AMC apps and text messaging does nothing but promote fast and cheap. Last week we learned of a lawsuit file by an appraiser against an AMC and its owner. The allegations are his personal and business email accounts were illegally accessed and the investigation lead back to an AMC located in Rockville, Maryland and its owner. (You know who it is, no need to mention any names.) This news angered many appraisers as our personal space, property and livelihoods have been violated. In case you missed the story, you definitely want to learn about it. There are several good sources...
Could Ocwen’s trouble mean more business for appraisers? Ocwen Financial is in trouble with 22 States and the Consumer Financial Protection Bureau. Some states have issued a Cease and Desist Order, others like South Dakota are telling it like it is: “Ocwen does not possess the competence, experience, character, or general fitness required to permit Ocwen to continue…” Could this mean more business for appraisers? Will these issues be found in other lenders? How will the Real Estate and mortgage market be impacted? Time will tell. In the meantime, read all about Ocwen’s trouble on HousingWire here. In Other News:...
ASA and NAIFA Agree to Move Forward with Merger Consideration The American Society of Appraisers (ASA), the original multidisciplinary valuation society, and the National Association of Independent Fee Appraisers (NAIFA), the leading voice for independent professional real estate appraisers, announced on April 18, 2017, they have reached an agreement to move forward with a Memorandum of Understanding leading to the merger of NAIFA with ASA. Boards for both organizations will provide details to their memberships in upcoming weeks for final consideration and approval. The merger will add to ASA’s nearly 5,000 multidiscipline credentialed valuation professionals in over 75 countries and...
New wave of AMCs desktop “appraisal” products… VaCAP has received several emails from members concerning a new wave of desktop appraisals available from some AMCs. These products have an inspection of the property performed by another individual and the photographs and property specific data is provided to the appraiser. The AMC’s are claiming that the entire product is on-line and no written report is needed. They also claim the report is USPAP compliant. They are looking at compensating the appraiser $65 and the report should take approximately 45 minutes to complete. VaCAP does not have any specific knowledge of these...
Big Corporations like CoreLogic are like sharks… This morning, as I do every morning, I made some coffee and began work on one of the two appraisal reports that were soon to be due. The first was for an AMC known as Speedy Title and Appraisal Review Services. This appraisal management company is owned by CoreLogic. From their website “CoreLogic is an Irvine, CA based corporation providing financial, property and consumer information, analytics and business intelligence. The company analyzes information assets and data to provide clients with analytics and customized data services. The company also develops proprietary research, and tracks...
No paid lobbyist, just appraisers talking with the Senators and Delegates about the abuses of some AMCs… Governor McAuliffe signed SB1573 into law requiring appraisal management companies to pay within 30 days of the initial delivery. This becomes law July 1, 2017. Here is how it happened…. Two appraisers, both small business owners, sat down and had a conversation with Senator Frank Wagner about some of the issues appraisers are facing. By the end of the conversation, the three were on the phone with a representative of Legislative Services drafting the verbiage of the bills needed to help protect the...
Excessive markups are common but consumers usually “know nothing about it”… The Chicago Tribune has published an article written by Ken Harney concerning appraisal fees. The article is very telling of what appraisers already know. Now the consumers are aware. Please read and share the article with your colleagues, agents, local MLS Board, Realtor Board, Appraisal Board and your Legislators. The more the abuses of some AMCs are exposed, the more opportunity we have to protect the consumer. Are you paying unseen add-on fees for your appraisal? By Kenneth R. Harney Are you getting fleeced on appraisal charges when you...
Mortgagee letter on choosing FHA appraiser, AMC &/or 3rd party fees… Does HUD have a Better Understanding of the Role of AMCs? Recently an old HUD/ FHA mortgagee letter has resurfaced. The mortgagee letter, 2009-28 has to do with choosing a FHA approved Roster Appraiser and Appraisal Management Company and / or Third Party Organization Fees. This mortgagee letter specifically states “the fee for the actual completion of an FHA appraisal may not include a fee for management of the appraisal process any activity other than the performance of the appraisal.” This mortgagee letter was written prior to the Final Rules and...
FREE To CHOOSE… A member of VaCAP shared this on Facebook… We though it is very appropriate as a reminder of the choices we have as appraisers: You Are FREE To CHOOSE, But You are NOT FREE from the CONSEQUENCE of Your CHOICE In case you missed it… The Housing Wire Webinar held on March 1st is now posted for everyone to listen to. Some mistruths about an appraiser shortage is put to bed. The webinar is 60 minutes. You can watch it below and download the slides used in the presentation here. What is going to happen to...
Our function as an appraiser is to estimate the market value… Sale Season 2017 We are entering the sale season and the market is beginning to pick up. The velocity of the upcoming sale season will hinge on inventory; currently there is an obvious shortage in many submarkets. Be prepared to handle challenging scenarios. Strong demand and low inventory can lead to multiple offers and escalation clauses. Market predictions for this year forecast a higher volume of sales from 2016. Keep the following USPAP Standards as well as the Definition of Market Value, as defined in your report, in mind...
