Category: Trending

What’s trending now and what was trending in the past on AppraisersBlogs – Discover and discuss developing and trending stories on the latest news, ideas and perspectives happening now in our industry

AGA Objects De Minimis Increase Proposal - It is Time to Call out the Liars 37

AGA Objects De Minimis Increase Proposal

We object to the proposal to increase the de minimis threshold at which no appraisal is required… Sirs: The American Guild of Appraisers (AGA), of the Office Professional Employees International Union (#44 OPEIU) of the AFL-CIO represents the members and extended family and retirees, taxpayer and consumer real estate appraisal interests of nearly Twelve and a half million citizens and voters. We object to the proposal to increase the de minimis threshold at which no appraisal is required from $250,000 to $400,000. Respectfully, if anything is done with it at all, lowering it to a range not to exceed $100,000...

Mortgage Industry Expert Wants to “Eliminate” Appraisers – A Response 107

Expert Wants to “Eliminate” Appraisers

Mortgage Industry Expert Wants to “Eliminate” Appraisers – A Response The National Mortgage News website just published an interview with an industry expert who openly stated she wants to “eliminate” the appraisal profession. No subtlety, no nuance — she wants us gone! Given the name of the website, I didn’t expect to find too many pro-appraiser viewpoints. I ran a search for the term “appraiser” on the website’s internal search engine and many of the articles that came up were about eliminating the profession or the current state of appraisal waivers.…to “eliminate” the appraisal profession…   Rather than read the article...

An Appraiser’s First Impressions of Clear Capital’s AVM 25

First Impressions of Clear Capital’s AVM

An Appraiser’s First Impressions of Clear Capital’s AVM… It’s no secret the lending industry is aggressively pursuing alternatives to traditional appraisals. While most participants in the industry will concede an appraisal is still the gold standard for collateral valuation, they increasingly see the appraisal as something to be steered around or avoided altogether. An array of products/alternatives are being bandied in lieu of a traditional appraisal: Hybrids, Evaluations, BPOs (broker price opinions), Desktop Appraisals, and outright Appraisal Waivers. The industry is also turning its attention more and more to AVMs (automated valuation models). AVMs have been around for nearly three...

Automated Loan Processing to End Appraisers... 2019 Big Battles Ahead 18

Big Battles Ahead for Appraisers

…complete elimination of appraisal as part of their fully automated loan processing objectives… Our work as appraisers & appraisal issue advocates is certainly cut out for us all in 2019. I think appraisal unity is going to be needed if we are all to take on the adverse issues affecting us. That includes AI. They still have a large number of honest, & competent members. I think the rest of us will have to let AI take care of AI issues. I’m not averse to butting heads with them on specific issues when necessary but alienating them rather than seeking...

Quoting Fee/TT to AMCs - Lenders SLOWING DOWN the Loan Process 24

Quoting Fee/TT to AMCs

Appraisers, I had a revealing conversation with a clerk at an AMC last week. I actually received an email requesting Fee/TT, then awhile later a phone call about the same property, from a different clerk. I decided to call that clerk back after researching the property. Conversation went something like this: AMC clerk: Hi, this is James. Me: Hi James, I’m calling about the Timbucktoo property, which I can do for you. AMC: OK, I have that pulled up. Me: First of all, I don’t discount my fee for anyone, including your AMC. Second, I can do the assignment, probably...

Closed for Business, Sorry Folks! Appraisal Management Company Fiasco 45

Closed for Business, Sorry Folks!

For those who are not familiar with what an AMC is, it is short for Appraisal Management Company. They are not new, but since the adoption of the Home Valuation Code of Conduct, the number and the frequency of their use have increased. They are the order manager for the lender and ensure appraiser independence. If you have not already read “What’s Not in Your Wallet” or “Round and Round!”, go get a little more familiar before reading this. AMCs manage appraisal orders. They find the appraisers to give the orders to, and are supposed to provide quality control reviews...

CoesterVMS in Bankruptcy? Not Paying for Orders Completed! 55

CoesterVMS in Bankruptcy?

…all payments on orders completed prior to 11/15/2018 cannot be paid… Appraisers, there is a body of evidence being disseminated via various sources that CoesterVMS, the AMC based in Maryland started by appraiser Brian Coester, is in bankruptcy. This message from CoesterVMS was circulated last week: “Due to financial difficulties all payments on orders completed prior to 11/15/2018 cannot be paid at this time, our BK attorneys will be in contact with all creditors. Coester can guarantee payment next day on all orders completed on or after 11/16/2018. We apologize for any inconvenience.” Does it make any logical sense to...

Requests for Reconsiderations & Issues Surrounding these Requests 21

Requests for Reconsiderations

…appraisers continue to receive requests for reconsiderations on a daily basis. White Paper: Requests for Reconsiderations The paper states that one factor that complicates requests for revisions is that there are no consistent industrywide policies, guidelines, or forms related to this process. Furthermore, over recent years there have been changes in statute and policy with respect to appraiser independence obligations, which has resulted in some confusion among users of appraisal services (and appraisers) as to exactly what may be asked and provided in such requests. It is important to distinguish these requests from a request to make corrections or address...

Eliminating the Appraiser? Remember Liar Loans of a Decade Ago? 21

Attack on Appraisers

Remember liar loans of a decade ago? Those same people want to do away with appraisers. My friend and appraisal colleague Ryan Lundquist and I authored a petition on change.org to point out the growing reckless behavior that is enveloping the mortgage process. There’s a proposal from the FDIC, Federal Reserve, and Treasury Department not to require appraisals for some mortgages under $400,000. As we say in the petition, this change can impact several groups in particular: consumers, the taxpayers, the housing market and appraisers. One group not explicitly mentioned in the petition but impacted down the road are real estate agents and brokers....

Hybrid Committee Meeting Recap 25

Hybrid Committee Meeting Recap

The Recap The VREAB Committee meeting on hybrid appraisals met last week. The turnout was a decent one. Some traveled a great distance to attend. There were appraisers, assessors, consumers and trade group representatives in attendance. The meeting started with the Appraisal Foundation Video on Hybrid Appraisals. Public comments followed and many spoke and shared their concerns. Examples of hybrid appraisal products were submitted to the committee. Protecting the public was a key discussion and the following existing Virginia laws and regulations were discussed. 54.1-2009 Definition of appraisal- “Appraisal” means an analysis, opinion, or conclusion relating to the nature, quality,...

xml sitemap