Tagged: Veterans Affairs

Fee Survey....Survey Says! Appraisal Fee Increases & 2017 Surveys 14

Fee Survey…. Survey Says!

Fee Survey Results & Fee Increase…. Appraisers have certainly been hearing a lot of negativity lately and we finally have some good news to share. The Veterans Administration has completed its fee survey. This is good news as the VA now considers $525 as the normal fee for non-complex properties in Virginia. This equates to a 16.5% increase from the previous fee of $450. To see the new fee schedule for Virginia, District of Columbia, Kentucky, Maryland and West Virginia, please click here or see table below. The fees become effective 09/01/2017. Greetings, The purpose of this communication is to...

Clear Capital Push For Hybrid VA Appraisals 44

Clear Capital’s Push For Hybrid VA Appraisals

Clear Capital suggests that the VA consider the use of a desktop appraisal On April 4, 2017, the House Committee on Veterans Affairs held a hearing on “Assessing VA Approved Appraisers And How To Improve The Program For The 21st Century.” The hearing was designed to “assess VA’s current appraisal process, as well as specific difficulties for timely appraisals in highly rural areas”, as well as to investigate possible technological solutions to mitigate timeliness issues. Much of the hearing focused on two areas: The requirements for becoming a member of the VA appraiser panel, and the baseline requirements for comparable...

rainee Appraisers Unsupervised Inspections Allowed: Death Grip on Trainees Loosening 29

Death Grip on Trainees Loosening

Allowing associated trainee appraisers to complete unsupervised inspections… Appraisers, and others, A ‘significantly large’ nationwide AMC has notified it’s vendor appraisers that certain lenders contracted with this AMC will now accept appraisal reports signed by properly trained (and presumed properly approved by the State) Trainees as the ‘Appraiser.’ This follows the Jan. 31, 2017 FNMA announcement that they will accept reports signed by Trainees. So far, I have not seen any similar announcement from FrMAC, FHA, VA, or USDA, or any other specific lender. The AMC’s message to their appraiser panel is below. NOTE: This memo says the Trainee is...

36

Twisted AMC & C&R Fees Gone Wrong!

This AMC is Just Wrong & Confused! An AMC sent an appraiser the following email this morning: “…..customary and reasonable fees are compliant under Virginia presumption that rates are based on recent rates paid to a representative sample of providers of appraisal services in the geographic market based on the fee schedules of these providers. Please complete the attached form and submit to:“ Wow are they confused about customary and reasonable fees! This is a severe twist on Virginia Regulations for customary and reasonable fee compensation to appraisers. Virginia Law mirrors the language in the TILA. They are essentially the...

VaCAP AMC Compliance Notification 9

Compliance Notification to AMCs

Virginia Coalition of Appraisal Professionals’ Courtesy notification to AMCs licensed in Virginia On Monday March 29, 2016, VaCAP sent via email a courtesy notification to each AMC licensed in Virginia along with a copy of the Guidance Document issued by the Department of Professional Occupation Regulation. They will follow up with a hard copy to each licensed AMC next week as well. VaCAP continues to Unite, Preserve and Promote the collective interests of all appraisal professionals in the Commonwealth of Virginia. To all Licensed AMCs in Virginia: This correspondence is intended as the Virginia Coalition of Appraiser Professionals (VaCAP) courtesy...

Cracking Down on Appraiser Licenses & Higher Fees 12

Cracking Down on Appraiser Licenses & Higher Fees

Now they’re saying your license has to be revoked! The Federal Government is cracking down on appraiser licenses that were issued by the states where the applicant did not meet the “new” TAF requirements. Several states have this problem. Virginia is in that mix. About nine appraiser licenses were issued that the Federal Government is now saying have to be revoked. About half of these people have reached out to me. There is not a lot I can do or VACAP can do. But the state will be addressing this issue over the next couple of board meetings. So if...

Virginia Real Estate Appraisal Board Made History 44

Virginia Real Estate Appraisal Board Made History!

On Tuesday February 23rd, The Virginia Real Estate Appraisal Board made history! The legislative code of Virginia states Licensed Appraisal Management Companies must provide customary and reasonable compensation to fee appraisers. There are two presumptions of compliance. One based on objective third party information, including fee schedules, studies and surveys prepared by independent third parties, such as government agencies, academic institutions, and private research firms. The other presumption of compliance is based on recent rates paid to a representative sample of providers of appraisal services in the geographic market of the property being appraised or fee schedules of those providers....

TRID Impact on Appraisal Fees 7

TRID Impact on Appraisal Fees

Appraisers, The Consumer Finance Protection Bureau (CFPB) has mandated new residential mortgage application and disclosure procedures, which take effect Oct. 3, 2015. Here’s a link to a brief article about this. When a consumer applies to a mortgage lender, the lender requests certain information from the consumer before the clock starts ticking in terms of ‘timing requirements’ on the consumer’s application. When the application is considered “complete”, the lender has 3 business days to provide the consumer with the Loan Estimate document. What’s of concern among lenders and appraisers is the speculated inability to change appraisal fees, which is disclosed...

XML MISMO UAD appraisal 0

VA Appraisals Must be in MISMO XML

VA Announces Electronic Appraisal Requirements: Appraisals must be in MISMO XML Effective June 1, 2014, all Department of Veterans Affairs (VA) appraisals will be processed in WebLGY under the VA Appraisal Management System (AMS). Therefore, beginning June 1, 2014, all VA appraisals must be uploaded in WebLGY in Mortgage Industry Standards Maintenance Organization (MISMO) compliant XML 2.6 GSE file format as VA will no longer accept appraisals uploaded in WebLGY in PDF format. Prior to June 1, 2014, VA appraisals must continue to be uploaded in WebLGY in PDF file format. Historically, VA appraisal form/formats conformed to appraisal industry form/format...

The Veteran’s Administration - A Model for All AMCs 3

The Veterans Administration – A Model for All AMCs

AMC should learn from the way the Veterans Administration treats their appraisers Let us begin with the obvious – the Veterans Administration (VA) is not an Appraisal Management Company (AMC).  They are a non-profit, government entity that works under different rules, so making a direct comparison between the two is not entirely fair.  However, there are some things I think every AMC should learn from the way the Veterans Adminstration treats their appraisers. Personally, I have been trying to get on the VA’s appraisal panel for over 6 years.  They are a tough nut to crack.  After much persistence, however,...

xml sitemap