Tagged: appraisal news

Goodbye to AMCs - City pays multi billion settlement 5

Goodbye to AMCs – Citi to Pay $7 Billion

Did Citigroup Get Off Easy With $7 Billion Penalty? Citigroup will pay $7 billion to resolve claims it misled investors who purchased shoddy mortgage-backed securities that helped lead to the financial crisis six years ago, Reuters reported July 14. The deal includes the largest civil fraud penalty ever levied by the U.S. Department of Justice. The multi-billion-dollar settlement is more than twice what many analysts expected but less than the $12 billion the government sought in negotiations with Citigroup. All those who argue about the causes of the real estate crisis cannot discount yet another billion dollar settlement. Over and...

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

Like Type Properties - comparables 1

Like Type Properties

Without finding the proper comparables, an appraiser is easily challenged.. Very recently, I was presented with an appraisal report that was actually a fourth revision. The appraiser had accurately completed a report and submitted the report for consideration to the lender, then over the next six weeks apparently, was barraged with a continual flow of reconsideration requests and alternative comparables, until the report appraiser finally felt pressured enough not only to re-grid alternative comparables, but also to change the opinion of value by almost 20%. I was involved in a quality assurance review and, fortunately for the appraiser, was able...

Appraisal / Appraisal News / Appraisers News

AMC Staff - Overseas AMC Staff - Outsourcing 3

Overseas AMC Staff: Could I Speak to “Villiam?”

AMC Staff: “HELLO! Bill. Could I please speak to Villiam?” At least one appraisal management company (AMC) put a new accent on appraising by having the point of contact be in another country—specifically, a call-center in India. According appraiser Bill Streep, this is how the conversation went: Bill Streep: “Hi, this is Bill.” AMC Staff: “HELLO! Bill. Could I please speak to Villiam?” Bill Streep: “This is Bill.” AMC Staff: “Yes, Bill. I need to speak to Villiam.” Bill Streep: “My name is Bill, it’s short for William.” AMC Staff: “Yes… (insert long pause) Could I please speak to Villiam?”...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Quality Monitoring / Appraisers News

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Real Estate Appraiser Lifestyle

I cannot help but wonder why more appraisers do not jump ship and find another career if it is so bad out there. Now, I am not without compassion. I know it is not as easy as trading in your clipboard for a spatula. Changing jobs is a difficult process and does not happen without much consternation and heartache. However, I tend to think that so many of us are sticking it out because…

Appraisal / Appraisal News / Appraisers News / Dodd-Frank Act / C&R Fees / Home Valuation Code of Conduct / HVCC

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Appraisal Fee vs. the Cost of Gas

Let’s compare the average appraisal fee to the cost of gas during the last 20 years. One of the requirements of your job as an appraiser is getting to the property to appraise it. Unless you are appraising a property within a few blocks of your own house or office, chances are that you will be driving there. Today, the costs of driving — higher gas prices, higher insurance premiums and higher maintenance costs — have gone through the roof. This got me thinking: the cost of almost everything that we, as appraisers, need to do to successfully perform our...

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

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Land of Canaan: 1st Appraisal Began 3,200 Years Ago

Is the land fertile or barren? The practice of real estate appraisal began about 3,200 years ago. We learn this from the Book of Numbers, Chapters Thirteen and Fourteen. God commanded Moses to commission one person from each of the twelve tribes, “to make a reconnaissance” of the Land of Canaan, now Israel. Each person chosen was a leader within his tribe. His selection was based on sincerity of purpose, integrity, honesty, wisdom, judgment, and knowledge. Each leader was capable of guiding the course of this important assignment. A Leader is “one who goes first.” These appraiser were to “scout”...

Appraisal / Appraisal News / Appraisers News

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Freddie to Host Multifamily Appraisal Webinar

Freddie Mac will host a webinar June 26 that will highlight upcoming changes to its multifamily appraisal requirements. Freddie’s new requirements, which take effect July 1, will address tying together an appraiser’s multifamily data with their conclusions. Examples include: Tighter guidelines around the use of property condition assessments and environmental report drafts; Discussions around local market data in the capitalization rate analysis; Elimination of net income multipliers or adjustments to net operating income in the Sales Comparison Approach; Supplemental discussion of the risk of reassessment of property taxes including a quantifiable chance of a reassessment; and Documentation of the number...

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

Are Realtors and AMC’s Killing the Home Valuation System? In a word, YES! 9

Are Realtors & AMC’s Killing the Home Valuation System?

Are Realtors and AMC’s Killing the Home Valuation System? In a word, YES! Many Appraisal Management Companies are now demanding that appraisers change the square footage details listed within their reports. Why? Because they saw a different number on Zillow® or in public records. How have we gone this far wrong? Appraisers generally turn first to their own files for square footage details. Next, they turn to the MLS, which is touted as “the most trusted source of real estate information in the world.” Then, if there are no other options (like in the many areas where the MLS does...

AMC / American Measurement Standard / American National Standards Institute / AMS / ANSI / Appraisal

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You Are Being Robbed Blind

You Are Being Robbed Blind (24 Hour Membership Deadline) AMCs are concealing their profits within YOUR appraisal fee, and using coercion to drive down YOUR income as far as they can. This government-permitted process allows them to rob you blind while building their appraiser-squeezing power even stronger. NOW is the time to take a stand to fix this broken industry and the career you have spent a lifetime building. The Appraiser Prosperity Coalition was formed to fight for the legislative and regulatory changes needed to save this devastated industry. If you are willing to join us today, we can defeat the...

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

AMC Rules Inconsistent with Congressional Intent - Banking Agencies 2

Agencies AMC Rules Lack Guidance

Banking Agencies are Told Proposed AMC Rules Fall Short on Guidance In comments filed June 6 with several federal banking agencies, the American Society of Appraisers (ASA) and the National Association of Independent Fee Appraisers expressed our concerns that rules proposed to regulate appraisal management company (AMC) conduct lack sufficient detail to allow for effective implementation. Additionally, the organizations expressed concern that some provisions of the proposed rule depart from Congress’s intent when the enabling law was included in the Dodd-Frank Act, and could negatively affect the overall public policy goals. In the comment letter, ASA and NAIFA cover numerous...

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

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