Appraisal News and Appraisal Tips For Real Estate Appraisers - Your source for appraisal industry news, appraisers' opinions, and discussions of appraisal issues

Coronavirus Will Cause Our Next Recession - A Black Swan has Appeared 25

Coronavirus Will Cause Our Next Recession

A Black Swan has Appeared – Coronavirus will cause Our Next Recession In a previous post entitled The Black Swan published in August, 2019, I wrote, “though more common now, especially in Australia, Europe, and Asia, black swans (Cygnus atratus) were once thought to be almost extinct… so rare that a sighting of one was considered to be an unexpected, improbable event. Today, The Black Swan is a metaphor for an unpredictable, unforeseen, random event, typically one with extreme consequences. Today’s best technology cannot predict their cause or emergence. The only thing we know for certain is that someday, somewhere,...

Appraisal / Appraisal News / Appraisers News / Trending

Sharestates Seeks to Overturn NY Appraiser-friendly Statute of Limitations 15

Lender Seeks to Overturn NY Appraiser-Friendly Statute of Limitations Law

Sharestates operates a crowdfunding platform that provides alternative mortgage lending secured by both residential and commercial real estate. Over the last 10 years, it has reported average annual returns for loan investors ranging from 9.24% to 11.02%. With returns like these, there is likely some loan risk – and Sharestates reports a current foreclosure rate of 2.44%. Following several of its foreclosures, Sharestates has filed professional negligence cases against about a dozen defendant appraisers, appraisal firms and appraisal management companies, blaming the loan losses on inflated appraisals. Last year, it lost one of those cases in a Nassau County, New...

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

Report Finds Connection Between Student Housing Values and Elite College Football Programs 0

Connection Between Student Housing Values & Elite College Football Programs

If you watched the 2020 college football national championship contest, you probably weren’t thinking about investment properties as LSU handed Clemson a 42-25 whipping. But maybe you will during next year’s title game… Universities with big time college football programs also have valuable student housing. That was the finding of a recent report issued by CBRE. The commercial real estate giant discovered schools with high-profile football teams have experienced boosted enrollment in recent years. The influx causes student housing demand to increase, and along with it, property values. Newer student housing builds resemble traditional multifamily in terms of function and...

AMC / Appraisal / Appraisal News / Appraisers News

Final Inspection When Not the Original Appraiser - Appraisers Blogs 29

Final When You’re Not the Original Appraiser

When You Complete a Final and Were Not the Original Appraiser First of all, let’s clear the air of any initial confusion that could be potentially floating around out there. It is absolutely okay for an appraiser to complete a final for a property when they were not the original appraiser on the original report. It is perhaps slightly more unusual, but completely ethical. However, there are a few issues that an appraiser could potentially run into if they are completing a final for a report where they were not the original appraiser. I am going to talk about one...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / Trending

Appraisers CASH the Darn Check! - Appraisers Blogs 52

CASH the Darn Check!

…AMC in question is refusing to allow new vendor appraisers to accept fee payments by check… Appraisers, I had an interesting conversation with a Chief Appraiser at a prominent AMC today (and no, you don’t have to berate or chastise me for using that expression) who told me they have a real problem with appraisers FAILING TO CASH FEE PAYMENT CHECKS! This news was absolutely stunning to hear. It is incredulous to me that people who claim to be ‘professional’ in their work, can’t figure out how to take a piece of paper with their business name on it and...

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

Borrower Class Action Against LandSafe Appraisal Settled for $250 Million 8

Class Action Against LandSafe Settled

…alleged that the lenders conspired with LandSafe to inflate appraisals to increase the size of mortgage loans sold on the secondary mortgage market… Believe it or not, cases are still being litigated in relation to events during the mortgage meltdown years. After nearly seven years of litigation, a settlement (subject to court approval) has been reached in the borrower class action filed in 2013 regarding appraisals managed by defendant LandSafe Appraisal Services between January 1, 2003 and December 31, 2008. The other defendants in the suit include Countrywide Home Loans and Bank of America and various affiliates. The central premise...

Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / LandSafe / Uniform Standards of Professional Appraisal Practice

Arizona Goes After CoesterVMS - GAO to Investigate Appraisal Loopholes 1

GAO to Investigate Appraisal Loopholes

…Arizona is seeking damages and penalties against CoesterVMS… GAO has agreed to complete the study… Maxine Waters and Congressman William Lacy Clay requested a formal study/investigation into Title XI (FIRREA) and the recent dilution of its intent by the Federal Agencies. VaCAP has learned GAO has agreed to complete the study. The Network of State Coalitions has sent the following to their state members: This is the result of so many voices – the Foundation, ASA, coalitions, NAR, etc. Our Network efforts have given us an inside connection that hopefully we can continue to build on. Our meeting in DC...

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

USPAP Misleading Definition Inviting Problems, Not Protecting Public Trust 11

New “Misleading” Definition Inviting Problems

I perused the latest copy of USPAP and saw a new definition on the list: Misleading. While I appreciate the attempt by TAF to create clarity and their hard work, and appraisers need standards to operate by and USPAP should be that standard, the addition of this word to the list is symbolic of over-regulation. “Misleading” as a word is a qualitative term and the courts will determine whether something is “intentional” or “unintentional.” In Webster’s dictionary, the word “mislead” already has a negative connotation. “to lead in a wrong direction or into a mistaken action or belief often by...

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AMC Liability for Deficient Appraisals - Can They Be Sued for Negligence? 14

AMC Liability for Deficient Appraisals

…may AMCs be liable for the deficient work of contractor appraisers? Can AMCs be sued for negligence? Can they be sued by borrowers?.. It’s now been a decade since the market relevance of appraisal management companies surged in connection with the procuring of appraisals for residential lending. Since then, interesting recurring legal issues have arisen relating to AMCs’ potential liability for the work of contractor appraisers: when and how may AMCs be liable for the deficient work of contractor appraisers? Can AMCs be sued for negligence? Can they be sued by borrowers? Here’s an overview of the answers to these...

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

Crack in the Foundation? Deep Dive Into the Appraisal Regulatory System 1

Crack in the Foundation?

Phil Crawford with Voice of Appraisal has a great new podcast! Phil interviews author Jeremy Bagott about his eye-opening book titled “Dispatches from the Cosmic Cobra Breeding Farm!” The book breaks down The Appraisal Foundation and provides a rare “behind the scenes” glimpse into the world of appraisal regulation! The author did his homework and takes a deep dive into the appraisal regulatory system structure. The book outlines the shape of “Incorporation by Reference” into regulation and how it disproportionately harms small businesses. The Appraisal Foundation held the “Golden Ticket” for the past 30 years… Who will be next? Enjoy...

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