence and integrity stuff? Even a lender-appointed hybridized “field inspector” could just push the button. The whole process could even skip working with the licensed appraiser completely!...

Solidifi Agreement... All Indemnity Clauses Are Not Created Equal... 5

Indemnity Agreements

Solidifi User Agreement… all Indemnity Clauses are not created equal… This is a response to the article that Dave Towne wrote regarding Indemnity Clauses and that they are common in today’s world and appraisers better get used to it. It is also true that all Indemnity Clauses are not created equal and the devil is in the details. This topic came up because of the agreement that Solidifi requires that all appraisers that receive assignments from them must agree to. Let’s delve into the Indemnity Clause which is in that agreement. First the agreement is between Solidifi and the appraiser...

Indemnity Clauses... Either Sign, or Get Put Out to Pasture - Appraisers Blogs 8

Indemnity Clauses – Redux

It’s been an interesting ride down the fearfulness side of many appraisers since last week’s essay I wrote about Indemnity Clauses. But I’ve also received praise from some of the best well-known people in this industry who understood the position I took, and complemented me for presenting the info. That means far more than the diatribes I get from folks who shake in their boots and don’t bother to fully read what is presented. As I wrote to someone last week, what I should have included in my essay, and will do so now is that if you can’t (or...

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Solidifi Agreement

Solidifi Agreement provides little or no protection for the appraiser… Many appraisers have seen the Solidifi agreement that appraisers must agree to if they want to receive appraisal assignment from them. This 18-19 page agreement written by a lawyer which was paid by Solidifi provides lots of protection and power for Solidifi and little or no protection for the appraiser. Many of you might be on the fence, should I agree to this or should I not and know that I will lose some business. If Solidifi is your major provider of appraisal assignment they have just put you between...

TALCB States 70% of All Complaints Against Appraisers Are Unfounded 114

Frivolous Complaints Against Appraisers

TALCB noted that roughly 70% of all complaints against appraisers are unfounded… The American Guild of Appraiser recently wrote to Texas Sunset Commission expressing member concerns and suggested solutions. We urge readers to copy, paste, edit and send their own comments – even out of state appraisers. Click here to send your comments. Posted AGA comments and concerns Appraiser complaints are allowed to be filed against appraiser by third parties that are not the clients. The appraiser has no recourse to these for recouping costs of defense. Third party complaints by non clients (agents; brokers, buyers, sellers) serve only to...

Are Bifurcated Appraisals Legal in Your State 66

Are Bifurcated Appraisals Legal in Your State?

Lately there has been a push for bifurcated (hybrid) appraisal products. Those promoting these questionable products claim it will reduce the amount of time to obtain an appraisal. Most appraisers are screaming foul play, and for good reason. It is because of bad players doing questionable things that licensing became mandatory in Virginia. Mandatory. Licensing of appraisers protects the public trust. We all know splitting the process will not save time, but rather create delays. The only reason for this questionable product is the profit of the amc, nothing more. And then there is the quality of the information being...

SEC Ruling Impacts the FTC vs Louisiana Real Estate Appraisal Board 0

SEC Ruling’s Impact on FTC vs LREAB

Today’s ruling is a victory for the rule of law and due process… Does this directly impacts the FTC vs Louisiana Real Estate Appraisal Board? Hensarling Applauds Supreme Court Ruling on SEC Administrative Law Judges WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement today applauding a Supreme Court ruling which found that the Securities and Exchange Commission’s (SEC) use of in-house administrative law judges (ALJs) unconstitutional. “Today’s ruling is a victory for the rule of law and due process. Chairman Clayton had already started to move the SEC away from the previous Administration’s overreliance...

Mortgage Fraud, Alert - Appraisal Waivers & Hybrids' Liability Discussions 4

Mortgage Fraud on the Rise

Mortgage Fraud is on the rise. Fannie Mae has released a warning for California, but this could be happening anywhere. The National Real Estate Post (Frank Garay and Brian Stevens) have a short 6 minute video titled “Red Flag Fraud Warning from Fannie Mae” about the warning. Also on the video, markets with declining values have been discovered. Here in Virginia, appraisers have also noted some areas have taken a down turn over the past 4-6 months. Our purpose of sharing this with everyone is not to spread doom and gloom, but to remind each of us to really take...

Liability Risks of Hybrids to Appraisers and Others 10

Liability Risks of Hybrid Appraisals

“Hybrid Appraisals” – Speaking about the Liability Risks to Appraisers and Others at The Appraisal Foundation’s Joint Council Meeting “Hybrid appraisal” liability? I am looking forward to speaking about the subject at a joint meeting of The Appraisal Foundation’s two advisory councils — The Appraisal Foundation Advisory Council (composed of 60 non-profits and government agencies) and the Industry Advisory Council (composed of 35 business entities with interests in valuation). “Hybrid appraisals” (which provide a desktop value opinion from a licensed/certified appraiser relying on a physical inspection of the property by a third party) are being marketed by AMCs and technology companies...

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