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For the term "clear val".
Freddie Mac Criminal Aspects of Its Appraisal Free Mortgages 38

Freddie Mac Criminal Aspects of Its Appraisal Free Mortgages

Freddie Mac is opening itself up to over 150,000± potential individual lawsuits… This is a response from Mike Ford to Kenneth Harney’s article, “Freddie Mac planning appraisal-free mortgages”. I represent the American Guild of Appraisers, #44OPEIU, AFL-CIO, and the real estate appraisal-related consumer and taxpayer interests of our more than fifteen million± AFL-CIO members, retirees and their families. I’m prompted to write this open letter regarding your recent well written & researched article, titled “Freddie Mac planning appraisal free mortgages”. Regrettably, it was too brief to cover several additional critical aspects of the issue, but I assume the Chicago Tribune’s...

ACI / AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News

Housing Notes: AMCs Running Out of Appraisers 37

Housing Notes: AMCs Running Out of Appraisers

Housing Notes on Appraiser Shortage, Coester AMC Lawsuit… In a recent article, Jonathan Miller, author of Housing Notes, points out several key factors in the appraisal world today. Pat Turner, President of VaCAP, reached out to Jonathan about sharing his information. Here is what Jonathan had to say… “This is a great moment to expand insights on what is really happening. AMCs have run out of appraisers to work for half the market rate. And those that might take less of our fee are still costing us another 30% of lost productivity with ever expanding scope creep. Brexit has pushed...

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

Appraiser’s Response to LRES Order Blast 80

Appraiser’s Response to LRES Order Blast

LRES Standard Interior Appraisal Request? Your special requirements and micromanagement of the appraisal process dictate that I charge a fee commensurate with the additional, but typically unnecessary work needed to produce credible results. You are the potential client (agent), so that that is your prerogative and it would be my pleasure to accommodate you as long as appropriate compensation is provided. Respectfully, there is little about your appraisal request that is “standard”. Please explain briefly what you consider to be a ‘standard interior appraisal’. That definition does not appear in The Appraisal Institute’s Dictionary of Real Estate Appraisal. To be...

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

AMC email solicitation asking appraisers to perform "Interior Properties Inspections" for $25-$30 6

Why Would You Jeopardize Everything?

AMC email solicitation asking appraisers to perform “Interior Properties Inspections” for $25-$30 Let me admit to one very important fact… I am old. At least I assume I am since I am over 60. In any event, much of what I know about the cyclical nature of real estate is not based on any scholarly papers I have researched and presented, but rather it is due to the fact that in my professional career I have seen four different downturns in real estate and from that I have gained what is known as real world experience. In other words, I...

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

Standardized Data & Death of Residential Appraiser 30

The Death of the Residential Appraiser

Standardized data & the death of the residential appraiser (as we know it today)… Those that know me on a personal level and that have worked with me over the years have had to hear me talk endlessly about the pending death of the residential appraiser. The other day I eluded to it at the end of another long post. I figured it’s time to share the thoughts with everyone. First off, I come from a long career in corporate America and spend 20 years working in everything from manufacturing, order administration, marketing, sales, and engineering. One thing always held...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Collateral Underwriter

VA recruiting appraisers 11

VA Appraiser Shortage

VA recruiting appraisers in the Western US Appraisers in the Western US, A person I know on the ‘inside’ of VA asked that I distribute this message. They are looking for appraisers in the following states and counties. DO NOT CONTACT ME! READ THE INSTRUCTIONS. If anyone wants to apply for the VA panel, they can send a request to 39/va262@va.gov and ask for the application package. For more information regarding the recruiting process and to download the application, visit Fee or Roster Personnel Designation Application. A credit bureau report will be pulled on all applicants. The credit bureaus used are...

Appraisal / Appraisal News / Appraisers News / The US Department of Veterans Affairs / VA

Appraisal Fees Do Not Tell The Whole Story 19

Appraisal Fees Do Not Tell The Whole Story

Is it possible that the company with the lowest bid will also do the worst job? If you are on social media platforms where appraisers hang out for any length of time, you are bound to see a version of the following, on a regular basis: “I was just offered $275 to do a full appraisal in my hometown. Before I had time to email the AMC and tell them how ridiculous a fee like that is here, some other appraiser accepted it! Can you believe that? What kind of low-life appraiser does a full 1004 for $275?” This kind...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Home Valuation Code of Conduct

Independent Appraiser Takeover by AMCs 34

An AMC Takeover is Coming!

AMCs completing appraisal reports in direct competition with the independent appraiser As an appraiser, you have probably seen or heard that AMCs are hiring staff appraisers to complete appraisal assignments in local markets. What does this mean for independent fee appraisers? Here is some background information to consider. 54.1-2020 of the Code of Virginia states: An Appraisal Management Company is “a person or entity that (i) administers a network of independent contract appraisers, receives requests for appraisals from clients, and receives a fee paid by the client for the appraisals and (ii) enters into an agreement with one or more...

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

5

Simply too BIG to Say No to…

If they can’t even get their own PACE Pro form right, how are these alternative “valuation” providers going to get something as complicated as the value right? First American, and to some extent similar large scale conglomerate “players”, supply everything to the transaction: from the Home Warranty for the buyer, to the escrow services, to the mortgage company, to the mortgage servicer, to the title company, to the appraisal management company, to the appraiser panelists, to the software company that DESIGNS the software used for PACE Pro and almost all other appraisal software (ACI), to the BPO providers, to the...

1004MC / AGA / Appraisal / Appraisal News / Appraisers News / Automated Valuation Models

AVMs can Never replace Appraisals 34

AVMs Can NEVER Replace Appraisals

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...

1004MC / AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News

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