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For the term "waivers".
White Swan Predicts that the Next Recession Is Inevitable 10

The Black Swan – Another Meltdown

Another Meltdown – The Inevitable Outcome of a White Swan: Why would we allow another Financial Meltdown to occur? …When revenues and profits decline, lenders and financial institutions throw caution to the wind and relax their once prudent lending policies in favor of more aggressive, inclusive policies… Hindsight has taught us that there is no serious consequence to imprudent lending policies. Perhaps a multi million dollar fine is assessed but that is just the small cost of doing business for some violators… Though more common now, especially in Australia, Europe, and  Asia, black swans (Cygnus atratus) were once thought to...

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

Existing Regulatory Burden on Appraisal, a Proven Failure- System Reform 6

Appraisal Reform or System Reform

It is my hope that the Subcommittee on Housing, Community Development and Insurance consider long-term impact. The existing regulatory burden, a proven failure, may insure a repeat of the past. The body of a letter to the U.S. House Committee on Financial Services about systems reform. Appraisal reform or Appraisal industry reform? It is critical to understand that ‘appraisal’ does not equal ‘valuation’, or risk analysis, or anything else.  It is a precise definition of a nebulous product. The current U.S. House Committee on Financial Services is asking the question: “What’s Your Home Worth? A Review of the Appraisal Industry.” I believe it is...

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

Incomplete Data Provides Incomplete Assumptions - Data Pollution Reality 7

Data Pollution Potential to Cause Bubbles

In meetings with the National Association of Realtors and The Appraisal Foundation, there was a lot of time spent listening to AVM owners espousing their importance and more sober observations of the pitfalls. One of the presenters seemed to be bragging that 90% of the time, a good Automated Valuation Model (AVM) can be within plus/minus 10% of the actual value. Remember that Zillow’s Zestimate is within 5% of the actual value only 50% of the time. Both numbers are very dreadful and very random inconsistency across the marketplace. But still, there is a place for their use in conjunction...

Snippets

Is Race Baked into Big Data? Who's Regulating Big Data When It Errs? 18

Is Race Baked into Big Data?

Chicago appraiser and friend (even though she calls me “fancy pants”) writes a stellar explanation of what an appraiser actual does – and what one of the panel experts got completely wrong because he didn’t understand our role in the mortgage process: Greetings Congresswoman Waters, Chairman Clay, Ranking Member Duffy, Ranking Member Gooden, and the Members of the Housing Subcommittee: My name is Maureen Sweeney, and I am a real estate appraiser. I grew up in a real estate family and lived through the savings and loan crisis of the 1980’s, which had a profound impact on my life. I...

Snippets / Trending

Many Appraisers Will Not Work for Appraisal Management Companies 6

Devastating Impact of a Blanket Waiver

Appraisal management companies do not understand the nuances of the appraisal profession, nor do they understand the challenges many rural properties bring. The Virginia Coalition of Appraiser Professionals has submitted an official comment to the ASC opposing the State wide appraisal waiver request in North Dakota. VaCAP has submitted a public comment expressing concerns over the much larger consequences in allowing such a request. A blanket waiver of appraisals up to $500,000 for a 5 year period will have a devastating impact on housing, not only in North Dakota, but across the country. We envision a snowball effect with other...

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

No Shortage Exists - Bankers Data Proves No Appraisal Shortage Exists 9

No Shortage Exists

No shortage exists other than too few appraisers willing to work for drastically discounted fees that would also be willing to overlook the complexities of rural appraising in their completion time estimates. Nowhere in the ND proposal is there an assurance that in return for waivers, consumers would not be charged one dime for appraisal or appraisal related AVM fees. “Rising costs” is a deceptive claim to hide bankers desires to usurp appraisal fees for themselves. Perhaps they would call them evaluation fees to warrant charging $600 to $1,500+ for 30 second AVM analysis fees. Dear Mr. Park: RE: Appraisal...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News

Special Interests Killing Consumer Property Value Protection 13

Killing Consumer Property Value Protection

Before the ink was dry on FIRREA 1989, special interests were snipping away at it. Originally proposed field review requirements in FIRREA drafts for 1 in 10 appraisals would have made the Great Recession (TARP) impossible. Now those same interests are stripping away at the last vestiges of consumer and taxpayer property value protection. The formal appraisal. The MINIMUM level of protection that should be insisted upon. Dear Ms Kahng: My name is Mike Ford. I am Vice President – Special Projects; & Chairman of the American Guild of Appraisers National Appraiser Peer Review Committee; AGA#44, OPEIU, AFL-CIO. I am...

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

Why Not Qualified Appraisers Instead of Cheap Appraiser Imposters? 29

Appraiser Imposters!

AMC sends a “non-appraiser” to photograph, measure, sketch, and observe a property, it’s quality, condition, and surroundings instead of using a qualified appraiser… I’m not an Appraiser, You just think I’m one Ever see the AT&T commercial where the surgeon walks in and he says “I Just got reinstated, Nervous? That’s ok so am I”. If not see here: https://youtu.be/1YT3erQZoq4   Or the late 1986 commercial with Peter Bergman that states I’m not really a doctor but I play one on TV.   Well get ready Consumers because the person that is about to visit your home IS NOT an...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

NY AMC Law Sends Shockwaves Through AMCs - Appraisers Blogs 21

NY AMC Law Sends Shockwaves

Back on April 19th, I wrote about the New York AMC law in my Housing Notes newsletter. After years of AMCs chipping away at the public trust, the New York AMC law was designed to protect the consumer. The bill summary was: Relates to the registration of real estate appraisal management companies or an individual or business entity that provides appraisal management services to creditors or to secondary mortgage market participants including affiliates by the department of state. Last week, AppraisersBlogs ran it as a standalone post and I got a lot of feedback. To be clear, the bill was...

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

We the Owners Are the Only Ones that Can Fix Low Appraisal Fees 59

Customary and Reasonable Fees?

…appraisal firm owners roll up your sleeves & hold the line on fees… I have been the owner of HF Appraisal Ltd since 1993 and I have sat on the sidelines in regards to Customary and Reasonable appraisal fees. I can no longer stand by and read nor hear about this issue. It is amazing to me that over the past five to ten years our fees have remained the same and in some cases are lower than they were 10 years ago. The more that I read about this and talk to appraisers across the country in classes and...

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

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