Category: ACOW

Appraisal news for real estate appraisers and real estate professionals regarding Appraisers’ Coalition of Washington (ACOW), a non-profit corporation organized by the Washington chapters of all appraisal organizations. News relating to the Appraisal Industry.

Insights from CFPB's Public Comment Period 53

Insights from CFPB’s Public Comment Period

The comment period on the Consumer Financial Protection Bureau’s (CFPB) “Request for Information Regarding Fees Imposed in Residential Mortgage Transactions” concluded on August 2, 2024, with a total of 959 comments received. Upon reviewing some of these submissions, several noteworthy perspectives emerged regarding appraisal fees and the role of Appraisal Management Companies (AMCs). The National Association of REALTORS® (NAR) highlighted the lack of transparency surrounding AMC fees, which are often bundled together with the actual appraisal fee on the Closing Disclosure (CD). This opaque structure prevents consumers from understanding the true cost of the appraisal service and hinders their ability...

ACOW / AMC / American Society of Appraisers / American Society of Farm Managers and Rural Appraisers / Appraisal / Appraisal Institute

Regulators, Appraisers & AMCs Working Together, Appraisers Take on DC 3

Appraisers Take on Washington DC

Hybrids were a big topic & many regulators are concerned about their compliance… Independent Fee appraisers representing 15 different states were well represented in Washington DC this past weekend. Appraisers from  Virginia, North Carolina, South Carolina, West Virginia, Ohio, Louisiana, California, Illinois, South Dakota, Michigan, Utah, Rhode Island, Delaware, Maryland and Washington State joined together in DC for several gatherings. To sum it up simply… Positive Unity among all. On Friday, three members of VaCAP attended the Appraisal Standards Board Meeting. This meeting was live streamed, so hopefully you were able to watch live. Lots of discussions on the proposed changes to the 2020-2021...

a la mode / AARO / ACOW / AI / AMC / Appraisal

Appraisal Institute Seeks Separation of Appraisal and AMC Fees 3

Separating Appraisal Fees from AMC Fees

Disclosures regarding payments for appraisal management services versus appraisal fees On July 1, 2015, the Network of State Appraiser Organizations (NSAO) submitted a joint letter in response to the CFPB request for 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. It specifically addresses the lack of requirement to mandate disclosure to the consumer that the fee paid for an “appraisal” be clearly defined and break down what portion is being paid to the lenders’ third party appraisal management company and which portion of the fee is...

AAREA / ACOW / AMC / Appraisal / Appraisal Management Companies / Appraisal News

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The Network Letter RE CU Program

Network of State Appraisal Orgainzation’s letter to FHFA Director Watt Regarding Fannie Mae Collateral Underwriter (CU) Program For over the past couple of months, VaCAP has participated with 18 other State Appraiser Coalitions in drafting an unified response to Fannie Mae’s Collateral Underwriter Program. Their letter to FHFA Director Watt briefly outlines their concerns, offers recommended solutions, as well as asking for a meeting to discuss the issue for the benefit of all vested parties. Please take a few minutes to peruse the letter below: Dear Director Watt: On behalf of the independent state professional appraiser organizations signing below, I...

AAREA / ACOW / AMC / Appraisal / Appraisal Management Companies / Appraisal News

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Historic Meeting of State Appraiser Organizations

Representatives of several independent state professional appraiser organizations met in Chicago, Illinois on Saturday October 11th, to further discuss collaboration on issues affecting their membership. The network, which started as a conversation among three State appraiser organizations less than a year ago, now comprises 16 such State Organizations which is expected to continue growing. The group, which functions as a network rather than a formal organization is unique in its focus and operation. The network has no single elected leader but is comprised of leaders from each participating state organization; it is self-governing by consensus. Participating organizations do not pay...

AAREA / ACOW / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News

The Appraisal Profession & Appraiser's Business Decimated by the Increasing Dominance of Appraisal Management Services - AMCs 15

Appraisal Profession Decimated by AMCs

The Appraisal Profession & Appraiser’s Business Decimated by the Increasing Dominance of Appraisal Management Company Services (AMCs) For the past two months, VaCAP has participated in a networked council consisting of 13 professional state appraisal organizations in responding to the Agencies request for comments of the Proposed Rules on Minimum Requirements for Appraisal Management Companies: Dear Agencies; This letter is in response to the Agencies’ request for comments on the Proposed Rules on Minimum Requirements for Appraisal Management Companies. The undersigned represent a networked council of professional state appraisal organizations. We appreciate this opportunity to comment and thank the Agencies for...

AAREA / ACOW / AMC / Appraisal / Appraisal Management Companies / Appraisal News

Washington State Raises AMC Bond Requirement to $100,000 1

Washington State Raises AMC Bond Requirement to $100,000

As a direct result of the recent financial failure of appraisal management companies like Evaluation Solutions and ES Appraisal, the State of Washington recently enacted a new law raising the state’s AMC bond requirement from $25,000 to $100,000.  As of July 28, 2013, all AMCs registered in Washington will be required to carry a bond in the new amount. One of the purposes of the bond is to provide security for payments owed to appraisers by AMCs. If an AMC fails to pay an appraiser in accordance with Washington’s requirements, the appraiser then may have a claim against the AMC’s bond....

ACOW / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

AMC’s Filing Complaints Against Appraisers 0

A Refreshed Warning about Some Risky E&O Sold to Appraisers

We first warned appraisers about this problem almost a year ago, but many appraisers are still falling prey to the marketing for some “no frills” E&O insurance policies and their lack of coverage. Advertisements for this product appear in some respectable newsletters and publications. Fortunately, others have taken steps to protect their members and readers by providing information, e.g., the Appraisers Coalition of Washington published a warning for its members in April last year on the ACOW website and Ann O’Rourke also published a warning last year in her popular Appraisal Today newsletter. The central problem is what might be...

ACOW / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

AMC’s Filing Complaints Against Appraisers 1

AMC’s Filing Complaints Against Appraisers

AMC’s are sending in complaints on appraisers… From ICAP – Illinois Coalition of Appraisal Professionals “Good afternoon ICAP’ers, I am writing to our residential members regarding a growing problem that ICAP is concerned with regarding lenders and AMC’s filing complaints against appraisers. THE SETUP: You receive a call from a lender or an AMC who wants to talk to you about an appraisal assignment you recently completed for them. The call usually comes from the QC Department at the post closing stage of the loan. They start questioning you on your line item adjustments. All the comparables are on smaller...

ACOW / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

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