Appraisal News and Appraisal Tips For Real Estate Appraisers - Your source for appraisal industry news, appraisers' opinions, and discussions of appraisal issues
…specific prohibited direction to appraisers involved in federally regulated transactions… Improper direction to appraisers as a new special lender condition Honorable Ladies and Gentlemen: The following article appeared in a recent online post at https://appraisersblogs.com/appraisers-asked-2-overlook-weed-cultivation (also copied to this letter following our inquiry). We consider the original author to be a credible source. Due to the serious implications of any appraisal management service giving such specific prohibited direction to appraisers involved in federally regulated transactions we believe it to be our duty to bring this to your collective attention. We respectfully request that each Federal Regulatory Agency review this issue...
My son is a police officer and when they smell weed on a traffic stop it enables them to search the car. Appraisers are being placed in the awkward position of not reporting something that they see during the inspection. This Corelogic work around seems very awkward to me. Then again, I’m not appraising in Colorado. Thoughts? Engagement Letter Update – Marijuana Cultivation and Residential Appraisals On March 15, 2018, CoreLogic Valuation Solutions will update the lender specific instructions for all Bank of America products. As a result, a new engagement letter will be generated for any open CoreLogic Valuation...
Fix what is broken before replacing the product. Appraisers are talented professionals that know how to take mass amounts of data, filter through it, analyze & make sense of it all. Utilize the talents of the 70,000 plus experienced, licensed professionals & don’t short change the consumer… Yesterday was the National Association of Realtors Real Property Valuation Forum: Rethinking Real Estate Valuations: Alternatives to Traditional Appraisals. First, VaCAP was well represented with 8 members present from all over the state. There were many of our Network colleagues there as well from all over the country. Thank you for taking the...
…Battles over alleged misappropriation of trade secrets relating to residential valuation technology and services… AMCs and Lenders Fighting Over Next Generation Valuation Products and Technology The residential valuation business for mortgage lenders has been taking big steps lately toward wide scale replacement of the historical Uniform Residential Appraisal Report (URAR or 1004) form used in mortgage lending. As this movement happens, some would-be providers of replacement valuation products (such as “hybrid” appraisals) and automated valuation models (AVMs) are fighting over technology turf and trade secrets. There are currently three big legal battles over alleged misappropriation of trade secrets relating to...
This is the only way that the opinion would ever help other appraisers, especially residential, in future cases filed by parties who are not intended users of the appraiser’s work. Newly Published California Case Helpful to Appraisers: Tindell v. Murphy Today, the California Court of Appeal, Third Appellate District certified for publication its recent decision in a case entitled Tindell v. Murphy. The case involved mortgage borrowers who sued a real estate appraiser blaming the appraiser for a purchase they made in 2005 at the peak of the real estate bubble. The trial court had dismissed the borrowers’ suit because they...
…increasing usage of alternatives to traditional in-person appraisals for valuations in real estate transactions… A California Judge has ruled Wells Fargo must pay $97 million to mortgage employees for not paying employees for the state mandated breaks. From the article, the Judge sided with the employees and ruled compensation for breaks should include commissions, not just an hourly rate. Just think, this is one state. Don’t most states have similar laws? $97,000,000 x 50 = $4,850,000,000 See the article here. Reminder: The National Association of Realtors, Real Property Valuation Forum presents: Rethinking Real Estate Valuation: Alternatives to Traditional Appraisals The...
We are most certainly being heard… Do not get quiet, ever again… As a matter of fact, get louder! Colleagues, As Appraisers we have witnessed a lot of changes, some good, some not so good. However, it is undeniable we are most certainly being heard. On state and national levels we are a relatively new voice. Do not get quiet, ever again. As a matter of fact, get louder! We have watched as AMCs have gained stronger and louder voices. However, they are now wary of us as Appraisers as never before. We stand toe to toe with them, and please never forget that truth...
Can you think of a single business where an individual has less control over their own financial future than the appraisal business? In most professions, your level of success is dependent on your personal work ethic, dedication to education, promptness of service, and overall level of quality. But, no, not in the appraisal industry. The HVCC took all that away. In the vast majority of circumstances, appraisers in any general market are paid the same fee. An average appraisal in Moore County, NC is worth $450.00. A VA appraisal $500.00. It doesn’t matter if you’ve been licensed six months or...
Looking at the tricky question of taking photo of comps when people are present… I want to talk to you today about something most of us appraisers do on a daily basis – taking comparable photos. Now, I don’t want to get into the whole “Are comps a waste of time? Do they actually serve any purpose?” debate. That’s gone on long enough and it isn’t going to stop any time soon. Instead, I want to try and clear up what is and isn’t actually required from your FHA comps; specifically, we’re going to be looking at the tricky question...
Appraiser pressures aren’t normal everyday life pressures…THIS IS WHAT PRESSURE is like for appraisers. Hit value, get paid. Don’t hit value, get fired or quit. In just 16 years as an appraiser, I’ve seen and heard many things. Some, I just want to forget and some I wish I never heard. Appraiser pressures aren’t normal everyday life pressures, they’re different. Typically, when business is good, it’s for reasons like doing a great job and providing a great service. Or, it could be because one aims to keep the client happy by hitting value, which is not exactly a good thing....
