Tagged: appraisal news

Wife's Tribute to Bill King 3

Wife’s Tribute to Bill King

Folks, I was in a USPAP class last Friday, during the day I was sent the tribute message below from another appraiser who knew Bill King very well, and who has been in touch with Bill’s wife. I’ve been looking for the obit. The one below was published on Sunday January 15, in the Anchorage Daily News: Orbituary William Edward King, 67, of Palmer, Alaska, passed away on Jan. 7, 2023. Arrangements are entrusted to Legacy Funeral Home, Wasilla Heritage Chapel. Note that no cause of death is stated. But before you read King’s tribute, it’s prudent that I mention...

Appraisal / Appraisal News / Appraisers News

HUD ROV Process to Address Appraisal Bias 37

HUD ROV Process to Address ‘Appraisal Bias’

At a recent event at the Brookings Institute, HUD Secretary Marcia L. Fudge announced that HUD is creating a ROV process for people seeking FHA financing to request a review of their appraisal if they believe the results may have been skewed by racial bias. For example, a homeowner who is in the process of refinancing their home with an FHA-insured mortgage can take steps to ensure that their appraisal is fair. HUD 20.23-011 “HUD is committed to making the appraisal process fair nationwide. We must eliminate bias in home valuations so that everyone can equally reap the benefit of...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

Why Are Fannie, Freddie Peddling Exotic Junk-Rated Risk Swaps? 5

Why Are Fannie, Freddie Peddling Exotic Junk-Rated Risk Swaps?

Meanwhile, cratering home prices are eroding demand for the junk-rated credit transfers.  As mortgage giants Fannie and Freddie bend the knee to their political overlords, they securitize ever riskier loans. It’s a sign of the times. But while no one was looking, the twins – who wield the full faith and credit of the U.S. government – began quietly offloading this surplus risk in the form of so-called “credit-risk transfers.” The U.S. taxpayer should be worried. As the public learned in 2008 with AIG’s credit-default swaps, hidden risk injected into the financial system doesn’t stay hidden for long. The twins,...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Fannie Mae - Freddie Mac

AMCs Constant Bid Request... It's Theft of Services! 30

It’s Theft of Services!

It’s theft of services to constantly think it’s okay to drain appraisers time and resources as if we’re advocates of the AMC; all our time and energy constantly available to AMCs so they can shop us to infinity on a per diem assignment pattern forever to increase their own profits. They condition appraisers to become advocates of the AMC or you don’t get anything. That’s not how an ethical appraiser should operate. If they returned cost savings to consumers instead of using that as a financial incentive to select the lowest priced appraiser, it would be different. But as we...

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

Appraisers the Convenient Scapegoats 19

Appraisers the Convenient Scapegoats

The appraisers are the convenient scapegoats every time.  Anytime the real estate market takes a hit, 99% of the time it is because of banking and lending practices. The appraisers are the convenient scapegoats every time. During the 1980s it was the commercial side, yet residential appraisers received both barrels of double-odd buck. Then in 2008 again: stated income, 40 year loans, predatory lending (REFINANCING), NO money down (no skin in the game); people used their homes as a slot machine that paid out every time; that is as long as the market values continued to rise. Predatory lenders had...

Appraisal / Appraisal News / Appraisers News / Trending

Average AMC Appraisal Fee 2021 vs 2022 134

Average AMC Appraisal Fee to the Appraiser

Average AMC appraisal fee to the appraiser: AMCs are taking far more of the borrower-paid fee this year than they did last year.  Appraisers, I recently sent out a message asking appraisers to send me three data points comparing borrower-paid appraisal cost, and average AMC paid assignment fees in October, November 2021 and the same months in 2022 – for SFR assignments. My intent was to provide actual useful AMC-paid fee data compared to what the borrower pays for ‘the appraisal’, without revealing specific fees in any particular location. Replies to that message were much less than I expected, and only...

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

FTX Bought Government’s Silence; Did Fintechs Buy Attacks on Appraisers? 11

FTX Bought Government’s Silence; Did Fintechs Buy Attacks on Appraisers?

The nation’s 80,000 licensed real property appraisers should pay close attention to the manipulation of Washington by FTX, which turned out to have the characteristics of a Ponzi scheme.  Fallen crypto whiz kid Sam Bankman-Fried and his associates are a living testament to the power of political donations in American politics. It’s unclear precisely what the more than $70 million in political donations bought FTX during an 18-month period leading up to the midterms, but one can speculate the money silenced what was once a brisk debate on Capitol Hill and at the U.S. Treasury on the regulation of crypto-currency....

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Administration / FHA

Smartphone Measuring Technology 15

Smartphone Measuring Technology

This new measuring technology claims the software to be ANSI compliant.  Appraisers, over the past couple of years, there have been lively discussions on forums, Facebook groups, at conferences, etc., about a ‘new’ technology which allows a ‘phone holder’ to measure a structure, with that technology providing a “Sketch” or “Floor Plan” of that structure. Some of you may have heard about one of the originating companies, Matterport, which some real estate agents/brokers use to generate virtual 3D interior diagrams and videos used in property marketing. Smartphone measuring technology evolved from that. Until recently, I and others did not understand...

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

Preference Falsification - Why Licensees Parrot Notions They Know Are Untrue 20

‘Preference Falsification’ – Why Licensees Parrot Notions They Know Are Untrue

Preference falsification has resulted in some appraisers parroting talking points they know to be untrue.  People who live under authoritarian regimes rarely reveal their true feelings. They get used to lying. Parroting the party line becomes second nature in oppressive societies. It’s not a reflection of one’s moral compass but a survival mechanism. In his book “Private Truths, Public Lies,” Timur Kuran, an economist and political scientist at Duke University, writes about this disconnect, known as “preference falsification.” Preference falsification is dangerous because it lends an air of permanence to structures that are brittle and susceptible to sudden collapse. Kuran...

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

AVMs The Not So Accurate Magic Bullet 21

AVMs… The Not So Accurate Magic Bullet

That article mentioned three on-line services which claim to provide accurate property values. In alphabetical order, those services were REDFIN, ReMax, and Zillow.  Folks, in all the diatribes against appraisers by people who believe “we” have built-in systemic bias, the topic of AVMs has come up. Some of the diatribers apparently think that using an AVM will magically produce an accurate property valuation, while eliminating bias, and appraisers. Well, not so fast. A while ago I saw a ‘consumer facing’ article telling people how they could get the value on their home. That article mentioned three on-line services which claim...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Trending

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