Category: Appraisers News

Racial Targeting Under the Heading of Diversity, Equity & Inclusion 22

Racial Targeting Under the Heading of Diversity, Equity & Inclusion

This time around, the racial targeting is masked as a virtue under the heading “Diversity, Equity and Inclusion,” or “DEI.” Valuation Jiu-Jitsu Will Lead to Future Addie Polks Addie Polk was a 91-year-old African-American widow who shot herself in the chest in 2008 during a Fannie Mae-initiated eviction in Akron, Ohio. It marked the low point in Fannie’s embrace of toxic mortgages. Fannie, now in federal conservatorship, bought or guaranteed subprime loans made to vulnerable borrowers in the years leading up to the 2007-2008 financial crisis. There are now signs of new abuses. Under the banner “equity and inclusion,” some...

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

No End Date for Future Editions of USPAP 7

No End Date for Future Editions of USPAP

Future editions of USPAP will have an effective start date but no end date. Folks, on Thursday August 11, 2022, the ASB/TAF announced the extension of the current USPAP to the end of 2023. Assuming that a ‘new’ USPAP is formally approved in time, the next issue of USPAP will become effective January 1, 2024. But here’s the interesting wrinkle about this, which I admit I missed in their 8/11/22 announcement: “How long is the current version of USPAP effective? With this announcement, the 2020-21 USPAP will now have an effective date through December 31, 2023. This is an additional...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / AQB

Justice for Texas Appraiser? You Bet. Price Tag: $99,000 9

Justice for Texas Appraiser? You Bet. Price Tag: $99,000

The Texas Appraiser Licensing and Certification Board is a hot mess, but one with a malicious and callous streak. That makes it dangerous to licensees. The Unclean Hands Doctrine is a legal defense. It helps prevent petitioners who are engaged in fraud, deceit or bad faith from recovering certain damages from others. If you’re a known cattle rustler yourself, the Unclean Hands defense may keep you from recovering damages if your own cattle go missing. It’s also sometimes called the “Clean Hands Doctrine” or the “Dirty Hands Doctrine.” Based on this doctrine, the feculent fingers of the Texas Appraiser Licensing...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / TALCB / Texas Appraiser Licensing & Certification Board

CFPB Investigations in Alleged Appraisal Discrimination 25

CFPB Investigations in Alleged Appraisal Discrimination

The Consumer Financial Protection Bureau (CFPB) has started investigating alleged appraisal discrimination. This is a new development, as federal investigations had so far exclusively been by HUD. The CFPB is an aggressive investigator, and AMCs, large firms and lenders should be wary. For the last year, 40% of my legal work has been occupied by issues concerning alleged discrimination – balanced between representing parties in fair housing investigations and helping clients improve compliance and decrease risk. It’s the CFPB that makes me most anxious for clients in the future. I addressed some of the details of what I’m seeing in...

Appraisal / Appraisal News / Appraisers News / CFPB / Consumer Financial Protection Bureau / E&O

USPAP 3rd Exposure Draft & Nondiscrimination Section Proposed 13

USPAP Third Exposure Draft

…the Ethics Rule has been expanded with a new highly detailed Nondiscrimination section, which also affects the Competency Rule. Folks, the Appraisal Foundation’s Appraisal Standards Board released the THIRD Exposure Draft to USPAP on July 26, 2022. To be honest, I didn’t know there have been two previous Exposure Drafts. I would encourage you to download and print this Draft here. The PDF is also embedded below. It’s only 11 pages total. The key difference in this Draft is that the Ethics Rule has been expanded with a new highly detailed Nondiscrimination section, which also affects the Competency Rule. You...

Appraisal News / Appraisal Organizations / Appraisers News / ASB / The Appraisal Foundation / The Appraisal Standards Board

VA Procedures for Alternative Valuation Methods 23

VA Alternative Valuation Methods

On August 1, 2022, the Veterans Affairs released Circular 26-22-13 announcing new procedures for alternative valuation methods, effective immediately. The takeaway: “Desktop Appraisal means a valuation where neither the VA fee panel appraiser nor the appraiser’s designee under the AAPP has physically viewed the exterior or interior of the property and the VA fee panel appraiser has determined an opinion of value based on information obtained from public records, the Veteran, homeowner, realtor, and other appropriate data sources (as determined by the appraiser).” “The use of a Desktop Appraisal may allow an appraiser from outside the market area, but with...

Appraisal / Appraisal News / Appraisers News / The US Department of Veterans Affairs / Trending / VA

Appraiser Will Help Expose Occupational Licensing Abuses Nationwide 13

Exposing Occupational Licensing Abuses Nationwide

She went from viewing occupational licensing as a necessary means to protect the safety and welfare of the public to a cynical tool promoted by established businesses to erect barriers against innovation and competition. Her experience as a licensed real property appraiser in West Virginia turned out to be the perfect training ground for the study of public corruption, restraint of trade and government overreach. Who would have thought it? After 27 years of being whipsawed by West Virginia’s notorious appraiser-licensing apparatus, the Appraisal Foundation – and the latter’s continually changing copyrighted standards – and a complicit federal monitor, Lori...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / The Appraisal Foundation

Appraisers Should Voluntarily Follow ANSI for Desktops 56

Appraisers Should Voluntarily Follow ANSI for Desktops?

Can someone explain how we should voluntarily follow ANSI standard on desktop appraisals? Appraisers, Fannie Mae has released a new FAQ document to help you understand how to implement and adhere to their ANSI measuring and reporting requirement. See the PDF document below or here. Normally these documents are informative and provide good information. But in reading this one, I’m particularly puzzled by Q13, and I’m not sure if that’s a bad omen or not! Q13 discusses DESKTOP appraisals, for which NO adherence to ANSI is required. It says so, right there, in Q13. And most of us now know...

American National Standards Institute / ANSI / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Federal Valuation Agency Impact on Appraisers 11

Federal Valuation Agency Impact on Appraisers & the Public

To establish an independent agency to be known as the Federal Valuation Agency that would oversee the appraisal industry in the name of “equity.” VaCAP has been informed of a Discussion Draft of a Bill introduced into the US House of Representatives that will directly impact every appraiser, appraiser trainee, appraisal firm, and appraisal management company. From the discussion draft, the purpose of the Bill: “To establish an independent agency to be known as the Federal Valuation Agency and real estate valuation standards and appraiser criteria, including promoting a fair, unbiased, transparent, repeatable valuation process, and for other purposes.” VaCAP...

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

Georgia State Appraisal Board Tables Proposed Rule to Eliminate C&R fee 8

Proposed Rule to Eliminate C&R Fee Tabled

Yesterday morning, I attended the Georgia state appraisal board hearing on the proposed rule to eliminate the C&R fee law they have in place. You know, the one that is similar to the one in Dodd-Frank. The Georgia appraisal board apparently is being investigated by the FTC for their law. They thought that the FTC vs the Louisiana case was a ruling in favor of the FTC when in fact it was not, and wanted to avoid any sort of notion that they were price fixing or of anti trust. The board received letters from appraisers and others in the...

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

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