Tagged: appraisal

Should Property Data Collectors Be Licensed 63

Should Property Data Collectors Be Licensed?

Should “property data collectors” who inspect properties and provide information to real estate appraisers be licensed by state appraiser boards? In Mississippi, a bill has been introduced this week to require exactly that. The legislator behind the bill happens to be an appraiser. HB1663 would establish a license category for property data collectors under the jurisdiction of the Mississippi Real Estate Appraisal Board. A property data collector would be defined as an individual or company, who is not a licensed appraiser and “who collects, either physically, virtually, or digitally, any information on real property, and produces such information to a...

Appraisal / Appraisal News / Appraisers News / Trending

Recap of the 4th Appraisal Bias Hearing 11

Recap of the 4th ASC Appraisal Bias Hearing

On February 13th, 2024, the fourth ASC appraisal bias hearing took place. For those who were unable to attend, the video of the hearing has been included below. The hearing was a crucial event for the appraisal industry, and it is important for all appraisers to be aware of the discussions and topics addressed. The panel of witnesses included: David Bunton, President, The Appraisal Foundation E.C. Neelly IV, Executive Director, Mississippi Real Estate Appraisal Board Maureen Sweeney, Principal, Maureen Sweeney, Real Estate Appraiser Ltd. Melissa Tran, Director, Texas Appraiser Licensing and Certification Board Jillian White, Chief Executive Officer, Appraisal Insights...

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

It’s Just Responsible Journalism! 49

It’s Just Responsible Journalism!

Not reporting complete and accurate information is nothing more than irresponsible journalism!  The local television station WWBT, NBC 12 in the Richmond market is airing a story on Thursday February 22 during the 6 pm News Broadcast, about racial bias in real estate appraisals. We know this is not a new topic and previous stories that have aired have been extremely one sided and not from the appraiser’s perspective. VaCAP was not contacted for information, nor were any appraisers that we know. We have seen the negative impact this type of story has on our profession and we need your...

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

The Sales Agents Derailed This Deal! 4

The Sales Agents Derailed This Deal!

The lender and the AMC could have applied that veto to the sales agents, using the appraisal as proof positive that the agents derailed this deal.  What is the ROV for? The answer is the listing agents pricing strategy and the buyers agents buying strategy. The lender will go through the appraisal with a fine tooth comb and microscope, while ignoring the fact the initial BPO and CMA which led to the listed price the contract was formed around, was totally inadequate and riddled with errors. Clearly off the page in relationship to existing market value indicators. I’ve seen numerous...

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

Class Valuation Maximizing ROV Conversion Rates 47

Class Valuation Maximizing ROV Conversion Rates

It’s truly mind-boggling that a company would brag about their higher ROV conversion rates for the ROV process as if it’s some kind of badge of honor. Recently, Class Valuation took to social media to boast about their Reconsideration of Value’s process (ROVs), claiming higher conversion rates and urging clients to choose them for a confident closing. Any company that is touting they have the highest ROV conversion rates should raise some red flags. The process of ROVs is meant to be a last resort when there are legitimate concerns or discrepancies in an appraisal report. It should not be...

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

Shane Lanham Countersuing Black Homeowners for Defamation 28

Shane Lanham Countersuing Black Homeowners for Defamation

Shane Lanham, a Maryland appraiser, has found himself in a difficult situation as he is being sued in The United States District Court of Maryland. However, he is not backing down and fully intends to fight these allegations through trial. In addition, he is countersuing the accusers for defamation and seeking $500,000 in damages. Lanham firmly believes that the accusations of racism against him are baseless and he has engaged a consultant with significant experience in handling such cases. To ensure he has the best chance of success, Mr. Lanham has engaged a consultant with extensive experience in similar cases....

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / Trending

AMCs Billing Scheme, Hidden Profits & Deceptive Practices 82

AMCs Billing Scheme, Hidden Profits & Deceptive Practices

Appraisers who do not agree to their hidden billing methods are excluded from the majority of the GSE lending marketplace for appraisal orders.  Appraisal Management Companies (AMC’s) do not pass on cost savings for reduced appraisal services to consumers. Instead, they keep the savings for themselves without disclosing the amount to the consumer or the appraiser. What should have been cost savings for the consumer are pocketed by the AMC in secret. This is considered a junk fee or unearned fee billing scheme under current law. Appraisers who participate in this system are in violation of The Management Rule of...

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

How Many Fees Are Needed for One Appraisal Order 66

How Many Fees Are Needed for One Appraisal Order?

Being beaten up about a fee increase request, new higher technology fees, or losing out to an order in a ridiculous bidding war and learning the AMC made more money than the appraiser on an order, or even having an order cancelled because someone else offered to take less compensation, are only a few of the issues the appraisal industry is facing.  After reflecting on 2023, from the position as an appraiser, experiencing the changes in volume of orders, the compensation being offered to the appraiser, the amount of waivers being given so no appraisal was required, and the roll...

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

UAD Redesign Timeline 5

UAD Redesign Timeline

Appraisers, to see more about the upcoming new UAD currently in design, read the Updated Timeline link in the message below. My concern at this point is ‘training’ materials will be available in Q4 2024, but actual implementation of the ‘new reporting process’ won’t begin until Q3 2025 with limited production, into 2026. Note that in the future “form numbers” won’t be used. Instead, the assignment instructions will be based on a scope of work for the loan process on the particular Subject property. As someone who’s potentially interested in ‘training’ appraisers on the new process, it seems to me...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / UAD / Uniform Appraisal Dataset

Damned If You Do and Damned If You Don’t 34

Damned If You Do and Damned If You Don’t

Damned if you do, damned if you don’t has become the new normal in the real estate appraisal profession. The government and those that write the rules have made it illegal (a punishable violation) to refuse an appraisal assignment in an area which consists primarily of non-whites. The government and those that write the rules also state the purpose of an appraisal is to determine the value of the home/property in its market setting, so an underwriter can make a lending decision. Back in the day, this protected the lender from lending more than the home/property is worth. It also...

Appraisal / Appraisal News / Appraisers News / HUD / The US Department of Housing and Urban Development / The US Department of Veterans Affairs

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