Category: Appraisal

Open Letter to Mortgage Lenders - Your Appraisal Management Company 22

Open Letter to Mortgage Lenders

How much vetting have you done on the appraisal management company? How involved are you as the lender in the day to day activities of the appraisal management company?… The world has changed and most everything in our lives involves technology. The technologies available to each of us are tools. They are not a more reliable means, merely more convenient. Human thought and analysis is still required in every aspect of life. When the Final Rules of the Dodd Frank Legislation went into effect, many lenders chose to use appraisal management companies with the false idea they had no liability for...

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

Our Job Is to Observe & Report... Not to Commit Mortgage Fraud 25

Our Job Is to Observe & Report

Our job is to observe and report. For an appraiser to arbitrarily go into another area to get “comps” merely because it would result in a higher value is an act of fraud… Dear President Biden, Sir, I welcome your incoming administration, and my sincerest hopes and well wishes are extended to you in terms of healing in this nation. Additionally, as an appraiser, I welcome the desire for equality in housing opportunity in the United States, and if there is any bias in my profession, I support efforts to correct this. However, in watching your party’s position on race...

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

Special Briefing on Appraiser Racial Bias 6

Special Briefing on Appraiser Racial Bias

We encourage everyone to sign up for the “Special Briefing on Appraiser Racial Bias”. American Enterprise Institute (AEI) analyzed actual data to see if there was any racial bias in appraisals and published their findings in a study titled “How Common Is Appraiser Racial Bias? An Analysis Using Big Data to Determine Whether It Is Common or Uncommon that an Appraiser’s Knowledge of an Applicant’s Race Results in Valuation Bias“ AEI Special Briefing on the Presence of Appraiser Racial Bias: Join AEI’s Housing Center director Ed Pinto and director of research Tobias Peter for a special briefing on the presence...

Appraisal / Appraisal News / Appraisers News

We Should Be the Only One to Determine Any Modernization 2

Modernization Should Only Be Determined by the Appraisal Profession

The appraisal professions should be the only ones to determine any modernization; whatever that is… When Things Don’t Go as Expected Like so many others, I have learned the hard way not to accept any assignment without a little due diligent research first. Make no mistake I do not shy away from difficult assignments. I am under the firm belief the more difficult, the better. I actually enjoy the challenge. I recently accepted a private assignment over the phone for a lot in the City. I was driving and did not have access to MLS or locality records. I knew...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Fannie Mae - Freddie Mac

Media Creating a False Picture. What was Said at the Save America Rally?

Media Creating a False Picture

…the media and others have twisted what was said to hope you will believe that it was an “incitement of violence”… Folks, I’ve been “mulling this over” for a few days, trying to totally understand what has really been happening over the past months and years up to January 6, and after. What I’ve learned is you, me and everyone else have basically been lied to, and as such, what I’m about to write is going to “p@#s off” a few of you, but others will understand. By the way, I should say that I have tried not to mix...

Appraisal / Appraisal News / Appraisers News / Trending

Racial Bias by Appraisers Uncommon & Not Systemic 6

Racial Bias by Appraisers Is Uncommon & Not Systemic

Intentional and unintentional racial bias by appraisers on refinance loans is uncommon and not systemic… On January 4, 2021, the American Enterprise Institute (AEI) published a study titled “How Common Is Appraiser Racial Bias? An Analysis Using Big Data to Determine Whether It Is Common or Uncommon that an Appraiser’s Knowledge of an Applicant’s Race Results in Valuation Bias“. They concluded allegation that knowing the race of the applicant results in racial bias by appraisers on refinance loans is uncommon and not systemic. This same analysis supports the conclusion that unintentional bias based on race is also uncommon and not...

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

FHFA RFI on Hybrids, Waivers, AVMS, Racism... 7

FHFA RFI on Hybrids, Waivers, AVMS, Racism

The FHFA is requesting input on appraisal related policies, practices and processes. We encourage everyone to submit comments. The Request for Input (RFI) is open to comment until February 26, 2021. The input received in response to the RFI will be used by FHFA to determine the necessary modifications needed to ensure Fannie Mae and Freddie Mac (the Enterprises) operate in a safe and sound manner. “Modernizing the appraisal process has the potential to create a more streamlined and accurate collateral valuation process. But if modernization is not properly adopted, it could have negative unintended consequences,” said Director Mark Calabria....

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

Will the COVID Vaccine Be Mandatory for Appraisers? 79

Will the Vaccine Be Mandatory for Appraisers?

Can AMCs mandate the appraisers on their panels take the COVID-19 vaccine?… Over the holidays, we received the following email from Dave Towne: Not sure if this is actually true, but an AMC put out a message on Christmas eve day saying that appraisers should be included in the Phase 1C of the COVID vaccination program. The quoted source was the Evidence Table for COVID-19 Vaccines Allocation Phases 1b and 1c of the Vaccination Program. Essential workers* (non-health care) Persons aged ≥65 years Persons with high-risk medical conditions Allocation within Phase 1 of the COVID-19 vaccination program (post Phase 1a)...

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

Future Changes in USPAP 2022-23 - Time to Quit the Constant Changes 11

Pending Future Changes in USPAP 2022-23

The Appraisal Foundation / Appraisal Standards Board have released the 4th Exposure Draft to the FUTURE version (2022-23) of USPAP. I, like so many other ‘stakeholders’ and appraisers, have grown weary of the incessant Exposure Drafts and updates to our mandated PROTOCOL MANUAL, which for many years has been massaged and modified in various ways every 2 years. Largely because new members cycle onto the ASB every year or two. The constant updates has resulted into a continuing cash cow for the Appraisal Foundation / Appraisal Standards Board. But in actual use, that should not happen because USPAP is codified...

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

Appraisal Fee Price Fixing Claim Case to Reach the US Supreme Court 6

Price-Fixing Case May Reach Supreme Court

The first case about real estate appraisers to reach the U.S. Supreme Court in almost 60 years may concern the Federal Trade Commission’s price-fixing claims against the Louisiana Real Estate Appraisers Board. Would that be a good thing for appraisers? Well, maybe it’s not the best timing. Filed in 2017, the FTC’s administrative complaint asserts that the Louisiana appraiser board, “a state agency controlled by licensed real estate appraisers, has unreasonably restrained price competition for real estate appraisal services.” The FTC contends that the board carried out this price-fixing through its regulation of fees paid to appraisers by appraisal management...

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

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