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

VREAB to Discuss Concerns Surrounding Hybrid Appraisals 20

VREAB to Discuss Hybrid Appraisals

…concerns on the negative impact on the real estate market… The Virginia Real Estate Appraisal Board Committee on Hybrid Appraisals will meet on Wednesday November 28th @1:00 PM. We ask that all appraisers attend and share your comments on these products. If you are unable to attend we ask that you submit your comments to the VREAB to be shared with the committee. Concerns on if these products comply with: 54.1-2011 which states any assistance by an unlicensed person must be directly supervised by a licensed appraiser. 54.1-2009 Definition of an appraisal which states an appraisal is an opinion, analysis...

Has Mortgage Lending System Improved Due to AMCs? 30

The AMC Dog and Pony Show

From the HVCC to today, can we really say the mortgage lending system has improved due to AMCs? The AMC dog and pony show has been going on for the better part of a decade. Appraisers have been called out for every problem associated with a real estate closing. Ever silent is any talk of better educating Realtors®. They are the ones with the most power in the pricing process, and the majority of so-called “appraisal problems” are because they say it’s a problem. That’s a LOT of power. But somehow, they manage to stay under the radar and no...

Appraiser’s Response to MyAMC Panel Invitation - Appraisers Blogs 24

Appraiser’s Response to MyAMC

Thank you for your invitation to join your panel. I read all your details. They are addressed in the following: I find it unlikely you retain top appraisers nationwide if you think $350 is a reasonable fee in my area. Did you arrive at that by buying Corelogic’s purported ‘independent survey’? I don’t accept 30 day billing from any unproven clients with unspecified volume. Provide a copy of your current Dunn and Bradstreet rating along with a guarantee of a minimum of 25 orders per month, and I will consider deferred billing. Otherwise you would have to pay me by...

Is the Non-appraiser Inspector Worthy of Belief? Can You Believe That? 25

Can You Believe That? Hybrid Appraisal Part 4

…non-appraiser inspector must not provide any significant appraisal assistance… This is Part Four in a series on Hybrid Appraisal. Be sure to read Part One, Part Two and Part Three. The term “hybrid appraisal” (as it’s currently used), means that the appraiser sits at a desk, while someone else (not an appraiser) looks at the property. It appears that the non-appraiser may or may not inspect the interior, measure the improvements – but always takes a front photo, similar to what can be found in MLS listings, or Google Earth street pictures. The basic claim is that the overall process is cheaper and faster, and...

AI Appraiser Shortage Narrative is at Best Propaganda & at Worst, a Lie 29

Appraiser Shortage Lie & Propaganda

AI research piece is at best propaganda and at worst, a lie. The following CSBS article essentially written by the Appraisal Institute which is being distributed by lenders – continues to misrepresent the idea that the number of appraisers is falling and no new appraisers are coming into the profession. Notice how CSBS tracks the number of appraisers from the peak of the housing bubble? If this organization’s or the Appraisal Institute’s intentions were honest, they would show the trend before the housing bubble as well. In this piece, they show that credentialed appraisers have fallen 21% in 10 years which is...

Human Real Estate Appraisers Unnecessary? - Appraisers Blogs 70

Human Real Estate Appraisers Unnecessary?

“Real estate appraisers will not exist in the future.” – Reasons Behind Matt Rider’s Projection and Why He’s Wrong Technology in real estate is advancing to a point where any user can “pull up a property’s data together” and create an appraisal. This is the main point raised by Franklin American Mortgage’s Chief Information Officer Matt Rider in his interview with National Mortgage News. He claimed that as a result, real estate appraisers wouldn’t exist in the future. Rider’s projection seems to be based on society’s increasing dependence on Big Data and artificial intelligence (AI). According to Forbes contributor Jason...

Dumbing Down Appraiser Licensing does NOT Protect the Public Trust 31

AI Dumbing Down Appraiser Licensing

Over the past month, I have been writing about SB-70, a California Law that allows appraisers to get a pass and do evaluations on the cheap and not have to verify anything in their appraisals. After all, what MAI or SRA doesn’t want to do an appraisal on the cheap so they can compete with dog-walkers, pool-cleaners, and TV-repairmen? It is what every residential appraiser wants to do because obviously, they can do it better than a septic tank-cleaner or ditch-digger who does evaluations on the side. Appraisersblogs posted my thoughts on this from an earlier Appraisersville post I wrote...

Using SmartExchange? You May Have Violated State Law & USPAP 30

The Possibly Just Became Reality!

Using SmartExchange? You May Have Violated State Law & USPAP I will not drag this out. I will simply be direct and to the point. IF YOU OPTED IN TO ALAMODE’S SMART EXCHANGE, YOU MAY HAVE JUST VIOLATED STATE LAW AND USPAP ON EVERY APPRAISAL YOU HAVE EVER COMPLETED. Let me repeat that so it sinks in a bit… If you opted in to alamode’s Smart Exchange, you may have violated State Law and USPAP on every appraisal you have ever completed. Now that it has sunk in, let me explain. Each state statute may define an appraisal differently. Some...

Stolen Appraisals Class Action - Theft of Appraisers' Data 85

Theft of Appraisers’ Data

…they charge appraisers an upload fee for the privilege of having their data stolen… I would never allow my data to be used for or by a service that specifically uses to create, modify or enhance products designed to compete with my professional services to the detriment of my business and profession. THAT is something that the Fifth Circuit Court of Appeals identified when they found that CoreLogic’s subsidiary FNC STOLE appraisers data after promising them data security. FNC stole data. We now know FNMA also stole data. Alamode is delving into individuals own personal databases in order to even...

CoreLogic’s a la mode is Pulling a Facebook Privacy Play 20

a la mode Pulling a Facebook Privacy Play

One of the tactics of Facebook has long been to “cross the line and apologize” rather than “ask permission.” Now that “A la mode has been acquired, by CoreLogic” the company with a 50% market share of the industry seems to be employing this tactic. We have been A La Mode users for a decade. Heck, I even appeared on their homepage and in their marketing materials to attest to our firm’s belief in the product. But that was before Dave Biggers sold the company and our belief in the product was replaced with suspicion. Rightly so. In a routine update to...

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