Tagged: appraisal news

Low Mortgage Rates and Plentiful Appraisal Waivers - Appraisers Blogs 9

Low Rates and Plentiful Appraisal Waivers

The graph below comes from Len Kiefer, the data guru at Freddie Mac. Are we due for even lower rates? Who knows. But they have been lower not long ago. Theoretically, appraisers should have been really busy since about November 2018 through this past year. Were you? Me, not so much, but I don’t work for many AMC’s either. The fact that the GSEs and others have diminished the value of getting an appraisal done has adversely impacted our work. Waivers are plentiful now, and the raising of the de minimus threshold to $400K for non-GSE loans has reduced the...

Appraisal / Appraisal News / Appraisers News

Are Appraisers & Realtors Becoming Obsolete Like Cows? 19

Are Appraisers Becoming Obsolete?

Like cows, is technology making us functionally obsolete?… Cows are Obsolete! Pigs and chickens too! I just ate an “Impossible Burger” for lunch at Burger King. It tasted great! It looked great too. I could not tell the difference between this fake burger and the real thing. Goodbye cows! This morning, like usual, I ate Morning Star Farms breakfast sausage instead of real pork sausage. I love these things! Goodbye pigs! Beyond Meat has grilled chicken strips and Vegan Egg offers their “Plant Based Egg Replacer”. Goodbye chickens! As all of these “fake foods” grow in popularity, certainly farmers and...

Appraisal / Appraisal News / Appraisers News / Trending / Valuation Technology

AMC Celebrating One Million Appraisal Orders Sucker Punches Appraisers 40

AMC Sucker Punches Appraisers

Class Valuation sucker punches appraisers! Class Valuation has been celebrating completing 1,000,000 orders and sent a Tweet thanking their clients and staff. There is no mention of the boots on the ground licensed professional appraisers who actually completed those appraisals. Is this the true feelings of Class Valuation? Do they not realize not one order would have been completed without appraisers? Not one simple thank you… Meanwhile VaCAP has learned InHouse Solutions, the AMC division of Get Connexions, Inc. is ceasing all operations as of February 28th. Appraisers on their panel across the country have been getting this email: Jan...

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

WRE Surveyed Appraisers Say NO to the Bifurcated Model 18

Listening to Appraisers

…appraisers believe that the bifurcated model and the use of unlicensed, untrained and unaccountable contractors for key elements of collateral assessment will adversely affect the health and welfare of the housing finance system, increase their own liability and damage the public trust… It is the goal of the Federal Financing Housing Agency (FHFA) to ensure the health and welfare of the housing finance system. FHFA oversees Fannie Mae and Freddie Mac and has, for the time being, paused the testing and development of bifurcated appraisals that bypass the participation of licensed appraisers (FHFA Puts Brakes on Fannie’s Bifurcated Program). I...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / Federal Housing Finance Agency

Class Valuation Fits Squarely Into the Low Life Company Category 53

Class Valuation Did Me a Favor

My profile has been disabled from Class Valuation. They actually did me a favor. This does not bother me in the least as I have gotten nothing but bid requests from them. My resolution for 2020 is to change my focus and remove unwanted low-life companies from my business. Class Valuation fits squarely into the low life company category. I cannot call them a client as I have never received any work from them. Here is an email I received from them. Hello, Please note your profile is currently disabled with us pending a completed direct deposit form. The state...

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

Amrock Suspends the Use of CA Fee Panel Appraisers to Comply with AB5 22

Amrock CA Fee Panel Appraisers Suspended

Amrock recently sent their California fee panel appraisers an email informing them it will suspend the use of fee panel appraisers in California, in order to comply with AB5 law. Dear Valued Partner, New legislation has recently gone into effect that requires Amrock to suspend the use of fee panel appraisers in the State of California. As we take the difficult steps necessary to comply with this new law, we would like to thank you for all the contributions you have made towards making our partnership successful. We appreciate your dedicated service and we will continue to advocate aggressively for...

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

Amrock Sharing Appraisers' Personal & Tax Info Without Permission 27

Don’t Open that Email!

Have you given permission to Amrock to outsource / share your personal and tax information?… Amrock recently sent their panel appraisers an email informing them a third party company, Fidelity Financial LLC, will be sending an email with a link to obtain their 1099-MISC. Don’t open that email! A simple Google search did not reveal any specific results for Fidelity Financial LLC. Who are they? Are they part of Fidelity Investments which is the #1 result on the search? Are they part of Fidelity Financial Group, which is an insurance wholesaler? Where are they located? Who are the principals? How can we contact them?...

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

Mortgage Financial Services Puts Appraisers on Timeout for Delays 21

Appraisers on Timeout for Delays!

Early in January, Mortgage Financial Services (MFS) sent out a notice to the appraisers on their panel announcing changes in their turn time policy. In this communication, they state if appraisals are more than 48 hours late, the appraiser will be suspended for 10 business days with no new orders assigned. They also state that the appraiser must request for a longer due date prior to accepting the order, or to raise the appraisal fee for rushes. However, they add, “turn times and fees have to be realistic”. Not long ago, a small number of our clients included penalty clauses...

Appraisal / Appraisal News / Appraisers News / Trending

California AB 5 - Legal For Appraisers 1

California AB 5 – Legal For Appraisers

More than 375 California appraisers registered for the AB 5 webinar – I hope you didn’t miss it. I’ll be hosting my next free webinar for appraisers on January 31, 2020 – it’s the “California Legal Update just for Appraisers!” In this free video webinar, I’ll cover: New 2020 laws relevant to California appraisers and appraisal firms (other than AB 5), including the California Consumer Privacy Act, and The very most important thing that appraisers can do in 2020 in every appraisal report of every type (whether residential, commercial, lending or non-lending) to avoid liability. The webinar will last approximately 45...

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

Beware of Spot Value Solicitations 28

Beware of Spot Value Solicitations

Many appraisers have gotten invitation letters in the mail from Spot Value to join their panel. The letter states that the appraiser was recommended by one of their clients and that their panel is by invitation only! They have a website which makes them look legit. Their address at 2601 Main St, Irvine, CA 92614 is to Century Centre building but they do not provide a suite number. The domain is registered to a Michael Miller who is also the CEO and sender of the invitation letters. We were unable to reach Michael Miller at 919-404-4889. Their greeting message is...

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