Tagged: appraisal news

Residential Appraiser Abandoned & Neglected by the Appraisal Institute 111

AI Ignored the Residential Appraiser

AI all but abandoned the residential appraiser… I have been a member of the Appraisal Institute (AI) for many years and the organization has always been tilted toward the Certified General Appraiser. I am Certified General and recognized this long ago. I think the education of the AI is the best with no comparison for both residential and commercial and their publications are second to none. The AI has long neglected the residential appraisers as they sent in their $300 per year. The AI completely dropped the ball starting in 2007 when the crash began. The Appraisal Management Company (AMC)...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

Suppression of Appraisal Service Free Trade & Fair Price Competition 25

Restraint of Trade Investigation

I am heartened that the Federal Trade Commission has recognized the need to assure that appraisal “…consumers deserve to benefit from a free market where those fees are set by competition.” It appears that your complaint may have been instigated by the very special interests that are most responsible for suppression of appraisal service free trade and fair price competition in America today. By that I am referring to the entities broadly described as Appraisal Management Companies (AMCs), and in this specific complaint – the Federal National Mortgage Association, also known as Fannie Mae and/or FNMA .

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Paying Too Much For Appraisals? 38

Paying Too Much For Appraisals?

Why am I paying more than TWICE the amount paid to the appraiser? I was recently charged/paid $750.00 to have the appraisal completed on the home I was purchasing. With the fees and costs associated with obtaining a mortgage, the appraisal fee was one of little to no concern to me BUT then I received a copy of my appraisal. In accordance with local regulations, the appraiser disclosed the amount he was paid to do the appraisal…$275.00 minus a $15.00 technology fee. I thought to myself why am I paying more than TWICE the amount paid to the person who...

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

Zillow Gone Wild 21

Zillow Gone Wild

Some very interesting news is surrounding Zillow… A lawsuit over Zestimates has now gone to a class action status. This will have rippling effects on each and every state and expand the liability to not only licensing, but privacy and consumer fraud. Read about this change here. Excerpt from the article titled “Class-action suit aims to halt Zestimates in Illinois”: “The Zestimates that Zillow posts are misleading and pose as accurate appraisals in violation of Illinois’ legal description of an appraisal, according to the complaint filed by three members of the Patel family and Schaumburg-based CastleBldrs.com. They claim homebuyers read...

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

Human Brain, AMC app & Appraisers - Bend Over & Ask for More 49

Bend Over and Ask for More…

GUILTY of not using human brain power of thinking and communicating… More Please… How many of you can honestly state with all sincerity the appraiser is better off today with the use of Appraisal Management Companies (AMCs)? How many of you can say with all sincerity the consumer is being protected with the use of an AMC? How many of you can, with all sincerity state your business model is how you want it? How many of you are happy with the current environment of the industry? If you answered yes, congratulations, you have found your peace. You should stop reading...

AMC / Appraisal / Appraisal Management Companies / Trending

LRES Wants Your Digital Signature 31

LRES Wants Your Digital Signature

Do NOT send your digital signature! I just received the following message from LRES (AMC) requesting I send my digital signature to them. I think this message should get out to all appraisers immediately. I don’t know if any other appraisers received this message however I would strongly suggest that you do NOT send your digital signature to this AMC or anyone else. I hope you all understand the possible problems this could open you up to, including forgery, fraud and many other illegal activities. If you have any doubts just call your E&O insurance and ask them what they...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / E&O

SettlementOne Valuation & Dart Appraisal Disciplined by VREAB 32

Virginia is NOT Playing Around!

Two AMCs Disciplined by VREAB… At the May 16, 2017, Virginia Real Estate Appraisers Board Meeting two AMC’s were disciplined by the Board. SettlementOne Valuation Corporation was disciplined in Mississippi, Illinois and Pennsylvania, all for unlicensed activity within those states. SettlementOne was required to report the disciplinary action to Virginia within 30 days, which they did not. The Virginia Real Estate Appraisers Board imposed a $2,500 monetary penalty for these violations of the Boards Regulations. Dart Appraisal was disciplined in Minnesota for providing an estimate of value on the engagement letter to the appraiser. Dart Appraisal was required to report...

AMC / American Society of Farm Managers and Rural Appraisers / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Legislators Supportive of Appraiser Issues 5

Legislators Supportive of Appraiser Issues

We need supportive legislators! June 13th is an important date for Virginia Appraisers The Republican Primary is June 13, 2017. VaCAP does not care if you are Republican, Democrat or Independent. We do however; think it is important for you to know of several candidates that are supportive on appraiser issues: Senator Frank Wagner is running for Governor of Virginia. Senator Wagner introduced the successful AMC legislation for 30 day payments to appraisers that goes into effect July 1, 2017. Although the bill for using only third party fees when calculating customary and reasonable fees to appraisers did not move forward,...

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

Photographs in Reports & 2 Refers 12

Photographs in Appraisal Reports

Photographs, 2 refers & Nat’l RE Appraiser’s Day… I’ve been asked to formally review a recent report. When looking over the report pages, the subject photo pages contain a mix of horizontal and vertical photographs, about half ‘n half. And there are lots of subject photos. Bear in mind, most report photo pages are formatted for horizontal photographs. It appears to me the appraiser used a smart phone for photos, as there would be no normal tendency to hold a regular camera vertically except in rare occasions to emphasize height of some feature. But people do that with phones. The...

Appraisal / Appraisal News / Appraisers News

AMC Apps Do Nothing But Promote Fast and Cheap Appraisals 13

Appraisers Need to Rethink How to Conduct Business

AMC apps and text messaging does nothing but promote fast and cheap. Last week we learned of a lawsuit file by an appraiser against an AMC and its owner. The allegations are his personal and business email accounts were illegally accessed and the investigation lead back to an AMC located in Rockville, Maryland and its owner. (You know who it is, no need to mention any names.) This news angered many appraisers as our personal space, property and livelihoods have been violated. In case you missed the story, you definitely want to learn about it. There are several good sources...

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

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