Category: Appraisal News

Georgia State Appraisal Board Tables Proposed Rule to Eliminate C&R fee 8

Proposed Rule to Eliminate C&R Fee Tabled

Yesterday morning, I attended the Georgia state appraisal board hearing on the proposed rule to eliminate the C&R fee law they have in place. You know, the one that is similar to the one in Dodd-Frank. The Georgia appraisal board apparently is being investigated by the FTC for their law. They thought that the FTC vs the Louisiana case was a ruling in favor of the FTC when in fact it was not, and wanted to avoid any sort of notion that they were price fixing or of anti trust. The board received letters from appraisers and others in the...

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

Imagine Running the Lawn Mower Industry like the Appraisal Industry 17

Imagine Running the Lawn Mower Industry Like the Appraisal Industry

I’m on about lawn mowing lately. It’s my new full time passion. The appraisal industry should be as straight forward as lawn mowing, but due to the special interests pressures within the value industry, it has become convoluted and dysfunctional. Can you imagine if they ran the lawn mower industry like they try to run the appraisal industry? Like, we don’t care if that lawn is on slope or not, you can only use this mower and you’re not allowed to be versatile and use anything else. And you can’t request the lawn mowing servicer you want to use, you...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

FHA Extends Appraisal Validity Period 9

FHA Extends Appraisal Validity Period

On July 12, 2022, the FHA announced that it is extending the initial appraisal validity period from 120 days to 180 days and the appraisal update validity period from 240 days to one year. This applies to case numbers assigned on or after June 1, 2022. This just seems like a bad idea at a time where many markets are seeing price declines. FHA INFO 2022-71 — July 12, 2022 In this Announcement: FHA Implements Revised Appraisal Validity Period Guidance Appraisal Logging Changes in FHA Connection See below for details. FHA Implements Revised Appraisal Validity Period Guidance Today, the Federal...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA

Appraisers Should Closely Watch Probe of Departed Brookings Boss 48

Appraisers Should Closely Watch Probe of Departed Brookings Boss

The chief of the Brookings Institution, a retired four-star general, resigned last month under investigation of lobbying on behalf of a foreign government and then covering it up. If the allegations are true, it means the think tank, under the general’s watch, was secretly taking illicit cash from at least one outside interest group at a time it was engaged in research that irreparably damaged the reputation of the nation’s real estate appraisers. Astute appraisers wondered whether Brookings might have also been influenced by any well-placed donations from other groups, such as the powerful lobbies of the Realtors, home builders,...

Appraisal / Appraisal News / Appraisers News / Trending

Desktops are being done wrong 70

Desktops Are Being Done WRONG!

Appraisers, back in April, I was notified by someone “close to the action” of appraisal report submittals to the GSE’s, that many Desktops are being submitted back to lenders TOTALLY WRONG by the assigned appraisers! These reports are being captured and evaluated in the current Desktop observation and testing phase of the UCDP evaluations. Lenders use the UCDP as an initial report Quality Control check so that any problems can be identified, and sent back to the appraiser for correction, before the last submittal is used for the loan. The UCDP ‘sees’ every report for a particular property address, and keeps track...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Fannie's Equity Plan: The Drinking Game 32

Fannie’s ‘Equity’ Plan: The Drinking Game

What makes equity so invidious as a governing tenet is that it involves not just helping people of one racial or cultural group but it has the effect of knocking struggling members of disfavored groups out of the game. One type of parlor game relies on players’ ability to maintain their memory, logic and articulation – all while getting blotto. These alcohol-fueled “think and drink” games are highly challenging. Even Britain’s royal family engages in such diversions if Netflix’s “The Crown” is to be believed. The games have names like “Bizz Buzz,” “Ibble Dibble,” “Never Have I Ever” and “Roman...

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

How Does an Eminent Domain Attorney Critique and Review An Appraisal Upon Which His Client’s Just Compensation Is Based? 1

Eminent Domain Attorney Review

How Does an Eminent Domain Attorney Critique and Review An Appraisal Upon Which His Client’s Just Compensation Is Based? Attorneys representing property owners and appraisers responsible for documenting the value of the property being taken often work together in an eminent domain case. The appraiser develops an independent opinion of value for the property through an appraisal, and the attorney ensures that the appraisal is sufficient to support a just compensation determination in what is essentially a legal proceeding. The stakes can be high when a client’s valuation conclusion rests on a weak or improper appraisal. If the property owner’s...

Appraisal / Appraisal News / Appraisers News

Floor Plans Could Be an Issue in Appraising 12

Floor Plans Could Be an Issue in Appraising

…concerns that appraisers could be sued for making floor plans of a home… I’m an AI “member” (because I pay membership dues) even though I’m not supposed to say it that way. Technically, I am an Appraisal Institute Practicing Affiliate. Regardless, an AI email earlier on 6/29/22 had this news: Supreme Court Rejects Floor Plan Case; Appraisers Vulnerable The Supreme Court on June 27 rejected a case involving the use of floor plans in marketing materials. Multiple real estate firms petitioned the court to review the case, contending the Eighth Circuit incorrectly ruled that using floor plans in marketing materials...

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

Corrupt West Virginia Occupational Licensing Board Scheming Ends 9

West Virginia Appraisal Board Scheme

The Doomed Quest to Reform a corrupt West Virginia Licensing Board “Board members earn money working for a law firm that files lawsuits against appraisers,” said one West Virginia appraiser… Readers of DC Comics will be familiar with Bizarro World, a cube-shaped planet that is home to a weirdly inverted version of reality. The planet is governed by the Bizarro Code, whose ungrammatical main tenet is, “Us do opposite of all Earthly things!” But “Bizarro World” doesn’t nearly describe a scheme in which a West Virginia occupational licensing board has joined hands with a law firm that has managed to...

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

Subject Property Actual Location - Where Is It? 26

Subject Property Actual Location

Don’t say that the subject property is ‘within’ a particular City or Town due to the postal ZIP Code that applies to the street address unless that is accurate. The actual location may be miles away from there. Appraisers, this article was prompted by my ‘coming in contact with’ several appraisal reports where different regional appraisers report the physical location of the subject property “in” a particular City associated with the postal ZIP Code for that City. Actually, the property was not “in” the City at all. It was in the County. Since I observed this inaccuracy among appraisers who...

Appraisal / Appraisal News / Appraisers News / Trending

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