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For the term "class Valuation".
Is the GSEs "Appraisal Modernization" Really Just Mass Appraisal? 18

Is the GSE’s “Appraisal Modernization” Really Just Mass Appraisal?

Mass Appraisal tend to exhibit a regressive nature…  In the intricate landscape of real estate mortgage financing, the notion of appraisal waivers recently dubbed “Value Acceptance”, by the Government Sponsored Enterprises (GSEs), has stirred considerable debate. The most recent statistics show Value Acceptance accounts for up to 40% of all mortgage approvals. It is presented as part of the GSEs “Appraisal Modernization” initiative, which aims to streamline the mortgage appraisal process. However, a closer examination reveals potential drawbacks, raising questions about its efficacy and impact on the housing market. Despite its roots in a methodology designed to support appraisers, Value...

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

Should Property Data Collectors Be Licensed 62

Should Property Data Collectors Be Licensed?

Should “property data collectors” who inspect properties and provide information to real estate appraisers be licensed by state appraiser boards? In Mississippi, a bill has been introduced this week to require exactly that. The legislator behind the bill happens to be an appraiser. HB1663 would establish a license category for property data collectors under the jurisdiction of the Mississippi Real Estate Appraisal Board. A property data collector would be defined as an individual or company, who is not a licensed appraiser and “who collects, either physically, virtually, or digitally, any information on real property, and produces such information to a...

Appraisal / Appraisal News / Appraisers News / Trending

Recap of the 4th Appraisal Bias Hearing 9

Recap of the 4th ASC Appraisal Bias Hearing

On February 13th, 2024, the fourth ASC appraisal bias hearing took place. For those who were unable to attend, the video of the hearing has been included below. The hearing was a crucial event for the appraisal industry, and it is important for all appraisers to be aware of the discussions and topics addressed. The panel of witnesses included: David Bunton, President, The Appraisal Foundation E.C. Neelly IV, Executive Director, Mississippi Real Estate Appraisal Board Maureen Sweeney, Principal, Maureen Sweeney, Real Estate Appraiser Ltd. Melissa Tran, Director, Texas Appraiser Licensing and Certification Board Jillian White, Chief Executive Officer, Appraisal Insights...

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

The Sales Agents Derailed This Deal! 4

The Sales Agents Derailed This Deal!

The lender and the AMC could have applied that veto to the sales agents, using the appraisal as proof positive that the agents derailed this deal.  What is the ROV for? The answer is the listing agents pricing strategy and the buyers agents buying strategy. The lender will go through the appraisal with a fine tooth comb and microscope, while ignoring the fact the initial BPO and CMA which led to the listed price the contract was formed around, was totally inadequate and riddled with errors. Clearly off the page in relationship to existing market value indicators. I’ve seen numerous...

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

How Many Fees Are Needed for One Appraisal Order 65

How Many Fees Are Needed for One Appraisal Order?

Being beaten up about a fee increase request, new higher technology fees, or losing out to an order in a ridiculous bidding war and learning the AMC made more money than the appraiser on an order, or even having an order cancelled because someone else offered to take less compensation, are only a few of the issues the appraisal industry is facing.  After reflecting on 2023, from the position as an appraiser, experiencing the changes in volume of orders, the compensation being offered to the appraiser, the amount of waivers being given so no appraisal was required, and the roll...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Home Valuation Code of Conduct

AMCs Violating TILA and C&R Fee Clauses 85

AMCs Violating TILA and C&R Fee Clauses

Fellow Appraisers, the appraisal industry has been facing a major issue with AMCs violating the Truth in Lending Act (TILA) and the Customary and Reasonable fee clauses. This has not only caused harm to consumers but also to appraisers who are struggling to make a living. Despite efforts to bring this issue to light, it has been largely hidden from the public and regulators. However, it is time to change that and reveal the truth about what is really happening. To do so, we need to gather more data and evidence to establish a pattern of violations for these bids...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

HUD Mulls Use of Convicted Felons to Ramp Up 'Discrimination Testing' 29

HUD’s Use of Convicted Felons to Ramp Up ‘Discrimination Testing’

It wants to bootstrap released felons by allowing them to work as so-called “fair-housing testers” for the many nonprofits HUD provides grants to… If the rule is changed, the HUD-subsidized nonprofits could hire felons to ramp up sting operations against real estate brokers, leasing agents, mortgage loan officers, escrow officers, title officers, appraisers, property managers and others.  Few would argue that society doesn’t benefit when convicted felons are rehabilitated and re-integrated. But according to a frequently cited study by the Bureau of Justice Statistics, about two-thirds of released prisoners are arrested for a new crime within 3 years, and three-quarters...

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

McKissock Ditches PAREA 31

McKissock Ditches PAREA

On January 1, 2024, McKissock announced that they were pulling the plug on their PAREA project. The primary factor contributing to this cancellation was the substantial resource cost, which exceeded initial estimates and resulted in a higher-end price for customers. This decision was made with the recognition that a higher cost would create a new barrier to entry into the appraisal profession, potentially hindering individuals from pursuing a career due to financial constraints. Happy New Year to you and yours. We hope this letter finds you well. With a strong commitment to responsibility and transparency, we want to inform you...

Appraisal / Appraisal News / Appraisers News / Trending

Biden's Remark on Home Values Sparks Backlash 41

Biden’s Remark on Home Values Sparks Backlash

President Biden’s recent comment about the discrepancy in home values between Black and white families has sparked backlash on social media, with many accusing him of being a “divider”. During a campaign speech at Charleston Church in South Carolina, Biden stated that homes owned by Black families are often valued at less than those owned by white families, even if they are built by the same builder. “Today, a home owned by a Black family on one side of a highway, built by the same builder on the other side of the highway & a white guy living in it,...

Appraisal / Appraisal News / Appraisers News / Political Action / Trending

Appraisers Destroying Goliath's Messaging 35

Appraisers Destroying Goliath’s Messaging

Goliath’s strength is in his messaging. It is appraisers who are destroying the message.  The seeming destruction of the appraisal profession by the federal government, GSEs and lending stakeholders is a collective action problem. Appraisers are responding to new GSE and lending dictates with reactions based on our own personal well-being. Not enough people speak up or stand up to change the trajectory of the narrative. Or so it seems. Appraisal waivers, hybrid appraisals, automated valuation models, all based on the last 13 years of data collection by an entity I will call Goliath has created a paradoxical inversion of...

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

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