Do You Feel the Rumble?
“Can you hear that? Do your hear the rumble? It’s a train going 80 mph toward a 25 mph curve”
There is an excellent article by Richard Hagar, SRA that hit everyone’s email yesterday from Working RE Magazine. The title of the article is Why “Bifurcated” Won’t Work. This is an excellent read and we ask that you take the time to read it and pass it along to all your contacts. Lots of great examples of why these products are a danger to not only appraisers, but to communities. See the article here.
The pressure has begun…all they need to do is convince a few over-eager appraisers that this bifurcated system complies will all state laws (it doesn’t), all federal laws (it doesn’t), and USPAP (maybe). So to convince appraisers to “get on board” they use the bifurcated term often, touting it as the “newest thing” at appraisal trade shows. Remember it is your Certification that’s on the line here. Don’t trust them to tell you what is legal—they are just telling you their fantasy of how they want it to be.
Fannie Mae, Freddie Mac and others think technology is a solution. If their spiffy computers and algorithms failed to predict the crash of 2008 I bet they won’t predict the next one, until a year after it happens. Can you hear that? Do you feel the rumble? It’s a train going 80 mph toward a 25 mph curve.
Another good article was published on AppraisersBlogs yesterday about AMC abuses titled “Deceitful Little Lies“.
Dropping Like Flies…
VaCAP has learned another AMC is gone. This makes the second one in one week. Appraisal Quick out of Laguna Niguel, CA has filed for Chapter 7 Bankruptcy. According to DPOR website, Appraisal Quick is not licensed to conduct business in Virginia. Unfortunately VaCAP has learned of several AMCs operating here in Virginia without proper licensing and registration.
As always, VaCAP encourages each of you to check DPOR website to ensure the company soliciting your services is properly licensed and registration to operate in Virginia. If in doubt, call DPOR to verify.
If you accept assignments from a company not licensed and registered, your recourse is limited if something goes wrong.
- AMC Engagement Letter: Appraisers Do Not Include Your Invoice - July 28, 2023
- We the People… - April 9, 2023
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022