Tagged: AI

Appraisal Waivers Meeting... Self Serving Risky Practices Going Forward 16

Appraisal Waivers

TriStar Bank’s request for appraisal waivers: The Appraisal Subcommittee has reached out to the Network Coalitions and has requested appraisers to attend their upcoming meeting on appraisal waivers. Direct from the ASC announcement: ASC Special Meeting – April 12, 2018 Tuesday March 06, 2018 The ASC will hold a Special Meeting scheduled for 10:00 a.m. on April 12, 2018, at the Federal Reserve Board facilities at International Square, 1850 K Street NW, Washington, DC. The purpose of this Meeting is to consider the temporary waiver request from TriStar Bank of Dickson, Tennessee. The agenda for the Meeting will be posted...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

The Way Things Used To Be - Appraisal fees unchanged in two decades 127

The Way Things Used To Be

“We haven’t had a raise in two decades.” Give me a break! It’s a common complaint in our industry that real estate appraisers haven’t had a raise in two decades. The argument goes that twenty years ago, the standard fee for an appraisal was $350. Fast forward twenty years and it’s still $350. That’s a great sound bite, but the actual logic is deeply flawed. In real terms, we’ve had a huge raise thanks to the massively reduced amount of time we spend on our appraisals. It’s something I’ve written about before (Never Had a Raise in 20 Years), but...

Appraisal / Appraisal News / Appraisers News / Trending / Valuation Technology

Community Banks Appraisal Waivers Deja Vu - If I Could Turn Back Time 61

If I Could Turn Back Time

Community Banks want to bypass appraisals in rural area… Evaluations are the answer, right? There have been lots of discussions lately concerning property inspection waivers, waivers of appraisals in rural areas, and allowing appraisers to complete Evaluations outside of USPAP standards. Doesn’t this all sound familiar? It should, we have already lived it 30 some years ago, prior to FIRREA. Back then Savings and Loans had staff appraisers to complete appraisals. The appraisal was not completed by a licensed appraiser, because licensing to protect the public did not exist. Today Community Banks want to bypass appraisals in rural area. Their...

Appraisal / Appraisal News / Appraisers News / Trending / Uniform Standards of Professional Appraisal Practice / USPAP

Stop Senate Bill 2155 in the Senate, Fake Claim of an Appraisers Shortage 49

Stop S.2155 in the Senate

Call to action to oppose Senate Bill 2155, also opposed by an overwhelming majority of Americans… Appraisers, We are placing an immediate nationwide call to action to oppose Senate Bill 2155 currently in the United States Senate. Senate Bill 2155 has a provision, (sec 103) which allows a bank to waive an appraisal in rural communities. This will be detrimental for homeowners and communities in rural areas. A loss of income will also occur for appraisers who cover rural counties. To see the text of S.2155, click here. The Independent Community Bank Association has been hard at work promoting this bill....

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees

Appraisal Management Companies AMCs Have Failed 63

AMCs Have Failed

…it will be the appraisal management companies that are going to be held to the fire, not the appraiser… In the spring of 2002 my wife and I bought our third house; an older cape cod in a great school system where our son would start kindergarten in the fall and his sister the year after. This house literally was 1970 inside. It had deep red shag carpet in the family room and sculptured avocado green carpet upstairs. Not to worry, it blended well with the sunshine yellow stove, bright orange counter top and turquoise and pink bathrooms. After 3...

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

AMC Abuses? What's Your Story? 85

AMC Abuses? What’s Your Story?

Many of you have filed formal complaints against AMC abuses with State appraisal boards… The place was a small subdivision developed with coastal style homes on the Ocean side of route 12 in the Outer Banks of North Carolina. The bank was Bank of America. The AMC was LandSafe and the time was just before Corelogic purchase of Landsafe for $122 million. I was asked by this AMC to appraise a home for a purchase transaction. My comparable sales consisted of one recent sale of the next door neighbor, one on the same street, and two closed sales in the...

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

ClearVal Value IS So ClearCut - What IS a “ClearVal Appraisal” 162

What IS a “ClearVal Appraisal”?

Clear Capital ClearVal… Value Not So ClearCut… I’ve finally had an opportunity to read a hybrid ‘appraisal’ start to finish. All may read the unedited, non-redacted version in all its glory… or infamy, as the case may be. Please click here (report also embedded below) and read it first. I’ll wait right here. Finished? Great. One thing is clear. It is not an appraisal by any current accepted definition that I am familiar with. Ironically, there is also very little that is clear as far as support for the opined values is concerned. (I’m old fashioned and think it should...

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

Alternative Valuation/Hybrid Appraisal Created by Independent Appraisers? 83

Hybrid Appraisal Created by Appraisers?

Hybrid Appraisal Created by Independent Appraisers? Hybrid appraisals/alternative valuations is the most polarizing topic in the profession these days. With AMC’s all rolling out their new alternative valuation products, wouldn’t it make sense for independent appraisers to come together and create OUR own hybrid/alternative product? This is our opportunity to compete directly with AMC’s and regain control of our profession. The blueprint for this hybrid/alternative valuation model is already in place. We just need to come together, create a better one, and market it to the same investors that are already using them. If independent appraisers got together and did...

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

Appraiserville – Fake Claim of An Appraisal Shortage 65

Appraiserville – Fake Claim of An Appraisal Shortage

Please provide feedback immediately to “two banking institutions have requested that the Appraisal Subcommittee temporarily waive the requirement for use of state licensed or certified appraisers” based on the fake claim of an appraisal shortage. I wrote about Tristar Bank in Appraiserville a few weeks ago. It is worth re-visiting since I translate the Tristar request into my interpretation of what they are really saying. It is recommended to send your responses ASAP to webmaster@asc.gov rather than to Jim Park directly although either way is fine. The Appraisal Foundation will be responding to this issue. Here is an email I just received on this issue:...

Snippets / Trending

Solidifi on Notice... AMC System Is Further Degrading Itself 62

Appraisers Pushing Back!

Solidifi has taken the disrespect to another level… Appraisers Pushing Back Against AMC Bad Behavior! Appraisers have finally had enough of bad behavior by AMCs. VaCAP received the following email from an appraiser, who by the way is not located in Virginia. VaCAP spoke to the author concerning the email and found out a few more details. First, the author does not do residential work as they are a Certified General nor do they work for AMCs and are not on any AMC roster. Somehow, this nonresidential appraiser received this email from Solidifi. VaCAP commends our colleague for stepping up...

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

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