Tagged: rural

Can We Stop Taking Comp Photos 65

Can We Stop Taking Comp Photos?

I personally do not think that appraisers should be required to take comp photos… First, before the hate mail starts rolling in, let me assure you that I understand the requirements surrounding comparable photos, and I do take them as an appraiser. I am not here to debate what the policies are, but I am here to question if those policies should be in place. I personally do not think that appraisers should be required to take comp photos. Modern technology has provided appraisers with a way to know as much about a property from the comfort of their own...

Appraisal / Appraisal News / Appraisers News / Trending

Appraisers Should Never Do Evaluations - Appraisers Blogs 15

Appraisers Should Never Do Evaluations

…users of evaluations knew & accepted that if they obtained evaluations in lieu of real appraisals that they were getting meaningless value opinions by unqualified personnel… TALCB will be considering the Board’s position regarding appraisers performing evaluations in compliance with USPAP at the next Board meeting on August 23, 2019 Dear Texas Appraisers Licensing & Certification Board Members: The short and sweet version is that appraisers should never, repeat never do ‘evaluations’. The term itself should never be uttered as if it refers to any legitimate appraisal product that meets the USPAP requirements of a real estate appraisal. When FIRREA...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

North Dakota Appraisal Waiver Granted 8

North Dakota Appraisal Waiver Granted

News ‘hit the fan’ a few days ago that the Appraisal Subcommittee (ASC) granted the requested waiver to North Dakota, but only for ONE YEAR, not the FIVE that was requested. What does this mean? A. It does not apply to ‘all’ appraisals. B. It applies to portfolio (in-house) loans granted by lenders, NOT to loans which eventually will be re-sold to the GSE’s or other agencies – which will require a fully compliant appraisal signed by a licensed appraiser. C. The ND ‘waiver’ appraisals still must comply with USPAP, but the appraisal does not need to be signed by...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

More Bankruptcies, AMC Bounced Checks, & Appraisal Waiver Granted... 6

Bounced Checks, Bankruptcies & Waivers

VaCAP has learned that another AMC might be having financial difficulties. There are conversations currently taking place in two appraiser groups on Facebook. The discussions revolve around bounced checks from an appraisal management company. The comments are varied and some are stating they are having no issues with this particular appraisal management company when it comes to payment. Others are stating invoices are past due from April and late payments have been the norm with this amc recently. One commenter stated their bank has issued a hold on checks from this amc. Then there is the original post from an...

AMC / American Society of Appraisers / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Many Appraisers Will Not Work for Appraisal Management Companies 6

Devastating Impact of a Blanket Waiver

Appraisal management companies do not understand the nuances of the appraisal profession, nor do they understand the challenges many rural properties bring. The Virginia Coalition of Appraiser Professionals has submitted an official comment to the ASC opposing the State wide appraisal waiver request in North Dakota. VaCAP has submitted a public comment expressing concerns over the much larger consequences in allowing such a request. A blanket waiver of appraisals up to $500,000 for a 5 year period will have a devastating impact on housing, not only in North Dakota, but across the country. We envision a snowball effect with other...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

No Shortage Exists - Bankers Data Proves No Appraisal Shortage Exists 9

No Shortage Exists

No shortage exists other than too few appraisers willing to work for drastically discounted fees that would also be willing to overlook the complexities of rural appraising in their completion time estimates. Nowhere in the ND proposal is there an assurance that in return for waivers, consumers would not be charged one dime for appraisal or appraisal related AVM fees. “Rising costs” is a deceptive claim to hide bankers desires to usurp appraisal fees for themselves. Perhaps they would call them evaluation fees to warrant charging $600 to $1,500+ for 30 second AVM analysis fees. Dear Mr. Park: RE: Appraisal...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News

North Dakota Bankers Seeking to Eliminate Consumer Protection Benefits 5

ND Banks Seeking to Kill Consumer Protection

…North Dakota bankers seeking to eliminate consumer protection benefits associated with appraisals… The real issue of concern to all appraisers is the attempted con job and subtle coercion by officials and State Senators in North Dakota over the ASC. In their letter to ASC regarding their appraisal waiver request, they cite only 170 ‘in area’ appraisers while excluding a hundred so-called out of the area (multiple state licenses). While North Dakota is about the 19th largest state in land area, it is the fourth lowest in overall population. The 2018 population was only 760,077! That makes it among the lowest...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News

Should We Real Estate Appraisers Stop Making Adjustments? 43

Should Adjustments Actually Be Done?

How much credit should we give ourselves when it comes to making adjustments? Making adjustments is controversial. USPAP says nothing about adjustments – it does not require us to make them. They are a GSE construct. So, should we real estate appraisers stop making adjustments? Clients pay us for opinions of value, so our adjustments are really opinions based on what the market tells us (or that’s what we should base them on), but they are still opinions we form; they are not facts we find. So, maybe, should we stop making adjustments? We derive our adjustments from sources such...

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

Subject Street Scene Photos' Policy - Appraisers Blogs 13

Street Scene Photos of the Subject Property

Appraisers, the discussion of subject photos occurred recently on a forum I read. How many of you know the street scene “view” policy of FHA and FNMA? How many of you were trained to just take ONE photo from the very front of the subject, looking down the street in one direction or the other (without having the subject in the photo)? Is that ‘good enough’ for a lender to know the context of where the subject is on the street? If a ‘street view policy’ between agencies is more strict for one, would it be appropriate to adopt that policy for...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Administration / FHA

Appraisals Costs Hardly a Burdensome Cost? Appraisers & Realtors Unite! 19

Standing With Us Protecting Consumers!

…average costs and appraisal turnaround times are minimal… VaCAP joins 29 State Appraisal Organizations in opposing an increase in the appraisal threshold. Behind the scenes, VaCAP and the Network have been working with Constantine Cannon LLP on drafting a formal comment on the proposed appraisal threshold increase from $250,000 to $400,000. The result is very thorough and factual. Each state organization contributed facts, figures and scenarios and Constantine Cannon compiled it all referencing current law and prior attempts of increasing the threshold. VaCAP is proud of the work that has been accomplished and proud to be part of a Network...

AGA / AI / AMC / American Society of Appraisers / American Society of Farm Managers and Rural Appraisers / Appraisal

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