Category: Snippets

Snippets of recommended and/or thought-provoking articles, columns, podcasts, etc. broadcasted by Real Estate Appraisers from around the web

GSE Exec Boasts Scheme to Slash Appraiser Numbers 23

GSE Exec Boasts Scheme to Slash Appraiser Numbers

At a recent appraisal event, a GSE executive, after a few drinks, privately told his nearby colleagues that we suck as an industry. Last year, Phil Crawford and I reported on GSE efforts to send unsigned complaints to state boards at scale. Appraisers had no recourse but to defend themselves from the state boards without knowing who their accusers were. The public pressure became real, and the GSEs backed off from their anonymous letter-sending campaign (see Cosmic Cobra Guy’s reference). The exercise showed how little they think of us as professionals because it’s easier to generate AVMs by pressing a...

Valuation Connect Demands Licenses, Denies Fair Pay 28

Valuation Connect Demands Licenses, Denies Fair Pay

Based on the local market appraisal fee, Valuation Connect values the “appraisal expertise” component of a hybrid appraisal at 18% of what the consumer pays for an appraisal.  This firm hasn’t awarded us work in about two years, and they only hire us when they are in a jam, and we require the local market rate. Immediately after asking for our driver’s licenses, which we didn’t provide, we got a request for a hybrid appraisal in Manhattan, the most expensive housing market in the U.S., for a whopping $220 (sarcastically). They plan to have an unlicensed inspector walk into a...

Appraisal Reviews for $3 - The Devaluation of Appraisers 38

Appraisal Reviews for $3 – The Devaluation of Appraisers

Appraisal reviews for $3 each and 1-2 hour turn times. It’s hard to imagine any appraiser accepting these terms, and it’s hard to imagine any lending institution accepting these as valid reviews. It’s incredibly disrespectful to the profession as they tout efficiency. This is Sean from Reckon Data Solutions, LLC, and I’m reaching out to discuss a potential partnership opportunity that could complement your company’s objectives. At Reckon, we specialize in Appraisal Report Reviews, Quality Checks, Order Management and vendor Management. Our commitment to delivering quality is unwavering, and we pride ourselves on our competitive pricing and prompt turnaround times....


FNMA Continued Effort to Get Rid of Appraisers

Fannie Mae Continues Their Effort To Get Rid Of Appraisers: Sends “Tips” For the past year, Fannie Mae has sent unsigned complaints to state appraisal boards; when they see something they don’t like, they write it up and send it to the state. In their recent newsletter, this effort is called “Tips.” They emphasize they are not automated: LQC reviews are not automated. Our expert analysts validate the appraisal results by asking questions like “Do the comparable sale selections make sense?”, “Is the data accurate?”, “Did the appraiser make appropriate adjustments?” and “Are we getting the most probable value?” in...

Beware of Bifurcated Appraisals 11

Beware of Bifurcated Appraisals

The entire concept of bifurcated appraisals represents a fundamental misunderstanding of the appraisal process. To have an individual inspect a property and then convey that information to an appraiser to complete the valuation is tragically flawed because: Inspections and qualifications of an inspector are not standardized, not insured, not licensed (a convicted felon was caught doing one of these) An immense part of understanding the value of property occurs while walking through it (like observing the occupancy of 50 feral cats) It is generally more expensive (but I think its cheaper) to parse the functions out Places the consumer at...

And Why Is the Second Appraisal Always the “Correct Value?” 19

And Why Is the Second Appraisal Always the “Correct Value?”

On Friday morning, May 19, I was one of five expert witnesses (and the only as an appraiser) to testify on the topic of appraisal bias in front of the Appraisal Subcommittee (ASC). During the first hour of testimony, our fourth grandchild was born. My wife was in the audience and stepped out of the hearing (the nerve!) to take the call from my oldest son on the news of our new granddaughter. The Appraisal Subcommittee (ASC) held a second hearing on challenges facing the appraisal industry, including barriers to entering the profession and racial bias in home appraisals. The...

Pushback to Fannie Mae: Certified Appraisers vs. Unlicensed Data Collectors 7

Certified Appraisers vs. Unlicensed Data Collectors

Here’s a great take on the difference between Certified Appraisers vs. Unlicensed Data Collectors by Leigh Brown, President of the NC Association of REALTORS. Fannie Mae has been working hard to get rid of appraisers for years. Their latest twist is to re-categorize many appraisers as “Unlicensed Data Collectors.” Fannie Mae will end up creating more instability for the trillions in the bond market – investors will have to process millions of valuations with the physical attributes of the home collected by unlicensed, uninsured, and unprepared individuals getting paid $10-$25 per inspection.   AI meets with Fannie Mae regulators to...

Rethinking Seat Time Requirements for Online Exams 8

What Does Seat Time Serve?

What purpose does “waiting” serve (a.k.a. known as “seat time”)?  It was a rainy weekend, so I thought I’d take online classes to meet my continuing education requirements. I’ve always been a fast test taker, often trying to be the first person in the classroom to bring my answers to the proctor first. I’m one of those annoying people, but if I pass the test, should I be penalized for taking the test fast? For my first appraisal licensing exam years ago, I finished it in around 40 minutes, but we were given 2 hours to take it. Should I...

Appraisal Institute Shows A Canadian “Racial Bias” Sting Video And The Audience Almost Came To Blows 14

AI Showed this Video and Anger Ensued

At a recent meeting, the Appraisal Institute showed this video and anger ensued…  The following video was aired in Canada by CBC in March 2021 and has nearly a half a million views.   At a recent meeting, the Appraisal Institute showed this video and anger ensued. The audience was deeply divided, and the conversations almost came to blows. My guess from past actions of AI CEO to remove the diversity committee would assume the FOJs want to continue to hope that this issue goes away and will continue to do little as an organization. And without Rodman’s leadership on...

Lowballed... It Is Open Season On Appraisers 42

Lowballed… It Is Open Season On Appraisers

ABC TV Documentary: Our America: Lowballed Because this issue was ignored by the appraisal industry, it is open season on appraisers. Because of the lack of credibility or awareness of the diversity issue that the appraisal industry faces by the two primary appraisal industry organizations, The Appraisal Institute and The Appraisal Foundation, there is no counter that can be presented to this continuing storyline. It’s too late to have our industry review that second report in each of these situations as many appraisers have said. After all, TAF has fostered an appraisal career process that has resulted in an industry...

xml sitemap