Tagged: VaCAP

Delegates & Senators Pass New AMC Law & Clear Capital Possible Violation 14

Details of the New AMC Law

No paid lobbyist, just appraisers talking with the Senators and Delegates about the abuses of some AMCs… Governor McAuliffe signed SB1573 into law requiring appraisal management companies to pay within 30 days of the initial delivery. This becomes law July 1, 2017. Here is how it happened…. Two appraisers, both small business owners, sat down and had a conversation with Senator Frank Wagner about some of the issues appraisers are facing. By the end of the conversation, the three were on the phone with a representative of Legislative Services drafting the verbiage of the bills needed to help protect the...

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

Consumers Overcharged by Appraisal Management Companies (AMCs) 18

Consumers Overcharged by AMCs

Excessive markups are common but consumers usually “know nothing about it”… The Chicago Tribune has published an article written by Ken Harney concerning appraisal fees. The article is very telling of what appraisers already know. Now the consumers are aware. Please read and share the article with your colleagues, agents, local MLS Board, Realtor Board, Appraisal Board and your Legislators. The more the abuses of some AMCs are exposed, the more opportunity we have to protect the consumer. Are you paying unseen add-on fees for your appraisal? By Kenneth R. Harney Are you getting fleeced on appraisal charges when you...

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

Mortgagee Letter Regarding AMC Fees - HUD & the AMC 7

HUD and the AMC

Mortgagee letter on choosing FHA appraiser, AMC &/or 3rd party fees… Does HUD have a Better Understanding of the Role of AMCs? Recently an old HUD/ FHA mortgagee letter has resurfaced. The mortgagee letter, 2009-28 has to do with choosing a FHA approved Roster Appraiser and Appraisal Management Company and / or Third Party Organization Fees. This mortgagee letter specifically states “the fee for the actual completion of an FHA appraisal may not include  a fee for management of the appraisal process any activity other than the performance of the appraisal.” This mortgagee letter was written prior to the Final Rules and...

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

Free To Choose... The Choices We Make As Appraisers 6

The Choices We Make As Appraisers

FREE To CHOOSE… A member of VaCAP shared this on Facebook… We though it is very appropriate as a reminder of the choices we have as appraisers: You Are FREE To CHOOSE, But You are NOT   FREE from the CONSEQUENCE of Your CHOICE In case you missed it… The Housing Wire Webinar held on March 1st is now posted for everyone to listen to. Some mistruths about an appraiser shortage is put to bed. The webinar is 60 minutes. You can watch it below and download the slides used in the presentation here. What is going to happen to...

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

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Purchase Season Protection

Our function as an appraiser is to estimate the market value… Sale Season 2017 We are entering the sale season and the market is beginning to pick up. The velocity of the upcoming sale season will hinge on inventory; currently there is an obvious shortage in many submarkets. Be prepared to handle challenging scenarios. Strong demand and low inventory can lead to multiple offers and escalation clauses. Market predictions for this year forecast a higher volume of sales from 2016. Keep the following USPAP Standards as well as the Definition of Market Value, as defined in your report, in mind...

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

Disciplinary Action Against Two AMCs in Virginia 17

Two AMCs Disciplined in VA

Disciplinary action against 2 AMCs for late payment & operating without license You just have to shake your head at what they try to pull off! At the February 14th Virginia Real Estate Appraisers Board Meeting, Independent Settlement Services and Landmark Network were each disciplined for violations of Virginia AMC Regulations. Independent Settlement Services was disciplined for not disclosing prior disciplinary action in North Carolina. North Carolina audited them and found only 75 times out of 579 appraisals, they paid appraisers within 30 days as required by North Carolina law. The state of Nebraska also fined Independent Settlement Services for...

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

1

A Mind Blowing Trend

Harmful trend implemented by Collateral Underwriter and AMCs… There is a new trend starting in our industry! Phil Crawford with Voice of the Appraisal exposes it. The trend is being implemented by Collateral Underwriter and AMCs. It is extremely harmful to the consumer and local communities. VaCAP recommends each appraiser, residential and commercial listen to his show. His show is 42 minutes long and worth every second. Listen to the Voice of Appraisal E138 Manipulating Chucky and Alexis Craig!!! 1/28/2017 Great Webinar from Network of State Appraisal Organizations! On January 18th, NSAO sponsored a webinar with Jim Parks with the...

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

The Site Value… A Walk in the Park or USPAP Nightmare? 10

The Site Value… A Walk in the Park or USPAP Nightmare?

Recognized methods to determine the site value… We have all been there, the subject is located in an established neighborhood, no vacant land sales in many years and the lender has requested the site value. USPAP Standard 1-1 states “be aware of, understand and correctly employ those recognized methods and techniques that are necessary to produce a credible appraisal.” The other key standard to keep in mind is Standard 2-2a (viii) – “Summarize the information analyzed, the appraisal methods and techniques employed, and the reasoning that supports the analysis, opinions and conclusions: exclusion of the sales comparison approach, cost approach...

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

2017, A Time for Change. Change for the Good! 3

2017, A Time for Change. Change for the Good!

Real Change is on the Horizon! It is always the same; out with the old, in with the new. New Year resolutions typically last a few weeks and then we are back to the same routine. Sound familiar? Well, 2016 saw some improvements in the appraisal profession, but real change is on the horizon. VaCAP’s new year resolution is all about change. Change for the good! 2017 will be a year in which Virginia appraisers continue to move forward in a positive direction. Over the next few months, pay attention to our communications. Some exciting opportunities are in the works...

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

Higher Value Bids - Appraiser Versus Machine 32

Appraiser Versus Machine?

Loan officer, the bank, homeowner… want a higher value… Automated Valuation Models: Are they any good? Appraiser vs Machine? AVMs were run on a few properties that were recently appraised. The results are well, ….. they are what they are. The questions are: Are they good? Are they good enough? Will the consumer accept them? Will the banks and lenders accept them? Below are the samples. We have to be careful as we are appraisers and don’t want to be sitting in front of the VREAB explaining why we shared assignment results in violation of the confidentiality requirements of the...

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

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