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For the term "clear val".
Uncovering Flaws in FHA Appraisal & Loan Review Process 27

Uncovering Flaws in FHA Appraisal & Loan Review Process

The story of this single mother’s harrowing experience with a defective home purchase and HUD’s negligent oversight exposes deep flaws in the FHA appraisal and loan review process. After sacrificing for years to rebuild her credit and earn the right to become a homeowner, this borrower found her dream home in the country – or so she thought. During the home inspection, several issues were flagged. The seller, an investor who had purchased the home in an estate sale, was unaware of the septic system’s location. The seller agreed to have the tanks pumped so the location could be determined....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CFPB

Gov't-Indulged Middlemen Are Wrong RX for Battered Borrowers, The Infirm 14

Gov’t-Indulged Middlemen Are Wrong RX for Battered Borrowers, The Infirm

The U.S. government impoverishes homebuyers as it does the chronically ill – by promoting the use of middlemen who prey upon them. A cadre of such middlemen was created decades ago as a firewall between Big Pharma, the insurance companies and the pharmacy chains. Called “pharmacy benefit managers,” they were to negotiate drug prices, streamline distribution and manage lists of prescription drugs covered by insurance plans. But since the government has gone whole-hog into health care under the Affordable Care Act and into drug-price controls under the Inflation Reduction Act, things have gotten crazy at the slop trough. Today, according...

AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Unresolved Complaints Filed with HUD 47

Unresolved Complaints Filed with HUD

The “unresolved complaints” may not be as clear-cut cases of discrimination as they are being portrayed. The lack of resolution in the fair housing complaints filed with HUD regarding alleged appraisal discrimination has become a pressing concern for all parties involved. As highlighted by Peter Christensen, HUD has received over 200 such complaints since 2020, yet has failed to make a determination on the merits of any of them, either way. This suggests that the complaints are not as straightforward as they may initially appear, and that there are significant challenges in distinguishing legitimate grievances from those driven by other...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / HUD

Government-Sponsored Mortgage Giant Fannie Flouts Law 15

Fannie Wants to Script Conclusions of Outside Analyst – Believes It Is Above the Law

Government-sponsored mortgage giant Fannie Mae is essentially forcing banks to repurchase any loan it wants if [the appraiser] refuses to use the comparables Fannie has selected.  [The corporation] was created by the government, is controlled by the government, and operates for the government’s benefit,” wrote Justice Anthony Kennedy in a unanimous Supreme Court ruling in 2015. He was describing passenger rail hegemon Amtrak, but he could easily have been describing government-sponsored mortgage giant Fannie Mae. The Roberts Court held the National Railroad Passenger Corporation – known more commonly as Amtrak – was a government entity for the purposes of the...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Finance Agency / FHFA

Ken Mullinix Has Become a Figure From a Kafka Novel 7

At Federal Agency, The Mayhem Is the Message

Mullinix has become a student of the “Title VIII Complaint Intake, Investigation, and Conciliation Handbook (8024.1).” The handbook is designed to protect citizens from overzealous federal workers. He found section after section had been violated in his own investigation by the HUD contractor.  Czech-German author Franz Kafka wrote “The Trial” in 1915. The novel is a reflection on bureaucracy, power and absurdity. Its protagonist, Josef, is arrested and prosecuted by a mysterious and inaccessible authority for a crime that is never revealed to him or the reader. It’s a man’s journey through an incomprehensible and dehumanizing landscape. Ken Mullinix has...

Appraisal / Appraisal News / Appraisers News / HUD / The US Department of Housing and Urban Development

Is the GSEs "Appraisal Modernization" Really Just Mass Appraisal? 18

Is the GSE’s “Appraisal Modernization” Really Just Mass Appraisal?

Mass Appraisal tend to exhibit a regressive nature…  In the intricate landscape of real estate mortgage financing, the notion of appraisal waivers recently dubbed “Value Acceptance”, by the Government Sponsored Enterprises (GSEs), has stirred considerable debate. The most recent statistics show Value Acceptance accounts for up to 40% of all mortgage approvals. It is presented as part of the GSEs “Appraisal Modernization” initiative, which aims to streamline the mortgage appraisal process. However, a closer examination reveals potential drawbacks, raising questions about its efficacy and impact on the housing market. Despite its roots in a methodology designed to support appraisers, Value...

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

Should Property Data Collectors Be Licensed 63

Should Property Data Collectors Be Licensed?

Should “property data collectors” who inspect properties and provide information to real estate appraisers be licensed by state appraiser boards? In Mississippi, a bill has been introduced this week to require exactly that. The legislator behind the bill happens to be an appraiser. HB1663 would establish a license category for property data collectors under the jurisdiction of the Mississippi Real Estate Appraisal Board. A property data collector would be defined as an individual or company, who is not a licensed appraiser and “who collects, either physically, virtually, or digitally, any information on real property, and produces such information to a...

Appraisal / Appraisal News / Appraisers News / Trending

The Sales Agents Derailed This Deal! 4

The Sales Agents Derailed This Deal!

The lender and the AMC could have applied that veto to the sales agents, using the appraisal as proof positive that the agents derailed this deal.  What is the ROV for? The answer is the listing agents pricing strategy and the buyers agents buying strategy. The lender will go through the appraisal with a fine tooth comb and microscope, while ignoring the fact the initial BPO and CMA which led to the listed price the contract was formed around, was totally inadequate and riddled with errors. Clearly off the page in relationship to existing market value indicators. I’ve seen numerous...

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

False Claims of Racism Against Appraiser 39

False Claims of Racism Against Appraiser

…my career, business, and health at risk due to false claims made by a homeowner.  As a professional real estate appraiser with many years of experience, I have seen my fair share of disputes between homeowners and appraisers. However, the situation I am about to share with you is one that has left me shocked and appalled. It is a story of false claims, intentional infliction of emotional distress, and the damaging effects of a homeowner’s actions on an appraiser’s career, business, and health. It all started when I appraised a veteran’s home for a potential refinance. From the very...

Appraisal / Appraisal News / Appraisers News / HUD / The US Department of Housing and Urban Development / The US Department of Veterans Affairs

HUD Mulls Use of Convicted Felons to Ramp Up 'Discrimination Testing' 29

HUD’s Use of Convicted Felons to Ramp Up ‘Discrimination Testing’

It wants to bootstrap released felons by allowing them to work as so-called “fair-housing testers” for the many nonprofits HUD provides grants to… If the rule is changed, the HUD-subsidized nonprofits could hire felons to ramp up sting operations against real estate brokers, leasing agents, mortgage loan officers, escrow officers, title officers, appraisers, property managers and others.  Few would argue that society doesn’t benefit when convicted felons are rehabilitated and re-integrated. But according to a frequently cited study by the Bureau of Justice Statistics, about two-thirds of released prisoners are arrested for a new crime within 3 years, and three-quarters...

Appraisal / Appraisal News / Appraisers News / HUD / The US Department of Housing and Urban Development / Trending

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