Tagged: Uniform Standards of Professional Appraisal Practice

Increasing use of AMS to replace AMCs 15

Increasing use of AMS to replace AMCs

AMS on fast track to replace AMCs… Well, it looks like the detritus of HVCC has finally come full circle. AMS (services vs companies) are on the fast track to replace AMCs. AMCs that foster their use haven’t realized that yet. They have given the lenders the tools needed to avoid costly appraisal management oversight departments while at the same time giving them the ability to use only those appraisers willing to make the deals work. They mistakenly believe that by delegating to an AMS or AMC they have met their due diligence requirements.Quality control? Sure. Just ignore the FNMA...

Special Report on Appraisal Technology Rebuttal - Hey! BIG Data, Leverage This! 13

Hey BIG Data, Leverage This!

The image above is not a part of the Appraisal Technology Special Report “Across the street from a house are two vacant lots. Zillow thinks one of them is worth $16K and the other one’s worth $169K. You can see them on the aerial view here.” I was recently asked by professional peers if I would read and comment on a Special Report published by ValuationReview, with the introduction penned by Mike Holzheimer, Editor. This Special Report may be downloaded here. Let’s be clear up front. I was not asked because of my proficiency with grammar, punctuation or even my...

Geographical Competency...What the Flip is it? - AppraisersBlogs 18

What the Flip is ‘Geographic Competency?’

I want to talk today about one of my biggest pet peeves in the whole real estate appraisal industry: geographical competency. We belong to an industry in which large numbers of people are failing to make a living, and being forced to leave. It’s sad, but it can be reversed. One of the major changes that is needed regards geographical competency. We throw this phrase ‘geographical competency’ around a lot, and pretend that it means something. Does it really? Well, if you go and take a look in USPAP, I don’t think you’ll find it there. You’ll find the competency...

Flagstar Bank Eliminating Use of AMCs: Direct Vendor Appraisers Wanted 29

Flagstar Bank Eliminating AMCs

Flagstar Bank’s Direct Vendor Appraisers Appraisers, I have just learned from reading a forum that Flagstar Bank is doing away with the AMCs they use, and bringing appraisal ordering back in-house. However, you must agree to this: PLEASE NOTE: We only pay via ACH (automatic deposit twice a month on the 1st and 15th) so your bank information is also mandatory. There are no other payment methods available at this time so if you prefer not to use automatic deposit we unfortunately cannot add you to the panel. Also effective July 24th, 2017 there will be a click fee charge...

Technology Forced Upon Appraisers Is About Money in AMC Pockets 35

Enough Already, Nobody is Listening

AMC technology is not about efficiency of the appraisal process… I am very tired of reading all the articles from appraisal management companies stating appraisers need to embrace new technologies and tools. Please stop telling me how to do my job! For the record, appraisers are professionally trained and licensed individuals. We use technology each and every day. We use analytical tools each and every day. Our most power tool, our brains, tells us most of these new technologies and analytical tools are pure garbage; not because the programs are flawed, but they do not have enough accurate data to...

Smoke Detectors Scope Creep & Appraiser Responsibilities 16

Smoke Detectors & Appraiser Responsibilities

Smoke / CO detectors are not “market-measurable” Dear Mr. Lunsford, We have been asked to write to you by an appraiser that just received your most recent communication concerning your new requirements for fee panel appraisers to inspect, photograph and opine as to operability of Carbon Monoxide (CO) and smoke detectors. The American Guild of Appraisers through its affiliated union sponsors represents our own appraiser members as well as the real estate appraisal interests of our combined fraternal families more than thirteen million union members, retirees and their families. We believe this to be an issue of concern for our...

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.”...

Suppression of Appraisal Service Free Trade & Fair Price Competition 25

Restraint of Trade Investigation

I am heartened that the Federal Trade Commission has recognized the need to assure that appraisal “…consumers deserve to benefit from a free market where those fees are set by competition.” It appears that your complaint may have been instigated by the very special interests that are most responsible for suppression of appraisal service free trade and fair price competition in America today. By that I am referring to the entities broadly described as Appraisal Management Companies (AMCs), and in this specific complaint – the Federal National Mortgage Association, also known as Fannie Mae and/or FNMA .

Ocwen's Trouble May Mean More Business for Appraisers 3

Ocwen Is In Trouble

Could Ocwen’s trouble mean more business for appraisers? Ocwen Financial is in trouble with 22 States and the Consumer Financial Protection Bureau. Some states have issued a Cease and Desist Order, others like South Dakota are telling it like it is: “Ocwen does not possess the competence, experience, character, or general fitness required to permit Ocwen to continue…” Could this mean more business for appraisers? Will these issues be found in other lenders? How will the Real Estate and mortgage market be impacted? Time will tell. In the meantime, read all about Ocwen’s trouble on HousingWire here. In Other News:...

Desktop Appraisal... Should I or Shouldn't I?  28

Desktop Appraisal… Should I or Shouldn’t I? 

New wave of AMCs desktop “appraisal” products… VaCAP has received several emails from members concerning a new wave of desktop appraisals available from some AMCs. These products have an inspection of the property performed by another individual and the photographs and property specific data is provided to the appraiser. The AMC’s are claiming that the entire product is on-line and no written report is needed. They also claim the report is USPAP compliant. They are looking at compensating the appraiser $65 and the report should take approximately 45 minutes to complete. VaCAP does not have any specific knowledge of these...

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