Category: VaCAP

Appraisal Fee Transparency Act of 2019: Pivotal Point for Appraisers 21

Fee Transparency, Pivotal Point for Appraisers

…appraisers may finally have a chance at making the goal of fee transparency a reality… Keep your eyes open, events are happening fast. Ever since the passage of the Home Valuation Code of Conduct (HVCC) in 2010 and the monumental rise of Appraisal Management Companies (AMCs), one of the main issues appraisers have pressed for is transparency for consumers in terms of the fee split between appraisers and AMCs. Specifically, how much of the actual “Appraisal Fee” being paid by the consumer goes to the licensed real estate professional and how much is withheld by the AMC “manager.” Now, over...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

VaCAP Is Concerned for the Safety & Soundness of the Housing Market... 1

VaCAP Expresses Concerns to Legislators

The safety and soundness of the housing market is the back bone of local economies, the national economy and yes, the international economy. We have barely recovered from the major financial crash of 2007/2008. Let’s not do it again! Last week we shared with you Maxine Waters and Sherrod Brown’s inquiry to the Appraisal Subcommittee inquiring on the parameters used to determine the North Dakota Appraiser Waiver approval. We encouraged each of you to take advantage of the attention on our profession and contact your representatives. VaCAP has sent letters to both the US House of Representatives Committee on Financial...

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

Game Over ServiceLink - AMCs Appraisal Schedule Fees Made Public! 60

Game Over ServiceLink

Now that ServiceLink fee schedule, indicating fees paid to appraisers and fees charged to the lenders, has been released to the public, there is absolutely no reason for in camera review… We are sure you have heard the old saying what goes around comes around, right. Well, here we are again; The FTC vs Louisiana Real Estate Appraisal Board case has been brought back into the spot-light. As you may recall, the LREAB filed a civil case against the FTC in attempt to stop the case against them. That case was denied due to lack of jurisdiction. Then the LREAB...

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

Appraisal Waiver Questioned by Legislators- Asking ASC for Justification 8

Appraisal Waiver Questioned by Legislators

Late Friday afternoon, VaCAP learned the Financial Services Committee Chairwomen. Maxine Waters and Senator Sherrod Brown, Ranking Member of the Senate Committee on Banking Housing and Urban Affairs, sent a letter to the Appraisal Subcommittee Chairman Arthur Lindo inquiring around the circumstances of the North Dakota Appraisal Waiver that was granted a few months back. The exact verbiage used in the letter to describe the waiver was “unprecedented with minimal justification.” This speaks volumes as to their concern. Congress has repeatedly recognized the essential role that appraisals play in both safety and soundness and consumer protection. That is why it is...

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

Credit Worthiness Based on Magazine Subscriptions 3

Low Credit Score? Don’t Fret Over It

Got a low credit score and can’t get a loan? Don’t fret over it, just subscribe to a magazine. Sounds absurd doesn’t it? According to an article on MSN, banks are using other means to determine your credit worthiness. We all understand alternative credit, such as phone and power bills, but companies are now considering consumer data such as magazine subscriptions, the stores your shop at, what you purchase, what restaurants you eat at and how much you spend at them. Based on your consumer data a risk score on your ability to repay a loan is determined. For decades,...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Finance Agency

Lenders Want to Eliminate DTI Cap! What Could Go Wrong? 20

Lenders Want to Eliminate DTI Cap!

No DTI CAPS – What could go wrong? Well, the insanity continues. HousingWire is reporting that a coalition of lenders and trade groups are calling on the CFPB to eliminate the debt to income cap on all qualified mortgages. Yes, you read that right. Lenders want to eliminate the debt to income cap to allow more loans to be originated. They claim by using alternative factors to determine risks, more low income borrowers can obtain a mortgage. Mortgage Bankers Association President and CEO Robert Broeksmit stated: With respect to the 43% DTI threshold, it makes little sense to commit to a rigid requirement...

Appraisal / Appraisal News / Appraisers News / ASB / CFPB / Consumer Financial Protection Bureau

Price Fixing & Discrimination - FNMA & FHLMC Bond Price Fixing Claims 7

FNMA & FHLMC Bond Price Fixing Claims

Are the profits being reported by Fannie and Freddie being skewed because of price fixing? In an article released on CNBC by Reuters, US District Judge Jed Rakoff ruled investors can pursue antitrust claims against banks for conspiring to fix prices of bonds from Fannie Mae and Freddie Mac. According to the article, there are transcripts of chat room discussions that prove a conspiracy to price fix mortgage backed bonds from Fannie and Freddie between January 2009 and January 2016. Rakoff wrote. The chats unmistakably show traders, acting on behalf of those defendants, agreeing to fix prices at a specific level before...

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

Computershare 15 Minutes Appraisal Reviews & Cheap Diapers 10

Computershare Reviews & Cheap Diapers

The resulting “outcome” of those cheap diapers is the same outcome as Computershare 15-minute reviews must be… This didn’t start out as an article, but you know me. Doing research prior to posting in the 100% comments board I was shocked at how pervasive this new ‘service’ already is. A simple blog post can’t begin to cover it. Every single reader needs to research their own states requirements. The AMC at the following link makes this easy. Please look your state up. My concern was with Computershare and Colorado. Feel free to look them up by clicking here. If that doesn’t...

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

$15 USPAP Appraisal Reviews in 15 Minutes? - Appraisers Blogs 36

USPAP Appraisal Reviews in 15 Minutes?

$15 USPAP Appraisal Reviews in 15 minutes? A VaCAP member shared with us something they read in an appraiser group on Facebook last week and expressed concern. We agree there is a reason to be concerned and want to alert our members to be cautious. We do not know if the source of this request is an amc or a lender, but either way, there is reason for concern. Here is what was shared: “I have been diligently looking for appraisers to complete to do our NEW USPAP reviews. These pay $15 per report and are completed in 10-15 minutes....

AMC / Appraisal / Appraisal Management Companies / Appraisal Organizations / E&O / Errors & Omissions

The Rumble of the Bifurcated Appraisal Train Before It Crashes 7

Do You Feel the Rumble?

“Can you hear that? Do your hear the rumble? It’s a train going 80 mph toward a 25 mph curve” There is an excellent article by Richard Hagar, SRA that hit everyone’s email yesterday from Working RE Magazine. The title of the article is Why “Bifurcated” Won’t Work. This is an excellent read and we ask that you take the time to read it and pass it along to all your contacts. Lots of great examples of why these products are a danger to not only appraisers, but to communities. See the article here. The pressure has begun…all they need...

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

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