Tagged: AMC

Are Bifurcated Appraisals Legal in Your State 95

Are Bifurcated Appraisals Legal in Your State?

Lately there has been a push for bifurcated (hybrid) appraisal products. Those promoting these questionable products claim it will reduce the amount of time to obtain an appraisal. Most appraisers are screaming foul play, and for good reason. It is because of bad players doing questionable things that licensing became mandatory in Virginia. Mandatory. Licensing of appraisers protects the public trust. We all know splitting the process will not save time, but rather create delays. The only reason for this questionable product is the profit of the amc, nothing more. And then there is the quality of the information being...

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

A Rebuttal to Real Estate Agent's Article Slamming the Appraisal Industry 46

Slamming the Appraisal Industry

A Rebuttal to Real Estate Agent Slamming the Appraisal Industry… Forbes recently published an opinion article that attacked the appraisal industry and placed all the blame on appraisers for real estate transactions falling through due to a “low” opinion of value. The article was written by a real estate agent out of Arizona. While he raises some good points, he is conflating a lot of issues together. 1) He does point out that there are bad appraisals. We all know that. There are bad appraisers just like there are bad agents who have clients list a property far above any...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

MISMO Blueprint... The Evil Octopus - AppraisersBlogs 5

The Evil Octopus

Appraisers, it’s not paranoia when ‘the bastards’ really are out to get you (end us as a profession). …Find each octopus and how they relate to our jobs. Look at MISMO Directors list… An Open Letter to Appraisers: Residential & Commercial This started as a response to a blog post by a respected appraiser concerning the influence of AMCs. During drafting it was clear that trying to explain AMCs was only part of the bigger struggles we face today. Picture a violent “all in” three-way gang fight among Octopi. Say a dozen on each side. That’s 36 Octopi x 8 tentacles...

a la mode / AGA / AI / AMC / Appraisal / Appraisal Institute

The problem is, when speed is demanded, proper analysis, verifications and reporting procedures are often compromised or not done by the appraiser just so an artificial timeline can be accommodated 18

Zoom, zoom, zoom is Good for Whom?

…we continue to ask for very quick turn times to outperform the competition… Appraisers, I received a message today from an appraiser who provided the email from an AMC (below). I have redacted the lender’s name (primarily to avoid getting my skin scorched), but it’s a big one in the US that you see in TV commercials, on radio, in print, and social media outlets. The email demonstrates the prevailing and long-running attitude among just about everyone connected to mortgage lending, whether they be AMC’s or direct placement lenders. It originates at the very top of these organizations. It’s a very...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice

Fannie Mae Invites VaCAP for a Sit-Down Discussion of Relevant Topics 9

VaCAP Sits Down with Fannie Mae

As many of you know Fannie Mae (along with Freddie Mac) has launched an initiative which they label “modernizing appraisals”. This initiative consists of two distinct facets: 1) “modernizing”, or redesigning the forms which are utilized and 2) “modernizing” the processes involved in producing a valuation including the inspection process, data collection, etc., up to the delivery of the completed report. In the pursuit of this goal Fannie Mae has pledged to leverage stakeholder input, and of course appraiser input is both valuable and critical in this regard. In gathering stakeholder input Fannie Mae reached out to VaCAP, and invited...

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

CAP in DC: Information in Hybrids & Liability, Past Due Invoices, HBU... 4

100% Liability for Information Relied Upon

…courts have ruled if the information is included in the report and relied upon, the appraiser is responsible for the information… Last week representatives from VaCAP attended The Appraisal Foundation Advisory Committee (TAFAC) and Industry Advisory Council (IAC) joint meeting. We promised a recap of the events, however, both The Appraisal Foundation and Jonathan Miller have already released a summary and did an outstanding job. To read about the event, simply follow this link. The one thing every appraiser needs to understand about the new hybrid product is their liability; specifically the appraisers has 100% liability for the report and the information...

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

Appraiser Disciplinary Complaints: Who is Filing Them? What for? 11

Entities Behind Appraiser Disciplinary Complaints

Appraiser Disciplinary Complaints: Who is Filing Them? What for? We were doing some research for a project and came up with some basic data that appraisers may find interesting about disciplinary complaints to state appraiser licensing agencies. Who files the complaints? What’s the basis? Well, here’s some data from claims reported to LIA Administrators & Insurance Services in the last three years: Source of disciplinary complaints reported by LIA insured appraisers, April 2015 to April 2018: 61%   Borrower or purchaser 16%   Seller 8%     AMC 6%     Lender 5%     Miscellaneous (litigation party, estate beneficiary, other appraiser,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / E&O

Liability Risks of Hybrids to Appraisers and Others 12

Liability Risks of Hybrid Appraisals

“Hybrid Appraisals” – Speaking about the Liability Risks to Appraisers and Others at The Appraisal Foundation’s Joint Council Meeting “Hybrid appraisal” liability? I am looking forward to speaking about the subject at a joint meeting of The Appraisal Foundation’s two advisory councils — The Appraisal Foundation Advisory Council (composed of 60 non-profits and government agencies) and the Industry Advisory Council (composed of 35 business entities with interests in valuation). “Hybrid appraisals” (which provide a desktop value opinion from a licensed/certified appraiser relying on a physical inspection of the property by a third party) are being marketed by AMCs and technology companies...

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

Fix What is Broken before Replacing the Product 34

Fix It Before Replacing It!

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...

AMC / American Society of Appraisers / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Trade Secrets Battles of AMCs & Lenders Relating to Valuation Technology 16

AMCs & Lenders Fighting…

…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...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CoreLogic Valuation Services

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