Category: Appraisal

Proposal to End Appraisal Requirement on Home Sales of $400k or Less 50

Proposal to End Appraisal Requirement

Regulators’ Proposal to End Appraisal Requirement on Some Home Sales of $400,000 and Below… The Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve released a proposal that would increase the appraisal requirement from $250,000 to $400,000, meaning that certain home sales of $400,000 and below would no longer require an appraisal. According to data provided by the FDIC, the agencies estimate that increasing the appraisal threshold from $250,000 to $400,000 would have exempted an additional 214,000 residential mortgages at regulated institutions from the agencies’ appraisal requirement in...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / FDIC / ICAP

coester-vms-bank-accounts-seized 180

Coester VMS Bank Accounts Seized!

VaCAP has been informed the bank accounts of CoesterVMS have been seized. We have received the following email from one of our members. From: *****@coesterappraisals.com> To: Sent: Tue, Nov 20, 2018 10:02 am Subject: CoesterVMS: Accounts Recievables** -I am e-mailing to provide clarity on a letter you may receive from FVC Bank sent by Gilbert Kennedy and Patrick Gil from Shapiro Sher. The letter was sent to provide instructions on account receivables and the proper way of handling them for CoesterVMS as of 11/14/2018. Immediately both Patrick and Gill will be your point of contact for any questions or concerns...

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

Is It Possible to Prove an Adjustment 5

Is It Possible to “Prove” an Adjustment?

We read articles and advertisements on how to prove an adjustment. Is this possible? How wonderful it would be. To prove an adjustment, just push a button and bam! Out comes the correct answer. How could we have we missed this? …prove an adjustment, just push a button…Of course, if such a simplistic and exact answer was possible – anyone could push that button.  An AVM run, a BPO agent, an “evaluator”, or anyone else. Who needs all that USPAP competence and integrity stuff? Even a lender-appointed hybridized “field inspector” could just push the button. The whole process could even skip working with the licensed appraiser completely!...

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

VREAB to Discuss Concerns Surrounding Hybrid Appraisals 21

VREAB to Discuss Hybrid Appraisals

…concerns on the negative impact on the real estate market… The Virginia Real Estate Appraisal Board Committee on Hybrid Appraisals will meet on Wednesday November 28th @1:00 PM. We ask that all appraisers attend and share your comments on these products. If you are unable to attend we ask that you submit your comments to the VREAB to be shared with the committee. Concerns on if these products comply with: 54.1-2011 which states any assistance by an unlicensed person must be directly supervised by a licensed appraiser. 54.1-2009 Definition of an appraisal which states an appraisal is an opinion, analysis...

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

What Are Recognized Techniques & Methods? Adjustments: Now What? 14

Adjustments: Now What?

So, what are these methods and techniques? We’re told to “support” our adjustments. We hear words like “prove” your adjustments… as if there were some magic formula which can give an exact, correct, and absolutely true number. It used to be so easy… Our trainer gave us a sheet with the “right” adjustments. Simple. USPAP Standards Rule 1-1 says we must be aware of, understand, and correctly employ recognized methods and techniques. What are they? Who recognizes them? How do I apply them? So, what are these methods and techniques? Let’s look. In The Appraisal of Real Estate (ARE) p.46, it says: “Qualitative analysis techniques may also be...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

Experienced and New: A Review of Appraiserfest 2018 - Appraisers Blogs 7

Experienced and New

Experienced and New: A Review of Appraiserfest 2018 By Tom Horn, SRA and Woody Fincham, SRA, AI-RRS, RAA Member of RAC A Newbie Conference Attendee’s Take on Appraiserfest 2018 Tom Horn, SRA I just got back from the first ever Appraiserfest conference, held in San Antonio, Texas, and while it is fresh on my mind I thought I would share my thoughts. This is my first national appraisal conference to attend and I have to say it did not disappoint. I have been an appraiser for quite a while but have never been interested in spending my money or time to attend...

Appraisal / Appraisal News / Appraisers News

Has Mortgage Lending System Improved Due to AMCs? 34

The AMC Dog and Pony Show

From the HVCC to today, can we really say the mortgage lending system has improved due to AMCs? The AMC dog and pony show has been going on for the better part of a decade. Appraisers have been called out for every problem associated with a real estate closing. Ever silent is any talk of better educating Realtors®. They are the ones with the most power in the pricing process, and the majority of so-called “appraisal problems” are because they say it’s a problem. That’s a LOT of power. But somehow, they manage to stay under the radar and no...

1004MC / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News

See Something, Say Something - Engage in a Campaign to Expose Lies 6

See Something, Say Something

…engage in a brief healthy debate with the other side to expose the falsities being spread… Anyone wanna play the “what if” game with me? Ok fine… I’ll be the dreamer and you tell me the reality of it. Here we go…. What if… all of us independent appraisers, since we are the only ones with a voice for the industry, were to actively engage in a campaign to call out real estate and mortgage marketing propaganda across the internet as and when we see it, which should be several times a day. The internet is riddled with lies that...

Appraisal / Appraisal News / Appraisers News

Ditech, You Are Out of Here... Appraiser Whistleblowers Stepping Forward 3

You Are Out of Here…

The New York Stock Exchange has removed Ditech Holdings from trading due to their share value and volume of shares. According to a HousingWire article, Ditech shares are less than $1.00. It’s been a swift fall in the stock price department for Ditech. When the company emerged from bankruptcy, it began trading under a new symbol, “DHCP.” See the article here. Please watch your receivables. The market is slowing and there is chatter about late payments from several amcs and lenders in social media appraisal groups. Save the Date: The VaCAP conference will be held February 7-8th in Northern Virginia!  More...

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

Upcoming Events & Daily Dose of Real Estate News - Appraisers Blogs 5

Upcoming Events & Daily Dose News

Per popular demand, we added two new tools to the website, an Events calendar and a news feed section. The Events calendar will keep you informed about upcoming events, continuing educations, appraisal board meetings, appraisal conferences, etc. These are submitted by organizers, appraisal coalitions, appraisal boards, appraisers, and others, and can be submitted via our contact form. These events are not sponsored or affiliated with AppraisersBlogs. They are listed as a courtesy, and to offer appraisers information opportunities regarding upcoming events. To view the Events calendar click here or on the Events link in the menu above. Your Daily Dose...

Appraisal / Appraisal News / Appraisers News

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