by Dustin Harris · Published July 10, 2014 · Last modified March 6, 2017
I cannot help but wonder why more appraisers do not jump ship and find another career if it is so bad out there. Now, I am not without compassion. I know it is not as easy as trading in your clipboard for a spatula. Changing jobs is a difficult process and does not happen without much consternation and heartache. However, I tend to think that so many of us are sticking it out because…
by Danny Stewart · Published July 8, 2014 · Last modified March 6, 2017
Let’s compare the average appraisal fee to the cost of gas during the last 20 years. One of the requirements of your job as an appraiser is getting to the property to appraise it. Unless you are appraising a property within a few blocks of your own house or office, chances are that you will be driving there. Today, the costs of driving — higher gas prices, higher insurance premiums and higher maintenance costs — have gone through the roof. This got me thinking: the cost of almost everything that we, as appraisers, need to do to successfully perform our...
by AppraisersBlogs · Published June 26, 2014 · Last modified January 26, 2016
Is the land fertile or barren? The practice of real estate appraisal began about 3,200 years ago. We learn this from the Book of Numbers, Chapters Thirteen and Fourteen. God commanded Moses to commission one person from each of the twelve tribes, “to make a reconnaissance” of the Land of Canaan, now Israel. Each person chosen was a leader within his tribe. His selection was based on sincerity of purpose, integrity, honesty, wisdom, judgment, and knowledge. Each leader was capable of guiding the course of this important assignment. A Leader is “one who goes first.” These appraiser were to “scout”...
by AppraisersBlogs · Published June 26, 2014 · Last modified May 22, 2022
Freddie Mac will host a webinar June 26 that will highlight upcoming changes to its multifamily appraisal requirements. Freddie’s new requirements, which take effect July 1, will address tying together an appraiser’s multifamily data with their conclusions. Examples include: Tighter guidelines around the use of property condition assessments and environmental report drafts; Discussions around local market data in the capitalization rate analysis; Elimination of net income multipliers or adjustments to net operating income in the Sales Comparison Approach; Supplemental discussion of the risk of reassessment of property taxes including a quantifiable chance of a reassessment; and Documentation of the number...
by Hamp Thomas · Published June 25, 2014 · Last modified July 27, 2021
Are Realtors and AMC’s Killing the Home Valuation System? In a word, YES! Many Appraisal Management Companies are now demanding that appraisers change the square footage details listed within their reports. Why? Because they saw a different number on Zillow® or in public records. How have we gone this far wrong? Appraisers generally turn first to their own files for square footage details. Next, they turn to the MLS, which is touted as “the most trusted source of real estate information in the world.” Then, if there are no other options (like in the many areas where the MLS does...
by Guest Author · Published June 20, 2014 · Last modified December 21, 2022
You Are Being Robbed Blind (24 Hour Membership Deadline) AMCs are concealing their profits within YOUR appraisal fee, and using coercion to drive down YOUR income as far as they can. This government-permitted process allows them to rob you blind while building their appraiser-squeezing power even stronger. NOW is the time to take a stand to fix this broken industry and the career you have spent a lifetime building. The Appraiser Prosperity Coalition was formed to fight for the legislative and regulatory changes needed to save this devastated industry. If you are willing to join us today, we can defeat the...
by AppraisersBlogs · Published June 18, 2014 · Last modified July 22, 2018
Banking Agencies are Told Proposed AMC Rules Fall Short on Guidance In comments filed June 6 with several federal banking agencies, the American Society of Appraisers (ASA) and the National Association of Independent Fee Appraisers expressed our concerns that rules proposed to regulate appraisal management company (AMC) conduct lack sufficient detail to allow for effective implementation. Additionally, the organizations expressed concern that some provisions of the proposed rule depart from Congress’s intent when the enabling law was included in the Dodd-Frank Act, and could negatively affect the overall public policy goals. In the comment letter, ASA and NAIFA cover numerous...
by Brian L. Trotrier · Published June 11, 2014 · Last modified July 27, 2021
New Ruling on Appraisal Fraud by California Court of Appeal On May 23, 2014, the Court of Appeal for the Fourth Appellate District, Division One, State of California, issued a very interesting decision on whether a plaintiff can successfully plead and argue fraud based on comments made about the concluded value of real estate that was appraised. The case is Graham V. Bank of America, N.A., et al. Although this ruling is unquestionably useful for an appraiser being accused of appraisal fraud, it probably is not the magic elixir many will proclaim it to be. This is because the appraiser...
by VaCAP Board · Published June 9, 2014 · Last modified January 10, 2023
The Appraisal Profession & Appraiser’s Business Decimated by the Increasing Dominance of Appraisal Management Company Services (AMCs) For the past two months, VaCAP has participated in a networked council consisting of 13 professional state appraisal organizations in responding to the Agencies request for comments of the Proposed Rules on Minimum Requirements for Appraisal Management Companies: Dear Agencies; This letter is in response to the Agencies’ request for comments on the Proposed Rules on Minimum Requirements for Appraisal Management Companies. The undersigned represent a networked council of professional state appraisal organizations. We appreciate this opportunity to comment and thank the Agencies for...
by Guest Author · Published June 5, 2014 · Last modified October 20, 2022
Missing the Good Old Days Does anybody miss the good old days of having to deal with the mortgage broker? After spending about 53 minutes on the phone with an appraisal management company, who will remain nameless, I am almost missing the good old days myself. I originally called, because the appraisal management company called to see if I would take a forensic retrospective review for a new client they just acquired. This of course is a Fannie Mae client, and any of us who have dealt with Fannie we know there is a specific format, guideline and style in...
Sign the Open Letter to AMCs. The goal is to raise much needed awareness and support to change the broken AMC model within our industry.
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