Author: AppraisersBlogs

May 13, 2016

AMC Exposed… Getting the Value Needed

Are AMC appraisers pressured to inflate property values? We stumbled upon this article yesterday from WSB Atlanta and thought it was worth sharing. Jim Stickland, a Channel 2 Consumer Investigator with Atlanta TV News, covers the story of a lender colluding with an AMC to inflate property values. Stickland reports that John Laymac, a new homeowner was denied a mortgage on his $390,000 home when the appraisal came at $365,000. Consequently, the builder, SR Homes, had Laymac apply with its preferred lender, Brand Mortgage, claiming that they will get the value needed to close the deal. In an email to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

March 29, 2016

AMCs Bidding Game

An appraiser’s response to AMCs bidding system. Recently, we came across an interesting story and thought it’s something fruitful that needs to be shared. If you receive “appraisal orders by email-blast”, you may find the below “template” useful. This was inspired by another appraiser. We encourage appraisers to copy this defacto response or adapt your content to suit your context/circumstances. We need to work together as a group in our efforts to fight AMCs’ bidding system and put an end on low bid appraisal ordering. Dear AMC, If your company consistently calls for bid quotes and is unable to assign...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

December 17, 2015

Raising Appraisal Threshold Levels

Adjusting appraisal threshold levels On December 2, 2015, Dave Towne called attention to an article on a potential increase in appraisal threshold levels, which appeared in the ABA Banking Journal. Excerpt: The banking agencies are revisiting the dollar thresholds for their appraisal requirements, FDIC Chairman Martin Gruenberg said in Arlington, Va., today at the final outreach meeting for the decennial Economic Growth and Regulatory Paperwork Reduction Act review. “Based largely on comments we have received during these outreach sessions, we have formed an define working group to review the appropriateness of dollar thresholds for transactions requiring appraisals and other requirements...

AI / American Society of Appraisers / American Society of Farm Managers and Rural Appraisers / Appraisal / Appraisal Institute / Appraisal News

November 9, 2015

New Editor at Working RE Magazine

Nov. 6, 2015 – San Diego, Calif. – Working RE Magazine for real estate appraisers announces that Isaac Peck is taking over as Editor from the publication’s founder, David Brauner. Brauner will remain as the magazine’s Publisher. Brauner said, To say Isaac does a great job is an understatement. He has managed to absorb in short order everything it took me 20 years to learn, and on occasion, even teaches me a thing or two along the way. I’m thrilled to have new energy and a new perspective.” Peck holds a master’s degree in Accounting from San Diego State University,...

Appraisal / Appraisal News / Appraisers News

October 29, 2015

FFIEC Requested Action on TRID

The American Guild of Appraisers, Chapter 44, of the Office and Professional Employees International Union of the AFL-CIO (AGA, OPEIU/AFL-CIO) wishes to add its name to the attached letter on behalf of our professional appraiser members, and our thirteen million consumer members and their families, with the additional concerns: As written, TRID necessarily embeds an appraisal fee cap determined by third party service providers other than appraisers, within the initial consumer disclosure provided to prospective borrowers. The perception of these providers as to what constitutes “customary and reasonable fees” as required under Dodd-Frank is at odds with what appraisers consider to...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

September 11, 2015

FHA Appraiser & Property Requirements Webinar

Free FHA webinar for appraisers on the FHA Appraiser Roster, the appraiser and appraisal-related policy changes contained in the Single Family Housing Policy Handbook (SF Handbook; HUD Handbook 4000.1) impact how to perform and complete an appraisal for an FHA-insured property. Attend this webinar for an overview of these changes, centered on the core concepts of “Observe, Analyze, and Report”. During this webinar session, FHA subject matter experts will provide an overview of the structure, format, and changes contained in the SF Handbook’s Appraiser and Property Requirements section, effective for case numbers assigned on or after September 14, 2015. Additionally,...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

September 10, 2015

An Open Letter to the Valuation Profession

An Open Letter to the Valuation Profession from the Appraisal Foundation regarding the rift with the Appraisal Institute Value. Appraisers grapple with this concept daily as they analyze data and information to arrive at an opinion that is credible. Some information found is valid, some is tainted, and appraisers work diligently to separate the good from the bad to arrive at their conclusions – opinions that can withstand future tests. Likewise, The Appraisal Foundation (TAF; the Foundation) remains constantly attuned to what is going on in the valuation realm, conscientiously analyzing information and working to uphold the appraisal profession so its actions...

AARO / AI / American Society of Appraisers / Appraisal / Appraisal Institute / Appraisal News

Voice of Appraisal Podcast RE Coester vs. Virginia Real Estate Appraiser Board (VREAB) Lawsuit - Imagecredit Flickr - Patrick Breitenbach

August 21, 2015

Lawsuit of Coester vs. VREAB

Voice of Appraisal Podcast RE Coester vs. VREAB Lawsuit Folks, Phil Crawford with Voice of Appraisal has another great podcast about the appraisal profession and the recent lawsuit filed in Virginia against the Real Estate Appraiser Board (VREAB). This is probably the most important Voice of Appraisal show to date. In this “must listen” podcast, Phil discusses Coester lawsuit against VREAB and AMCs’ unsustainable business model. He does a stellar job with his analysis and recommendations of Coester vs. VREAB lawsuit. Phil, a fellow appraiser, who has become a catalyst for change in the appraisal profession, stated in his earlier...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Another Win for Appraisers - House Bill 651 Appraisal Bd. Recordkeeping & Bkgrd. Checks.

August 3, 2015

House Bill 651 Another Win for Appraisers!

House Bill 651: Appraisal Board Recordkeeping and Background Checks Raleigh, NC – Today Rep. Jon Hardister (R-Guilford) passed House Bill HB 651 – Appraisal Board Recordkeeping and Background Checks – which provides regulatory relief for the real estate appraisal industry. House Bill 651 eliminates the discovery rule for civil action related to real estate appraisals and establishes a five year statute of limitations, which puts North Carolina in line with the United States Standards of Professional Appraisal Practice. This will reduce insurance and compliance costs for real estate appraisers, many of which are small businesses and independent contractors. The bill...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

July 6, 2015

Appraisal Fee Disclosure – Call To Action

Important – Call to Action This must be done by Tuesday July 7 The Consumer Financial Protection Bureau (CFPB) is requesting comments on the proposed amendment to the “Know Before You Owe” mortgage disclosure rule, which proposes to move the rule’s effective date to October 3, 2015. We feel it is very important that the appraisal fee be disclosed separately from any add on fees such as an AMC fee. Recently 23 state appraiser coalitions including the Louisiana Appraisers Coalition worked together and submitted a letter to the CFPB about making it a requirement to separate the fees of the...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CFPB