Appraisers Blogs

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For the term "waivers".
Appraisal Waiver Programs Risky for Taxpayers and Homeowners 4

Appraisal Waiver Programs… A Risky Business

ICAP (and 36 other industry groups) signed a Letter To The Committee on Banking, Housing and Urban Affairs Over The New Appraisal Waiver Programs ICAP along with 36 other industry groups signed a letter to the Committee on Banking, Housing and Urban Affairs to raise concern over the new appraisal waiver programs recently implemented by Freddie Mac and Fannie Mae (the “Government Sponsored Enterprises.”) The letter states that these programs will create unnecessary and unacceptable risks for taxpayers and homeowners, and they come at a time when markets are at all-time highs – when risk mitigation should be tantamount. The...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Finance Agency

Let's get back to real appraising 23

Let’s Get Back To Real Appraising!

Let’s Get Back to Real Appraising: We have all encountered the glass is half full / half empty perspective. This perspective could be applied to everything life throws at us. The appraisal industry is no different. We are hearing a lot of doom and gloom over Fannie Mae’s Property Inspection Waivers (PIW) and Freddie Mac’s Automated Collateral Evaluation Program (ACE). On the surface the glass appears half empty. Well, the glass is definitely half full; maybe even 3/4 full. We can now get back to real appraising……. No more UAD, No more 1004mc, No more scope creep, No more false...

1004MC / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

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What Can You Do When AMC Does Not Pay?

What happens when an AMC does not pay or closes its doors & should funds collected for appraisals be kept in escrow? 54.1-2021.1 of the Code of Virginia requires AMCs to post a $100,000 bond or letter of credit. Appraisers may be able to file a claim against the bond or letter of credit and receive funds if they have not been paid. Directly from the statute: “§ 54.1-2021.1. Appraisal management companies; license required; posting of bond or letter of credit. In addition to the filing fee, each applicant for licensure shall post either a bond or a letter of credit...

AMC / Appraisal / Appraisal Management Companies / Appraisal Organizations / Fannie Mae - Freddie Mac / VaCAP

Buggy Whip Makers' Fate Chasing Appraisers 20

Appraisers = Buggy Whip Makers?

Appraisers Going the Way of the Buggy Whip Makers? Ken Harney has another article all appraisers should read: Refinancing mortgage? Maybe you don’t need that appraisal after all This discusses and discloses the Fannie and Freddie initiatives to eliminate appraisals ON CERTAIN TYPES OF LOANS. Of course, the loan sellers/salespeople are all in favor of speeding up the process, eliminating costs, and promoting a ‘better relationship’ for their loan customers. Appraisers, on the other hand, are wary of the processes which rely on dated property info kept in giant data bases, and disinterest by ‘those with the gold’ to really...

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

Legislation to Regulate AMC's & Protect Consumers Opposed by REVAA 38

AMCs Are Not Part of The Appraisal Profession

Foreign entities do not get a voice in what legislation is introduced… Let’s think about this with an open mind… More states are introducing bills concerning AMC legislation, more specifically how AMCs will conduct business. Even states with existing AMC legislation are introducing stricter, more precise legislation. Why is this happening in all 55 jurisdictions? States do not want to interfere in how a company or industry conducts business, but when practices are so abusive that it harms small businesses and consumers, they have little choice. States have the obligation to protect their citizens and businesses that contribute to the...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

Congress, Please…No More Cash for FNMA clunkers! 7

Congress, Please…No More Cash for FNMA Clunkers!

Congress, cut FNMA loose from conservatorship and let them sink or swim… Every day I tend to agree more and more that we are facing an uphill battle against corporate America. Then I remember that as a former Marine, I’m supposed to be ‘ok’ with uphill battles. We make do with what we have, not necessarily what we want or need. Add to this most, if not all of our Congress from both Senate and House. Some isolated exceptions but most either don’t care or encourage the weaknesses in the financial system for their own gain. There is a reason...

AGA / AMC / APB / Appraisal / Appraisal Management Companies / Appraisal News

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