$599 Waiver to Save the Borrower Money?
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022
- Is Georgia Going Rogue? - June 13, 2022
- Bias in Automated Valuation Models - February 28, 2022
The consumer is being fed yet another lie! Remember when we heard an appraisal waiver will save the borrower money? Do you recall all those videos from loan officers and mortgage companies encouraging borrowers to obtain an appraisal waiver to save them money? News flash – they lied! But you already knew that.
Well, fellow appraiser and blogger Krystal Schware of Paragon Appraisal Services has a story for you: “The Danger of Saying Yes to an Appraisal Waiver”.
“For only $599, we will grant you an appraisal waiver to help you avoid having an appraisal that ‘comes in short’.” **
…you will be charged $599 for a waiver, which is more than the cost of an actual appraisal in most situations (or charged whatever waiver fee your particular lender offers as a fee). You may pay the same or more than the cost of an appraisal, just to to give up your rights to have an appraisal. You pay to lose the security of having a sound mind that you are making a good investment, and not overpaying for your new home…
(** ‘Comes in short’ is a common phrase in today’s market. What it actually means is that the house you want to purchase is ‘overpriced’, or that the market does not show data and analysis to support the sales price)
AMC License Suspended – VaCAP has learned the North Carolina Appraisal Board has officially suspended the license of CoesterVMS. The Board cited 7 complaints in which CoesterVMS failed to respond. The CoesterVMS surety bond was previously cancelled in North Carolina on 12/31/2018 and the claims against the bond exceeded the face amount.
What is the point of suspending CoesterVMS’s license? It will make it extremely difficult for CoesterVMS and the owner to obtain a license to operate, not only in North Carolina, but in every other state as well. Every state should follow the lead of North Carolina. See the official suspension order here.
LREAB vs FTC decision is in! The decision by the Fifth Circuit Court of Appeals has been released to the public.
For the foregoing reasons, the petition is DISMISSED for lack of jurisdiction.
The way we understand the next step, the case will go back as an administrative proceeding through the FTC. See the nine page decision. VaCAP will keep you posted as the case further develops.