198 Search results

For the term "hybrid".

Racial Bias in Real Estate: Is it the Property Appraisers’ Fault?

June 22, 2021

Racial Bias in Real Estate: Is it the Appraisers’ Fault?

In the past year, the appraisal industry has been under attack from various academics who claim “racial bias” on the part of real property appraisers providing appraisal services to lenders who provide home mortgages. These academics do not fully understand various types of valuation specialties, the appraisers who practice in these specialties, and the myriad of laws that must be followed. Help is needed to explain the appraisal industry, including the specialties and the types of reports. An understanding of the different components of the appraisal industry is necessary to assist various academics, journalists, the media, the public, and the public...

Appraisal / Appraisal News / Appraisal Subcommittee / Appraisers News / ASC / Automated Valuation Models

June 3, 2021

You’re on the Menu

“If you don’t have a seat at the table, you are on the menu…” Would it be misleading to disclose you performed a personal inspection of a property done with significant appraisal assistance in which you relied on supported demographics? Well maybe… The Appraisal Foundation has issued a discussion draft to answer this question and others similar to it and wants your opinion. Now we understand that some of you will comment about what’s the point and some will state they don’t have time to participate; others will simply ignore it all together. Someone once said “If you don’t have a seat...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / The Appraisal Foundation / Uniform Standards of Professional Appraisal Practice

We Should Be the Only One to Determine Any Modernization

January 18, 2021

Modernization Should Only Be Determined by the Appraisal Profession

The appraisal professions should be the only ones to determine any modernization; whatever that is… When Things Don’t Go as Expected Like so many others, I have learned the hard way not to accept any assignment without a little due diligent research first. Make no mistake I do not shy away from difficult assignments. I am under the firm belief the more difficult, the better. I actually enjoy the challenge. I recently accepted a private assignment over the phone for a lot in the City. I was driving and did not have access to MLS or locality records. I knew...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Fannie Mae - Freddie Mac

January 15, 2021

FHFA to Screw Up Appraisals

The FHFA is looking for comments on how they can better screw up the appraisal process. So if you’ve got a hankerin’ to help out with that you can find a comments section somewhere on the world wide web to do so. What are your thoughts on this appraisal idea from the FHFA? They have identified a problem where they said one didn’t exist, and they identified what the solution is, and it is going to be through comments from you… They are going to modernize the appraisal process. They have already drawn their own conclusions. Now all they have...

Snippets

Future Changes in USPAP 2022-23 - Time to Quit the Constant Changes

December 21, 2020

Pending Future Changes in USPAP 2022-23

The Appraisal Foundation / Appraisal Standards Board have released the 4th Exposure Draft to the FUTURE version (2022-23) of USPAP. I, like so many other ‘stakeholders’ and appraisers, have grown weary of the incessant Exposure Drafts and updates to our mandated PROTOCOL MANUAL, which for many years has been massaged and modified in various ways every 2 years. Largely because new members cycle onto the ASB every year or two. The constant updates has resulted into a continuing cash cow for the Appraisal Foundation / Appraisal Standards Board. But in actual use, that should not happen because USPAP is codified...

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

Radian Ending & Replacing Traditional Appraisals with Artificial Intelligence

October 30, 2020

Radian Ending Traditional Appraisals

In the news release, Radian, an AMC licensed in most US States says they will help their clients ‘transition’ away from traditional appraisals… This news release was circulated yesterday, October 29, 2020, by the Radian Group Inc. Radian Group (NYSE:RDN) will wind down its traditional appraisal business, which offers residential real estate appraisal services through a panel of independent contractor appraisers, to focus on core mortgage and real estate businesses driven by digital products and services. This news is so fresh that their very attractively designed web site and associated pages still glowingly highlight how wonderful their ‘traditional appraisals’ are… at least...

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

September 28, 2020

Gaming of the System

…gaming of the system is happening not only with income, (yes automated income verification has returned) but now property valuations… Appraisers have some very strong opinions on computer driven appraisals. Others are noticing the dangers as well. It is more than just automated valuation models though. In an article written by Danielle DiMartino Booth, for Bloomberg, Fannie Mae and Freddie Mac are specifically called out on their appraisal waivers. The author compares the dangers of the automated income verification being done in the 2000’s and how the system was easily gamed to the appraisal waivers currently being done. The author...

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

September 9, 2020

Reconciling the Erosion Within My Profession

The continued reliance of unregulated aggregators and bifurcated products continues to erode the public trust at the expense of discarding the profession specifically intended to promote the public trust. How does this protect the public?… On June 14, 2005 Steve Jobs told a class of graduates, “you can’t connect the dots looking forward; you can only connect them looking backward” Around the same time, I was appointed as the sole residential member of the appraisal licensing board of my state. Little did I realize that this 2005 governor-appointed position would eventually lead me to sharing a stage in 2018 with...

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

June 8, 2020

Fast Connections AMC Fined $2.8 Million

Fast Connections USA, Inc. & its President, Towhindul Hussain, were found guilty of hundreds of violations… Well it must be true what they say… Don’t mess with Texas! The Texas Appraisal Licensing and Certification Board (TALCB) has issued a monetary fine of $2,801,500 against an appraisal management company. Fast Connections USA, Inc. and its President, Towhindul Hussain, were found guilty of hundreds of violations of Texas law and regulations. TALCB found Fast Connections contracted 274 appraisals in Texas without proper registration. These violations have a mandatory fine of $10,000 each. TALCB also found Fast Connections USA failed to pay appraisers...

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

May 27, 2020

Survey Says… Bifurcation is a DUD!

“It’s a dud” is the unofficial results on bifurcated appraisals from the OREP / WorkingRE Magazine Appraisal Bifurcation Survey in the print edition of Working RE Magazine that is hitting your mailbox now, an overwhelming majority of appraisers want nothing to do with these products. Less than 10% of the respondents stated they were open to bifurcation products as the appraiser and only slightly more, 13.64% were open to data collection assignments. Fees, liability and a detriment to the profession were the main reasons appraisers will not consider only the data collection assignments. The survey is still ongoing, but with...

Appraisal / Appraisal News / Appraisers News