Category: 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

Don Machholz Passing 6

Don Machholz Passing

Folks, yesterday, August 11, I received the following notice about Don Machholz from a California appraiser, who requested this be circulated: With sadness, I wanted to share the news of Don Machholz passing on Tuesday, August 9 in Wikieup, AZ due to complications with COVID-19. Don was a real estate appraiser from 2003-2018 and was well known within the appraisal industry. He was active in the Real Estate Appraisers Organization (REAA) and the Nevada County and Placer County Association of Realtors throughout his career. Don was known for his market updates and sense of humor at the weekly marketing meetings....

1004MC / Appraisal / Appraisal News / Appraisal Organizations / REAA / Real Estate Appraisers Association

Justice for Texas Appraiser? You Bet. Price Tag: $99,000 9

Justice for Texas Appraiser? You Bet. Price Tag: $99,000

The Texas Appraiser Licensing and Certification Board is a hot mess, but one with a malicious and callous streak. That makes it dangerous to licensees. The Unclean Hands Doctrine is a legal defense. It helps prevent petitioners who are engaged in fraud, deceit or bad faith from recovering certain damages from others. If you’re a known cattle rustler yourself, the Unclean Hands defense may keep you from recovering damages if your own cattle go missing. It’s also sometimes called the “Clean Hands Doctrine” or the “Dirty Hands Doctrine.” Based on this doctrine, the feculent fingers of the Texas Appraiser Licensing...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / TALCB / Texas Appraiser Licensing & Certification Board

USPAP 3rd Exposure Draft & Nondiscrimination Section Proposed 13

USPAP Third Exposure Draft

…the Ethics Rule has been expanded with a new highly detailed Nondiscrimination section, which also affects the Competency Rule. Folks, the Appraisal Foundation’s Appraisal Standards Board released the THIRD Exposure Draft to USPAP on July 26, 2022. To be honest, I didn’t know there have been two previous Exposure Drafts. I would encourage you to download and print this Draft here. The PDF is also embedded below. It’s only 11 pages total. The key difference in this Draft is that the Ethics Rule has been expanded with a new highly detailed Nondiscrimination section, which also affects the Competency Rule. You...

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

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