Appraisers Blogs

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For the term "class Valuation".
5

Simply too BIG to Say No to…

If they can’t even get their own PACE Pro form right, how are these alternative “valuation” providers going to get something as complicated as the value right? First American, and to some extent similar large scale conglomerate “players”, supply everything to the transaction: from the Home Warranty for the buyer, to the escrow services, to the mortgage company, to the mortgage servicer, to the title company, to the appraisal management company, to the appraiser panelists, to the software company that DESIGNS the software used for PACE Pro and almost all other appraisal software (ACI), to the BPO providers, to the...

1004MC / AGA / Appraisal / Appraisal News / Appraisers News / Automated Valuation Models

Serfs Are Starting to Get Upset 10

Serfs Are Starting to Get Upset

The serfs are PISSED! Apologies. America was not founded by people that ‘went along to get along’, or that were willing to accept economic or political serfdom. Though they did so until a critical mass of frustration was reached. It is human nature to seek and then protect the benefits of privilege. To some extent this is a positive attribute. It’s the foundation of Capitalism. It is only when dishonesty and manipulation of laws becomes prevalent that the system is at risk, and not operating properly. We had dueling to keep honorable people honorable two hundred years ago. That was...

AGA / American Society of Farm Managers and Rural Appraisers / Appraisal / Appraisal News / Appraisers News / ASA

Licensed Residential Appraiser Response to Appraiser Shortage 11

Licensed Residential Appraiser Response to Appraiser Shortage

Licensed Residential Appraiser out of work! I find it hard to believe that there is a shortage of appraisers when I, a Licensed Residential Appraiser, have only completed three (3) appraisal assignments for 2016. I am constantly denied approval by Banks and AMCs. I’ve been denied because I am Licensed. I’ve been denied because I am not Certified. I am not being denied work because I am incompetent or because I have not been USPAP compliant. Certainly not because I have been disciplined. FHA removed Licensed Residential Appraisers. Then Banks and AMCs were eager to follow. I do not see...

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

Appraiser Shortage Myth Used to Raise De Minimis Value 43

Appraiser Shortage Myth Used to Raise De Minimis Value

Appraisers, I know everyone is busy right now, but this cannot wait. This may be the most important blog post affecting appraisers this year. I don’t think it is an exaggeration to say that if something is not done, it really COULD lead to the end of ALL residential appraisers for federally regulated transactions under $500,001. FFIEC under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), is considering raising the de minimis lending level from $250,000 to $500,000, because the local community banks are complaining that they cannot find enough appraisers in rural America to handle the volume! If...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / The American Guild of Appraisers

Appraisers Need to Learn to Stop Being Doormats! 40

Appraisers Need to Learn to Stop Being Doormats!

Being a bad businessman is not an excuse not to pay me. Period. The borrower pays the AMC up front. The AMC HAS MY FEE FROM DAY ONE! If they do not have it on the date I complete the assignment, it is because they used MY MONEY for some other purpose. If they are too incompetent to operate a general ledger, then open a second checking account and make the fee deposits for the appraisers the same day they are received. Being a bad businessman is not an excuse for not paying me for work I do for you....

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal Organizations / The American Guild of Appraisers

Desirable - banned Fannie Mae words 10

Desirable, Rite or Rong?

Desirable, banned or permitted? I was caught up in a minor ‘dispute’ last week when a review appraiser wacked my knuckles when I described a ‘neighborhood’ as being “Desirable.” My original message was re-distributed on various forums and I’ve tried to read all comments to see how I might learn from this episode. Lots of appraisers offered their input. Some supportive and positive, some cautionary, and some who believe much of what we have to deal with is pretty trivial. “Banned words” were originally identified in the Fair Housing Act law many years ago (not the EEOC law as I...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Unacceptable sentence 27

What’s Wrong With this Sentence?

AMC says sentence was unacceptable based on one word in that sentence Beware appraisers, big brother is watching what you write. This is the sentence in question. See if you can figure out what is considered to be ‘wrong’ about it: “Skagit County is centrally located between Seattle and Vancouver, BC, and is considered a desirable residential area with good appeal and has had continued stable growth for years.” Okay…now re-read that sentence again. Then, read this, which is from the FNMA Seller’s Guide, pg 567 in the Feb. 2016 edition: Unacceptable Appraisal Practices The following are examples of unacceptable...

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

Experience, Education Criteria Input Request & AGA Open Letter 18

AGA Open Letter Regarding Changes to the Criteria

Request for appraiser input on current and future educational / experience requirements… The AGA sent the below letter to the AQB in response to their outreach asking for comments. Please write them and tell them YOUR views. If you agree with what we have said, then just copy it and add your name to it saying “we agree”. Or don’t copy it, and just say “We agree with the AGA letter”. If there are any significant parts you disagree with, then please ‘except’ those. If you have additional thoughts or suggestions for them (civil ones), feel free to add them....

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

16

Collateral Underwriter, What’s Under the Hood?

Collateral Underwriter – Garbage In, Garbage Out (GIGO) FNMA has a fascination for first patenting garbage, & then implementing it as policy! FNMA simply LIED! Collateral Underwriter IS an automated ‘appraisal review’ despite disclaimers. It was never intended as anything else. Read the patent application below. Before I get into the details, I want to ask each reader to forward this to every appraiser you know. This concerns FNMA’s patent of the seriously flawed techniques and underlying support for their Collateral Underwriter (CU) Risk Rating “System”. It’s time for appraisers to take action against the unreliable system which is unfairly...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Quality Monitoring / Appraisers News

The Decline of Appraisers 26

The Decline of Appraisers

The problem is not simply that too many appraisers are retiring. Very few appraisers are entering the profession. In Illinois, the drop in real estate appraiser trainee applications went from 1,231 in 2005 to only 55 in 2015. That’s an over 95 percent decline. This drastic reduction in new entrants is being seen in states across the country. Many appraisers welcome the shortage, which has already driven up fees in many areas. But many believe the celebration is shortsighted. A decline in the number of appraisers threatens the integrity of lending and undermines the stability of the real estate market…

AI / AMC / American Society of Appraisers / Appraisal / Appraisal Institute / Appraisal Management Companies

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