Amen, however recourse lending will slow mortgage activity, and what would congress give to get votes.

As often happens when I start reading linked articles, I got side tracked. Clarocity owns ZAIO! I thought that particular misleading, deceptive, non USPAP compliant ‘service’ died out long ago.

Additionally, It shouldn’t have been a surprise that Clarocity also has their own FlimFlamValuation automated guestimate software too.

Now, based on the past reputation of ZAIO alone, I would never have anything to do with the parent company OR any subsidiaries, but the one that really  annoyed me is that this dual-nation based company (Canada and USA) had the gall to call one of their companies ValuedVeteran.

Clearly they have no shame. I don’t have a lot of tolerance for commercial companies that try to capitalize on some phony appreciation of Veterans.
If they really value veterans then quit trying to make money off them!

VaCAP did not suggest anyone not work for them. They wisely leave that decision completely up to individual appraisers.

IF any readers are owed money and if those same readers are among those purportedly offered stock in lieu of payments due, please do your homework.

The stock they offered in Canada is not authorized for legal offering or sale in the USA. Their own press release states they have not registered under the U.S. Securities Act.
If they never registered or complied with the Act, then how are they able to ‘offer’ stock in lieu of fees due?

SEC should take a look at these folks-though they use one of the Canadian exchanges.

Clarocity Corporation Issues Shares as Interest Payment on Credit FacilityClarocity Corporation Announces Closing of First Tranche of Debt Facility

*Linked announcements don’t refer to stock in lieu of appraisal fees. They deal with other in lieu of payment offerings.

Cookie cutter subdivision- end lot on the street that rears to the local community sewage treatment plant may be problematic. A variance from an already flawed AVM could easily absorb that 20% ‘cushion’, and then some.

Maybe another one rears to the freeway, or a relatively small street that carries all the rush hour cross town traffic, and higher than posted speeds. Or, how about that cookie cutter neighborhood being full of gang graffiti?

Better yet, how about that cookie cutter neighborhood being in the Porter Ranch massive gas leak incident area? The same neighborhood that has sloughing hillsides and soil movement street surface separation going on. That one’s probably my favorite by the way.

AVMs (not t be confused with AAVMS) have no business being used anywhere, anytime for anything requiring a market value conclusion.

We are saddled with multiple redundancy and insane wastes of our time to produce a report while they will accept a PIW or AVM for many loans. Then add in the waste of replying to multiple “reviewers” explaining our explanations. Appraisers need to be allowed to compete with these products and still do our jobs credibly. We can be much faster, cost effective and quicker – JUST GET OFF MY DAMN BACK and allow me to have the resources to get the job done (hire some staff and/or trainee) !! It’s a very simple solution really – Simplify the process – get rid of the wasteful Middleman and hire a decent sheriff. Anyone caught manipulating data gets busted.

Bomb the AMC model and all GSE work goes through a state-rotation panel similar to VA. Boom

Manipulating a bunch of highly questionable Big Data is only going to bring less Reality to Real Estate.

Accountability has a direct relationship to responsibility.  As long as the taxpayer is backing risky lending decisions, that will remain as arguably a primary root cause of fast and loose lending mentality.  The notion the base difficulty is easy is a fantasy not based in reality.  For Erick’s comments I disagree.  It is the people whom are in safe positions who deserve and may require competent valuation services the most.   They’re in strong responsible positions because they make careful smart decisions, not because they cast off checks and balances systems.  Takes a lifetime to get in a positive position, but hell, I need to save a day and save a dollar here, let it ride.  Red, Go Red, Red, Red, Red,  dammit, black.  Oh well, I gave it a shot, better start over I guess.  That’s not how responsible people operate.  The guy with 20% or even 50% equity needs a competent valuation service more than the guy who is letting the lender and subsequently the taxpayer, shoulder all that risk.  Quality investment knowledge does not happen out of thin air, you need to meet with professionals to acquire that information and skill set over a long period of time.  Meeting with people like, just guessing here, competent real estate appraisers whom don’t rush in and out in 10 minutes with runners?