Category: Trending

Appraiser Maureen Sweeney Makes It Clear...You Sign It, You Buy It 19

You Sign It, You Buy It

Maureen Sweeney, my friend and appraiser colleague from Chicago (who knew where the name “Chicago” originated from that I learned when I used to live there), wrote an opus about appraiser liability being created and the race to the bottom. It’s a great read. Spoiler alert: Apps don’t have any judgment, nor does their maker. There are moments in my life when I am glad to have given 12 years of my life to service to the Illinois appraisal community, and being part of the team that was in place when the Illinois AMC laws and rules were written years...

Will the Cost Approach be Required in the Redesigned UAD Forms? 41

Returning to Requiring the Cost Approach

…the Cost Approach is the most INACCURATE of the three current ‘Approaches’ we use… Appraisers, for the past few weeks, emails have been sent by a third party asking appraisers to complete a survey about the appraisal process and the current forms. I did so; you should also. But I wanted to expand on one aspect of the survey. Two separate questions, on different survey pages, related to the Cost Approach (CA). These questions wanted appraisers to state their opinion about 1) if the forms provide adequate detail to develop a CA, and 2) if it is or is not...

Antitrust And Corelogic - On the Hot Seat - Appraisers Blogs 38

Antitrust And Corelogic

It’s not been a good couple of weeks for CoreLogic, the massive data aggregator of real estate information. It’s been no secret that Corelogic has been steadily amassing all the major real estate data sources and the top MLS platform vendor. In my industry, they purchased the market leader of appraisal software, and many of my peers became wary of some of the software changes that were initiated. CoreLogic (NYSE: CLGX) is one of the largest real-estate data companies in the nation with 4.5 billion records spanning more than 50 years. It operates in North America, Western Europe and Asia Pacific. Here...

Why is XOME Asking Appraisers not to Disclose the AMC Fee? 24

Appraisers Not to Disclose AMC Fee?

An appraiser/reader sends me this text from an XOME appraisal request: Good Morning, The state of NY requires the appraiser to include their invoice in the report. AMC fee does not need disclosed. Please include an invoice in your report when uploading. Thank you” This is technically accurate. Here is an excerpt from the NYS AMC Law: 38 (e) Knowingly fail to separately state the fees paid to an appraiser 39 for appraisal services and the fees charged by the appraisal management 40 company for services associated with the management of the appraisal 41 process to the client, borrower and...

Solidifi Wants Insight into your Vacation Time, Treating Vendors Like Cattle 36

There is NO RELATIONSHIP

If AMCs weren’t invasive enough already on appraisers personal lives with overly-frequent status calls and other well-documented and demeaning requests, how about vacation time? In addition to the 37-page boilerplate order request the appraiser is required to read, appraisers now have to fill out another form. The fact that Solidifi and their competitors are in business to fee out to the lowest bidder makes this request silly because appraisers don’t have that kind of relationship with AMCs. It goes like this. They send out an appraisal request to 10+ appraisers and one of them is on vacation and therefore doesn’t...

Why Not Qualified Appraisers Instead of Cheap Appraiser Imposters? 29

Appraiser Imposters!

AMC sends a “non-appraiser” to photograph, measure, sketch, and observe a property, it’s quality, condition, and surroundings instead of using a qualified appraiser… I’m not an Appraiser, You just think I’m one Ever see the AT&T commercial where the surgeon walks in and he says “I Just got reinstated, Nervous? That’s ok so am I”. If not see here:   Or the late 1986 commercial with Peter Bergman that states I’m not really a doctor but I play one on TV.   Well get ready Consumers because the person that is about to visit your home IS NOT an appraiser...

Score Card, Turn Times, Undue Pressure & Appraisal Independence 16

Appraisal Independence

Most appraisers could care less about an amc score card… Professionals don’t treat other professionals like they are in grade school… What exactly is appraisal independence? Dodd Frank requires appraisal independence and associates it with pressure against the value of the property. But what about other areas of the appraisal process in which appraisers receive pressure? Let’s take turn times for example. Normal turn times in a steady market average 5-7 business days in most markets. Market activity, location, complexity, etc. will require longer turn times. First let’s define a business day. This is Monday through Friday and excludes Federal...

Why Haven't State Licensing Boards Audited AMCs? 22

Should AMCs Be Audited?

Why haven’t State Licensing Boards audited AMCs? Things went a bit crazy, but in a very good way! Monday April 29th, VaCAP launched a consumer protection campaign on WRVA 1140 AM News Radio. Our email and social media accounts were non stop. Many of our sister Coalitions in The Network of State Coalitions helped spread the word and shared our Press Release with their members, posted on their websites and on their social media pages. A huge thank you to all our Sister Coalitions for helping us spread the word. In case you missed all the excitement, here is the...

Desktop Appraisals, the be-all end-all of Valuation Hype by non-Appraisers 25

Desktop Appraisals Hype

…attempts to make readers believe desktop appraisals are the be-all, end-all of property valuation… Folks, a ‘white paper‘ was put out by a company in the property title, escrow and servicing sectors, tied to mortgage lending. It does a reasonable job of explaining what Hybrid appraisals are… which they call “desktop” assignments. Then this puff piece put out by Clear Capital, attempts to make readers believe these products are the be-all, end-all of property valuation. Both of these are typical PR pieces, designed to provide information while promoting a specific brand. Interestingly, neither mention anything at all about the interest...

NY AMC Law Sends Shockwaves Through AMCs - Appraisers Blogs 20

NY AMC Law Sends Shockwaves

Back on April 19th, I wrote about the New York AMC law in my Housing Notes newsletter. After years of AMCs chipping away at the public trust, the New York AMC law was designed to protect the consumer. The bill summary was: Relates to the registration of real estate appraisal management companies or an individual or business entity that provides appraisal management services to creditors or to secondary mortgage market participants including affiliates by the department of state. Last week, AppraisersBlogs ran it as a standalone post and I got a lot of feedback. To be clear, the bill was...

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