Appraisal News and Appraisal Tips For Real Estate Appraisers - Your source for appraisal industry news, appraisers' opinions, and discussions of appraisal issues
An appraiser’s response to AMCs bidding system. Recently, we came across an interesting story and thought it’s something fruitful that needs to be shared. If you receive “appraisal orders by email-blast”, you may find the below “template” useful. This was inspired by another appraiser. We encourage appraisers to copy this defacto response or adapt your content to suit your context/circumstances. We need to work together as a group in our efforts to fight AMCs’ bidding system and put an end on low bid appraisal ordering. Dear AMC, If your company consistently calls for bid quotes and is unable to assign...
Now they’re saying your license has to be revoked! The Federal Government is cracking down on appraiser licenses that were issued by the states where the applicant did not meet the “new” TAF requirements. Several states have this problem. Virginia is in that mix. About nine appraiser licenses were issued that the Federal Government is now saying have to be revoked. About half of these people have reached out to me. There is not a lot I can do or VACAP can do. But the state will be addressing this issue over the next couple of board meetings. So if...
The serfs are PISSED! Apologies. America was not founded by people that ‘went along to get along’, or that were willing to accept economic or political serfdom. Though they did so until a critical mass of frustration was reached. It is human nature to seek and then protect the benefits of privilege. To some extent this is a positive attribute. It’s the foundation of Capitalism. It is only when dishonesty and manipulation of laws becomes prevalent that the system is at risk, and not operating properly. We had dueling to keep honorable people honorable two hundred years ago. That was...
AVMs Can NEVER Replace Appraisals & why FNMAs vaunted CU AVM is flawed! Yesterday (March 15, 2016), an appraiser called me to discuss a complex assignment he had. One of his comparable sales was reported in MLS as having sold for $3,469, 898. It was in range with his other comparable sales for his subject property. It was the most similar comparable property. When he went to verify the sale price with our Los Angeles, California subscription-equivalent to “public records” he discovered a shocking discrepancy he couldn’t explain. RealQuest (CoreLogic) showed the full value sale price as $17,665,455! So what...
Licensed Residential Appraiser out of work! I find it hard to believe that there is a shortage of appraisers when I, a Licensed Residential Appraiser, have only completed three (3) appraisal assignments for 2016. I am constantly denied approval by Banks and AMCs. I’ve been denied because I am Licensed. I’ve been denied because I am not Certified. I am not being denied work because I am incompetent or because I have not been USPAP compliant. Certainly not because I have been disciplined. FHA removed Licensed Residential Appraisers. Then Banks and AMCs were eager to follow. I do not see...
We work together and support each others initiatives… Like VaCAP, other appraiser organizations are working towards the betterment of the appraisal industry and public trust. VaCAP works independently, as well as with a network of other state coalitions and other professional organizations in our industry. Many of the initiatives VaCAP supports are the same initiatives other organizations support. Although we may have different ideas on solutions, we work together and support each others initiatives as the appraisal industry and the consumer benefits. The American Society of Appraisers was represented by John Russell, Director of Government Relations, at the Customary and...
Appraisers, I know everyone is busy right now, but this cannot wait. This may be the most important blog post affecting appraisers this year. I don’t think it is an exaggeration to say that if something is not done, it really COULD lead to the end of ALL residential appraisers for federally regulated transactions under $500,001. FFIEC under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), is considering raising the de minimis lending level from $250,000 to $500,000, because the local community banks are complaining that they cannot find enough appraisers in rural America to handle the volume! If...
Powerful ‘uncles’ gave us the vehicles, but we need more drivers! Stand up for yourself and oppose those things that are wrong in our own profession and the related lending industry. Oregon: Teach THEIR Board USPAP! Seriously. They were trying to fine people for not meeting turn times, as a USPAP violation! TWENTY FOUR PER CENT of the AARO (Government Regulatory Officials) members they contacted for advice ALSO thought the same way! …New Jersey, Minnesota, Illinois and how many others: Ongoing reports, and evidence, of punitive mindsets rather than protective of the public views. They are using fines to balance budgets…
Work opportunity for $25… Opportunity? A member of VaCAP forwarded this email from an AMC. VaCAP wanted to share. “We have a new product which is a review of a BPO. You’ll need to log onto a site and complete a checklist. The pay is $25 per report with a 24-48 hour turn time. Most can be done in about 10-20 minutes. All work can be done from your desktop. Training will be provided. Please let us know if you are interested. At this time, we are reaching out to garner interest. We’ll let you know the next steps as...
If you believe the government should be accepting complaints from appraisers regarding Appraiser Independence Issues, then please send your comments Please respond to the call to action below! The IACF was developed for use by those who wish to file a formal, written complaint that an entity subject to the jurisdiction of one or more Agencies, the Board, or the NCUA has failed to comply with the appraisal independence standards or USPAP. The IACF is designed to collect information necessary for one or both of the Agencies, the Board, or the NCUA to take further action on a complaint from...
