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For the term "class Valuation".
Modernizing Appraisals: It seems we're stuck in 1989. 46

Modernizing Appraisals & Being Stuck in 1989

Modernizing Appraisals: It seems we’re stuck in 1989… On November 16, 2016, the Housing and Insurance Subcommitte held a hearing on “Modernizing Appraisals: A Regulatory Review and the Future of the Industry.” Subcommittee discussed modernizing appraisals to benefit American consumers. The hearing focused on necessary changes to the appraisal industry. Subcommittee Chairman Blaine Luetkemeyer (R-MO) explained: “Appraisals are one of the cornerstones of the home-buying process. Issues that impact appraisers also impact nearly every American buying or selling a home, in rural and urban areas; in high- and low-income neighborhoods. Yet when it comes to the regulatory regime surrounding appraisals,...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

Expert Witnesses Don't Include Appraisers - You Are NOT Invited! 13

Appraisers Are NOT Invited!

“No room” for any additional expert witnesses representing appraisers’ interests… Who are the Valuation Professionals? Appraisers are unbiased and impartial in determining the market value of a property. We have the most training, both in the class room and in the field. We continually improve our skills and knowledge. We are the first to see market trends and continually monitor our coverage areas for triggers of market change. We are held to the highest standards. Appraisers are the valuation professionals that protect the consumer. If the above statement is correct, someone please provide some insight into why not one appraiser...

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

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

Property Inspection Waiver: Fannie Mae Offering to Waive Appraisals 48

Fannie Mae Waiving Appraisals

Property Inspection Waiver, getting back to the old days of fogging a mirror… Appraisers, Effective 12/10/16, FNMA will have a new program in place which will allow LENDERS to waive appraisals on certain refi’s, if it is offered through the automated Desktop Underwriter (DU) loan documentation process. See the attached PDF. Key points from the PDF (emphasis mine): Property inspection waiver (PIW) is an offer to waive the appraisal for certain refinance transactions. Property Inspection Waiver offers are issued through Desktop Underwriter® (DU®) using Fannie Mae’s database of more than 20 million appraisal reports in combination with proprietary analytics from...

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

Hybrid Appraisals – Why They Are Impacting Appraisal Employment 27

Hybrid Appraisals – Why They Are Impacting Appraisal Employment

How hybrid appraisals may impact your future Appraisers, A day or so ago, I found out about the rebranding of ZAIO into Clarocity, and their purchase of Valued Veterans AMC. The ‘new’ CEO of the Canadian/USA company, formerly ZAIO, now named Clarocity, was recently interviewed. Take the time to actually read this interview. If you have forgotten, ZAIO came into the US in about early 2008 or so with the intent to develop property data bases in most urban areas – with photos, that could be re-used by various entities. They sold ‘zones’ to a number of appraisers, expecting them...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

UAD Rating Absolute vs Relative 39

UAD Rating Absolute vs. Relative

Where did those rating words come from? Why is it so many appraisers have trouble with UAD and the CU (Collateral Underwriter), and how to apply the Quality and Condition rating between the Subject and Comps? Not long after the UAD was implemented/mandated by FNMA (in 2011), and then the CU evaluation system came along, FNMA began discovering that many appraisers were improperly Rating the comps Quality and Condition AGAINST the Subject in the grid. And they began telling appraisers what they were finding. FNMA also discovered, and revealed, that many appraisers were using the same Comps over and over...

Appraisal / Appraisal News / Appraisers News / Collateral Underwriter / CU / Fannie Mae - Freddie Mac

They are mad! Have You Got the Integrity to Be an Appraiser? 11

Have You Got the Integrity to Be an Appraiser?

We’re talking about downright mad… Appraising real estate is a tough job, even under the best of circumstances. There are too many occasions where every person involved in the transaction is upset and all eyes are focused on you. Even if you’ve done the best appraisal of your career, had perfect comps, and though you did a great job that no one could argue with; argue they do and at the end of the day, you are the only person screwing up the deal for everyone involved. And, we’re not talking about being a little upset. We’re talking about downright...

Appraisal / Appraisal News / Appraisers News

STOP the Idiotic Constant Parsing Changes in All Areas of USPAP 14

It’s Time to STOP the Foolishness

STOP the constant parsing changes in all areas of USPAP I encourage ALL appraisers in the DC Metro area to attend the upcoming ASB Public Meeting on October 21, 2016. In a nut shell, my strong belief is that they need to STOP the constant parsing changes in all areas of USPAP. NOT ONE of the proposed changes is a necessary change. NOT ONE! No wonder state regulators no longer comprehend USPAP! If they need the extra money that selling new versions of USPAP produces, then just CHARGE US DIRECTLY! The purpose of FIRREA was to preserve the public’s trust...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB

ACI Sky Causing Distress for Appraisers 49

ACI Sky Causing Distress for Appraisers

Are you giving in to ACI Sky? An appraiser who will remain anonymous tells us… “within the last week, I have had two issue of concerns with “UAD” compliance and ACI Sky Delivery ( I can hardly write that; as, it is a significant source of stress when I have to deal with it). I have tried to submit reports, with issues that prevented the upload (no surprise with “Sky”). The first involved the 1004MC form. The comparables that were available for the subject were extremely minimal – something like 4-6. The last period only included 1 comparable (no valid...

1004MC / ACI / AMC / Appraisal / Appraisal Management Companies / Appraisal News

Coester Sued by Former Senior VP 128

Coester Allegedly Engaged in Fraud Sued by Former Senior VP

Mr. Coester Was the Party Engaging in Fraud Coester VMS, a Maryland based appraisal management company, and it’s CEO, Brian Coester, are facing a lawsuit by Robert Scheer, former Coester VMS Senior Vice President. Robert Scheer filed a lawsuit claiming tortious interference and is seeking a declaratory judgment that the 2012 Non-Disclosure/Confidentiality agreement provided by Coester is fraudulent and a forgery. “CVMS and Mr. Coester have a history and pattern of engaging in fraudulent conduct which has led to their reputation for dishonesty in the appraisal management company industry….” 10. Mr. Scheer left his employment at CVMS, where he was...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Coester VMS

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