Category: Appraisal News

Know How Much You Are Paying for an Appraisal? - AppraisersBlogs 42

What’s Not in Your Wallet?

Shouldn’t consumers know where their money is going to? Before the housing collapse, when applying for a loan, you would go to your bank or mortgage broker and apply. Upon approval, they would explain the property would be appraised by a real estate appraiser and as the borrower, the cost of the appraisal was to the borrower (even though the appraisal is for the lender). The appraiser would either bill the lender the cost of the appraisal or coordinate payment when the appraiser was at the house. Sometimes, the lender would pay for it and roll it into your mortgage...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

FRT Not Reflecting the Majority of the Mortgage Lending Environment 6

Watering Down FRT Definition

Definition of FRT simply does not reflect the majority of the mortgage lending environment… So what exactly is a “federally related transaction”, or FRT for short? Wait, that’s not the right question. Let’s start here: What is NOT an FRT? It’s not a mortgage loan insured by the Federal Housing Administration. It’s not lending underpinned by the Department of Veterans’ Affairs home loan program. It certainly isn’t a loan that’s sold to a Government Sponsored Enterprise (or GSE), like Fannie Mae or Freddie Mac. Just considering a loan for sale to those two entities is enough to fall outside the...

American Society of Appraisers / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASA

Appraisal Lock, A safe and Secure Way of Getting Paid - AppraisersBlogs 17

Appraisal Lock

Appraisal Lock… a Safe and Secure Way of Getting Paid Deliver your .pdf, .xml and .env files to your clients and get paid instantly! The Virginia Coalition of Appraiser Professional’s Exclusive Announcement April 1, 2018 is a security overlay attached to your appraisal report locking your report from opening until payment is made. Here is how it works: After installing our program, simply choose the Appraisal Lock® Print option. Fill out the client’s information and the amount of your invoice. Appraisal Lock® delivers your report securely locked until payment is made. Payment is deposited directly into your bank account. We have...

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

Getting Rid of the Human Appraiser & Putting Appraisers out of Business 22

Are ‘No Appraisal’ First Mortgages the Future?

A human appraiser usually goes to a home… Appraisers, The article, linked here, purports to say that future mortgage loans will be done without using the services of a “boots on the ground” appraiser… "the human appraiser". Why??… because speed and low cost are paramount when people want to finance their largest investment in their life. From the article: “The appraisal process, which typically is not automated, remains a problem. A human appraiser usually goes to a home, takes pictures, makes sure there’s nothing terribly wrong with the structure. It takes seven to ten days to turn around, van den Brand...

Appraisal / Appraisal News / Appraisers News

Virtual Assistants & Outsourcing Appraisals? When is Enough, Enough? 96

When is Enough, Enough?

Yet another expert who is making gazillions of dollars using "virtual assistants and outsourcing"… I have been blessed in my life with more than my share of good friends. I’m talking about the lifelong kind. The kind we maintain friendships over 30; 40 or even 50+ years. My Mother and Father have always told me you can never really have too many real friends. They were right. So, at my age I don’t need or consciously seek to make enemies. Just as I have had more than my fair share of true friends, I’ve probably also had my share of...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / The American Guild of Appraisers

Are Appraisal Management Companies Value-Adding? 29

Are AMCs Value-Adding?

The Federal Housing Finance Agency has released a working paper “Are Appraisal Management Companies Value-Adding? – Stylized Facts from AMC and Non-AMC Appraisals” We have not had a chance to review the report in great detail, however, a quick glance has some very interesting analysis. This is a must read for every appraiser! See the “Are AMCs Value-Adding?” paper here or below. Excerpt: Are Appraisal Management Companies Value-Adding? – Stylized Facts from AMC and Non-AMC Appraisals In this paper, we study whether there are any systematic quality differences between appraisals associated and unassociated with appraisal management companies (AMCs). We find...

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

Appraisal Thresholds Raised $500K. How Long Before Its Raised for SFR? 12

Appraisal Thresholds Bordello

Anyone wants to place a wager on how long before appraisal thresholds are raised for SFR? Retirement, with a part-time job working as a bouncer at a bordello in the Nevada desert is beginning to look appealing. Activity there is similar to what appraisers are experiencing these days. From the article: “The FDIC board of directors today (Mar. 20, 2018) approved a final rule to raise the appraisal thresholds for commercial real estate transactions from $250,000 to $500,000…” While the individual 1-4 unit investment properties are being kept at $250,000, would anyone like to place a wager on how long...

Appraisal / Appraisal News / Appraisers News

Foremost Authority? The Appraisal Foundation Has Lost its Way - AppraisersBlogs 4

TAF Has Lost Its Way

How can TAF claim to be any kind of authority, let alone "THE foremost authority" for any of the other disciplines? I personally like and respect the individuals I’ve met from TAF. My strenuous disagreement with TAF are the policies and actions. Not the individuals. The opening or introductory remarks on The Appraisal Foundation’s web page state: The Appraisal Foundation (Foundation) is the nation’s foremost authority on the valuation profession [emphasis added]. The organization sets the Congressionally-authorized standards and qualifications for real estate appraisers and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. This work advances...

AGA / American Society of Appraisers / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News

Appraisal Waivers Meeting... Self Serving Risky Practices Going Forward 16

Appraisal Waivers

TriStar Bank’s request for appraisal waivers: The Appraisal Subcommittee has reached out to the Network Coalitions and has requested appraisers to attend their upcoming meeting on appraisal waivers. Direct from the ASC announcement: ASC Special Meeting – April 12, 2018 Tuesday March 06, 2018 The ASC will hold a Special Meeting scheduled for 10:00 a.m. on April 12, 2018, at the Federal Reserve Board facilities at International Square, 1850 K Street NW, Washington, DC. The purpose of this Meeting is to consider the temporary waiver request from TriStar Bank of Dickson, Tennessee. The agenda for the Meeting will be posted...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

Amrock aka TSI Appraisal Guilty of Fraud; Update on FTC vs. LREAB 23

TSI Fraud & FTC vs. LREAB

Amrock, Inc, formerly Title Source (TSI Appraisal) was ordered to pay House Canary $706 MILLION in damages for theft of intellectual property and fraud.  Bottom line, there was a 7 week trial with a 12 person jury. Amrock (Title Source) was found guilty of theft and fraud unanimously! Amrock (Title Source) plans on appealing the verdict. Housing Wire has an in-depth article with lots of details. See it here. Things to ponder on: Should Amrock’s amc license be revoked due to this guilty verdict? Should appraisers and the public trust a company guilty of fraud and theft? Could appraisers win a law...

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

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