Tagged: USPAP

The 1004D for Disaster Inspections 3

The 1004D for Disaster Inspections – Advice

When Disaster Happens… Appraisers, The phrase “disasters happen” is, unfortunately, all too common. Fires, floods, vehicle accidents, wind storms, hurricanes, tornadoes are all factors that can affect real property. When a local disaster happens, and is officially declared, lenders often ask appraisers to observe the current condition of their mortgaged properties. The assignment date may be days, weeks or months after the declared disaster. The hiccups, hang-ups and head scratching occurs when the lender or AMC asks for a ‘Disaster Inspection Condition Report’ to be done on the wonderful 1004D form. Something it is not designed to do. And this...

Non-USPAP states - appraisers liability limited to appraisal fee 6

Limiting Appraiser Liability to the Cost of the Appraisal?

I recently got an email from an appraiser I have high regards for. He asked me a simple question that got me thinking. It was: “Why don’t a group of appraisers get together and form an AMC?” I found that an interesting concept. It has been done. Coester was an appraiser and now he is just an AMC. Allen Hummel, an Appraisal Institute icon, has an AMC. Why not? We know it better than anyone. But the devil is in the details. Appraiser’s liability for mistakes or omissions in this appraisal report is limited to a refund of the fee...

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...

Licensed Residential Appraiser Response to Appraiser Shortage 11

Licensed Residential Appraiser Response to Appraiser Shortage

Licensed Residential Appraiser out of work! I find it hard to believe that there is a shortage of appraisers when I, a Licensed Residential Appraiser, have only completed three (3) appraisal assignments for 2016. I am constantly denied approval by Banks and AMCs. I’ve been denied because I am Licensed. I’ve been denied because I am not Certified. I am not being denied work because I am incompetent or because I have not been USPAP compliant. Certainly not because I have been disciplined. FHA removed Licensed Residential Appraisers. Then Banks and AMCs were eager to follow. I do not see...

We Need More Appraiser Drivers! 9

We Need More Appraiser Drivers!

Powerful ‘uncles’ gave us the vehicles, but we need more drivers! Stand up for yourself and oppose those things that are wrong in our own profession and the related lending industry. Oregon: Teach THEIR Board USPAP! Seriously. They were trying to fine people for not meeting turn times, as a USPAP violation! TWENTY FOUR PER CENT of the AARO (Government Regulatory Officials) members they contacted for advice ALSO thought the same way! …New Jersey, Minnesota, Illinois and how many others: Ongoing reports, and evidence, of punitive mindsets rather than protective of the public views. They are using fines to balance budgets…

An Opportunity for More Work? 15

An Opportunity for More Work…

Work opportunity for $25… Opportunity? A member of VaCAP forwarded this email from an AMC. VaCAP wanted to share. “We have a new product which is a review of a BPO. You’ll need to log onto a site and complete a checklist. The pay is $25 per report with a 24-48 hour turn time. Most can be done in about 10-20 minutes. All work can be done from your desktop. Training will be provided. Please let us know if you are interested. At this time, we are reaching out to garner interest. We’ll let you know the next steps as...

Comments Continue to be Invited - Appraisers Call to Action 6

Should the Government Accept Appraisers’ Complaints?

If you believe the government should be accepting complaints from appraisers regarding Appraiser Independence Issues, then please send your comments Please respond to the call to action below! The IACF was developed for use by those who wish to file a formal, written complaint that an entity subject to the jurisdiction of one or more Agencies, the Board, or the NCUA has failed to comply with the appraisal independence standards or USPAP. The IACF is designed to collect information necessary for one or both of the Agencies, the Board, or the NCUA to take further action on a complaint from...

Homeowner report appraiser identity fraud 13

Appraiser Removed from AMC Panel due to Fraud

Homeowner was not comfortable with the apparent fraud that was committed… Folks, I am sometimes offered information about appraiser issues in a confidential nature by other appraisers. When that occurs, I do not distribute specific information about the issue, but may choose to reveal facts via the ‘big picture.’ This is one such case: A homeowner decided to refinance their home. Appraisal appointment was scheduled. ‘Someone’ showed up at the home to do the interior & exterior inspections and take photos, etc. When the homeowner asked who that ‘someone’ was, ‘someone’ provided a different appraiser name. Report was completed and...

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Collateral Underwriter, What’s Under the Hood?

Collateral Underwriter – Garbage In, Garbage Out (GIGO) FNMA has a fascination for first patenting garbage, & then implementing it as policy! FNMA simply LIED! Collateral Underwriter IS an automated ‘appraisal review’ despite disclaimers. It was never intended as anything else. Read the patent application below. Before I get into the details, I want to ask each reader to forward this to every appraiser you know. This concerns FNMA’s patent of the seriously flawed techniques and underlying support for their Collateral Underwriter (CU) Risk Rating “System”. It’s time for appraisers to take action against the unreliable system which is unfairly...

First American Financial and ACI software 13

Software Provider Conflict of Interest(s)?

ACI software & “restricted appraisals” that suffer from schizophrenia… It’s been awhile since I reviewed or researched influences affecting products offered by appraisal software providers. It’s hardly been a number one priority lately. However, I just noticed something I’ve missed for I can’t even begin to guess at how long. Like many appraisers, I use a variety of software providers. Some do some things better than others, or easier. It’s usually been a matter of preference. I started out back in the 1980’s with Formfil PC+, back on my old DOS based system. It was a decent appraisal software. Pretty...

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