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For the term "hybrid".
Alternative Hybrid Reports, Finding a Solution By Working Together 22

Solution for Alternative Reports

Lenders are having a problem finding enough appraisers to fulfill the number of ‘alternative’ reports… This is my follow-up to the previous essay about FIVE different types of ‘hybrid’ reports. You need to know some background about why I’m writing about this. I’m acquainted with a highly skilled appraiser/instructor of 40+/- years in the trenches. I had the pleasure of meeting this appraiser in glitter gulch in 2008, again in 2013, and we have stayed in touch over the years. I greatly respect this appraiser’s opinions and willingness to contribute cogent remarks in-person, when teaching, and via various forum posts, etc....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Software / Appraisers News

Third Party Services Prohibited - Prohibition is Back! 24

Prohibition is Back!

AMC strictly prohibits the use of third party services. A recent review of an engagement letter from a large national appraisal management company revealed something pretty peculiar… “An appraiser is prohibited from using any third party services.“ Wait, What? No third party services? I am no attorney, and certainly do not know all the aspects of law, but it seems that the definition of third party services is pretty self-explanatory. To be sure I am not mistaken; I researched the definition of third party. FreeDictionary.com: “A person who is not a party to a contract or a transaction, but has...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

Do Third Party Inspectors Violate USPAP 6

Do Third-Party Inspectors Violate USPAP

It was recently brought to my attention, by a reputable appraiser I might add, that the use of third-party inspectors may be a violation of USPAP. Or more specifically, that an appraiser relying on a third-party inspector for information (without knowing their name), may be a violation of USPAP. For example, there are several (and growing) companies who are providing clients with what are being postulated as “hybrid appraisals” or “hybrid reports.” The definition, as far as I can discern, is that a third-party inspector ‘inspects’ the property (usually an exterior from the street – which is why there are...

Appraisal / Appraisal News / Appraisers News / Business Development / Uniform Standards of Professional Appraisal Practice / USPAP

Reliable Is the Ugly Lie of Hybrid Appraisals Scope of Work 11

Lies, Damn Lies and More Lies

These so-called accurate and ‘reliable’ data sources are factually wrong… I was reading the Scope of Work contained in a sample Hybrid Appraisal, one of now dozens being promoted by multiple AMC’s, lenders, software developers, etc., which seem to be sweeping the secondary lending arena these days. It says… Identified and verified subject characteristics from a reliable data source such as MLS, County/City records, GIS, and online data sources. – Researched comparable sales and listings from reliable data source such as MLS, County/City records, etc.” “Reliable” is the ugly lie and supposed truth promoted by very naive or unaware people...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / E&O

Increasing use of AMS to replace AMCs 15

Increasing use of AMS to replace AMCs

AMS on fast track to replace AMCs… Well, it looks like the detritus of HVCC has finally come full circle. AMS (services vs companies) are on the fast track to replace AMCs. AMCs that foster their use haven’t realized that yet. They have given the lenders the tools needed to avoid costly appraisal management oversight departments while at the same time giving them the ability to use only those appraisers willing to make the deals work. They mistakenly believe that by delegating to an AMS or AMC they have met their due diligence requirements.Quality control? Sure. Just ignore the FNMA...

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

Technology Forced Upon Appraisers Is About Money in AMC Pockets 37

Enough Already, Nobody is Listening

AMC technology is not about efficiency of the appraisal process… I am very tired of reading all the articles from appraisal management companies stating appraisers need to embrace new technologies and tools. Please stop telling me how to do my job! For the record, appraisers are professionally trained and licensed individuals. We use technology each and every day. We use analytical tools each and every day. Our most power tool, our brains, tells us most of these new technologies and analytical tools are pure garbage; not because the programs are flawed, but they do not have enough accurate data to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Technology / Appraisers News

AMC Rules Inconsistent with Congressional Intent - Banking Agencies 2

Agencies AMC Rules Lack Guidance

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...

AMC / American Society of Appraisers / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

The Appraisal Profession & Appraiser's Business Decimated by the Increasing Dominance of Appraisal Management Services - AMCs 15

Appraisal Profession Decimated by AMCs

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...

AAREA / ACOW / AMC / Appraisal / Appraisal Management Companies / Appraisal News

Appraisal Institute Releases Enhanced ‘Green’ Addendum 0

What is the Value of ‘Green’?

An academic study released last year found that homes with green labels provide a market premium of 9 percent compared to similar homes without the labels. The study, “The Value of Green Labels in the California Housing Market,” examined how green and energy efficient features impacted the sale price of homes in California. It was published by Nils Kok, Maastricht University, Netherlands/University of California, Berkeley; and Matthew E. Kahn, University of California, Los Angeles. The study also found: The premium associated with green labels is highest in areas with hotter climate. The premium is positively correlated to the environmental ideology...

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

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