Category: Appraisal News

Let's Get Those Pesky Appraisers Out of the Way! Hybrid Appraisals Part 5 22

Robust & Precise Inspections – Hybrids V

No more pesky appraisers blowing up sales commissions & bonuses & salaries… A “hybrid” appraisal is a new name for where the property inspection is separated from the analysis and appraiser’s certification. It is faster and cheaper and… This is Part 5 of a (soon to be, so far) six part discussion of Hybrid Appraisals. Part One, Two, Three, and Four are behind these links. Many years ago, I had several trainees, and as each gained experience and competence going out with me, I first let them inspect homogeneous neighborhoods, with me driving by on the outside to check on locational and optimal use issues. In time, they did...

Appraisal / Appraisal News / Appraisers News / Trending

Loan Officer' Letter Instructing Borrower to Push Appraiser for Value 38

A Little Push Can’t Hurt Right? Wrong!!

…forget the risky position foisted on the consumer by the loan officer… Well, here we go again. In my previous blog posts titled “Round and Round” and “Pressure My Story”, I spoke to examples of how lenders and/or AMCs have been pushing and pressuring appraisers to hit certain values on transactions. If an appraiser did not hit these numbers, or make changes to make the transaction work in the lender’s favor, the appraiser would be threatened with non-payment, removal from appraiser panels, and/or blacklisted. If you haven’t read those blog posts, feel free to go back and have a look....

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

Another Huckster Enters the Appraisal Arena 20

Another Huckster Enters the Appraisal Arena

Yet another third party huckster has entered into the real estate appraiser and appraisal arena. It’s that time again! Yet another third party huckster has entered into the real estate appraiser and appraisal arena. Apparently motivated by pure altruism. We identified a need in the marketplace to address a common problem that lenders are regularly challenged with in providing accurate appraisal quotes and then ensuring pricing on the Loan Estimate is consistent and compliant,” stated Vladimir Bien-Aime, president and CEO at Global DMS. (I LOVE this guy, he writes like me!) Global DMS Launches SnapVal to Provide Instant, Accurate, Guaranteed...

ACI / AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News

USPAP Everyday Violation... Are You Violating USPAP Every Day? 15

Are You Violating USPAP Every Day?

Are you in “violation” of USPAP? If you pick comps the old way, you may be violating USPAP every day! The old way of selecting data worked well for the old days. Gather seven or eight that look good, go look at them, make a couple of phone calls, and pick four or five for your report. That was the way I was trained. That was the way the Appraisal Institute courses taught me. When I took the AI demo report course, three words were drilled into me: Explain, Justify, and Support. Then I took the required USPAP course. (Back then it still belonged...

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

USPAP or Not Mueller REO report 36

Mueller REO Hybrid Appraisal Report

Another Mueller Report has surfaced. The report is a Mueller REO Hybrid Appraisal Report and it was given to an appraiser as a sample. This one raises more questions than the last one! The photos from the property inspection do not tell the appraiser one thing. The photos are dark and the repairs the inspector states are needed, simply are not seen in the photos. It begs the question, does the appraiser have adequate information to complete a credible appraisal? Now take a look at the Mueller REO Hybrid Appraisal report. Pull up the report and follow along. Some things have...

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

Let Appraisers Train their Own Inspector Personnel for Desktop Appraisals 64

Let Appraisers Train Their Own Inspectors

If we are to make a third party inspector liable for the data they provide… FNMA’s recent newsletter states that a third party inspector should be hired to deliver photos, sketches, etc about a property to them. After their review, if they believe an appraisal is needed then they can forward that information to the appraiser and a desktop can be performed with ease and accuracy. In their words, this is no different than an appraiser relying upon other forms of data in the report such as public records, MLS, etc. I really do appreciate the perspective of some who...

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

The Truth is Hybrid Hucksters Don't Hire Professionals! 8

The Truth is They Don’t Hire Professionals!

Hybrid hucksters always argue “Why can’t trained professionals like brokers or insurance inspectors” perform the appraiser’s field inspection. The answer is because ‘trained professionals’ like those noted don’t work for $25 an inspection; are unwilling to give up their day jobs for a chance at a single $25 inspection one or two days a week, AND if they are truly trained professionals, to begin with, they are unwilling to work for part-time income of $0 to $25 a day in vain hope of having a periodic 8 or 16 inspection day (assumes all 16 are side by side since there’d...

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

Verisite Photo Appraisal Report... Is the Door Open Wide for Fraud? 42

Verisite Photo Appraisal

Appraisal Photo Report for use on loans, pick and choose pictures… Is the Welcome Mat Down and the Door Opened Wide for Fraud? “What Appraisers Need to Know about Property Data Collection” is a topic of discussion in the latest Fannie Mae Newsletter. The article describes how property data is being collected and being sent to Fannie Mae to determine the type of valuation that is needed on a property. It discusses Appraisal Modernization, Desktop appraisals, Scope of Work and USPAP. It even references The Appraisal Foundation Video on Inspections & Hybrid Appraisal Assignments. Well, Fannie Mae is the last entity that should be discussing...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Fannie Mae - Freddie Mac / The Appraisal Foundation

Do You Tell Borrowers About Repairs in an Appraisal Inspection? 34

What to Tell Borrowers in an Inspection

It can be hard to know exactly what to tell a borrower sometimes in an inspection when it comes to repairs. For example, if you see chipping and peeling paint in an older home, and it is an FHA inspection, do you let the homeowner know that there is a good chance that their lender will ask them to repair it? While it is probably not a big deal either way, I see both pros and cons to both sides of this issue. If the borrowers seem kind and agreeable, I typically will tell them about the repairs. It gives...

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

Mueller Sample Bifurcated Appraisals. YOU Decide! - AppraisersBlogs 48

Mueller Sample Report. You Decide!

A recruiter for Mueller Services, Inc. (Mueller Reports) contacted a VaCAP member about joining their team as a W-2 employee to complete bifurcated appraisals. Our member communicated with them and received samples of their product.  During the course of the communication, the recruiter mentioned, via email: In the past 30 days, we have had 23 cases in Virginia as a whole and expect that number only to increase. A quick check on the Department of Professional Occupational Regulations (DPOR) website revealed Mueller Services, Inc. is not registered as an appraisal firm. In fact they are not registered at all. In Virginia, to operate an...

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

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