Appraisers Blogs

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For the term "clear val".
Bias & Discrimination in Reports 11

Bias and Discrimination in Reports, Yes or No?

Appraisers, should we include discussion of B&D in our reports? Wait, What?? Bondage and Discipline? No, not that. Bias and Discrimination. Yes, it must be addressed very clearly. Now, before you blow a cork or throw your mouse at the computer screen, let’s examine what’s really been impacting ‘us’ for the past 4 plus years. One of our peers, who’s become somewhat famous for the way articles are written about appraisal and other topics, had a recent article ‘rebroadcasted’ in AppraisersBlogs, FTX Bought Government’s Silence; Did Fintechs Buy Attacks on Appraisers? A statement in that article exposes some of what has...

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

FTX Bought Government’s Silence; Did Fintechs Buy Attacks on Appraisers? 11

FTX Bought Government’s Silence; Did Fintechs Buy Attacks on Appraisers?

The nation’s 80,000 licensed real property appraisers should pay close attention to the manipulation of Washington by FTX, which turned out to have the characteristics of a Ponzi scheme.  Fallen crypto whiz kid Sam Bankman-Fried and his associates are a living testament to the power of political donations in American politics. It’s unclear precisely what the more than $70 million in political donations bought FTX during an 18-month period leading up to the midterms, but one can speculate the money silenced what was once a brisk debate on Capitol Hill and at the U.S. Treasury on the regulation of crypto-currency....

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Administration / FHA

The Appraisal Problem and Undue Diligence 8

The Appraisal Problem

Gone are the days of hiring a professional appraiser to solve the appraisal problem. For decades lenders have taken on the responsibility of shaping the appraisal process and dictating the solutions to the appraisal problem. Savvy appraisers push back in a positive fashion to try and enable the lender to receive a report that not only meets USPAP, FIRREA, Fannie Mae, or HUD/FHA/VA an UAD reporting guidelines, but also provides the client with a report that is clear, concise, accurate and not misleading. An appraisal report can be on time, have all the boxes checked, no inconsistencies, meet all the...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Administration / FHA

Commercial Property: What Does a Real Estate Appraisal Cost? 6

Commercial Appraisal Reports: How Much Do They Cost?

Every business that owns a commercial property will require an appraisal. Commercial real estate transactions are the most common. Commercial real estate appraisals are necessary when acquiring or selling a commercial building. As with home appraisals, commercial property appraisals offer unbiased, third-party insight into their value. In contrast to residential properties such as single-family houses or condominiums, commercial appraisals estimate the value of stores, offices, hotels, apartment buildings, and the like. When you build, insure, tax, mortgage, or sell real estate, an appraisal is required. Besides helping secure a loan or ensure that you have enough insurance, it may also...

Appraisal / Appraisal News / Appraisers News

The Government Screwing Over an Entire Industry 16

The Government Screwing Over an Entire Industry

The government wants to move to a fully automated appraisal format, and the more that they can dirty the narrative in their favor, the quicker they get to their objective… This just in: In a recent memo, the CFPB wants you to know that if you are buying a home, that you can contest your appraisal. By the way, anyone at any time can contest an appraisal for any reason. This isn’t new. Not at all. In fact the CFPB doesn’t really give two craps about your opinion of value or the Appraiser’s opinion of value. This has nothing to...

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

HUD Secretary's Comments Evoke Folly of 1919 Sex Scandal 16

HUD Secretary’s Comments Evoke Folly of 1919 Sex Scandal

Secretary Fudge launched into what sounded remarkably like discriminatory rhetoric: “The problem is who is in the appraisal industry. When you look at an industry that is 95% white … Because [the white appraisers] collect the data, the data is not good data.” Sometimes when government investigates a perceived problem, it creates a genuine one. Assistant Secretary of the Navy (and future president) Franklin D. Roosevelt sent two investigators in 1919 to Naval Station Newport in Rhode Island to look into reports of immoral behavior – code at the time for “homosexual activity.” Their report found no such activity. But...

Appraisal / Appraisal News / Appraisers News / HUD / The US Department of Housing and Urban Development

Fannie Mae Bullies Lenders, Ensnares Appraisers in Farcical Probes 13

FNMA Ensnares Appraisers in Farcical Probes

You feel like Fannie Mae is simply trying to get rid of appraisers. A lot of appraisers feel that way… “Even amidst tragedy there is sometimes farce,” wrote author Daniel Prokop. Unleashing tragedy and farce in equal measure, mortgage giant Fannie Mae is using its muscle to coerce lenders to repurchase early COVID-era loans. Fannie apparently deems them now too risky for its portfolio. As a ploy, say observers, Fannie is generating automated appraisals similar to Zillow’s “Zestimates” and using them to undermine appraised values in loans it wants to offload. Fannie’s automated system then sends unsigned boilerplate complaints to...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Fannie Mae - Freddie Mac

What Is My Incentive to Take on Trainees? 22

What Is My Incentive?

Why would I bother taking on the added risk of an inconvenient process? Where is my incentive again? As an appraiser, I have to ask (seriously) why should I care if the profession has a shortage of skilled appraisers? Logic dictates that If there is a shortage, then I will remain busy. Even if waivers (another ruse to eliminate appraisal work) increase, I’ll be busier with fewer appraisers. Especially with so many of them “trained” under PAVE or PAREA programs. If there is an adequate supply of appraisers, then users of appraisals will continue to seek cheaper alternatives from them...

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

Baltimore Racial Bias Lawsuit 12

Baltimore Racial Bias Lawsuit

When reading over the Baltimore document, it appears painfully clear (to me) that there is a competency issue exposed. Folks, below is the Baltimore court paperwork for the latest appraiser bias suit that recently ‘hit the fan.’ This document is fairly specific, in that it reveals quite a lot about the two appraisals performed, including the home locations for the ‘comps’ used. The attorneys representing the plaintiffs are from the same Washington, D.C. firm that The Appraisal Foundation hired to examine USPAP. That firm was the one which has provided new ‘discrimination avoidance’ verbiage being considered in the USPAP Third...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Uniform Standards of Professional Appraisal Practice / USPAP

Racial Targeting Under the Heading of Diversity, Equity & Inclusion 22

Racial Targeting Under the Heading of Diversity, Equity & Inclusion

This time around, the racial targeting is masked as a virtue under the heading “Diversity, Equity and Inclusion,” or “DEI.” Valuation Jiu-Jitsu Will Lead to Future Addie Polks Addie Polk was a 91-year-old African-American widow who shot herself in the chest in 2008 during a Fannie Mae-initiated eviction in Akron, Ohio. It marked the low point in Fannie’s embrace of toxic mortgages. Fannie, now in federal conservatorship, bought or guaranteed subprime loans made to vulnerable borrowers in the years leading up to the 2007-2008 financial crisis. There are now signs of new abuses. Under the banner “equity and inclusion,” some...

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

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