Category: Appraisal News

Appraiser’s Response to MyAMC Panel Invitation - Appraisers Blogs 28

Appraiser’s Response to MyAMC

Thank you for your invitation to join your panel. I read all your details. They are addressed in the following: I find it unlikely you retain top appraisers nationwide if you think $350 is a reasonable fee in my area. Did you arrive at that by buying Corelogic’s purported ‘independent survey’? I don’t accept 30 day billing from any unproven clients with unspecified volume. Provide a copy of your current Dunn and Bradstreet rating along with a guarantee of a minimum of 25 orders per month, and I will consider deferred billing. Otherwise you would have to pay me by...

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

Is the Non-appraiser Inspector Worthy of Belief? Can You Believe That? 27

Can You Believe That? Hybrid Appraisal Part 4

…non-appraiser inspector must not provide any significant appraisal assistance… This is Part Four in a series on Hybrid Appraisal. Be sure to read Part One, Part Two and Part Three. The term “hybrid appraisal” (as it’s currently used), means that the appraiser sits at a desk, while someone else (not an appraiser) looks at the property. It appears that the non-appraiser may or may not inspect the interior, measure the improvements – but always takes a front photo, similar to what can be found in MLS listings, or Google Earth street pictures. The basic claim is that the overall process is cheaper and faster, and...

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

Accepting CLIENT Provided List of Comparables - Client Supplying Comps 17

Client Supplying Comps

CLIENT provides the appraiser with a list of comps… I’ve heard about this practice, but this is the first time I’ve actually seen it ‘in print’: Do you supply a list of available comps for each order? Yes, in most cases. Click the “Comparables” button while completing the form to view and select available comps. This will save you significant data entry time. Please note: Option only available for BPO and hybrid valuations. I was doing some on-line research for a potential new client which provides a wide range of services to the mortgage industry, including appraisal, and found this statement among their Q&A...

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

Human Real Estate Appraisers Unnecessary? - Appraisers Blogs 80

Human Real Estate Appraisers Unnecessary?

“Real estate appraisers will not exist in the future.” – Reasons Behind Matt Rider’s Projection and Why He’s Wrong Technology in real estate is advancing to a point where any user can “pull up a property’s data together” and create an appraisal. This is the main point raised by Franklin American Mortgage’s Chief Information Officer Matt Rider in his interview with National Mortgage News. He claimed that as a result, real estate appraisers wouldn’t exist in the future. See interview here. Rider’s projection seems to be based on society’s increasing dependence on Big Data and artificial intelligence (AI). According to...

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

Regulators, Appraisers & AMCs Working Together, Appraisers Take on DC 3

Appraisers Take on Washington DC

Hybrids were a big topic & many regulators are concerned about their compliance… Independent Fee appraisers representing 15 different states were well represented in Washington DC this past weekend. Appraisers from  Virginia, North Carolina, South Carolina, West Virginia, Ohio, Louisiana, California, Illinois, South Dakota, Michigan, Utah, Rhode Island, Delaware, Maryland and Washington State joined together in DC for several gatherings. To sum it up simply… Positive Unity among all. On Friday, three members of VaCAP attended the Appraisal Standards Board Meeting. This meeting was live streamed, so hopefully you were able to watch live. Lots of discussions on the proposed changes to the 2020-2021...

a la mode / AARO / ACOW / AI / AMC / Appraisal

Using SmartExchange? You May Have Violated State Law & USPAP 30

The Possibly Just Became Reality!

Using SmartExchange? You May Have Violated State Law & USPAP I will not drag this out. I will simply be direct and to the point. IF YOU OPTED IN TO ALAMODE’S SMART EXCHANGE, YOU MAY HAVE JUST VIOLATED STATE LAW AND USPAP ON EVERY APPRAISAL YOU HAVE EVER COMPLETED. Let me repeat that so it sinks in a bit… If you opted in to alamode’s Smart Exchange, you may have violated State Law and USPAP on every appraisal you have ever completed. Now that it has sunk in, let me explain. Each state statute may define an appraisal differently. Some...

a la mode / Appraisal / Appraisal News / Appraisal Software / Appraisal Technology / Appraisers News

When an Appraisal is Not Required - Appraisals & Evaluations Regs 8

Appraisals NOT Required

…is not required to obtain an appraisal under other law… The Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution Letter to US banks on 10/16/18, which incorporates Appraisal and Evaluation regulations and guidelines. This consolidates previously issued regs and guidelines into one document: Letter  FIL-62-2018 Part 323 – Appraisals Appraisal and Evaluation Guidelines 2000 – Rules and Regulations PART 323—APPRAISALS § 323.3 Appraisals required; transactions requiring a state certified or licensed appraiser. (a) Appraisals required. An appraisal performed by a state certified or licensed appraiser is required for all real estate-related financial transactions except those in which: (1) The transaction value is $250,000 or less;...

Appraisal / Appraisal News / Appraisers News / FDIC / The Federal Deposit Insurance Corp.

A Real Estate Agent is Not an Appraiser - Who Are You Going to Call? 10

Who Are You Going to Call?

Is a real estate agent the right individual to state what adds value on a home appraisal? …Ghost Busters! (no, actually an appraiser) Social media can be rife with misinformation, even when the information presented is well intentioned, but of a national scope. National studies are not local studies, and blanket statements presented as fact are potentially misleading. Real estate agents are professionals who are involved in selling houses on a daily basis and know their markets — as well as what drives interest with the buyers and sellers they are working with. Their job is difficult; often rewarding, and...

Appraisal / Appraisal News / Appraisers News

Stolen Appraisals Class Action - Theft of Appraisers' Data 87

Theft of Appraisers’ Data

…they charge appraisers an upload fee for the privilege of having their data stolen… I would never allow my data to be used for or by a service that specifically uses to create, modify or enhance products designed to compete with my professional services to the detriment of my business and profession. THAT is something that the Fifth Circuit Court of Appeals identified when they found that CoreLogic’s subsidiary FNC STOLE appraisers data after promising them data security. FNC stole data. We now know FNMA also stole data. Alamode is delving into individuals own personal databases in order to even...

a la mode / AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Software

Deal Falls Through & Everyone Blames the Appraiser - AppraisersBlogs 17

Blaming Appraisers

…deal falls through and everyone involved is convinced the appraiser ruined everything… We hear all about low appraisals, but we never seem to hear about homes that are flat-out over priced, often by an agent who wants to prove they are smarter than everyone else and will take advantage of any unusual feature or circumstance to push the value beyond any other homes in the local market. For example: A buyer finds a house in need of some updating. Medium sized market and things are selling between 90-120 days on average. The neighborhood is good and the house has a...

Appraisal / Appraisal News / Appraisers News

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