Category: Appraisal News

CoreLogic Policy Change Counter to USPAP Requirements 12

CoreLogic Policy Change Counter to USPAP Requirements

  CoreLogic is pleased to announce a change to its data retention policy. I received this notice from CoreLogic: Effective April 1, 2023, CoreLogic’s maximum storage commitment for appraisal and title data will be limited to 5 years. NOTICE OF CHANGE TO CORELOGIC DATA RETENTION POLICY Dear Trusted Provider, In careful consideration of requests from our clients as well as industry risk management best practices, CoreLogic is pleased to announce a change to its data retention policy. Effective April 1, 2023, CoreLogic’s maximum storage commitment for appraisal and title data will be limited to 5 years. This change applies to...

Freddie's Study, NPR Story Recall Notable Academic Hoax 10

Freddie’s Study, NPR Story Recall Notable Academic Hoax

NPR topped the online edition of its article with the headline, “Black and Latino Homeowners are About Twice as Likely as Whites To Get Low Appraisals.” The problem? Freddie never called the appraisals “low.” While the Freddie Mac study finds no evidence of undervaluation, the NPR story about the study somehow does. Almost 30 years ago, Alan Sokal, now a professor of mathematics at University College London, perpetrated a memorable hoax. He submitted a pseudoscientific article to a cultural studies journal called Social Text. By design, his paper was strewn with nonsense. Titled “Transgressing the Boundaries: Towards a Transformative Hermeneutics...

Look in the Mirror 15

Look in the Mirror

The phrase “take a look in the mirror” is a common idiom used to encourage self-reflection and introspection. It is a powerful statement that can evoke a range of emotions and reactions from individuals, from contemplation to defensiveness. At its core, the phrase is a call to examine oneself honestly and objectively. It asks us to step back from our assumptions, biases, and preconceptions and consider our behavior, choices, and beliefs in a critical light. When we take a look in the mirror, we are forced to confront our flaws and shortcomings, but also to recognize our strengths and achievements....

Opportunity to Work for Free is Not a Plan 73

‘Opportunity’ to Work for Free is Not a Plan

I gave this ‘opportunity’ further critical analysis in terms of time spent versus the fee income potential.  Appraisers, I’d like to disclose a personal ‘opportunity’ that was presented to me last fall, early winter. A company with AMC roots was, or is, recruiting people to become “property inspectors” with the resulting reports potentially fed to other appraisers who do HYBRID, or maybe even DESKTOP reports. The GSEs never intended the DESKTOP report to incorporate separate ‘property inspections’ from a hired third party, but that’s been the evolution because they just look the other way. Last fall, due to the slowdown...

Under-Valuations Unrelated to Racial Bias 11

Under-Valuations Unrelated to Racial Bias

Under-valuations that more accurately reflect the homes’ “true” value as opposed to the contract price will also alert the buyer, not just the lender, that he or she may be over-paying, which often triggers a renegotiation… when the seller and buyer settle on a new price after the appraisal, the new lower price reduces credit risk, costs to the borrower, and ultimately results in greater wealth for the buyer. The AEI Housing Center recently released an analysis revealing that reports by the Federal Housing Finance Agency (FHFA) and by Brookings, attributing the greater prevalence of under-valuations in home purchase appraisals...

Two Cheers for an 'Evolved' Beltway Entrepreneur... David Bunton 27

Two Cheers for an ‘Evolved’ Beltway Entrepreneur… David Bunton

We come not to bury David Bunton, the public figure, but to praise David Bunton, the evolved Beltway organism. Who is David Bunton? Bunton has made a small fortune and canvassed the world at the helm of a 16-employee Washington, D.C., nonprofit that publishes a copyrighted code of conduct. The code gives his tiny fiefdom a big say in how collateral in the nation’s $11 trillion mortgage market is valued. He is a figure with outsized power in an immense market. His day-to-day funding source? For 30 years, his nonprofit, known as the Appraisal Foundation, has sold copies of its...

Staff Reductions at AMCs 24

Staff Reductions at AMCs

Making massive staff reductions in the appraisal management department, including the Chief Appraiser and the Administrative Manager, who both are licensed appraisers. Appraisers, it’s not ‘just us’ who have taken the slowdown in lending “in the shorts.” I have confirmed changes at THREE different AMCs: CoreLogic is laying off all W-2 ‘staff’ appraisers, and most of the staff administering those folks. Corelogic may continue placing assignments with 1099 vendor appraisers. My suspicion is that many of the W-2 appraisers will continue to work with Corelogic as 1099 vendors, especially in the urban areas. Clear Capital is making massive staff reductions...

The Real Cause of the Home Value Gap Is the Income Gap 49

The Real Cause of the Home Value Gap Is the Income Gap

Blaming appraisers for the income gap will never solve the real underlying problem… Blaming appraisers for the income gap is as ridiculous as blaming appraisers for gun violence and gas prices. I watched the January 24, 2023 ASC Appraisal Bias hearing. Comments were requested after the hearing. This letter is my comment. I’ve been a real estate appraiser in Los Angeles, California for 40 years. I’ve been a licensed California Certified Residential Appraiser since licenses were first offered in 1993/1994. I’m a Latino woman who speaks English and Spanish. I appraise property in the diverse county of Los Angeles and...

ASC Data Breach Involving Social Security Numbers 8

ASC Data Breach Involving Social Security Numbers

On October 13, 2022, the Appraisal Subcommittee discovered a data breach that occurred on the new ASC.gov website. The incident involved Social Security Numbers. They made an announcement on January 24, 2023 and have contacted all State Appraiser Regulatory Agencies concerning the data breach. They are also notifying all individuals whose Personal Identifiable Information had potential for exposure. Those appraisers who could have had their data exposed will be offered credit monitoring to prevent identity theft. The Appraisal Subcommittee (ASC) is contacting all State Appraiser Regulatory Agencies concerning a data breach that occurred on the ASC.gov website. Please note: This...

Spear Throwers Using Census Data as Evidence for Bias 31

Census Data Used as Evidence for Bias

I’ve previously written about how the various spear throwers at appraisers have used ‘census tract data’ in their assertions that appraisers are racially biased. It’s been done by Freddie Mac, by Andre Perry in his testimony before Congress, by Ph.D Elizabeth Korver-Glenn in her dissertation paper, not reviewed by anyone with appraisal experience, to obtain that lofty status, the media, and other so called ‘studies’ and ‘reports’ since. That is information foreign to appraisers, because we don’t use or reference anything about Census Tracts in our reports. The only place that shows up is in one field on the GSE...

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