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For the term "waivers".
Racial Bias by Appraisers Uncommon & Not Systemic 6

Racial Bias by Appraisers Is Uncommon & Not Systemic

Intentional and unintentional racial bias by appraisers on refinance loans is uncommon and not systemic… On January 4, 2021, the American Enterprise Institute (AEI) published a study titled “How Common Is Appraiser Racial Bias? An Analysis Using Big Data to Determine Whether It Is Common or Uncommon that an Appraiser’s Knowledge of an Applicant’s Race Results in Valuation Bias“. They concluded allegation that knowing the race of the applicant results in racial bias by appraisers on refinance loans is uncommon and not systemic. This same analysis supports the conclusion that unintentional bias based on race is also uncommon and not...

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

ASC, End the Foolishness. Federalize Appraisal Regulation & Enforcement 12

ASC, End the Foolishness Now

End the constant ‘busy work’ USPAP updates. End the catering to lenders or ‘advisory’ councils. Appraisers are NOT supposed to be any of the things being demanded of us today EXCEPT good appraisers!… Return to a USPAP version (any version) that actually protected the Public Trust. That would be any version PRIOR to the revision of the terms appraisers and appraisals to “valuation & evaluators” (a term used only or at least primarily by the accounting profession historically). Dissolve The Appraisal Foundation (TAF). They effectively achieved the congressional objective mandated in ’89 long ago. Everything since has been the administrative...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News

Gaming of the System - Not With My Money Fannie & Freddie! 8

Gaming of the System

…gaming of the system is happening not only with income, (yes automated income verification has returned) but now property valuations… Appraisers have some very strong opinions on computer driven appraisals. Others are noticing the dangers as well. It is more than just automated valuation models though. In an article written by Danielle DiMartino Booth, for Bloomberg, Fannie Mae and Freddie Mac are specifically called out on their appraisal waivers. The author compares the dangers of the automated income verification being done in the 2000’s and how the system was easily gamed to the appraisal waivers currently being done. The author...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Automated Valuation Models / AVM

Reconciling the Erosion Within My Profession... Preserving the Public Trust 12

Reconciling the Erosion Within My Profession

The continued reliance of unregulated aggregators and bifurcated products continues to erode the public trust at the expense of discarding the profession specifically intended to promote the public trust. How does this protect the public?… On June 14, 2005 Steve Jobs told a class of graduates, “you can’t connect the dots looking forward; you can only connect them looking backward” Around the same time, I was appointed as the sole residential member of the appraisal licensing board of my state. Little did I realize that this 2005 governor-appointed position would eventually lead me to sharing a stage in 2018 with...

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

Temporary Appraisal Requirement Flexibilities - FHFA Allowing Alternatives 18

Temporary Appraisal Requirement Flexibilities

Temporary Guidance From Fannie Mae… FNMA has issued temporary guidance on appraisal requirements, including allowing desktop & exterior-only appraisals… Folks, due to the ongoing COVID-19 national emergency, the GSE regulator FHFA and both GSE’s have issued new (temporary) guidance on Monday, March 23, 2020. These remain in effect through May 17, 2020, but could be extended due to the on-going situation. NOTE: I have seen nothing yet from FHA or VA. Appraisers (and AMCs) CANNOT modify assignments or reports without specific authorization from the lender client. Appraisers CAN choose to do, or not do, assignments under the inspection guidelines, and per directives...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

FIRREA Under Attack - Protecting Homeowners from Appraisal Loopholes 25

FIRREA Under Attack!

…the federal agencies charged with implementing Title XI of FIRREA have taken steps to limit the number of transactions for which an appraisal is required… Congresswoman Maxine Waters and Congressman William Lacy Clay request a formal study/investigation into Title XI (FIRREA) and the recent dilution of its intent by the Federal Agencies. The letter to  Gene Dodaro, Comptroller General, Government Accountability Office, addresses threshold increases, regulatory exemptions, appraisal waivers, the North Dakota appraiser certification waiver and evaluations in lieu of an appraisal. It is clear the Chairwoman of the House Financial Services Committee and Subcommittee Chairman on Housing, Community Development and Insurance...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

NAR Adopted a Policy on Bifurcated Appraisal Products - Appraisers Blogs 37

Bifurcation Policy Adopted

By no means are we promoting bifurcated appraisal products… “Credible valuations of real property are critical to the health of the overall real estate industry; therefore the practice of bifurcated/hybrid appraisals must be regulated” There has been lots of talk over the past few weeks about bifurcated appraisal products. First came the announcement form Working RE Magazine they were conducting a survey on bifurcated appraisal products. VaCAP recommends every appraiser complete the survey if you have not done so already. Next came rumors that Mark Calabria, Director of FHFA stopped all pilot programs which included bifurcated appraisals and appraisal waivers. Working RE Magazine published an...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Federal Housing Finance Agency / FHFA

North Dakota Was Told Getting A Waiver Was A Snap - ApppraisersBlogs 3

Waiver Was a Snap – It’s All About Control

When North Dakota re-applied for a state-wide waiver, the appraisal industry was nearly unanimous in outrage at the audacity of the state to apply for one in the first place because its entire premise was false. Some of the facts brought up by the appraisal industry in opposition that were ignored were: There were more appraisers in the state than there were a decade ago There are plenty of appraisers in the cities Rural appraisers have always been hard to find because the economics make nominally feasible to cover those markets The economics of AMC-gouging of appraiser fees had forced...

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VaCAP Is Concerned for the Safety & Soundness of the Housing Market... 1

VaCAP Expresses Concerns to Legislators

The safety and soundness of the housing market is the back bone of local economies, the national economy and yes, the international economy. We have barely recovered from the major financial crash of 2007/2008. Let’s not do it again! Last week we shared with you Maxine Waters and Sherrod Brown’s inquiry to the Appraisal Subcommittee inquiring on the parameters used to determine the North Dakota Appraiser Waiver approval. We encouraged each of you to take advantage of the attention on our profession and contact your representatives. VaCAP has sent letters to both the US House of Representatives Committee on Financial...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / ASC

Banks Are Driving the Waiver Train - Appraisers Blogs 15

Banks Are Driving the Waiver Train

On its own, the recent decision to provide a temporary appraisal waiver for the entire state of North Dakota is mind-boggling for a number of reasons and seemed pre-determined: The state has been challenged by the lack of appraisers in rural areas since time began and there are plenty of appraisers in metro areas. The inference is that all states with a lot of rural areas should have to have qualified experts come up with valuations. There is no verifiable appraisal shortage in the state. In most cases the problem is with AMCs and their business model, unable to pay...

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