Tagged: Appraisal Industry

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

Biden's Remark on Home Values Sparks Backlash 41

Biden’s Remark on Home Values Sparks Backlash

President Biden’s recent comment about the discrepancy in home values between Black and white families has sparked backlash on social media, with many accusing him of being a “divider”. During a campaign speech at Charleston Church in South Carolina, Biden stated that homes owned by Black families are often valued at less than those owned by white families, even if they are built by the same builder. “Today, a home owned by a Black family on one side of a highway, built by the same builder on the other side of the highway & a white guy living in it,...

Appraisal / Appraisal News / Appraisers News / Political Action / Trending

Fighting for Consumer Protection and the Appraisal Industry 34

Fighting for Consumer Protection & the Appraisal Industry

I’m just an Average Joe, surrounded by some really smart people, and we are fighting back. I often wonder if Certified General, MAI or SRA appraisers sitting in their ivory towers often chuckle to themselves and say HA, data collectors will never impact commercial. Who cares about the residential appraiser. Well, it looks like it’s time for you all to care. Copied from a Real Estate Forum Post: “Good morning, My name is Kevin Graham, and I am with Beacon Property Data Collection Services. You had recently signed up to become a panel member and we have an assignment for...

Appraisal / Appraisal News / Appraisers News / Trending

And Why Is the Second Appraisal Always the “Correct Value?” 19

And Why Is the Second Appraisal Always the “Correct Value?”

On Friday morning, May 19, I was one of five expert witnesses (and the only as an appraiser) to testify on the topic of appraisal bias in front of the Appraisal Subcommittee (ASC). During the first hour of testimony, our fourth grandchild was born. My wife was in the audience and stepped out of the hearing (the nerve!) to take the call from my oldest son on the news of our new granddaughter. The Appraisal Subcommittee (ASC) held a second hearing on challenges facing the appraisal industry, including barriers to entering the profession and racial bias in home appraisals. The...

Appraisal / Snippets / Trending

No Appraisals Required in the Future! The End of Appraisers? 43

No Appraisals Required. The End of Appraisers?

No appraisal may be required in the future! Fannie Mae took a direct shot at appraisers with the announcement of changes in their Selling Guide. Two options for the future, both of which do great harm to the appraisal industry. First, “third party” inspections. Appraisal trainees aren’t good enough, so now we will have unlicensed inspectors going through the homes of unsuspecting homeowners. And, with this inspection a traditional appraisal is no longer a requirement for the mortgage loan. Secondly, the 3rd party inspection is sent to a licensed appraiser. Fannie Mae wants an appraiser’s signature so the appraiser can...

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

Confusing Language for USPAP Ethics Rule Addition 31

Confusing Language for USPAP Ethics Rule Addition

A proposed update of professional guidelines for property appraisals contains confusing language about what constitutes discrimination, and would even suggest appraisers could engage in “ethical” discrimination.  Folks, the following article is in the ABA Banking Journal e-newsletter, posted on Wednesday, February 15, 2023. I’m really glad this has been released. Hopefully the Appraisal Standards Board will closely examine the concerns of the regulators. I read the USPAP 4th Exposure Draft. It contains so much new Ethics Rule “legaleze” language about conduct that it is, and can be, overwhelmingly confusing to a majority of appraisers. It’s written by lawyers in such...

Appraisal / Appraisal Organizations / ASB / The Appraisal Foundation / The Appraisal Standards Board / Trending

The Government Screwing Over an Entire Industry 16

The Government Screwing Over an Entire Industry

The government wants to move to a fully automated appraisal format, and the more that they can dirty the narrative in their favor, the quicker they get to their objective… This just in: In a recent memo, the CFPB wants you to know that if you are buying a home, that you can contest your appraisal. By the way, anyone at any time can contest an appraisal for any reason. This isn’t new. Not at all. In fact the CFPB doesn’t really give two craps about your opinion of value or the Appraiser’s opinion of value. This has nothing to...

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

Imagine Running the Lawn Mower Industry like the Appraisal Industry 17

Imagine Running the Lawn Mower Industry Like the Appraisal Industry

I’m on about lawn mowing lately. It’s my new full time passion. The appraisal industry should be as straight forward as lawn mowing, but due to the special interests pressures within the value industry, it has become convoluted and dysfunctional. Can you imagine if they ran the lawn mower industry like they try to run the appraisal industry? Like, we don’t care if that lawn is on slope or not, you can only use this mower and you’re not allowed to be versatile and use anything else. And you can’t request the lawn mowing servicer you want to use, you...

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

Appraisers Should Closely Watch Probe of Departed Brookings Boss 48

Appraisers Should Closely Watch Probe of Departed Brookings Boss

The chief of the Brookings Institution, a retired four-star general, resigned last month under investigation of lobbying on behalf of a foreign government and then covering it up. If the allegations are true, it means the think tank, under the general’s watch, was secretly taking illicit cash from at least one outside interest group at a time it was engaged in research that irreparably damaged the reputation of the nation’s real estate appraisers. Astute appraisers wondered whether Brookings might have also been influenced by any well-placed donations from other groups, such as the powerful lobbies of the Realtors, home builders,...

Appraisal / Appraisal News / Appraisers News / Trending

Sales Comparison Approach is Racist, as per Academics 26

Sales Comparison Approach is Racist

“…the modern appraisal industry perpetuates racial inequality through its continued use of the “sales comparison approach”… the sales comparison approach persists as the dominant method of assessing home value… the sales comparison approach — the most used method for contemporary residential appraisals — perpetuates inequities through maintaining historical hierarchies and current racialized definitions of comparability…” Appraisers, here’s a YouTube video that you MUST view. This person’s, Dr. Elizabeth Korver-Glenn, PhD, work is one of the key reasons why there is so much chatter about racist appraisers in the US. Her discussion of her book ‘Race Brokers‘ begins at the 8:30...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

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