How Fast Can Your Head Spin?
Hopefully you have been busy and have not noticed VaCAP has been quiet over the past few weeks. Not by choice, but necessity. You see, there has been so much happening, we have been overwhelmed and our heads are spinning out of control. VaCAP needs more members to volunteer to help us help you. Let us know how you can help.
Let’s start with the easy stuff:
The Virginia Real Estate Appraiser Board Quarterly Meeting will take place on February 21, 2018. The meeting will begin at 10:00 AM and there will be a public comment period for anyone who wishes to address the Board. See the meeting details and a link to the agenda here.
AppraiserFest: The Real Estate Appraisers’ Economic Forum and Festival.
San Antonia, Texas,
November 1 – 3, 2018.
The 1st Trailer can be found here.
The 2nd Trailer will be released on February 14, 2018 at 6:00 PM.
Sign up for email alerts here.
FTC vs LREAB
This case is moving along. Oral arguments for a partial summary decision and a motion to dismiss are scheduled for February 28th. The FTC has filed a 319 page motion, complete with screen shots of Individual’s Facebook and Linked In accounts. See the complete case history here.
Fannie Mae Appraiser Update: Appraisal Observations and Insights Webinar
From their Website:
“Appraisal Observations and Insights, our newest webinar offering, is customized for appraisers and provides a live demo of CU to show appraisers exactly how we train lenders to use it. We’ll share our latest appraisal observations and recommend ways you can improve the scoring of your appraisals in CU, reduce revision requests, and save time”
There are several dates and times to choose. See the announcement and to register here.
The AQB Revised the Qualifications to Become an Appraiser:
See the press release here.
In the Virginia General Assembly:
HB 1453 – Changing the definition of evaluations – This bill has passed the House of Delegates and is now in the Senate General Laws and Technology Committee.
SB 655 – Capping fees of an amc to 20% and disclosing the amc fee to the consumer. This bill was stricken and will not move forward.
SB 979 – Changing the definition of appraisal management company. This bill has passed the Senate. Watch this video of the introduction and discussions of SB 979. Start watching at 1 hour and 50 minutes.
HB 1506 – the same language as SB 979. This bill has passed the General Laws Committee and is now in the House of Delegates. See the Video of the session here.
And on the Federal Level:
There is a nationwide call to action on Senate Bill 2155. This bill was introduced by Senator Mike Crapo on 11/16/2017. This bill will allow an exemption of an appraisal for rural properties. This bill will impact your business and every appraiser needs to express concerns to your Federal Representatives.
Dave Towne has done an excellent job of highlighting SEC 103 of the bill. See the entire break down on Appraisersblogs.
Other Things That Need Some Attention:
What IS a “ClearVal Appraisal”?: This article is an eye opener. An appraiser in Indiana completes several appraisals for properties in Georgia. She gets paid $25 each. Examples of the finished product are shown. Warning: This will truly disgust you!
Reclassifying Appraisers as Employees: With all the “requirements” of an amc on the appraiser, are appraisers being treated like employees instead of contractors?
Class Action Against CoreLogic: Corelogic is being sued by appraisers for overtime pay.
It has been said recently APPRAISERS ARE AT WAR. Appraisers are being attacked from many different places; lenders, amcs, Fannie Mae, Freddie Mac, Legislators, regulatory boards, sales agents, brokers, and even other appraisers. The time is now for every appraiser to be involved in some way. The State Coalitions like VaCAP are gaining strength and now have joined with 26 other state coalitions to form The Network of State Appraisal Organizations. The Network, State Coalitions, Appraisal Institute, ASA, NAIFA, and AGA all are working for your benefit. Get Involved Now.
- We the People… - April 9, 2023
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022
- Is Georgia Going Rogue? - June 13, 2022
Thank you VaCAP!
Thanks for the update VaCAP!
Thanks for all your updates.
agree with Tres Kirkland
vacap is the appraisers headline news. good job vacap!
“It has been said recently APPRAISERS ARE AT WAR. Appraisers are being attacked from many different places; lenders, amcs, Fannie Mae, Freddie Mac, Legislators, regulatory boards, sales agents, brokers, and even other appraisers.
~Bivouac of the Dead~
Might I suggest that appraisers concede the ground that they stand on yet refuse to defend? It’s far easier to move on to more profitable (and less demanding) ventures than it is to lose sleep by living on a battlefield. I’ve considered coming back into appraising many times for a few extra bucks. It’s simply not worth it. The last of the easy money was extracted by banks (AMCs) in 2009. It amazes me that the above mentioned entities waste their time fighting over the ligaments and tendons that remain. I have never seen an industry that came close to writing and rewriting it’s own rules and regulations other than insurance (a business that is actually flush with cash). Amazingly even the insurance business doesn’t have scores of organizations dipping their hands into the till.
Don’t be a one trick pony guys. Life is too short.
Nice job. All readers should look to the bills that moved forward as opposed to the one that got shot down. Those that could be described as not particularly beneficial to appraisers survived, and the one that dies was beneficial.
Has the Virginia Legislature altered course or was the bill fatally flawed to begin with?
ALL states appear to be revising evaluation definitions right now…right along with TAF, yet we have still not seen ONE EXAMPLE of a real world USPAP compliant evaluation. I wonder why that is?
We can all PAY $39 to TAF for a seminar on how to make them compliant (as if USPAP has suddenly become a great big mystery requiring special courses from TAF, in order to be understood).
We have seen several examples of what AMCs and software vendors think a USPAP compliant hybrid looks like. Not one passes the smell test yet.
What we have seen is a host of proposed or actual products currently being used that are not remotely USPAP compliant. Desktop based cursory comp checks dressed up to look like permissible, USPAP conforming appraisals.