Category: Appraisal Organizations

AMC's “My Way or the Highway” Attitude 47

AMC’s “My Way or the Highway” Attitude

Apparent appraiser abuse by AMC’s… As Chairman of the American Guild of Appraisers (AGA) National Appraiser Peer Review Committee, I have had the opportunity to see and hear directly about many cases involving alleged, as well as apparent appraiser abuse by AMC’s. These cases ranged geographically from California, Arizona, Michigan, Illinois, Florida, North Carolina, Louisiana, New Jersey, Virginia, New York, Maryland, and District of Columbia. As a QC consultant to a smaller appraiser owned AMC, I have also seen low fee spreadsheets from a variety of lenders that had 90% listed at the SAME APPRAISER fees: $495.00 (which INCLUDED the AMC...

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

Fate of Unlicensed AMC's in Virginia - All Eyes on VREAB Meeting - Imagecredit Flickr - Alan Levine 2

Fate of Unlicensed AMC’s in Virginia

Fate of Unlicensed AMC’s in Virginia – All Eyes on VREAB Meeting The Virginia Real Estate Appraisal Board meeting on August 18th, 2015 will be historic and will set a precedent, not just for Virginia, but for the entire country. The fate of unlicensed Appraisal Management Companies (AMC’s) in VA will be decided. Other State Appraisal Boards, Appraisal groups, and AMC’S are watching this meeting and waiting on the outcome. Check out the agenda for the meeting on the town hall website. There are some well known AMC’S on this list! The meeting will be August 18th, 2015 @ 10:00...

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

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Appraisal Fees ARE Being Manipulated

Gas prices in California were $4.25 to $4.50 when oil was last at $100 a barrel. A week ago they were $50+/- a barrel and our pump prices were still over $4.00 a gallon. We are told ‘environmental’ mandated blended methanol is the cause of the $1.30 higher pricing than anywhere else in the Continental US. When those environmental laws were being passed we were told they’d only add from $0.05 to MAX of $0.15 per gallon-NOT $1.30 or 43% more! We KNOW that California politicians have also very recently heavily increased gas taxes in their never ending war against internal combustion....

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

FHA vs USPAP - FHA vs USPAP - FHA requirements – Appraisers Caught in Catch 22 111

FHA Requirements vs USPAP

FHA Requirements vs USPAP – Appraisers Caught in Catch 22 Excerpt The new FHA Handbook will become effective on September 14, 2015. There has been much discussion of the implications of changing “should” to “must” in thousands of examples in the Handbook. As a Board member of the Arizona Association of Real Estate Appraisers as well as being on the FHA Roster, I have taken a good hard look at these requirements and then, it hit me as I was teaching the Uniform Standards of Professional Appraisal Practice (USPAP) which is the basis of appraisal standards for every appraiser in...

AAREA / AMC / Appraisal / Appraisal Management Companies / Appraisal Organizations / Arizona Association of Real Estate Appraisers

Another Win for Appraisers - House Bill 651 Appraisal Bd. Recordkeeping & Bkgrd. Checks. 2

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

Calling on Licensed & Certified Residential Appraisers - Be the Change - Imagecredit Flickr - Simon Greening 0

Calling on Residential Appraisers

Calling on Licensed & Certified Residential Appraisers Appraisers, The Appraisal Foundation seeks candidates for its Boards. We need a diversity of ‘license types’ to serve on these Boards. Your service time and travel expenses are covered. I just completed an analysis for the current members on the Appraiser Qualifications Board. Individually, they are all nice and very qualified people, but they are ALL Certified General appraisers. In the US there are fewer CG’s than there are License or Certified Residential appraisers. The composition of the AQB has been largely dominated by CG’s for years. These are the folks who have mandated...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / AQB / ASB

AMC Dangers: Appraisal Management Companies (AMC) are changing how our profession works 4

AMC Dangers to the Consumer

Appraisal Management Companies (AMC) are changing how our profession works. It’s important to know exactly how they are affecting the real estate process, especially if you are a home-owner, looking for real estate or are involved in another part of the property. Who does an Appraiser work for? An appraiser works for “The Client” named in the report who ultimately responsible for the appraiser’s compensation. It is important to realize that while a borrower may have paid a lender or third party the cost of the appraisal, “The client” remains the only party authorized to use the report. The appraiser...

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

AQB Changing Course on Appraiser Qualifications? 60

AQB Changing Course on Appraiser Qualifications?

Is AQB Potentially Changing Course on Appraiser Qualifications? Appraisers & others, The Appraisal Qualifications Board (AQB) is one of the voluntary Boards under The Appraisal Foundation. Their role is to analyze, debate, review, and decide the minimum qualifications necessary for a person to become an appraiser. While all who currently or in the past have served on this Board, are individually good and experienced people, collectively by Board action they have nearly caused residential appraising to grind to a halt due to their highly restrictive policy decisions. Yes, this a strong statement, and ‘halting’ won’t happen until the majority of current...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / AQB / The Appraisal Foundation

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

Appraisers Participation Needed - NMAC Tackling BPO & CU Issues - Imagecredit Flickr - Miles Heller 2

Appraisers Participation Needed – Tackling BPO & CU Issues

The appraisal industry was blindsided once again only this time by the AG’s office when they determined that the Real Estate Appraiser Board cannot regulate BPO’s. The New Mexico Appraiser’s Coalition and the Rio Grande Chapter of the Appraisal Institute sent a joint letter to the Appraisal Board prior to a hearing that was held in January to discuss the BPO language in the Appraiser Act. Although we feel we provided enough information to guide the Board, the Attorney General Representative at the meeting made the determination that the Appraisal Board had no jurisdiction over the BPO product. Even though...

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

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