Appraisal News and Appraisal Tips For Real Estate Appraisers - Your source for appraisal industry news, appraisers' opinions, and discussions of appraisal issues
THREE changes to the de minimus have been experienced, with very little negative impact to appraising as a whole… Folks, anytime there is a major change proposed or activated within the appraisal profession, many appraisers go into hyperventilation mode. The action taken on August 20, 2019, by the FDIC to raise the de minimus LOAN VALUE from $250,000 to $400,000 has had such an effect among many, but it may not be as dire as anticipated. An appraiser sent this 2018 HousingWire article to me earlier today: Within the body of the article, this is stated, which is taken from...
The FDIC voted to increase the minimum appraisal threshold to $400,000 for residential appraisals, despite the overwhelming opposition. The vote was quietly supported by the Consumer Financial Protection Bureau (CFPB). Maxine Waters and The Appraisal Foundation condemn the actions of the FDIC. See The Appraisal Foundations response below. (Washington, DC) August 20, 2019 – The Appraisal Foundation President David Bunton issued the following statement after the final rule exempting residential real estate transaction of $400,000 or less from appraisal requirements was approved by the Federal Deposit Insurance Corporation. “When the proposed rule was announced in November 2018, The Appraisal Foundation...
I just received a message from another appraiser that I believe uses ACI software. He received a request from ACI to sign a “Digital Signature Application” along with a few other forms. This appears to me to be in connection with a new form of an appraisal product which they have developed. The first paragraph of this “Digital Signature Application” read as follows 1.1 Signature Using BLACK INK, sign within the box below. Signature must remain within the confines of the box (see sample). All signature cards are destroyed after they are scanned, tested, and delivered. Passwords are not kept...
I would like to give a background as to what prompted this article. A few years back, word on the street was that the Collateral Underwriter was going to be using big data collected directly from our reports from the inception of UAD to aid in determining what should be “reasonable adjustments”. In order to be preemptive, I consulted an acquaintance of mine who just so happened to have a PhD in Statistics from Princeton. We worked through a number of real case scenario data sets to try and figure out if there was a way I could use regression...
VaCAP has just been made aware of a Sunshine Act Meeting that will take place on Tuesday August 20, 2019. We have been told that the FDIC meeting on Tuesday will vote with no discussion to raise the residential de minimis. This is scheduled to happen despite the volumes of opposition and in the wake of a similar act by the FFIEC to grant appraisal waivers in North Dakota. The Federal Financial Regulators are changing FIRREA through rules and bypassing Congress in doing so. FIRREA was put in place for a reason and is being reduced to rubble by agencies...
Regulatory reform is needed in the appraisal profession and Pat Turner is the right appraiser to help move it forward! This is a CALL TO ACTION. Please listen to Phil Crawford’s Voice of Appraisal Show released yesterday morning. He has put out a call to action to every appraiser to write a letter of recommendation for VaCAP President Pat Turner to be appointed to the Appraisal Standards Board: Time to stand up again! Pat Turner, “The Gladiator Appraiser”, from the Great Commonwealth of Virginia has applied for a position on the Appraisal Standards Board at The Appraisal Foundation! Now more...
Phil Crawford has a new Voice of Appraisal show. This is one of the best shows Phil has ever done. He touches on issues with Bifurcation, Board competitors and even mentions VaCAP and our “Other Side of Things” article that received a lot of attention on Appraisers Blogs last week. Phil encourages support for VaCAP President Pat Turner to be appointed to the Appraisal Standards Board. The show is 36 minutes, so please take the time to listen. You might even get a good laugh out of some of the humor displayed. Listen to the show below. Board Competitors? VaCap,...
…users of evaluations knew & accepted that if they obtained evaluations in lieu of real appraisals that they were getting meaningless value opinions by unqualified personnel… TALCB will be considering the Board’s position regarding appraisers performing evaluations in compliance with USPAP at the next Board meeting on August 23, 2019 Dear Texas Appraisers Licensing & Certification Board Members: The short and sweet version is that appraisers should never, repeat never do ‘evaluations’. The term itself should never be uttered as if it refers to any legitimate appraisal product that meets the USPAP requirements of a real estate appraisal. When FIRREA...
Steve Eisman, the hedge-fund manager famous for betting against the US housing market in 2008 explains why he is shorting online real estate company Zillow. “I would say Zillow has one of the most flawed business models I’ve seen in a very, very long time,” he said during an interview on CNBC. “They had a good business which was their internet real estate platform. The growth in that has slowed dramatically so that now the growth is zero… The most problematic is what they call their, I believe, iHome business, an internet buying business where they actually go out and...
Realtor’s language is “local” whereas an appraiser’s language is universal… What we got here is … failure to communicate. It’s a line from Cool Hand Luke … a great old movie with Paul Newman. Newman played a prisoner in a jail in the Deep South. The story was all about Luke Jackson, played by Newman, who was sentenced to two years in a Florida prison farm. Well, Luke was a free spirit who didn’t play by the rules and this angered the prison’s sadistic warden. In one memorable scene, the warden said, “What we’ve got here is … failure to communicate“. That line was...
