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For the term "class Valuation".
Slow VA Appraisal Turnaround Times Is Overblown 21

Slow VA Appraisal Turnaround Times Is Overblown

Concerns about slow VA appraisal turnaround times is overblown… On September 14, 2022, US House passed HR 7735, “the Improving Access to the VA Home Loan Benefit Act of 2022“, legislation that proposes to overhaul the Department of Veterans Affairs’ appraisal requirements, including when an appraisal is required, how an appraisal is to be conducted, and who is eligible to conduct an appraisal. The Mortgage Bankers Association (MBA) has long been vocal about its support for the bill. “The bill will encourage important reforms to the agency’s requirements regarding when an appraisal is necessary, how appraisals are conducted, and who...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

What Is My Incentive to Take on Trainees? 22

What Is My Incentive?

Why would I bother taking on the added risk of an inconvenient process? Where is my incentive again? As an appraiser, I have to ask (seriously) why should I care if the profession has a shortage of skilled appraisers? Logic dictates that If there is a shortage, then I will remain busy. Even if waivers (another ruse to eliminate appraisal work) increase, I’ll be busier with fewer appraisers. Especially with so many of them “trained” under PAVE or PAREA programs. If there is an adequate supply of appraisers, then users of appraisals will continue to seek cheaper alternatives from them...

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

Appraisal Foundation, Like Khloe Kardashian, Rattled Tin Cup for PPP Alms 2

Appraisal Foundation, Like Khloe Kardashian, Rattled Tin Cup for PPP Alms

Yet it applied for $270,706 in PPP relief intended to aid small businesses, such as the mom-and-pop appraisal shops coerced at the state level into participating in the foundation’s privately run regulatory regimen… Wearing a scoop-neck black catsuit from her brand’s High Shine Compression line, media personality Khloé Kardashian, whose net worth has been reported at $60 million, turned heads recently at Kendall Jenner’s 818 Tequila launch party in Malibu. What could this fashionista and socialite have in common with the Appraisal Foundation, an obscure publisher with a government franchise and guaranteed annual grants from a tiny captured federal agency?...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / ASC

How Can an Eminent Domain Attorney Help You? 3

Why Hire an Eminent Domain Attorney?

Taking private property for public use is one of the most powerful government actions under the constitution. The exercise of this power is commonly known as condemnation. The power itself is referred to as the eminent domain power. Eminent domain can occur at the federal, state, and local levels of government. If you are notified that your home, land, or property will be condemned for a public use, you will likely have many questions that need answers.  That is when you may wish to consult with an eminent domain attorney; someone who is experienced in eminent domain law and can...

Appraisal / Appraisal News / Appraisers News

Appraiser Bias Allegations Unmask Nonbank Lenders Debt Traps 10

Appraiser Bias Allegations Unmask Debt Traps

Claims of tainted appraisal unmask something else… the renewed “churning” of mortgages by nonbank lenders. Convinced racism torpedoed valuations in their home refinancings, the owners of three properties in the San Francisco Bay Area told their stories to Julian Glover, a reporter who covers the race, culture and social justice beat for ABC’s San Francisco affiliate. Similar claims of tainted appraisals have surfaced in Philadelphia, Chicago and, more recently, Maryland. A civil lawsuit was filed in one of the cases in a federal district court. A claim was dismissed Wednesday based on a flaw unrelated to the case’s core allegation...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Administration / FHA

Baltimore Racial Bias Lawsuit 12

Baltimore Racial Bias Lawsuit

When reading over the Baltimore document, it appears painfully clear (to me) that there is a competency issue exposed. Folks, below is the Baltimore court paperwork for the latest appraiser bias suit that recently ‘hit the fan.’ This document is fairly specific, in that it reveals quite a lot about the two appraisals performed, including the home locations for the ‘comps’ used. The attorneys representing the plaintiffs are from the same Washington, D.C. firm that The Appraisal Foundation hired to examine USPAP. That firm was the one which has provided new ‘discrimination avoidance’ verbiage being considered in the USPAP Third...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Uniform Standards of Professional Appraisal Practice / USPAP

Racial Targeting Under the Heading of Diversity, Equity & Inclusion 22

Racial Targeting Under the Heading of Diversity, Equity & Inclusion

This time around, the racial targeting is masked as a virtue under the heading “Diversity, Equity and Inclusion,” or “DEI.” Valuation Jiu-Jitsu Will Lead to Future Addie Polks Addie Polk was a 91-year-old African-American widow who shot herself in the chest in 2008 during a Fannie Mae-initiated eviction in Akron, Ohio. It marked the low point in Fannie’s embrace of toxic mortgages. Fannie, now in federal conservatorship, bought or guaranteed subprime loans made to vulnerable borrowers in the years leading up to the 2007-2008 financial crisis. There are now signs of new abuses. Under the banner “equity and inclusion,” some...

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

No End Date for Future Editions of USPAP 7

No End Date for Future Editions of USPAP

Future editions of USPAP will have an effective start date but no end date. Folks, on Thursday August 11, 2022, the ASB/TAF announced the extension of the current USPAP to the end of 2023. Assuming that a ‘new’ USPAP is formally approved in time, the next issue of USPAP will become effective January 1, 2024. But here’s the interesting wrinkle about this, which I admit I missed in their 8/11/22 announcement: “How long is the current version of USPAP effective? With this announcement, the 2020-21 USPAP will now have an effective date through December 31, 2023. This is an additional...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / AQB

CFPB Investigations in Alleged Appraisal Discrimination 25

CFPB Investigations in Alleged Appraisal Discrimination

The Consumer Financial Protection Bureau (CFPB) has started investigating alleged appraisal discrimination. This is a new development, as federal investigations had so far exclusively been by HUD. The CFPB is an aggressive investigator, and AMCs, large firms and lenders should be wary. For the last year, 40% of my legal work has been occupied by issues concerning alleged discrimination – balanced between representing parties in fair housing investigations and helping clients improve compliance and decrease risk. It’s the CFPB that makes me most anxious for clients in the future. I addressed some of the details of what I’m seeing in...

Appraisal / Appraisal News / Appraisers News / CFPB / Consumer Financial Protection Bureau / E&O

Georgia State Appraisal Board Tables Proposed Rule to Eliminate C&R fee 8

Proposed Rule to Eliminate C&R Fee Tabled

Yesterday morning, I attended the Georgia state appraisal board hearing on the proposed rule to eliminate the C&R fee law they have in place. You know, the one that is similar to the one in Dodd-Frank. The Georgia appraisal board apparently is being investigated by the FTC for their law. They thought that the FTC vs the Louisiana case was a ruling in favor of the FTC when in fact it was not, and wanted to avoid any sort of notion that they were price fixing or of anti trust. The board received letters from appraisers and others in the...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

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