Political Action - Appraisers Blogs https://appraisersblogs.com/category/political-action/ Appraisal News and Tips for Real Estate Appraisers Thu, 23 Jan 2025 08:43:34 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 https://i0.wp.com/appraisersblogs.com/wp-content/uploads/2015/04/ABfavicon.png?fit=32%2C32&ssl=1 Political Action - Appraisers Blogs https://appraisersblogs.com/category/political-action/ 32 32 52046035 Insights from CFPB’s Public Comment Period https://appraisersblogs.com/insights-from-cfpb-public-comment-period/ https://appraisersblogs.com/insights-from-cfpb-public-comment-period/#comments Tue, 13 Aug 2024 12:30:20 +0000 https://appraisersblogs.com/?p=31229 The comment period on the Consumer Financial Protection Bureau’s (CFPB) “Request for Information Regarding Fees Imposed in Residential Mortgage Transactions” concluded on August 2, 2024, with a total of 959 comments received. Upon reviewing some of these submissions, several noteworthy perspectives emerged regarding appraisal fees and the role of Appraisal Management Companies (AMCs). The National Association of REALTORS® (NAR) highlighted the lack of transparency surrounding AMC fees, which are often bundled together with the actual appraisal fee on the Closing Disclosure (CD). This opaque structure prevents consumers from understanding the true cost of the appraisal service and hinders their ability...

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]]> https://appraisersblogs.com/insights-from-cfpb-public-comment-period/feed/ 53 31229 Lack of Fee Transparency: Exposing the AMC Exploitation https://appraisersblogs.com/lack-of-fee-transparency-exposing-the-amc-exploitation/ https://appraisersblogs.com/lack-of-fee-transparency-exposing-the-amc-exploitation/#comments Wed, 31 Jul 2024 12:30:07 +0000 https://appraisersblogs.com/?p=31182 By keeping the borrower in the dark about the true cost of the appraisal, the AMCs are able to charge exorbitant prices and pocket the difference (as shown in Figures 1 through 10), exploiting the consumer’s lack of knowledge.  Thank you for the opportunity to comment on the Consumer Financial Protection Bureau’s Request for Information on Fees Imposed in Residential Mortgage Transactions. The growth of Appraisal Management Companies (AMCs) in the wake of the 2008 financial crisis was driven by a well-intentioned but ultimately misguided belief that they could help “ensure the integrity and independence” of property valuations. The reasoning...

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]]> https://appraisersblogs.com/lack-of-fee-transparency-exposing-the-amc-exploitation/feed/ 71 31182 Recap of the 4th ASC Appraisal Bias Hearing https://appraisersblogs.com/recap-of-the-4th-asc-appraisal-bias-hearing/ https://appraisersblogs.com/recap-of-the-4th-asc-appraisal-bias-hearing/#comments Wed, 28 Feb 2024 13:30:47 +0000 https://appraisersblogs.com/?p=30405 On February 13th, 2024, the fourth ASC appraisal bias hearing took place. For those who were unable to attend, the video of the hearing has been included below. The hearing was a crucial event for the appraisal industry, and it is important for all appraisers to be aware of the discussions and topics addressed. The panel of witnesses included: David Bunton, President, The Appraisal Foundation E.C. Neelly IV, Executive Director, Mississippi Real Estate Appraisal Board Maureen Sweeney, Principal, Maureen Sweeney, Real Estate Appraiser Ltd. Melissa Tran, Director, Texas Appraiser Licensing and Certification Board Jillian White, Chief Executive Officer, Appraisal Insights...

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]]> https://appraisersblogs.com/recap-of-the-4th-asc-appraisal-bias-hearing/feed/ 11 30405 Biden’s Remark on Home Values Sparks Backlash https://appraisersblogs.com/bidens-remark-on-home-values-sparks-backlash/ https://appraisersblogs.com/bidens-remark-on-home-values-sparks-backlash/#comments Wed, 10 Jan 2024 13:30:55 +0000 https://appraisersblogs.com/?p=30191 President Biden’s recent comment about the discrepancy in home values between Black and white families has sparked backlash on social media, with many accusing him of being a “divider”. During a campaign speech at Charleston Church in South Carolina, Biden stated that homes owned by Black families are often valued at less than those owned by white families, even if they are built by the same builder. “Today, a home owned by a Black family on one side of a highway, built by the same builder on the other side of the highway & a white guy living in it,...

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]]> https://appraisersblogs.com/bidens-remark-on-home-values-sparks-backlash/feed/ 41 30191 Woke ‘Bounty’ Bill Will Chill Speech of New York Appraisers https://appraisersblogs.com/woke-bounty-bill-will-chill-speech-of-new-york-appraisers https://appraisersblogs.com/woke-bounty-bill-will-chill-speech-of-new-york-appraisers#comments Wed, 10 May 2023 11:45:10 +0000 https://appraisersblogs.com/?p=29427 A bill being crafted by the New York state Senate’s Finance Committee would, in effect, place a $2,000 bounty on the head of any heretical real estate appraiser in the Empire State who dares conclude a value that fails to satisfy a seller, serial refinancer or commissioned broker in a deal. Vulnerable buyers, who could be paying off inflated loans based on coerced values, would simply have to live with it. If enacted, the bill would authorize fines to be levied on appraisers for a new category of thoughtcrime – something called “appraisal discrimination.” Half the proceeds from the fines...

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]]> https://appraisersblogs.com/woke-bounty-bill-will-chill-speech-of-new-york-appraisers/feed/ 8 29427 Borrowers With Good Credit Scores to Foot the Bill for Higher Risk Borrowers https://appraisersblogs.com/borrowers-with-good-credit-scores-2-foot-the-bill-4-higher-risk-borrowers https://appraisersblogs.com/borrowers-with-good-credit-scores-2-foot-the-bill-4-higher-risk-borrowers#comments Fri, 21 Apr 2023 12:30:11 +0000 https://appraisersblogs.com/?p=29292 It is disheartening to think that those of us who have worked hard to maintain good credit scores will now be penalized with higher mortgage rates and fees, just so the government can subsidize people with riskier credit ratings. It’s no surprise that the Federal Housing Finance Agency’s (FHFA) new rule forcing homebuyers with good credit scores to pay higher mortgage rates and fees is causing a stir. The Federal Housing Finance Agency’s push for affordable housing is admirable, but it should not come at the expense of those with good credit scores who are trying to buy or refinance...

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]]> https://appraisersblogs.com/borrowers-with-good-credit-scores-2-foot-the-bill-4-higher-risk-borrowers/feed/ 24 29292 We the People… https://appraisersblogs.com/we-the-people-need-2-protect-the-consumer-from-mortgage-lending https://appraisersblogs.com/we-the-people-need-2-protect-the-consumer-from-mortgage-lending#comments Sun, 09 Apr 2023 12:30:40 +0000 https://appraisersblogs.com/?p=29224 We the people need to redirect the mortgage lending direction… The time for every appraiser and consumer to step up is now. This country was founded on the principle of “We the people”. Please sign this petition and share it everywhere.  Appraisers have been the target for blame for everything gone wrong in the mortgage lending world. We were blamed for the Savings and Loan collapse, the financial crisis of 2008, and appraisal bias and racial discrimination. Appraisers have even been the target on loans gone bad after several years on payments. Yep, we have been the target and have...

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]]> https://appraisersblogs.com/we-the-people-need-2-protect-the-consumer-from-mortgage-lending/feed/ 26 29224 Dear Representative, FNMA Has Gone Rogue! https://appraisersblogs.com/dear-representative-fannie-mae-has-gone-rogue https://appraisersblogs.com/dear-representative-fannie-mae-has-gone-rogue#comments Mon, 27 Mar 2023 12:30:24 +0000 https://appraisersblogs.com/?p=29081 Dear representative, waiving/eliminating property appraisal for lending purposes is wanton recklessness. Fannie Mae’s decision to waive/eliminate property appraisal for lending purposes is nothing more than wanton recklessness that could have serious repercussions in the future. The truth of the matter is that appraisals are an essential part of any mortgage transaction and should not be taken lightly or eliminated without due consideration. Without them, there can be no assurance as to whether a homebuyer will get what they pay for or if lenders will make bad investments with their money. In short, waiving/eliminating property appraisal requirements puts everyone at risk...

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]]> https://appraisersblogs.com/dear-representative-fannie-mae-has-gone-rogue/feed/ 87 29081 We Need a Lobbyist https://appraisersblogs.com/we-need-a-lobbyist-2-protect-the-public-interest https://appraisersblogs.com/we-need-a-lobbyist-2-protect-the-public-interest#comments Fri, 17 Mar 2023 12:30:29 +0000 https://appraisersblogs.com/?p=29012 Who is going to organize raising the funds and hiring the lobbyist? We are woefully behind the curve here. Myself and many others were organized in the early 1990s and managed to protect the appraisers’ interests for the most part at that time. Here in 2023, there does not appear to be any meaningful response other than the same old anecdotal war stories we pass along among ourselves. Yes, past markets crashed due to really bad mortgage products/underwriting, and banks failed due to really bad management decisions to go along with those mortgage schemes, but if Uncle Sam is going...

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]]> https://appraisersblogs.com/we-need-a-lobbyist-2-protect-the-public-interest/feed/ 207 29012 FTX Bought Government’s Silence; Did Fintechs Buy Attacks on Appraisers? https://appraisersblogs.com/ftx-bought-governments-silence-did-fintechs-buy-attacks-on-appraisers https://appraisersblogs.com/ftx-bought-governments-silence-did-fintechs-buy-attacks-on-appraisers#comments Fri, 23 Dec 2022 13:30:11 +0000 https://appraisersblogs.com/?p=28161 The nation’s 80,000 licensed real property appraisers should pay close attention to the manipulation of Washington by FTX, which turned out to have the characteristics of a Ponzi scheme.  Fallen crypto whiz kid Sam Bankman-Fried and his associates are a living testament to the power of political donations in American politics. It’s unclear precisely what the more than $70 million in political donations bought FTX during an 18-month period leading up to the midterms, but one can speculate the money silenced what was once a brisk debate on Capitol Hill and at the U.S. Treasury on the regulation of crypto-currency....

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]]> https://appraisersblogs.com/ftx-bought-governments-silence-did-fintechs-buy-attacks-on-appraisers/feed/ 11 28161 The VA Required to Encourage Hybrids – Senate Passes HR 7735 https://appraisersblogs.com/the-va-required-2-encourage-hybrid-appraisals-senate-passes-hr-7735 https://appraisersblogs.com/the-va-required-2-encourage-hybrid-appraisals-senate-passes-hr-7735#comments Wed, 21 Dec 2022 13:30:10 +0000 https://appraisersblogs.com/?p=28148 The VA will now be required to encourage hybrid appraisals.  If you are a VA Appraiser, here’s a bit of news you need to keep tabs on. Senate Passes VA Appraisal Modernization Measure – theMReport.com The U.S. Senate has announced the passage of HR 7735, the Improving Access to the VA Home Loan Benefit Act of 2022. Under the terms of HR 7735, sponsored by Sen. Dan Sullivan and Rep. Mike Bost, the VA will be required to: Issue certification requirements for appraisers; Execute minimum property requirements; Review the process for selecting and reviewing comparable sales; Implement quality control processes; Establish...

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]]> https://appraisersblogs.com/the-va-required-2-encourage-hybrid-appraisals-senate-passes-hr-7735/feed/ 18 28148 Federal Valuation Agency Impact on Appraisers & the Public https://appraisersblogs.com/federal-valuation-agency-2-oversee-the-appraisal-industry-n-its-impact-on-appraisers-n-the-public https://appraisersblogs.com/federal-valuation-agency-2-oversee-the-appraisal-industry-n-its-impact-on-appraisers-n-the-public#comments Fri, 22 Jul 2022 12:30:02 +0000 https://appraisersblogs.com/?p=27439 To establish an independent agency to be known as the Federal Valuation Agency that would oversee the appraisal industry in the name of “equity.” VaCAP has been informed of a Discussion Draft of a Bill introduced into the US House of Representatives that will directly impact every appraiser, appraiser trainee, appraisal firm, and appraisal management company. From the discussion draft, the purpose of the Bill: “To establish an independent agency to be known as the Federal Valuation Agency and real estate valuation standards and appraiser criteria, including promoting a fair, unbiased, transparent, repeatable valuation process, and for other purposes.” VaCAP...

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]]> https://appraisersblogs.com/federal-valuation-agency-2-oversee-the-appraisal-industry-n-its-impact-on-appraisers-n-the-public/feed/ 11 27439 Is Georgia Going Rogue? https://appraisersblogs.com/is-georgia-going-rogue-rescinding-appraisal-management-companies-customary-n-reasonable-fees-rule https://appraisersblogs.com/is-georgia-going-rogue-rescinding-appraisal-management-companies-customary-n-reasonable-fees-rule#comments Mon, 13 Jun 2022 12:30:27 +0000 https://appraisersblogs.com/?p=27168 VaCAP has learned the Georgia Real Estate Appraisal Board is considering rescinding rule 539-1-.23. This rule is the customary and reasonable fee requirement to appraisers from appraisal management companies. The matter will be decided at a 9:30 AM Sunday July 17, 2022 meeting. From the Georgia Real Estate Commission and Appraisal Board: RULE 539-1-.23 Appraisal Management Companies Purpose: In light of the recent decision and order In the Matter of Louisiana Real Estate Appraisers Board Before the Federal Trade Commission of the United States and to avoid even the appearance of anticompetitive conduct or the unreasonable restraint of price competition...

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]]> https://appraisersblogs.com/is-georgia-going-rogue-rescinding-appraisal-management-companies-customary-n-reasonable-fees-rule/feed/ 30 27168 Federal Agency in Charge of Appraisers https://appraisersblogs.com/federal-agency-in-charge-of-appraisers-will-be-a-nightmare https://appraisersblogs.com/federal-agency-in-charge-of-appraisers-will-be-a-nightmare#comments Mon, 23 May 2022 12:30:12 +0000 https://appraisersblogs.com/?p=27045 Having a federal agency in charge of appraisers will be a NIGHTMARE. Leave it to the states as it is now. ALL appraisers should be SWAMPING their state representatives with calls & emails in OPPOSITION to newly introduced H.R. Bill entitled: Fair Appraisal and Inequity Reform Act of 2022. DO IT NOW. **Remind them all that the job of a Professional Real Estate Appraiser is to PROTECT THE PUBLIC TRUST. That’s what we are in place for! With all of the ridiculous changes proposed with “PAREA”, we know exactly where this is headed. Appraisers coming out of their “PAREA” certification...

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]]> https://appraisersblogs.com/federal-agency-in-charge-of-appraisers-will-be-a-nightmare/feed/ 11 27045 Proposal to Eliminate the VA Fee Panel https://appraisersblogs.com/proposal-2-eliminate-the-va-fee-panel-n-push-4-desktops-n-waivers https://appraisersblogs.com/proposal-2-eliminate-the-va-fee-panel-n-push-4-desktops-n-waivers#comments Fri, 20 May 2022 12:30:18 +0000 https://appraisersblogs.com/?p=26871 VA Fee Panel – The Appraisal Institute does not believe that a move to a lender select program, such as those found in the conventional or FHA mortgage markets, would  improve timeliness, nor would it be in the best interests of veterans. On May 18, the Subcommittee on Economic Opportunity held a legislative hearing on the Discussion Draft of H.R. 7735, Improving Access to the VA Home Loan Act of 2022. The bill is sponsored by Representative Mike Bost, R-Illinois, the ranking member of the House Veterans Affairs Committee, and Senator Dan Sullivan, R-Alaska, a member of the Senate Veterans...

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]]> https://appraisersblogs.com/proposal-2-eliminate-the-va-fee-panel-n-push-4-desktops-n-waivers/feed/ 26 26871 Biased Appraisers? I Don’t Think So https://appraisersblogs.com/biased-appraiser-judging-an-entire-profession-by-anecdotal-evidence https://appraisersblogs.com/biased-appraiser-judging-an-entire-profession-by-anecdotal-evidence#comments Wed, 18 May 2022 12:30:48 +0000 https://appraisersblogs.com/?p=26856 To judge an entire profession by anecdotal evidence is equally both stupid and harmful… The entire emphasis was on “anecdotal evidence” which is not documented or supported. Story after story was told about how appraisers had produced a “biased” report. No documentation and no evidence to support their claims was presented. Folks, after discussing this topic with and learning more about the appraiser who wrote this following essay, I have decided to distribute the essay below as a way to further support what we appraisers do in our work, and to expose the fallacies that have been presented to date...

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]]> https://appraisersblogs.com/biased-appraiser-judging-an-entire-profession-by-anecdotal-evidence/feed/ 28 26856 How to Destroy the Appraisal Profession https://appraisersblogs.com/how-2-destroy-the-appraisal-profession-government-101 https://appraisersblogs.com/how-2-destroy-the-appraisal-profession-government-101#comments Mon, 16 May 2022 12:30:42 +0000 https://appraisersblogs.com/?p=26831 Anytime the government gets involved in an issue, it tends to have more adverse effects than positive ones. It makes things worse when they only have their plan in mind and NOT the FACTS from the people they are about to hurt. This is especially true in the Real Estate Appraisal profession and the newly introduced H.R. Bill entitled: Fair Appraisal and Inequity Reform Act of 2022. It’s essential to bring some information that not one person in the government or the people they are getting information from is talking about. First let’s step into my time machine and go...

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]]> https://appraisersblogs.com/how-2-destroy-the-appraisal-profession-government-101/feed/ 45 26831 PAVE May Pave Over Appraisers https://appraisersblogs.com/pave-may-pave-over-appraisers-the-blame-game-against-appraisers https://appraisersblogs.com/pave-may-pave-over-appraisers-the-blame-game-against-appraisers#comments Fri, 01 Apr 2022 12:30:36 +0000 https://appraisersblogs.com/?p=26572 The blame game against appraisers is continuing the fast and furious start, evidenced by the PAVE report. A synopsis is in the link: PAVE task force delivers plan on appraisal bias – Lexology Key info from the PAVE report. “Relevant agencies have also committed to addressing potential bias in the use of technology-based valuation tools through a rulemaking related to automated valuation models (AVMs), including the addition of a nondiscrimination quality control standard in the proposed rule.”  And, “In the coming months, the Task Force will assess: (i) the “expanded use of alternatives to traditional appraisals as a means of reducing...

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]]> https://appraisersblogs.com/pave-may-pave-over-appraisers-the-blame-game-against-appraisers/feed/ 19 26572 Dear ASC: Details… Why They Matter https://appraisersblogs.com/why-details-matter-asc-failed-the-appraisal-profession-at-the-bias-in-the-home-appraisal-process-hearing https://appraisersblogs.com/why-details-matter-asc-failed-the-appraisal-profession-at-the-bias-in-the-home-appraisal-process-hearing#comments Fri, 25 Mar 2022 12:30:09 +0000 https://appraisersblogs.com/?p=26526 DETAILS… NO MATTER HOW SMALL OR BIG NEED TO BE PRESENTED. If not, you failed. ASC, today you failed us all. Over the past several days, the Real Estate Appraisal Industry has been the subject of scrutiny with the release of the PAVE Report that the Interagency Task Force developed on Property Appraisal And Valuation Equity set forth by the Biden Administration. On March 23, 2022, there was a public meeting to unveil the Pave Task Force report on Racial Bias in the Real Estate Appraisal Profession. You can watch the press conference below as well as read the entire...

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]]> https://appraisersblogs.com/why-details-matter-asc-failed-the-appraisal-profession-at-the-bias-in-the-home-appraisal-process-hearing/feed/ 14 26526 Maxine Waters Wants Appraisers Investigated https://appraisersblogs.com/maxine-waters-wants-appraisers-investigated/ https://appraisersblogs.com/maxine-waters-wants-appraisers-investigated/#comments Wed, 23 Feb 2022 13:30:18 +0000 https://appraisersblogs.com/?p=26366 On February 22, 2022, Maxine Waters sent a letter to HUD Secretary Marcia Fudge, TAF, ASC and AI regarding ongoing appraisal bias and discrimination. She is calling on the federal regulators and AI to investigate appraisers’ misconduct and potential illegal discrimination. She will also be introducing legislation to address ongoing discrimination. Maxine Waters’ letter “highlights longstanding racial inequities plaguing America’s home valuation system”. The letter highlights longstanding racial inequities plaguing America’s home valuation system, particularly in Black-majority communities and other communities of color. To illuminate the severity of this issue, Chairwoman Waters references an email recently sent by an appraiser...

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]]> https://appraisersblogs.com/maxine-waters-wants-appraisers-investigated/feed/ 119 26366