Marcia Fudge leaving HUD!
I read a number of web provided publications oriented to our appraisal work, and lending.
This popped into my email yesterday from Inside Mortgage Finance Publications:
“Don’t look for me to ever be on another ballot or another appointee or anything like that,” she said. “I really do look forward to being a private citizen.”
Fudge is among only a few high-profile members of Biden’s Cabinet to step down.
Fudge said her decision to resign was mostly personal. Her mother, Marian Garth Saffold, whom she is close to, is turning 93 in April. Fudge wanted to spend more time with her and other relatives in Ohio.”
This is incredibly good news for appraisers! Although, we don’t know who the President will appoint to replace Marcia Fudge. Hopefully it will be someone less strident in their opposition to appraisers. But of course the primary talking points against appraisers have come from POTUS.
If you’ve not been closely following all the alleged bias and discrimination stories circulating for the past 3+ years, much of that has come from Ms. Fudge at HUD. Her own personal life has revolved around mostly ‘being black’ and not really fully integrating with other races. Why do I say that? Because I’ve researched her background.
Marcia Fudge is also the current co-chairperson of the PAVE Task Force Committee, so that group’s philosophy may also be modified with her resignation. Ideally, at least.
Two more weeks of her at HUD. Hopefully it will be quiet activity with no more attacks from her toward appraisers.
Dave Towne on e-AppraisersDirectory.com
- New UAD Overhaul: What Appraisers Can Expect in 2025 & Beyond - September 19, 2024
- Cindy Chance Terminated - September 16, 2024
- Key Part of USPAP Not Available from TAF - July 19, 2024
Dave,
I have spoken with a representative that worked very close to Ms Fudge and asked a direct question about what is being done to stop the political attacks on appraisers. Before asking this, there was short period of very quick back and forth regarding MS Fudge and her time in office. Once I asked that, all communication stopped. I can only assume similar attacks and finger pointing from the present administration and perhaps whomever wins the next election will continue. Let this serve as a reminder to all appraisers to complete due diligence on all assignments following USPAP Standards 1&2, Ethics, communication rules, etc, along with a solid workfile.
Deputy Secretary Adrianne Todman will serve as acting secretary after Fudge’s departure, the White House said. Lets hope the replacements are superior, and actually have some appraisal knowledge and not just an agenda.
It is an agenda that I fear is here to stay for a little while longer, regardless of the next election.
From her BIO she seems like a younger Fudge to me! I do not see any improvements on how they are attacking Appraisers. We shall see!
Glad to hear Mrs. Fudge will soon be packed and out the door. Lets hope her policies leave with her. Best of luck.
Seek the truth.
I’m glad she will soon be gone. I have a few issues with her performance as head of HUD. She lied about appraisal bias. She lied in the PAVE report. She lied about housing problems and solutions. She gave money to her friends for programs which won’t solve the real problems. She lied about her home value. Biden repeated that false story and looked like a total idiot.
https://mary–cummins.blogspot.com/2024/03/why-did-marcia-fudge-resign-from-hud-by.html
Correct as always! Why are there no consequences for all of her flat out lies, deceit and mismanagement of funds?
Because like minded people tend to congregate together.
Fudge is packin! See ya!
I agree with Spencer Paul, I’ve heard allegations of appraiser bias and racism directly from Biden, it is an agenda. I truly wonder how Biden formed such a storng and misguided opinion, does he really believe it? Or, is he just parroting what others have said? Sorry, but none of these people have a clue how the system works, if the person has an open mind a 2-minute discussion would clear things up.
Biden formed his opinion from Kamala Harris. Need I say more.
Not being a pessimist but I believe the well has already been poisoned.
Halleluiah!! Appraisers rejoice. Margie Fudge is retiring. As someone who is undergoing year’s long investigation from HUD about me being a “White Racist” and purposefully undervalued a home because I discriminated against the homeowner’s race, I have a very educated view of her retirement.
For any appraisers out there that thinks that HUD will do a “Fair and Honest” third party unbiased view of a complaint filed with HUD, think again. HUD just got an estimated $435 million grant from the government to week out racist appraisers. We as appraiser know that we definitely have to spend $435M our tax money to investigate ourselves because the jig is up they finally caught us, you us as a group for racist.
Don’t fool yourselves another diplomat will feed at this alter when $435M is up for grapes. The new boss is same as the old boss. Don’t get me wrong I am glad she is leaving but my case will continuing onwards and downward, because they are trying to justify that grant and find some hapless appraiser who did nothing wrong toward the homeowner, he was just a serial re-fiancé who did not get the appraiser value he needed to make his deal work and use his home as a piggy-bank. Appraisers are careful out there, HUD is still out there and this time they have set up traps that HUD controls with shady-borrowers that are really HUD agents that are trying everything they can to trap you. It happened to me.
Stay tuned.
Any chance Ms Waters is ready to retire?
Mrs. Waters is a near – ideal replacement for Fudge, since her hubby is a Bank Exec. !!
Regarding today’s massive NAR news: It just opened the door for Realtor Management Companies. Careful what you wish for homeowners. You just opened a 199 story can of worms. Anyone up for a huge reverse auction over commissions?
Dear Whining Appraisers,
I have been reading posts by many of you over the past couple of months. Good grief, I have never seen
so much whining and complaining. Apparently the majority of you have zero business right now and times are slow. Sorry to hear that. The fees that people charge or want to charge are ridiculous, stupid and are causing banks to
put appraisal waivers in place. Its the fault of the greedy appraiser that it has come to this.
A lot of you think you deserve such ridiculous pay for the 4 or 5 hours of service you provide, the majority being on the road. No wonder desktop appraisals are popular with lenders.
I have reviewed both desktop and full appraisals. My experience is that desktop appraisals are more thorough and accurate as far as value than the full appraisal. Because the majority of you out there are bias, that is why desktops
will be the new standard.
Good luck to all of you out there.
I do not appreciate you saying “the majority of you out there are bias”. What proof do you have other than the lies you read in the media. Do a little more research please and you will find some eye opening facts about the bogus bias claims against Appraisers. Yes, Fannie thinks driveby’s or hybrids may be better as they do not want to let the Appraiser see the owners because they will apply some sort of bias. They are running scared and not paying attention to the actual facts. We do not appraise people we appraise homes and more diversity in the profession should change NOTHING….The process is the same no matter the race of the Appraiser.
Desk tops are better than full Appraisals? Wow, does that mean the values are higher? Because higher values do not mean they are more accurate.
Pretty sure Mary if I reviewed yours, just based on your logic, it would not pass. Thanks for your feedback. Desktop values are more realistic, just saying. Good luck Mary.
Dear Jack Preacher,
You must not be an appraiser because not only have I had to go behind “desktop appraisers” based out of other states where they have zero geographical competency, but I’m a homeowner also and the one I received by a desktop appraiser , for myself, was so far off value that they had to pull a local appraiser out to do a real appraisal. We deserve to be compensated as real estate ownership is one of the most important aspects of a humans life. Thus, it does not serve society well to have uneducated people performing valuations on said properties. As far as I can tell, you are a bottom feeder of society because a real appraiser wouldn’t talk like you. Good luck to you.
Jack,
I’m not sure what profession you are in, however this valuation profession are the eyes and ears of the financial housing markets promulgating public trust. We charge a fair and reasonable fee for the work a liability that we carry for said services. I do deserve the pay that I earn and the lenders and private firms that I work with and for seem to think that I worth every penny. I’m sorry that you feel your work is not worth it. Perhaps CE and a few business courses will assist you in understanding what we do and why we do it.
Regarding your comments about desktop and full appraisals with the desktop being more accurate, I’m sorry, you clearly do not know how to complete a standard 3 review and haven’t a clue about what goes into one or the other. If you are aware of the differences in the scopes of work and still have the same mindset, then you don’t really know much about review work, nor underwriting with risk assessments.
You have no data to support to theories on appraisal bias. How do I know, because every theory that has been put out in the public has been clearly refuted with not a single court case showing consistent and majority run appraisal bias. Stop watching the news and start researching. Stop getting additional news from social media. Do research. I’m going to take a huge leap of faith and assume your name is not really Jack Reacher – you just wanted to come in a kick a hornets nest.
Spencer,
20k appraisals and still going strong. Pretty sure you are no where near that mark. Not one issue ever. How bout you?
You talk too much. WE all know the problem with valuation these days. Its bias appraisers screwing it for honest appraisers like myself.
Maybe you should start a new career inf BS writing.
Thanks for your feedback.
Jack,
First I don’t believe you that you have completed 20k assignments and even if you have, I really don’t care because I have viewed the work of people that run their mouths like you do. I honestly don’t even think that you are an appraiser – rather some rando that wants troll an appraisal blog.
I’m sorry you think that I talk too much, but you came to this blog spot and chose a fictional character to be your screen name rather than putting a name to claims you are make; coupled with a lack of respect for the profession that you claim to work in and trash everyone else. I’m sorry, but know one respects what you are saying nor how you are saying it. You could have had a healthy discussion regards fees, but your lack of professional epithets just supports the high probability of aforementioned states, you are not an appraiser.
Additionally you have stated everything thing is going to push appraisers out, which includes you despite and in spite of your claimed 20k assignments and whored out fees. If what you are saying is true, you will have to look for another job too.
***This comment was edited by AppraisersBlogs Team. Profanity is edited out because it’s inappropriate within the context of this blog.***
Spencer,
I really own you now. Name calling. I am a w***e I guess for making a living. Ah, but aren’t we all??? Its obvious you are one bias ***.
I have been appraising for 40 years dude. I will retire when I die.
Thanks for your interest.
Can you show me the data that you are yawing to support your claims about me being bias? Any data supporting your claims about fees? Actual data supporting anything that you say as being real? I didn’t call any names in any of my posts.
Jack Preacher aka Appraiser Mike aka Mike Smiley, we previously banned you from commenting for disruptive and profane behavior. You tried circumventing the ban by using a different email and name, which we overlooked. However, your continued inappropriate comments filled with profanity leave us no choice but to intervene again. Going forward, please use your real name and interact respectfully with others, even if you disagree. Attacking or belittling those with different views is unacceptable. We can identify you no matter the email or name used. We value diverse perspectives when expressed constructively. Please cooperate with these community guidelines so everyone feels comfortable participating. Thank you for your understanding.
Oh, thank you. Being featured by a man name Brian Coester. Everything comes full circle. Coester VMS was one of egregious violators of not paying appraiser’s a reasonable a customary fees. I see you have been prominently featured by them and can now understand your points of view, of which still lack any substantiation what so ever, but at least it now makes sense. Everyone be careful, he might hire Brian Coester to hack your emails, etc in retribution. I’m sorry, but like people tend to congregate and perhaps this blog simply is not for you. It’s okay, you don’t have to agree with us that appraisal bias is not even systemic in the manor and means Ms Fudge has indicated, nor the present administration, but don’t waste time trolling. So undignifying and proves my point of unprofessionalism. What are your stances then when the VA posts a fee for their appraisers to work with? Are you going to write them and tell them they are not worth the high fees and don’t provide good enough service to warrant such a payment and furthermore, are you going to tell them they should turn everything over to AMVs and Mass Appraisals?
Also the same guy that launched a nasty fight over politics months ago. His brother runs a mortgage company and keeps him fed. I am pretty sure he pulled some prison time recently as well.
No way you have to be joking about the jail time! Tell me it was appraisal related!! I so want that to be true.
Convicted as part of a RICO case. I will dig deeper.
Shut-the-front-door…..(scooping jaw up)
Jack,
Also, the fees that appraisers are charging really are not that much considering the percentage of the purchase price. If a buyer can not afford $800 (standard)-$1200 (complex), how are they going to afford a hot water tank going out? Water damage that takes place? A heat pump that dies, etc? What don’t you look into closing costs on a loan that cost 10K to start? You are whining as well with no support, that’s the annoying part. I just think that you want to troll with no evidentiary support and side with the lender playing as if you actually did review work. Everyone in this community feel it is painfully obvious you don’t know what you are talking about because of what and how you are talking about it. I wish you well.
Spencer,
I hit a sore spot with you eh? Your fees are ridiculous. Greedy appraisers are the issue, just like greedy real estate agents. Wont be long until you are out of business like many unethical real estate agents with their ridiculous fees. Its coming. Get ready.
Thanks for your feed back.
Oh not at all mate. I just think you’re a joke. Enjoy your career. Jack reacher.
Lets assume your correct Jack, which you are not, and work through your numbers. Assuming a 40 hour work week and 5 hours to complete an appraisal your working with 8 appraisals a week. In San Diego where bids and AMC’s are the norm, a split fee of $350 is not unusual. After reducing for business expenses (50%) your left with $1,400 a week or $5,600 a month. With a median home price of $950,000 and with 20% down ones mortgage would be +/- equal to 100% of your take home pay.
Local appraisers are overpaid Jack, give me a break.
Seek the truth.
Dear LW,
More than likely you are a whining home owner who thinks their home is worth 10 times more than it really is. So you whined hard enough to the bank to have a full appraisal done. I bet you it was the same or within a couple thousand either way. No time for losers LW, have a nice life.
I have performed more than 20k full appraisals and still going strong.
Amen
Jack, not that I owe you an explanation but you seemed disturbed and might need some help. The appraised value by the desktop appraiser from another state was actually $80,000 OVER what the actual value was. Everything comes back around. I hope you get the help you need. Seems like therapy or anger management could be an option.
Even in states with liability limitation rules, there is no statute of limitation on board complaints. In fact, many states rules as well as recent FHFA guidance requires a formal complaint to the state.
Appraisers may recall the two different numbers on their insurance policy; The per claim instance, and aggregate total limitation. 300/600, 500/1m, or even more. For example; six claims for a hundred thousand, the appraiser is maxed out on the entire policy, every claim after that is essentially uninsured, yet the work is long since completed. Adds up quick
In response to this article; Mr Bagotts; DEI Controversy Crosses Pond, Hits Scottish Home Appraisal / Providing desktop appraisals whilst being maligned by the federal government for being a part of an industry with low DEI scoring, one may be checking more boxes than they had initially realized. The mouse dies in the mouse trap, because it does not understand why the cheese was free.