Tagged: waiver

Appraisal Waivers Meeting... Self Serving Risky Practices Going Forward 16

Appraisal Waivers

TriStar Bank’s request for appraisal waivers: The Appraisal Subcommittee has reached out to the Network Coalitions and has requested appraisers to attend their upcoming meeting on appraisal waivers. Direct from the ASC announcement: ASC Special Meeting – April 12, 2018 Tuesday March 06, 2018 The ASC will hold a Special Meeting scheduled for 10:00 a.m. on April 12, 2018, at the Federal Reserve Board facilities at International Square, 1850 K Street NW, Washington, DC. The purpose of this Meeting is to consider the temporary waiver request from TriStar Bank of Dickson, Tennessee. The agenda for the Meeting will be posted...

Rural Areas Appraisal Waiver Threatening Appraisers & Bad for America! 34

Another Threat Looming

Senate Bill raising de minimus value to $400,000 will also waive appraisals in certain situations in rural areas Folks, while the TriStar Bank appraisal waiver issue is important for appraisers, there is another insidious threat looming: Senate Bill 2155 passed the Senate this week, and is now in the hands of the House of Representatives. That bill, if fully ratified as it stands, and is signed by the President, will undercut the need for appraisals in two ways: the current de minimus value of $250,000 is raised to $400,000, which means lenders can use non-appraiser evaluations to establish property value for...

ASC Call for Comments: Dangerous Slippery Slope if Waiver is Granted 6

ASC Call for Comments

It is important for every appraiser to submit comments… The Appraisal Subcommittee wants to hear from appraisers on Tristar Bank’s request for appraisal waivers. The comment period is open until April 9, 2018. VaCAP has previously participated in a group letter with other organizations and expressed our concerns on this topic. We will once again be part of a group letter as well as send in our own comments. It is important for every appraiser to submit comments on how this is a dangerous slippery slope if the waiver is granted. Consumer protection is the issue and the door will be...

Fraudulent Appraisals Class Action Lawsuit, LREAB Oral Argument... 7

Better Than Your Favorite Band’s Concert!

This will be better than your favorite band’s concert! Watch the oral arguments in the FTC vs LREAB case live in Washington DC on Thursday February 22, 2018! “The Federal Trade Commission (“FTC” or "Commission") will meet on Thursday, February 22, 2018, in Room 532 of the FTC Building for an Oral Argument In the Matter of Louisiana Real Estate Appraisers Board. The public is invited to attend and observe the open portion of the meeting, which is scheduled to begin at 2:00 p.m. The remainder of the meeting will be closed to the public ” VaCAP will be there...

Another Appraisal Waiver Request 101

Another Appraisal Waiver Request

Another Appraisal Waiver request has been sent to the ASC. This time from City Bank and Trust in Oklahoma. The bank is claiming a shortage of acceptable appraisers in the area. Their solution: “Our bank has on staff an individual who has maintained a Certified Residential Appraiser license until April 2017. This individual has provided acceptable appraisals and evaluations for the past 20+ years. He determined to allow his license to expire due to the rather burdensome CE requirements and the distance to and from approved course within the state. With the educational requirements, training process, number of hours required...

Tristar Alleging Appraiser Shortage, AGA Opposes Appraisal Waivers 10

AGA Opposes Appraisal Waivers

Letter outlining the American Guild of Appraisers position in the national precedent setting matter of granting appraisal waivers for TriStar Bank in Dickson County TN. …this type of waiver is an outright invitation for fraud… December 8, 2017 RE: Tristar Bank, Dickson, Tennessee-Appraiser Waivers Request 11/20/2017 Dear R. Park The American Guild of Appraisers opposes the above referenced appraisal waiver request on behalf of our appraisal members and our more than 13 million taxpayers, consumer members of our parent unions. Tristar bank cites an absence of certified general real estate appraisers in their home office county (Dickson) as the basis...

Request for Appraisal Waivers If Granted Will Erode Public Trust 68

Appraisal Waivers vs. Public Trust

If the ASC grants the request for appraisal waivers, the precedent will have been set for other banks to follow… TriStar Bank has requested appraisal waivers for the entire year of 2018. According to the bank, they are having difficulty getting appraisals in the Nashville area and there is only one Certified General Appraiser in the the locality in which they are headquartered. Below is an excerpt form their letter to the ASC. They offer options in lieu of appraisals: Obtain an estimated value from a Realtor, selected from a small group of trusted Realtors who are not involved in...

Greedy Players Engaged in Illegal Activities, Lie-Ability & Tax Payers 30

Lie – Ability

Tax payers should not be LIE-ABLE for the actions of greedy bad players! Michael Simmons, Principal and founding Director of AXIS Appraisal Management Solutions, a national AMC had an article published in Appraisal Buzz titled  “What If?” on October 2, 2017. The article, which I believe was intended to spark interest and membership in the Collateral Risk Network (CRN), is an epic failure. Thank you Appraisal Buzz for shedding some light on the garbage being discussed at a CRN meeting! Of course no independent appraiser even remotely gives any credibility to this group. We all know who and what they are. First, let...

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