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For the term "class Valuation".
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...

Snippets

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...

Appraisal / Snippets / Trending

The New & Improved Fannie Mae FRAUDULATOR 2.0 42

The New & Improved Fannie Mae “FRAUDULATOR 2.0”

Originally known as Fannie Mae’s Collateral Underwriter (CU), and subsequently Collateral Underwriter 2.0 (CU-2)i this always dubious product of Fannie Mae is increasingly being referred to by some, if not many American Appraisers as The Fraudulator / Underwriter 2.0 (FU-2). To be clear it is not limited to the Collateral Underwriter (CU & CU-2) software. The new Fraudulator (FU-2) combines the CU products with their numerous improper uses. The end result of which includes OUTRIGHT FRAUD being perpetrated against banks via the repurchase letters Fannie Mae now issues on a quota based system rather than because of legitimate appraisal defects....

AGA / AI / AMC / American Society of Appraisers / Appraisal / Appraisal Institute

Woke 'Bounty' Bill Will Chill Speech of New York Appraisers 8

Woke ‘Bounty’ Bill Will Chill Speech of New York Appraisers

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...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Political Action

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...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisers News / Snippets

ASA Concerned About the Expansion of FNMA Appraisal Waiver Program 22

ASA Concerned About the Expansion of FNMA Appraisal Waiver Program

In response to the Federal Housing Finance Agency’s (FHFA) decision to allow Fannie Mae to expand its appraisal waiver program, the American Society of Appraisers (ASA) has released an op-ed by ASA’s Strategic Partnership Officer, John D. Russell, JD, criticizing this move. ASA believes that by expanding the appraisal waiver program and relying on data and models for mortgage lending instead of human interaction, Fannie Mae is leaving behind two very important aspects: safety and soundness as well as consumer protection. The fear is that overvaluation may occur due to a reliance on models which always try to chase value...

American Society of Appraisers / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASA

Dear Representative, FNMA Has Gone Rogue! 87

Dear Representative, FNMA Has Gone Rogue!

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...

Appraisal / Appraisal News / Appraisers News / Dodd-Frank Act / C&R Fees / Fannie Mae - Freddie Mac / Political Action

Slew of Negative Reviews for Appraiser Miller 45

Slew of Negative Reviews for Appraiser Miller

Her Google & Yelp business pages have received a slew of negative reviews from people living as far away as New Zealand! As real estate appraisers, we understand the importance of accuracy and fairness in our work. We are expected to perform valuation services competently and in a manner that is independent, impartial and objective. We also know how important it is to uphold ethical standards in order to protect ourselves and our clients from potential legal action. The recent case of Austin v Miller serves as a reminder that even when we do our best, things can still go...

Appraisal / Appraisal News / Appraisers News / Trending

Speed Regardless of Accuracy Under the Banner of Modernization 14

Speed Regardless of Accuracy Under the Banner of Modernization

Appraisers, something – comparing and contrasting – dawned on me last week, after reading another news release titled “Dean Kelker: Appraisal Modernization is Starting to Gain Momentum“, which is basically pushing an “Enterprise” singular ‘agenda’ of valuation speed regardless of accuracy. Under the banner of “modernization.” VA does not demand appraisers complete assigned appraisal assignments extraordinarily quickly. They give appraisers 7 – 10 days (depending on location) to submit the report after assignment. VA expects good quality and accurate information. FHA/USDA/ONAP also expects appraisal accuracy using an inspection protocol that many appraisers object to, and some choose not to do...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Appraiser Countersuing Black Homeowners for Defamation 165

Appraiser Countersuing Black Homeowners for Defamation

The Maryland appraiser has filed a countersuit against the homeowners, claiming defamation.  Appraisers, there have been several lawsuits filed against appraisers by borrowers who “don’t like your value, so I’m accusing you of discrimination” over the last year or so. These lawsuits all have the same theme, and it’s entirely possible that these actions are being coordinated by a consortium of ‘organizers’ and law firms. The plaintiff representing firm for the Baltimore suit is the same law firm The Appraisal Foundation hired to write new USPAP language for the Ethics Rule, which potentially will be approved in just a few...

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

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