Category: Appraisal Organizations

States Back LREAB Against FTC - FNMA Ends 1004MC - Stress Test Failed? 5

States Back LREAB Against FTC

States Support Louisiana Real Estate Appraiser Board against the FTC States (and appraisers) are very interested in the outcome of the LREAB vs FTC to protect their own sovereign actions. On July 11, 2018, the states of Mississippi, Idaho, Iowa, Rhode Island, and Utah filed an amicus brief with the United States Court of Appeals for the Fifth Circuit supporting the Louisiana Real Estate Appraiser Board. See the entire brief here or below. The outcome of this will impact each and every one of us. As we reported a few days ago, one lender, BB&T, has opted to step up...

1004MC / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

How Many Appraisers Are in North Dakota? - Appraisal Shortage Saga Lingers 46

How Many Appraisers Are in North Dakota?

The answer is 153, who are individually licensed in North Dakota. I didn’t segregate the three different license types. This figure came from a download of the ASC appraisal registry of ND licensed appraisers, and not counting duplicate name appraisers with multiple licenses in other states. Many of these appraisers are ‘dual licensed’ in more than one state, in most cases immediately adjacent, but sometimes in states far distant from ND. What’s the population of North Dakota? According to Wikipedia: The United States Census Bureau estimates North Dakota’s population was 755,393 on July 1, 2017, a 12.3% increase since the 2010 United...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / ASC

BB&T Adopts VA Appraisal Fee Schedule & Will Refund Appraisers Upload Fees 10

Appraisal Fee Increase & Upload Fees

VaCAP has learned from one of our members, BB&T will be following the Veterans Administration Fee Schedule moving forward. They will also being reimbursing appraisers for all upload fees. This is exciting news. Please share with your contacts and clients. See the announcement below. To: BB&T Approved Mortgage Appraiser Continuing our commitment to compensate appraisers with fees which are customary and reasonable, BB&T utilizes the Veterans Administration’s published fee schedule as a foundation. We wish to inform you that we are adjusting our mortgage fee schedule to remain consistent with recent fee increases announced by the Veterans Administration to certain states in...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees

Financial Ecosystem Changes & ASA's Response to the Treasury Report 10

Financial Ecosystem Changes

Treasury report calling for a more digitalized mortgage process, including the use of AVMs, hybrid appraisals & appraisal waivers… A few days ago, HousingWire reported the Trump Administration calling for sweeping changes to the financial ecosystem. In short, the article references a report by the Department of the Treasury calling for a more digitalized mortgage process, including the use of AVMs, hybrid appraisals and appraisal waivers. The HousingWire article has a link to the Treasury Report, which is 222 pages or you can click here to read the report. VaCAP has received a copy of the ASA’s response to the Treasury Report....

AMC / American Society of Appraisers / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

AMROCK Valuations New Service Seems to Seek Circumvention of USPAP! 14

Can you say ‘L-A-W-S-U-I-T’ boys and girls?

Fellow appraisers I strongly discourage anyone from accepting AMROCK Valuations work generally due to their poor track record in dealing with appraisers across the country; and their apparent habit of making up their own appraisal rules as they go along without regard to C&R fees; Dodd Frank and most other common sense sound appraisal practices up to and including USPAP. Y’all remember USPAP don’t you? A series of uniform rules we’d all follow to promote, preserve and protect the American real estate appraisal profession and the American Public. That is until it became an inconvenient impediment to MISMO; FNMA and...

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

Is the Property Inspection by an Unlicensed Person Considered Assistance? 77

Is that not Significant Assistance?

Is the property inspection by an unlicensed person considered assistance? We came across an article written by fellow appraiser, George Dell. Some of you may have heard of him, read his blog, or taken one of his classes. This article “What is a Hybrid?” hits home to many of us and thought it was worthy of sharing. Those promoting hybrid appraisals have been claiming USPAP compliance. Well anyone who has ever taken a USPAP class knows no form or product is USPAP compliant. The appraiser’s actions are what make a report USPAP compliant. In George’s article he points out the discrepancies...

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

AMC Registration Act, Hybrids Take Another Hit, & Appraiser Liability Webinar 13

Hybrids Take Another Hit

Registration Act, reinserts the definition of “appraisal firm”… Bifurcated (Hybrid) Appraisals Take Another Hit Last week VaCAP shared some information questioning the legality of these products in Virginia. This week Phil Crawford, Voice of Appraisal, talks about the ethical side of them and how appraisers completing these could be on the receiving end of legal actions. Listen to show E206 at Voice of Appraisal NAR Appraiser Liability Webinar On July 17, 2018, the National Association of Realtors along with Peter Christensen from LIA, presented a Webinar on liability issues for appraisers. A strong concern about the certifications exists that open up liability...

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

At or During? Time Period of an Appraisal Assignment - Appraisers Blogs 5

At or During?

“At the time of assignment” refers to the time period commencing… Last month, the Appraisal Standards Board (ASB) provided the ‘first draft’ of the proposed changes to the 2020-21 USPAP, which I circulated. One of the points they mentioned is a goal to make USPAP easier to read and more understandable. OK, commendable. Then on June 27, 2018, the Appraisal Foundation and the ASB released the latest USPAP Q&A “suggestions.” (The USPAP Q&A’s, AO’s, and FAQ’s are not directives, or even a ‘legal’ part of USPAP. Instead, they offer independent commentary on how a particular issue could be handled or solved, but may...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / The Appraisal Foundation

Appraisal Taking Too Long False Narrative - Contract Date vs Acceptance Date 4

Appraisal Delays Study

Contract Date / Acceptance Date Study expanded. VaCAP did a sample study this past winter to determine the number of days from contact ratification to appraiser acceptance from both amcs and lenders. The results were a 9 day difference with amc’s taking 18 days and lenders only 9 days to assign the appraisal. We have just asked our sister coalitions to complete this survey as well. for a larger data pool and are asking every appraiser to once again participate to help our industry. This information will be used to counter the narrative the appraisal is taking too long. Below...

AARO / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Are Bifurcated Appraisals Legal in Your State 95

Are Bifurcated Appraisals Legal in Your State?

Lately there has been a push for bifurcated (hybrid) appraisal products. Those promoting these questionable products claim it will reduce the amount of time to obtain an appraisal. Most appraisers are screaming foul play, and for good reason. It is because of bad players doing questionable things that licensing became mandatory in Virginia. Mandatory. Licensing of appraisers protects the public trust. We all know splitting the process will not save time, but rather create delays. The only reason for this questionable product is the profit of the amc, nothing more. And then there is the quality of the information being...

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

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