“Digitizing the entire appraisal process”… what does this even mean? No more tape measures? No more typing? What exactly is being digitized that is not already digitized?… This is what Class Valuation appears to be doing to justify their actions. According to the article written by Richard Torne in Mortgage Professional America, Class Valuation has announced the acquisition of DataMaster. From the article: “We’re not replacing the appraiser, we’re empowering them” We share a common belief in the true path to the future, which is not to replace the appraiser but to empower them. Appraisers have had their fair share...
When you work with UWM Appraisal Direct… if a borrower pays $500 for an order, the entire fee goes to you. UWM doesn’t make $1 on the order. No appraisal management fees… This announcement just popped into my email, from HousingWire: UWM launches AMC-free appraisal program UWM to coordinate appraisals in-house United Wholesale Mortgage (UWM) announced today that it will no longer require its brokers to use appraisal management companies to complete appraisals. The Pontiac, Michigan-based wholesale lender will instead coordinate appraisals in-house, contracting with appraisers directly, offering appraisers and brokers a way to bypass AMCs altogether, which UWM CEO...
…waiting for the platform to fall… because you know they hired the fastest and cheapest guy to build it! When Dodd Frank was implemented lenders started using appraisal management companies, eliminating appraisers relationships basically overnight. Appraisers embraced the change reluctantly and started accepting assignments from appraisal management companies. Over the years appraisal management companies showed their true colors and lowered fees, required appraisers to pay upload fees and forced many appraisers to pay for unnecessary back ground checks. Some have hired staff appraisers, completely disregarding the intent of Dodd Frank in an attempt to lower operating costs. Today, most AMC’s...
1. A Call to Comment has been issued. 2. VA is looking for Appraisers. 3. AMC Disciplinary Action Snowballs into Multiple States… A Call to Comment has been issued. The FTC is asking for public comments on the consent decree by the Louisiana Real Estate Appraisal Board. The time line to comment is short and ends on July 22, 2021. VaCAP asks each of you to take a few minutes and read the consent decree as well as the analysis provided by the FTC before commenting. The link for the Federal Register that contains all the information can be found...
…the racial bias narrative will be what is utilized to remove appraisers from the lending equation… Removing us will finally put the FOX completely in charge of the HEN HOUSE…this entire narrative could very well end up costing us all, our way to make a living… Unfortunately, Professional Appraisers have no organized voice and I don’t see that we ever will. There is no one to defend us. And that has been used against us for years. After all that Appraisers have been through over the last 15 years, the racial bias narrative and the allegations of racial discrimination in...
An appraiser shared the following with us. Amrock is requiring all appraisers on their panel to complete a diversity, equity and inclusion training by April 19, 2021. Amrock Diversity, Equity and Inclusion Training Requirement: You’re Cordially Required to Take Part in This Training Hello, As an organization, we firmly believe in the importance of diversity, equity and inclusion (DE&I) for everyone – and we’ve taken a stance through the implementation of our DE&I Strategic Plan. As part of that plan, all Amrock team members have completed an online Cultural Competency Training. We’re now extending that requirement to all our Amrock...
The Appraisal Foundation has issued an exposure draft for Advisory Opinion (AO) 16. Advisory Opinion 16 is Fair Housing Laws: Avoiding Bias in Real Property Appraisal and Appraisal Review Development and Reporting. Unlike other exposure drafts, the text of the AO opinion has been rewritten. The traditional strike through of word or phrase changes is nonexistent. The Appraisal Foundation acknowledges “the Advisory Opinion was extensively rewritten”. Comments on the changes are due to The Appraisal Foundation by March 31, 2021 via SurveyMonkey or email, asb@appraisalfoundation.org. Although an Advisory Opinion is not a standard of practice, it does express what is...
Last week we received an email from an AMC PR company. The email stated that Incenter Appraisal Management (IAM) has implemented a new 24-hour fast pay model and is paying their appraisers within one day of completing the appraisal report. Has anyone heard of or done business with Incenter Appraisal Management? Do they pay C&R fees or do they blast orders to find fast and cheap appraisers? Do they have a scoring system, tech upload fees, background check fees, etc.? The email stated they do not bid or charge tech fees. Back in November, VaCAP published their email solicitation where...
Dude, I Reserve the Right Not to Serve You Anymore! OK, let’s face it: real estate appraisers are in the service business. We provide a service – real estate appraisals. We provide those services to anybody willing to pay for them. That’s what service providers do. To which you say, “Dustin, you have a deep grasp of the obvious.” Well, let’s go a little deeper. Part of what I do is stay in touch with local real estate brokers and appraisers. Some of us have a local restaurant we frequent. At the front door is a sign letting all patrons...
Who’s REALLY completing bifurcated/hybrid appraisal reports? This essay has been “rattlin’ around my cranium” for a few months from the time I acquired two ‘case study’ report examples in early 2020. I’ve recently received a third bifurcated report, which has similar appraiser data. So now is a prime time to spill the beans, so to speak. Especially since FHFA, the conservator of Fannie and Freddie, is currently on a mission to “modernize the appraisal process.” They are seeking input from appraisers and other stakeholders who use appraisals. But first, as the infomercials say, there’s more! One ‘more’ concerns appraiser obligations...
