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For the term "class Valuation".
A Push to Artificially Raise Property Values Only for Certain People 34

A Push to Artificially Raise Property Values

Now the effort is AGAIN to have ‘us’ artificially raise property values. But the push this times seems to be “only for certain people. A new press release from Class Valuation, one of the largest US based AMCs, scampered across my office threshold on 5/17/22. You can read it here in this link: Class Valuation Appoints EVP Of Valuation Modernization – NMP But if you don’t want to muddle your brain cells very much, here are the highlights: A new CV Executive Vice President has been hired to “focus on removing bias from the “equation” in appraisals.” I added the...

AARO / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Class Valuation Digitizing the Appraisal Process. Who's Thinking Hybrids? 3

Who Is Thinking Hybrid Appraisal?

“Digitizing the entire appraisal process”… what does this even mean? No more tape measures? No more typing? What exactly is being digitized that is not already digitized?… This is what Class Valuation appears to be doing to justify their actions. According to the article written by Richard Torne in Mortgage Professional America, Class Valuation has announced the acquisition of DataMaster. From the article: “We’re not replacing the appraiser, we’re empowering them” We share a common belief in the true path to the future, which is not to replace the appraiser but to empower them. Appraisers have had their fair share...

a la mode / Appraisal / Appraisal News / Appraisal Software / Appraisal Technology / Appraisers News

AMC Celebrating One Million Appraisal Orders Sucker Punches Appraisers 40

AMC Sucker Punches Appraisers

Class Valuation sucker punches appraisers! Class Valuation has been celebrating completing 1,000,000 orders and sent a Tweet thanking their clients and staff. There is no mention of the boots on the ground licensed professional appraisers who actually completed those appraisals. Is this the true feelings of Class Valuation? Do they not realize not one order would have been completed without appraisers? Not one simple thank you… Meanwhile VaCAP has learned InHouse Solutions, the AMC division of Get Connexions, Inc. is ceasing all operations as of February 28th. Appraisers on their panel across the country have been getting this email: Jan...

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

Landmark Acquired by Class Valuation - VA Drops 1004MC...Done Deal! 17

Done Deal

AMC Consolidaton – Class Valuation (formerly Class Appraisal) of Troy, MI is acquiring Landmark Network, of Van Nuys, CA. This document does not say ‘when’ it will occur, or if the transaction has concluded, but the way it is written, the implication is that it’s a “dun deel.” Anybody have any scuttlebutt on which of the hundreds of the remaining AMC’s might be next to be consolidated with another one? Landmark Network’s email: Hello! Eleven years ago, I set out to create a different kind of appraisal management company. One that truly valued our appraiser partners while embracing the efforts...

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

Fannie Mae Census Block Grid Adjustment Raises Redlining Concerns 24

Fannie Mae ‘Census Block Grid’ Adjustment Raises Redlining Concerns

“FNMA’s collateral underwriter tool has a line item adjustment it makes on every comparable called Census Block Grid.”  In a recent discussion within the comments section of an article titled ‘The Censorship of Appraisers,’ an appraiser shared a concerning statement from an underwriter about an adjustment made by Fannie Mae’s Collateral Underwriter tool. The underwriter revealed that the tool uses a ‘Census Block Grid’ adjustment (CBG) to evaluate comparable property values. This adjustment, which modifies values based on median home values within specific census blocks, raises concerns for potentially reflecting practices akin to redlining – a discriminatory practice that is...

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

Fannie Mae to State of Maryland: DROP DEAD 30

Fannie Mae to Maryland: DROP DEAD

Mortgage giant Fannie Mae and her twin, Freddie Mac, have a message for the State of Maryland: Kindly disintegrate. A snubbed Maryland task force is close to filing its report to the governor. It attempted, in vain, to obtain detailed information about the government-sponsored twins’ valuation algorithms – tools that have replaced many home appraisals in the Old-Line State and resulted, some contend, in a feedback loop and run-up in home prices. The task force was formed on the reasonable premise that the state has an interest in the twins’ activities, since Marylanders will be left with the clean-up costs,...

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

The One-Mile Rule: Prudent Policy or Modern Day Redlining? 8

The One-Mile Rule: Prudent Policy or Modern Day Redlining?

…whether through redlined maps or implicit “one-mile rule,” the result can be undervalued properties in historically marginalized neighborhoods.  Throughout the history of mortgage banking and lending in the United States, underwriting policies have significantly influenced the appraisal process for home purchases and refinances. Appraisers must follow underwriter appraisal review guidelines meticulously to ensure their appraisal reports are accepted by the lender. Unfortunately, in the past, these policies became the basis for redlining, wherein certain communities were systematically denied access to mortgage credit. In this article, we delve into the historical context of underwriting policies and their influence on the appraisal...

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

AI to Counter the Flawed Appraiser Bias Narrative 26

AI to Counter Flawed Appraiser Bias Narrative

In reality, appraisers have a great story to tell, but we have a long way to go to refocus the terribly flawed “appraiser bias” narrative onto facts and science.  Last week’s email from Cindy Chance, the CEO of the Appraisal Institute, marks an important and long overdue shift in the organization’s approach to addressing accusations of bias in the appraisal profession. For too long, appraisers have faced sweeping claims that their valuations are biased against certain groups, despite appraisers’ ethical standards, rigorous training, and lack of financial stake in transactions. As Chance acknowledges, the Institute should have done more to...

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

Federal Officials Team up with Freddie, Fannie to Deceive Investors | The Censorship of Appraisers 33

The Censorship of Appraisers

Thirty-seven hours after President Biden took the oath of office, White House officials met with executives at social media companies. The officials threatened restraint-of-trade lawsuits and regulatory action if the companies failed to censor what the White House deemed “misinformation.” In a parallel development, we can now connect the dots that similar talks occurred among White House officials, employees of government-sponsored mortgage giants Fannie Mae and Freddie Mac and private vendors to throttle the protected speech of individuals and firms in the mortgage industry engaged specifically for their independence. The latter serve as bulwarks in federally backed mortgage transactions. In...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Finance Agency / FHFA

LoanDepot Appraisal Discrimination Settlement 28

LoanDepot Appraisal Discrimination Settlement

Connolly and Mott v. Lanham, 20/20 Valuations, and loanDepot.com, U.S. District Court, Maryland. This is one of the appraisal discrimination cases that has received significant attention – among appraisers, the media and government agencies. A Black couple in Baltimore – Dr. Connolly and Dr. Mott, both university professors – filed suit in August 2022 alleging racial discrimination against loanDepot.com and the appraiser it engaged to appraise their home for a refinance. They alleged that the appraiser had taken into account their race in his valuation of their home in violation of the federal Fair Housing Act and other laws prohibiting...

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

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