Tagged: appraisal profession

Desktop Appraisals: Has The Devil Infiltrated The Public Trust? 56

Desktop Appraisals: Has The Devil Infiltrated The Public Trust?

Are desktop appraisals with third-party inspectors protecting the public, or are these products about to destroy the very profession I love so much. The Uniform Standards Professional of Appraisal Practice (USPAP) are the key to maintaining public trust in real estate transactions. USPAP is pretty much the equivalent to the Bible, but it MUST be followed for appraisers. Created by the Appraisal Foundation, USPAP set forth the guidelines for how appraisers should perform their work. By following these standards, appraisers ensure that they act in a professional and unbiased manner. To expand, even more, USPAP states, “While USPAP does not...

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

ASC Blaming Appraisers For Low Home Values in Communities of Color 64

ASC Blaming Appraisers

The Appraisal Subcommittee, because they were directed to do so, has produced a report, which frankly and explicitly lays the blame for low market values of homes in ‘communities of color’ directly at the feet of independent appraisers involved with mortgage lending. You will start seeing accusatory slanted media reports about this report. ABC news already has distributed it. A TV station in San Francisco has aired a story already. Yes, the report casually mentions actual facts that GOVERNMENT policies and procedures promulgated segregated and extraordinarily unfair housing issues in the US, from the 1930’s into the early 1960’s. The...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / ASC

Is There Systemic Racism in Appraising? Where is the Evidence? 19

Is There Systemic Racism in Appraising?

Brian Stevens of NREP questions why no evidence has been put forward to support systemic racism in appraising. He proposes that a comprehensive non-partisan study of the industry be conducted before labeling an entire industry with easy and cheap terms like “systemic”. So we have all heard the story about systemic racism in residential appraising. There have been a handful of cases where it’s been determined that appraisers have brought appraisals in low based on the homeowner’s race. Now I don’t know if this is true and you don’t know if this is true. We don’t know the value, the...

Appraisal / Appraisal News / Appraisers News / Trending / Video

FTC's pursuit of the State of Louisiana cost the Appraisal Profession dearly 12

FTC Has Cost the Appraisal Profession Dearly

The FTC has cost the appraisal profession dearly in their pursuit of the State of Louisiana. This entire episode has been entirely misguided… The FTC’s time SHOULD have been spent investigating the AMC trade group known as REVAA to find TRULY non-competitive practices… 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....

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

We Should Be the Only One to Determine Any Modernization 2

Modernization Should Only Be Determined by the Appraisal Profession

The appraisal professions should be the only ones to determine any modernization; whatever that is… When Things Don’t Go as Expected Like so many others, I have learned the hard way not to accept any assignment without a little due diligent research first. Make no mistake I do not shy away from difficult assignments. I am under the firm belief the more difficult, the better. I actually enjoy the challenge. I recently accepted a private assignment over the phone for a lot in the City. I was driving and did not have access to MLS or locality records. I knew...

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

Why is Only One Side of the Racism Claim Appraisal Story Being Told? 261

Why is Only One Side of This Story Being Told?

There are always two sides to every story; however, understanding is a three-edged sword: your side, their side, and the truth in the middle. Recently there has been a wave of news stories about racism in the appraisal profession brought on by a couple in Jacksonville, Florida. That couple, Abena Horton, a black woman, and her husband Alex Horton, a white male, made claims that an appraiser who first appraised their home came in low on the appraisal due to her race. You can read one of the numerous stories here. Before anyone here accuses me of being racist etc.,...

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

The Importance of Attending Live CE Classes - Appraisers Blogs 11

The Importance of Attending Live CE Classes

The most beneficial part of participating in live CE classes is what you learn from other professional appraisers attending… The Best Decision You Will Make in 2020! What was the one thing your parents answered your “Why” questions with that made you angry every time? You have probably said it to your own kids as well. “Because I said so” would get you every time. You knew you were never going to win that argument, whatever it was about. VaCAP is not going to tell you “Because I Said So”. But we are going to explain to you why you...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / AQB / The Appraiser Qualifications Board

Can Smart Appraisers Make Dumb Mistakes? Are You a Critical Thinker? 7

Can Smart Appraisers Make Dumb Mistakes?

I am a smart and educated, award-winning appraiser. It is not possible for me to be irrational. Of course not. You can see that. I can see that. A high IQ and education won’t necessarily protect you from highly irrational behavior — and it may sometimes amplify your errors.  ~David Robson, in an Excerpt from The Intelligence Trap Oh No! Who is this guy!? Doesn’t he know how smart I am? Why, even my peers have said I am smart. I pride myself on my critical thinking. Even my kids say that! What more proof do you need? Let’s get this straight: I am rational, smart, of...

Appraisal / Appraisal News / Appraisers News

Is Race Baked into Big Data? Who's Regulating Big Data When It Errs? 18

Is Race Baked into Big Data?

Chicago appraiser and friend (even though she calls me “fancy pants”) writes a stellar explanation of what an appraiser actual does – and what one of the panel experts got completely wrong because he didn’t understand our role in the mortgage process: Greetings Congresswoman Waters, Chairman Clay, Ranking Member Duffy, Ranking Member Gooden, and the Members of the Housing Subcommittee: My name is Maureen Sweeney, and I am a real estate appraiser. I grew up in a real estate family and lived through the savings and loan crisis of the 1980’s, which had a profound impact on my life. I...

Snippets / Trending

Race Never Considered... Emerging Narrative of Appraisers Being Racists 75

Appraisers Don’t Use Race

Appraisers don’t use race… Race is NEVER considered during a valuation Last week in a congressional hearing on the future of the appraisal profession, some research was used to suggest appraisers are showing racial bias and essentially undervaluing black neighborhoods. I was not expecting the conversation to go that way during the hearing and I’ll admit I’m deeply concerned about the emerging narrative of appraisers being racists… In the congressional hearing a panelist talked about a study that shows black neighborhoods are devalued by $48,000 compared to otherwise similar white neighborhoods. That’s alarming and society needs to have some serious...

Appraisal / Appraisal News / Appraisers News / Political Action / Trending

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