Category: Appraisal

Pandemics Do Not Give Us a Get Out of Jail Free Card - Convoluted Times 25

Not a Get Out of Jail Free Card

It is not misleading to use a 1004 form for a desktop or a drive-by because, during these convoluted times… In talking with Tim Andersen, a USPAP instructor and long-experienced appraiser, I was reminded that, even in the time of C-19, USPAP applies, and appraisals must still be credible. Reports must still not mislead. USPAP has never required the appraiser to inspect the property. That is a lender construct. So long as your scope of work is clear relative the level of inspection you provided, and why that was your scope of work, you should not have a problem. Note...

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

The GSEs to Split from FHFA? Will the Separation Happen? 7

The GSEs to Split from FHFA?

A key issue is Congress’s thirst for the income the two GSEs generate since they paid off their bailouts… Will separation happen? I found this info in the Mortgage News Daily e-newsletter by Jann Swanson on May 19, 2020: From the article “Fannie/Freddie Seek Financial Advisor to Help Them Exit Conservatorship”: “Fannie Mae and Freddie Mac (the GSEs) have taken what each is calling an important step toward ending their 12 years of operating under conservatorship. Each has announced they are about to issue a request for proposals (RFP) to secure a financial advisor to facilitate that move. In a...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Finance Agency / FHFA

Defiant or Compliant...Parallel Between Appraisals & Reaction to Pandemic 9

Defiant or Compliant

And there is another type of defiant. “The government should stay out of our business…” Believe or don’t believe. Is there a parallel between appraisals and how people respond to pandemic warnings? Appraisal reviewers decide whether an appraisal is “worthy of belief” (“credible”) or not. Similarly, people decide whether to believe in the need for public health orders. Steven Dinkin (president of the National Conflict Resolution Center) recently had some observations on the public’s response to the pandemic, dividing people into two groups: defiant or compliant. What is interesting is that each group has a belief that their thinking is the right thinking. Their opinion is the right opinion. Let’s look...

Appraisal / Appraisal News / Appraisers News

You Are a FEE Appraiser Not a FREE Appraiser - Ponzi Scheme AMCs 32

You Are a FEE Appraiser Not a FREE Appraiser

you are a FEE appraiser, not a FREE appraiser. Do not continue doing business with AMCs who don’t pay you in a timely manner per your state law… There’s an old phrase, whose origination is not precisely known, which says “mind your p’s and q’s.” What it means is ‘watch what you are doing’, or various other aspects of life. How many of you realize that the AMC business model as we currently experience, it is actually a Ponzi scheme in operation? Remember Bernie Madoff? That kind of scheme. It’s been publicized recently in various places that several AMCs, including...

Appraisal / Appraisal News / Appraisers News / Trending

Appraisal Nation Late Paying Appraisers Again 18

Appraisal Nation’s Payment Issues Again!

In July 2019, appraisers were having payment issues with Appraisal Nation. They were slow paying and when they paid, their checks bounced. Yesterday, they emailed the appraisers on their panel explaining that they have come up against a back log in their Accounts Payable team due to the threat of COVID-19. One has to wonder how are they capable of sending orders to appraisers, collecting the appraisal fees, asking for revision requests, etc. but paying appraisers on time is an issue during the pandemic? Dear Appraiser, We continue to find ourselves living through an unprecedented time as the situation with COVID-19 continues. As...

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

Letter Imploring Agencies to Reconsider the Rule on Deferred Appraisals 2

Reconsider the Rule on Deferred Appraisals

ICAP commented on the impending Interim Final Rule that will allow real estate appraisals to be deferred for 120 days for certain real estate transactions. The letter states that the deferment could lead to several unsettling possibilities. The letter implores the agencies to reconsider this rule. Now is not the time to walk away from safety measures meant to insure the present and future movement of real estate, but to embrace them. Public Trust is the appraiser’s primary concern. To not have this certified and insured professional involved at the outset of real estate lending during this time, in some...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ICAP / Illinois Coalition of Appraisal Professionals

Be Part of the Solution & Stop Being Part of the Problem! 27

Be Part of the Solution & Not the Problem!

Why would a professional licensed appraiser not want to be part of the solution? The Appraisal Foundation has posted the National Real Estate Appraiser Job Analysis Study. The survey is to determine the areas that are relevant to our daily functions as appraisers. This is our profession and appraisers are the best source of information on what we do and how we do it. The results will be used to determine the criteria necessary going forward for license examinations. We all have experienced revision requests from a reviewer who does not understand the appraisal process. What about those revision requests...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Automated Valuation Models / AVM

Pandemic Exacerbating Anxiety & Depression in Some - Appraisers Blogs 8

Pandemic Exacerbating Anxiety & Depression

Medical professionals who understand human psyche have been sounding alarms about personal actions relating to how this pandemic is being managed… Folks, this was tough to write, but it’s important. Yes, that’s my opinion! The current state of affairs in this country, and globally, is the worst we humans have seen in generations. Most of us were not alive during the last major pandemic in the early 1900’s, or even during WWII, when living situations were very trying for many people. In later years, pandemics have occurred, but governments’ reactions and actions to those were much more mild as compared...

Appraisal / Appraisal News / Appraisers News

The Appraisal Community, an Asset During These Challenging Times 20

Appraisers Continue to Be an Asset

The appraisal community has come together… stand strong, be resilient and continue to be an asset to your clients during these challenging times… The appraisal profession came about because of the Great Depression and our relevance is still strong today. Exceptional circumstances such as the current pandemic create a need for temporary allowances for information gathering for the valuation of collateral. The appraisal community has come together to insure our clients’ needs are met. Be it extra precautions with masks and gloves or owner assisted property inspection software. Appraisers have once again adapted to market conditions in order to provide...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Technology

Ocwen Financial Is in Trouble. Appraisers Need to Protect their Businesses 13

Ocwen Financial Is in Trouble

VaCAP concerned about Ocwen financial deteriorating condition… We have all been there; you are busy and you lose track of your accounts receivables. Suddenly, you have 45, 60 and 90 day past due invoices. VaCAP wants to remind you to pay attention not only to your receivables, but industry news to make informed decisions going forward. Two days ago HousingWire reported Ocwen Financial is in trouble with the New York Stock Exchange. According to the article, Ocwen stock has been trading below $1.00 for more than 30 days in violation of the NYSE rules. Ocwen runs afoul of NYSE after stock stays below...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / VaCAP / Virginia Coalition of Appraiser Professionals

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