Category: Uniform Standards of Professional Appraisal Practice

Valligent New $40 Alternative Valuation Assignment 31

Valligent New $40 Alternative Valuation Assignment

Valligent, an AMC with ‘national’ presence, is soliciting appraisers to complete a new alternative valuation product on behalf of their GSE clients. There is nothing wrong with doing these. Any appraiser can. But any appraiser who does these assignments is required to comply with USPAP’s Record Keeping Rule. Which means keeping a Workfile for every assignment. In order to do these alternative valuation assignments, you need to comply with USPAP Standard 3, because you ARE providing a report review service. Even though Valligent is sly about not really revealing that aspect. The SOW for these assignments, which I highlighted below,...

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

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Collateral Underwriter, What’s Under the Hood?

Collateral Underwriter – Garbage In, Garbage Out (GIGO) FNMA has a fascination for first patenting garbage, & then implementing it as policy! FNMA simply LIED! Collateral Underwriter IS an automated ‘appraisal review’ despite disclaimers. It was never intended as anything else. Read the patent application below. Before I get into the details, I want to ask each reader to forward this to every appraiser you know. This concerns FNMA’s patent of the seriously flawed techniques and underlying support for their Collateral Underwriter (CU) Risk Rating “System”. It’s time for appraisers to take action against the unreliable system which is unfairly...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Quality Monitoring / Appraisers News

First American Financial and ACI software 13

Software Provider Conflict of Interest(s)?

ACI software & “restricted appraisals” that suffer from schizophrenia… It’s been awhile since I reviewed or researched influences affecting products offered by appraisal software providers. It’s hardly been a number one priority lately. However, I just noticed something I’ve missed for I can’t even begin to guess at how long. Like many appraisers, I use a variety of software providers. Some do some things better than others, or easier. It’s usually been a matter of preference. I started out back in the 1980’s with Formfil PC+, back on my old DOS based system. It was a decent appraisal software. Pretty...

a la mode / ACI / Appraisal / Appraisal News / Appraisal Software / Appraisers News

PACE Pro Form is an appraisal 11

Form PACE Pro – Appraisal or Evaluation?

Frankly this form is so screwed up! To First American Mortgage Solutions…(copy to appraisers around the US): Do you folks really understand what your PACE form report REALLY is??  It is not an Evaluation report. It is an actual appraisal, disguised very poorly as a so-called Evaluation. Here’s what I found in your form, after actually reading it: “This report is provided for the benefit of the named customer only and is not intended to be, nor shall it be deemed to be, an appraisal or any form of an appraisal.” OK, fine, not an appraisal. The main form page says...

Appraisal / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP / Valuation Technology

Real Estate Appraisers - Who are we 7

Real Estate Appraisers…Who Are We?

Appraisers…Who are we? With the current requirements to enter the profession of real estate appraisal, it is likely that who we are will conceivably change in the coming years. Perhaps for the better? Or, it could be to the detriment of the professions. Appraisers today, and for many years prior to today, have come from a variety of prior jobs and professions. Many of us are former military, teachers, nurses, contractors, builders, home inspectors, real estate agents, lenders, accountants, environmental consultants and engineers, and minimum wage folks aspiring to better themselves. Some of us have dual roles as real estate...

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

Go away appraisers 15

Go Away, Appraisers…

“Do they just want us to go away?” Appraisers Feeling Like Travis… Does anyone remember the Pepsi commercial awhile back that featured Jeff Gordon getting revenge on a guy named Travis from Jalopnik? Watch the commercial below to refresh your memory if you don’t. “Stop sir! This never works! Stop”! Travis yells from the back seat! As Travis’ car was being chased, Travis knew that what was going on wasn’t logical and didn’t make any sense, and it made even less sense to him that his driver didn’t stop the car right away. What Travis didn’t know was, his driver...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice

Computer Generated Value vs Human Brain 1

Computer Generated Value vs Human Brain

Around 1992, representatives of LSI (long before they became completely useless as an AMC) visited us in California to discuss some way to involve automation (as in AVMs) to eliminate appraisals. When I pointed out that they had JUST THANKED me for saving them from a quarter of a million dollars over valuation as a result of pressure from one of their very influential customers, and that the very same issue had arisen from that customers misapplication of data AND their potential misinterpretation of that data, they understood the connection. A KNOWLEDGEABLE human appraiser was required to resolve the difference....

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

Appraisal Standards should age like fine wine 8

Appraisal Standards Should Age Like Fine Wine

Changes in Appraisal Standards? We have barely got into the “New” 2016-2017 copy of USPAP and the ASB is meeting on February 19, 2016 to discuss making changes to the 2018-2019 edition of USPAP. Here is part of what I have written to the ASB. I believe it should be the duty of every appraiser to write to the Foundation and any board that is contemplating making changes. You have that right, and they will read your comments. Letter to ASB: I have been a real estate appraiser since the mid 1980’s and prior to mandatory licensure. I have been...

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

Chief appraiser says AVM is an appraisal 14

Chief Appraiser says AVM is an appraisal

Appraisers, Maybe I’m too much of an anal retentive type person, or perhaps it’s because I believe it’s important to use correct terminology. Regardless, I’m very concerned when someone with Chief Appraiser attached to their name attributes an AVM electronic value statement to an actual appraisal opinion produced by a human. So where did this rant come from, you ask? Future of Valuations Marries Automation and Human Instinct Within the article is this statement by the writer: “While AVMs do hold value — they are a cost-effective, fast tool to produce appraisals — the popularity of AVM usage among home...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Uniform Standards of Professional Appraisal Practice

AMCs vs Public Interest - VaCAP Advocacy 29

AMC vs Public Interest – VaCAP Advocacy

Since the beginning, Federal Regulation of the industry was initiated to “protect the public. “ FIRREA, USPAP, HVCC, Dodd Frank and state licensing of appraisers and appraisal management companies were initiated with consumer protection as the goal. Customary and reasonable fees, mandated by Dodd Frank, are also to protect the consumer. The Virginia Coalition of Appraiser Professionals supports customary and reasonable fees and believes in order to determine a customary and reasonable fee all things associated must be considered and incorporated into the determination. The below practices by AMC’s are not in the interest of protecting public trust and go...

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

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