Category: Appraisal News

Clarocity Multi Million Dollar Garbage Technology vs. Appraisers

May 2, 2018

Garbage Replacing Appraisers?

If appraisers were to embrace such garbage, would the demise of this technology be sooner? …14.53 million dollar loss in 2017… Hey Clarocity, Give it up. It is time to face the facts! From Clarocity Public Financial Statements: 14.53 million dollar loss in 2017 9.49 million dollar loss in 2016 13.00 million dollar loss in 2015 5.43 million dollar loss in 2014 6.82 Million dollar loss 2013 4.95 million dollar loss in 2012 0.36 million dollar loss in 2011 1.19 million dollar loss in 2010 0.86 million dollar loss in 2009 44.8 million dollar loss in 2008 The 2017 Clarocity’s...

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

MISMO, Appraisal Data Mining, Hybrids, and Other Fraud Facilitators

May 1, 2018

Who’s to Blame?

Looking at who and what MISMO Directors are, is it a surprise that FNMA included language in basic appraisal forms resulting in appraisers having infinite liability and no ownership over their own work product IF they do work for FNMA?… European Union General Data Privacy Regulations (EU GDPR) may seem like a stretch for an Appraisers Blog topic, but please bear with me. For some time now, The Appraisal Foundation has been focusing on major international valuation issues other than real estate appraisals. IVSC is one of the bigger and most detrimental misdirection’s they’ve taken as far as impact on...

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

April 27, 2018

Appraiser Contest

…multiple prizes will be awarded…correctly identify this LandSafe-like wannabe to win ANNOUNCING NEW APPRAISER CONTEST! Look at the following time requirements from one national [anonymous] AMC. These requirements are so outrageous that advance disclosure to their clients should be a requirement that their policies suborn appraisers to ignore USPAP and encourage appraisers to take improper short cuts. Here’s the challenge… I have redacted the name of this unprofessional company that appears to think their drive to offer what their competition cannot, (or more likely won’t) warrants promoting subpar appraisal practices. All you have to do is correctly identify this LandSafe-like...

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

April 26, 2018

Help Wanted

…fee is non-negotiable… Real Estate Appraisers REQUIREMENTS Active appraiser license, preferably certified, a computer, appraisal software, MLS, E&O insurance, dependable vehicle, camera, smart phone, a background check (by us) because the one your state requires every year is just not good enough and good communication skills (see smart phone requirement). JOB DESCRIPTION You will be responsible to perform valuations subject to 30 pages of requirements set forth in the engagement letter. We will require availability always to answer our redundant calls and emails. Special note: if you live in ND and have a license in GA, TX, and NJ you...

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

April 25, 2018

Working Paper Credibility Questioned

NO REAL ESTATE APPRAISER IN THE COUNTRY IS ALLOWED TO MISS THE MARK BY 7.8% WITHOUT RISKING LOSS OF LICENSE! The Working Paper demonstrates more than anything else, that given an 8-hour work day the computer will take 6 full working days (1.2 working weeks) to arrive at a result that is at best 7.8% error prone. Office of the Director, Honorable Melvin Watt Federal Housing Finance Agency… Dear Sir(s) The American Guild of Appraisers is a Guild within the more than 12 1/2 million members, retirees and family members of our parent union OPEIU, AFL/CIO. In addition to representing...

AGA / AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

April 24, 2018

Nuclear Option DENIED!

VaCAP has just been informed the TriStar Bank Waiver Request has been DENIED by the ASC. Representatives from VaCap attended the TriStar bank appraisal waiver hearing at the Federal Reserve building in DC this morning. Also present were John Russell with the ASA-NAIFA, Leo Regensburg with the AGA, Bill Garber with the AI, Mark Shiffman with REVAA, appraisers and other stake holders. The board members consisted of Robert Witt with the FHFA, Veronica Spicer representing the CFPB, Richard Taft representing the OCC, and ASC board members. The meeting got off to a late start because the Tri-Star representatives were held...

a la mode / AGA / AI / Appraisal / Appraisal Institute / Appraisal News

Financial Reform Legislation in Terms of What it Does For or To Appraisers

April 23, 2018

Bridging The Gap

I’m an appraiser. I look at all proposed financial reform legislation in terms of what it does for, or to appraisers. Not whether it was proposed by a red or a blue. Dear AppraisersBlogs readers and fellow appraisers; Anyone who has read my past posts is aware I happen to be a Republican Union Organizer. Usually it isn’t an issue because I try to remain non partisan in my posts and to avoid offensive partisan rhetoric, while promoting appraisers rights; the American Guild of Appraisers, and being critical of bad lending policy and bad appraisal practices. I have also attempted...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / CFPB

Importance of Including Sales Price Trend Graph in Appraisal Reports

April 18, 2018

Importance of Graphing Sales

Scatter graph can help you “visualize” the trend of sale prices over a time period… Appraisers, I’ve been including ‘comparable’ price trend graphs in my reports (using Excel) since 2008. The graphs are based on a chart of MLS sales in the subject’s neighborhood, and can be from 1 to 5 years prior to the report Effective Date – based on housing density and number of sales. (I work in urban, suburban and rural areas.) A Scatter Graph can help you “visualize” the trend of sale prices over a time period. It can also show questionable outlier sales that you...

Appraisal / Appraisal News / Appraisers News / Tutorials

April 17, 2018

Weird Science

…technology to make a doll real? Remember the movie Weird Science where the two guys develop technology to make a doll real? If you’re my age, I’m sure you do. If not get to googling Kelly LeBrock. She did some amazing things. She looked great, was sexy and had odd powers that turned the older brother into a pile of emoji poop. Weird huh? Everything about her was amazing on the outside, but something was weird. That’s how I feel about new technologies that AMCS, Zillow and others have offered the public. On the outside, it looks great but what’s really happening...

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

REVVA Reacts to FHFA Study RE AMCs' Appraisal Quality

April 16, 2018

REVAA Reacts to FHFA Study

…the methodology, measures of quality, errors & the insertion of staff opinion seems to indicate bias…. REVAA responds to the FHFA study indicating AMCs bring little value. Mark Schiffman, Executive Director of REVAA, stated to Jacob Gafney, Editor of HousingWire, via email: “We are disappointed that AMCs and lenders were not consulted at the outset of this research so that we could have help ensure sound methodology. We are also disappointed not to have had the chance to discuss this research with the FHFA before it was distributed publicly. This is not a final report of any kind from the FHFA,...

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