Appraisal News and Appraisal Tips For Real Estate Appraisers - Your source for appraisal industry news, appraisers' opinions, and discussions of appraisal issues
Appraisers, if your license renews in 2022, you will need to take the ‘new’ USPAP 7hr Update course. See below. The Update class you have already taken for the 2020-21 book, which has been extended to Dec. 31, 2022, cannot be used for CE credit again. However, I’m somewhat confused as to the effective dates of this ‘new’ Update class. It says “2022-23” which implies it will be valid through the end of (or into?) 2023. But the ‘current’ USPAP is presently undergoing Exposure Drafts for the proposed changes, which will be effective as of Jan. 1, 2023. Normally, the Update...
Join George Dell & Craig Gilbert for a free 2-hour webinar on Market Price Indexing: For Peaking Prices… Price indexing is also known by other words, such as time adjustments or market conditions adjustments or trend analysis. A number of techniques have been recommended over the years. Most are flawed. Oddly, the algorithm mechanics of calculating are fairly simple and intuitive. Best of all, once done correctly, the payoff is really high: You effectively increase the data available for comparison. For example, a very similar property is perfect, but is say 20 months ago, it becomes your best comp. It makes other adjustments easier to...
Dear HUD, recently, within the past year or so, you have been on a crusade to prove discrimination and racism in the appraisal process. Your actions haven’t gone unnoticed by many within the appraisal profession as well as outside it. It’s become clear that you are the go to organization for complaints. Ok. Please read this in its entirety and see my thoughts at the end before making a judgement. The reason I am writing you this letter is for a couple of reasons. First and foremost, I am writing this letter to ask you what your TRUE intentions are...
The current administration is addressing the lack of diversity in housing valuation head-on with the formation of an interagency task force on Property Appraisal and Valuation Equity (PAVE). Here are the details of the PAVE Task Force. They just had their first meeting and this is a serious effort unlike the silliness of TAF’s bureaucratic actions of the past year that were nothing more than window dressing to the lack of diversity problem within the appraisal industry. Incidentally, The Appraisal Foundation is not part of PAVE Task Force. Keep that in mind when you read their bat-shit crazy letter again and think about the fact that...
Appraisers should avoid using words that lend themselves to bias judgments. Instead, the appraisal report should document objective facts. “Bias” in appraisals has been a ‘hot topic’ around nationwide water coolers since about 2018, and even earlier. The GSE’s are particularly wary of any commentary in appraisal reports that appear to inject ‘bias’ into the value conclusion. In the June ’21 FNMA Appraiser Update newsletter, there is this article: Avoiding problematic phrases Stories in the media about racial bias in appraisals have been on the rise. The Uniform Standards of Professional Appraisal Practice (USPAP) expects appraisers to “not perform...
The exclusion of the appraisal profession from events looking at valuation bias sends the message – intentional or not – that the input of appraisers is unwanted by those seeking to address issues relating to valuation bias… This was in a news release put out on Aug. 2, 2021 by the American Society of Appraisers which reveals the ‘secrecy’ behind the government’s efforts to attempt to continually help smear real estate appraisers: “RESTON, Va., Aug. 2, 2021 /PRNewswire/ –The Department of Housing and Urban Development (HUD) held a virtual event today looking at bias issues surrounding the home valuation process....
Completing Today’s FHA Appraisal – Commonly Noted Deficiencies The last one ‘sold out’ quickly. Register today if you want to take this training: August 12, 2021 | 10:00 AM – 12:00 PM (Mountain) This training covers FHA appraisal requirements, including FHA appraisal protocol and policy as outlined in FHA’s Single Family Housing Policy Handbook 4000.1, the Appraisal Report and Data Delivery Guide (ARDDG), and relevant Mortgagee Letters. The training addresses common deficiencies noted in appraisal reviews performed by HUD staff appraisers for FHA forward mortgages, Home Equity Conversion Mortgages (HECM) and Real Estate Owned (REO) properties to determine areas of...
Not because they are racist, or because they are biased… but because they feel they can no longer be that “independent, neutral” voice that we have always been counted on to be… The issue of declining an assignment based on the homeowner’s race has come up among appraisers. I believe the core issue is one of Appraiser Independence. How many of us have arrived at a property to have an agent or homeowner make comments that caused us to reconsider whether we should proceed? Comments regarding a “number needed”, comments that seem confrontational, comments that call into question our qualifications...
…waiting for the platform to fall… because you know they hired the fastest and cheapest guy to build it! When Dodd Frank was implemented lenders started using appraisal management companies, eliminating appraisers relationships basically overnight. Appraisers embraced the change reluctantly and started accepting assignments from appraisal management companies. Over the years appraisal management companies showed their true colors and lowered fees, required appraisers to pay upload fees and forced many appraisers to pay for unnecessary back ground checks. Some have hired staff appraisers, completely disregarding the intent of Dodd Frank in an attempt to lower operating costs. Today, most AMC’s...
The FTC has cost the appraisal profession dearly in their pursuit of the State of Louisiana. This entire episode has been entirely misguided… The FTC’s time SHOULD have been spent investigating the AMC trade group known as REVAA to find TRULY non-competitive practices… The FTC is asking for public comments on the consent decree by the Louisiana Real Estate Appraisal Board. The time line to comment is short and ends on July 22, 2021. VaCAP asks each of you to take a few minutes and read the consent decree as well as the analysis provided by the FTC before commenting....
