Category: Virginia Real Estate Appraiser Board

Transparency… Where is it? 38

Transparency… Where is it?

Is transparency with the lender? Did the lender explain to the borrower the fee they (the borrower) are paying to the AMC and the benefit they are receiving? Oh wait, what benefit is the AMC to the borrower? Was this fee disclosed verbally, in writing or anywhere? Did the lender disclose any relationship they have with the AMC? Is transparency with the AMC? Did the AMC disclose their fee to the borrower? Did the AMC disclose how much the appraiser is being paid? Did the AMC explain any benefit of their service to the borrower? Did the AMC explain how...

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

Requests from Lenders with Specific Statements 4

Requests from Lenders with Specific Statements

Lenders’ Requests, C&R Fees, Email Blasts, SOW, Unlicensed AMCs and more… What is the best way to ensure you receive a customary and reasonable fee for an appraisal? Answer: Only accept assignments with a customary and reasonable fee! That being said, here is a reminder of a USPAP requirement to consider before you respond to that email or text blast…. Scope of Work Rule Identify the problem to be solved. Determine and perform the scope of work necessary to develop credible assignment results. Disclose the scope of work in the report. Comment: Scope of work includes, but is not limited...

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

VREAB board meeting - VaCAP Call to Action 34

Call to Action

Board meeting about AMCs hiring staff appraisers, email blasting, non C&R fees, & background checks. VaCAP understands you are busy with lots of orders, but it is important for you to attend the VREAB Board Meeting on Tuesday April 26th. There will be a public comment period during the meeting. Every independent fee appraiser needs to voice concerns about AMCs hiring staff appraisers to complete appraisals, email blasting, the continuation of non customary and reasonable fees, and background checks. The public is not protected with any of these practices. The Virginia Real Estate Appraisers Board Meeting April 26th,@ 10:00 AM...

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

BPOs, Drones, Oil War & Appraising 3

BPOs, Drones, Oil War & Appraising

Appraisers doing $300,000 a year in BPOs There has been a lot of chatter about BPOs again. Maybe we should consider changing the law in Virginia from being a mandatory USPAP state to a state like Tennessee. Appraisers can do BPOs in Tennessee and they do not have to worry about USPAP. Now, mortgage work still falls under USPAP. But I hear of appraisers doing $300,000 a year in BPOs. Food for thought. It won’t affect your business in a negative sense. Because those who want BPOs are getting them already. Just ask any agent. It will just let us...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP

AMC staff appraiser positions and the lack of public protection and trust 1

Virginia Appraisers in the Spotlight Again

AMC staff appraisers are not independent If you have not already done so, please listen to the Voice of Appraisal with Phil Crawford. Once again, Phil has brought Virginia into the spot light. This is the third show Phil has talked about AMC staff appraiser positions and the lack of public protection and trust. Thank You Phil and Kevin! Listen to the show at the bottom of this article. Please attend and speak against AMCs hiring staff appraisers to complete the appraisal reports. By definition, an AMC and an appraiser have two very different functions. Even the National Association of...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / VaCAP

Independent Appraiser Takeover by AMCs 34

An AMC Takeover is Coming!

AMCs completing appraisal reports in direct competition with the independent appraiser As an appraiser, you have probably seen or heard that AMCs are hiring staff appraisers to complete appraisal assignments in local markets. What does this mean for independent fee appraisers? Here is some background information to consider. 54.1-2020 of the Code of Virginia states: An Appraisal Management Company is “a person or entity that (i) administers a network of independent contract appraisers, receives requests for appraisals from clients, and receives a fee paid by the client for the appraisals and (ii) enters into an agreement with one or more...

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

VaCAP AMC Compliance Notification 9

Compliance Notification to AMCs

Virginia Coalition of Appraisal Professionals’ Courtesy notification to AMCs licensed in Virginia On Monday March 29, 2016, VaCAP sent via email a courtesy notification to each AMC licensed in Virginia along with a copy of the Guidance Document issued by the Department of Professional Occupation Regulation. They will follow up with a hard copy to each licensed AMC next week as well. VaCAP continues to Unite, Preserve and Promote the collective interests of all appraisal professionals in the Commonwealth of Virginia. To all Licensed AMCs in Virginia: This correspondence is intended as the Virginia Coalition of Appraiser Professionals (VaCAP) courtesy...

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

Cracking Down on Appraiser Licenses & Higher Fees 12

Cracking Down on Appraiser Licenses & Higher Fees

Now they’re saying your license has to be revoked! The Federal Government is cracking down on appraiser licenses that were issued by the states where the applicant did not meet the “new” TAF requirements. Several states have this problem. Virginia is in that mix. About nine appraiser licenses were issued that the Federal Government is now saying have to be revoked. About half of these people have reached out to me. There is not a lot I can do or VACAP can do. But the state will be addressing this issue over the next couple of board meetings. So if...

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

Virginia Real Estate Appraisal Board Made History 44

Virginia Real Estate Appraisal Board Made History!

On Tuesday February 23rd, The Virginia Real Estate Appraisal Board made history! The legislative code of Virginia states Licensed Appraisal Management Companies must provide customary and reasonable compensation to fee appraisers. There are two presumptions of compliance. One based on objective third party information, including fee schedules, studies and surveys prepared by independent third parties, such as government agencies, academic institutions, and private research firms. The other presumption of compliance is based on recent rates paid to a representative sample of providers of appraisal services in the geographic market of the property being appraised or fee schedules of those providers....

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

Talked lately - We need to Talk VaCAP 6

Talked Lately? We Need to Talk!

Being informed is the key to success. Have you talked lately? Communication among appraisers is critical to our continued success. Whether it is reading a newsletter, having lunch with a colleague, or socializing at an industry function, this is how we learn, grow and succeed. Are you registered with the Townhall? The Virginia Regulatory Townhall is the regulatory website for information. Here you will find the regulations of the Virginia Appraisal Board, proposed regulations, and proposed changes. The Townhall is also the place to go for dates, times, agendas, and meeting minutes of the Virginia Appraisal Board Meetings. This is a must...

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

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