Category: Appraisal Organizations

Racket at Attorneys General Group Will Ring Familiar to Appraisers 1

Attorneys General Shady Business

Racket at Attorneys General Group Will Ring Familiar to Appraisers The nation’s licensed real property appraisers will recognize a scheme run by a nonprofit known as the National Association of Attorneys General. It will remind the former of the abuses visited on them by a tiny, free-spending 501(c)(3) publisher and its captured federal minder. The National Association of Attorneys General describes itself as a nonpartisan national forum for America’s state and territory attorneys general and their staff members. The group has close ties with trial lawyers, who bring tort cases on behalf of the states’ top law enforcement officers and...

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

Hit Pieces & Diatribes Against Appraisers Based on Census Tracts 15

Diatribes Against Appraisers

What’s even more frustrating to me is none of the well-known appraiser organizations have offered any public rebuttal to any of these hit pieces, or explained how the appraisal process works as a way to defend appraisers… Census Tract data delineating RACE of the population is the only ammunition the people doing these hit pieces can use to attack appraisers. Appraisers, this is a long article but it’s important, as it reveals how you are being discredited in the work you do. Yet, ‘we’ must begin doing some introspection of what we are or have been doing, and make necessary...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

Appraisal Management Companies Take a Sizable Cut of the Appraisal Fee 97

AMCs Take a Sizable Cut of the Appraisal Fee

It still proves my point: Appraisal Management Companies take a sizable Cut of the appraisal fee… It was March 28th, 2018 that I wrote my very first blog post entitled “What’s not in your wallet?” where I went into great detail about how Appraisal Management Companies or AMCs get paid and how the consumer is not aware of the fact that the AMC is taking much of the fee while finding the cheapest and fastest appraiser. In that blog post, I gave many examples of the abuse appraisers and consumers are absorbing by these Appraisal Management Companies. How one borrower...

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

Remove Predominant Price from the New Forms 16

Remove Predominant Price from New Forms

Something that has ‘stuck in my craw’ or ‘frosted my cookies’ for years is the nonsense about stating a specific “PREDOMINANT” price for neighborhood homes. And then being forced to explain why the Opinion of Value is not precisely that number, and if not, why not. Real estate is IMPERFECT. Properties, especially comparables, seldom, if ever, sell for the very same or extremely similar prices. If that is the case, how can there be an exact “PREDOMINANT” figure? The possible exception to this are highly dense urban developments where the new construction homes are cookie cutters, and the builder sells...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

Slow VA Appraisal Turnaround Times Is Overblown 21

Slow VA Appraisal Turnaround Times Is Overblown

Concerns about slow VA appraisal turnaround times is overblown… On September 14, 2022, US House passed HR 7735, “the Improving Access to the VA Home Loan Benefit Act of 2022“, legislation that proposes to overhaul the Department of Veterans Affairs’ appraisal requirements, including when an appraisal is required, how an appraisal is to be conducted, and who is eligible to conduct an appraisal. The Mortgage Bankers Association (MBA) has long been vocal about its support for the bill. “The bill will encourage important reforms to the agency’s requirements regarding when an appraisal is necessary, how appraisals are conducted, and who...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

What Is My Incentive to Take on Trainees? 22

What Is My Incentive?

Why would I bother taking on the added risk of an inconvenient process? Where is my incentive again? As an appraiser, I have to ask (seriously) why should I care if the profession has a shortage of skilled appraisers? Logic dictates that If there is a shortage, then I will remain busy. Even if waivers (another ruse to eliminate appraisal work) increase, I’ll be busier with fewer appraisers. Especially with so many of them “trained” under PAVE or PAREA programs. If there is an adequate supply of appraisers, then users of appraisals will continue to seek cheaper alternatives from them...

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

Appraisal Foundation, Like Khloe Kardashian, Rattled Tin Cup for PPP Alms 2

Appraisal Foundation, Like Khloe Kardashian, Rattled Tin Cup for PPP Alms

Yet it applied for $270,706 in PPP relief intended to aid small businesses, such as the mom-and-pop appraisal shops coerced at the state level into participating in the foundation’s privately run regulatory regimen… Wearing a scoop-neck black catsuit from her brand’s High Shine Compression line, media personality Khloé Kardashian, whose net worth has been reported at $60 million, turned heads recently at Kendall Jenner’s 818 Tequila launch party in Malibu. What could this fashionista and socialite have in common with the Appraisal Foundation, an obscure publisher with a government franchise and guaranteed annual grants from a tiny captured federal agency?...

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

Grants to Help Train Appraisers 20

Grants to Help Train Appraisers

To establish grants directly to supervisor appraisers to help cover the training costs for each Trainee… Folks, this article appeared in American Banker on September 7, 2022. In my view, after reading it, the article appears to present a balanced perspective about what appraisers have been experiencing since the FIRREA law was mandated back in 1989. It also exposes problems with getting new people into the appraisal profession. If you have been paying attention to appraisal related activities over the years, you will recognize the names of people quoted in this American Banker article. One thing that has not been...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / The Appraisal Foundation

Racial Targeting Under the Heading of Diversity, Equity & Inclusion 22

Racial Targeting Under the Heading of Diversity, Equity & Inclusion

This time around, the racial targeting is masked as a virtue under the heading “Diversity, Equity and Inclusion,” or “DEI.” Valuation Jiu-Jitsu Will Lead to Future Addie Polks Addie Polk was a 91-year-old African-American widow who shot herself in the chest in 2008 during a Fannie Mae-initiated eviction in Akron, Ohio. It marked the low point in Fannie’s embrace of toxic mortgages. Fannie, now in federal conservatorship, bought or guaranteed subprime loans made to vulnerable borrowers in the years leading up to the 2007-2008 financial crisis. There are now signs of new abuses. Under the banner “equity and inclusion,” some...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Fannie Mae - Freddie Mac / Trending

No End Date for Future Editions of USPAP 7

No End Date for Future Editions of USPAP

Future editions of USPAP will have an effective start date but no end date. Folks, on Thursday August 11, 2022, the ASB/TAF announced the extension of the current USPAP to the end of 2023. Assuming that a ‘new’ USPAP is formally approved in time, the next issue of USPAP will become effective January 1, 2024. But here’s the interesting wrinkle about this, which I admit I missed in their 8/11/22 announcement: “How long is the current version of USPAP effective? With this announcement, the 2020-21 USPAP will now have an effective date through December 31, 2023. This is an additional...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / AQB

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