Category: Appraisal News

FHFA Overseeing Appraisal Policy & Processes? Time to Stop the Trend 2

It Is Time to Stop the Trend

Why FHFA thinks the GSE’s should be even discussing appraisal processes is a question that needs to be asked of FHFA… Appraisers have let others dictate many things in our profession. It is time to stop the trend… How about 20 questions? The Federal Housing Finance Agency (FHFA) has 20 questions for you. Well, actually it is only 19 questions. The FHFA is the organization of the Federal Government that oversees Fannie and Freddie. They want feedback on how the GSE’s should move forward with appraisal policy, risk and appraisal processes. Now why FHFA thinks the GSE’s should be even discussing appraisal processes...

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

Do Appraisers Have the Right to Refuse to Provide Service to AMCs? 18

I Reserve the Right Not to Serve You Anymore

Dude, I Reserve the Right Not to Serve You Anymore! OK, let’s face it: real estate appraisers are in the service business. We provide a service – real estate appraisals. We provide those services to anybody willing to pay for them. That’s what service providers do. To which you say, “Dustin, you have a deep grasp of the obvious.” Well, let’s go a little deeper. Part of what I do is stay in touch with local real estate brokers and appraisers. Some of us have a local restaurant we frequent. At the front door is a sign letting all patrons...

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

Who’s REALLY completing bifurcated/hybrid Reports? 14

Who’s REALLY Completing Hybrids?

Who’s REALLY completing bifurcated/hybrid appraisal reports? This essay has been “rattlin’ around my cranium” for a few months from the time I acquired two ‘case study’ report examples in early 2020. I’ve recently received a third bifurcated report, which has similar appraiser data. So now is a prime time to spill the beans, so to speak. Especially since FHFA, the conservator of Fannie and Freddie, is currently on a mission to “modernize the appraisal process.” They are seeking input from appraisers and other stakeholders who use appraisals. But first, as the infomercials say, there’s more! One ‘more’ concerns appraiser obligations...

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

Open Letter to Mortgage Lenders - Your Appraisal Management Company 22

Open Letter to Mortgage Lenders

How much vetting have you done on the appraisal management company? How involved are you as the lender in the day to day activities of the appraisal management company?… The world has changed and most everything in our lives involves technology. The technologies available to each of us are tools. They are not a more reliable means, merely more convenient. Human thought and analysis is still required in every aspect of life. When the Final Rules of the Dodd Frank Legislation went into effect, many lenders chose to use appraisal management companies with the false idea they had no liability for...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Technology / Appraisers News

Our Job Is to Observe & Report... Not to Commit Mortgage Fraud 25

Our Job Is to Observe & Report

Our job is to observe and report. For an appraiser to arbitrarily go into another area to get “comps” merely because it would result in a higher value is an act of fraud… Dear President Biden, Sir, I welcome your incoming administration, and my sincerest hopes and well wishes are extended to you in terms of healing in this nation. Additionally, as an appraiser, I welcome the desire for equality in housing opportunity in the United States, and if there is any bias in my profession, I support efforts to correct this. However, in watching your party’s position on race...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Political Action / Trending

Special Briefing on Appraiser Racial Bias 6

Special Briefing on Appraiser Racial Bias

We encourage everyone to sign up for the “Special Briefing on Appraiser Racial Bias”. American Enterprise Institute (AEI) analyzed actual data to see if there was any racial bias in appraisals and published their findings in a study titled “How Common Is Appraiser Racial Bias? An Analysis Using Big Data to Determine Whether It Is Common or Uncommon that an Appraiser’s Knowledge of an Applicant’s Race Results in Valuation Bias“ AEI Special Briefing on the Presence of Appraiser Racial Bias: Join AEI’s Housing Center director Ed Pinto and director of research Tobias Peter for a special briefing on the presence...

Appraisal / Appraisal News / Appraisers News

We Should Be the Only One to Determine Any Modernization 2

Modernization Should Only Be Determined by the Appraisal Profession

The appraisal professions should be the only ones to determine any modernization; whatever that is… When Things Don’t Go as Expected Like so many others, I have learned the hard way not to accept any assignment without a little due diligent research first. Make no mistake I do not shy away from difficult assignments. I am under the firm belief the more difficult, the better. I actually enjoy the challenge. I recently accepted a private assignment over the phone for a lot in the City. I was driving and did not have access to MLS or locality records. I knew...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Fannie Mae - Freddie Mac

Media Creating a False Picture. What was Said at the Save America Rally?

Media Creating a False Picture

…the media and others have twisted what was said to hope you will believe that it was an “incitement of violence”… Folks, I’ve been “mulling this over” for a few days, trying to totally understand what has really been happening over the past months and years up to January 6, and after. What I’ve learned is you, me and everyone else have basically been lied to, and as such, what I’m about to write is going to “p@#s off” a few of you, but others will understand. By the way, I should say that I have tried not to mix...

Appraisal / Appraisal News / Appraisers News / Trending

Racial Bias by Appraisers Uncommon & Not Systemic 6

Racial Bias by Appraisers Is Uncommon & Not Systemic

Intentional and unintentional racial bias by appraisers on refinance loans is uncommon and not systemic… On January 4, 2021, the American Enterprise Institute (AEI) published a study titled “How Common Is Appraiser Racial Bias? An Analysis Using Big Data to Determine Whether It Is Common or Uncommon that an Appraiser’s Knowledge of an Applicant’s Race Results in Valuation Bias“. They concluded allegation that knowing the race of the applicant results in racial bias by appraisers on refinance loans is uncommon and not systemic. This same analysis supports the conclusion that unintentional bias based on race is also uncommon and not...

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

FHFA RFI on Hybrids, Waivers, AVMS, Racism... 7

FHFA RFI on Hybrids, Waivers, AVMS, Racism

The FHFA is requesting input on appraisal related policies, practices and processes. We encourage everyone to submit comments. The Request for Input (RFI) is open to comment until February 26, 2021. The input received in response to the RFI will be used by FHFA to determine the necessary modifications needed to ensure Fannie Mae and Freddie Mac (the Enterprises) operate in a safe and sound manner. “Modernizing the appraisal process has the potential to create a more streamlined and accurate collateral valuation process. But if modernization is not properly adopted, it could have negative unintended consequences,” said Director Mark Calabria....

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

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