The next morning I went to my trusted AI program and asked if there was any evidence of bias. “Where is the evidence?” The issue of perceived bias and discrimination in the appraisal industry has become a highly contentious and polarizing topic in recent years, sparking intense debate and controversy. At the heart of this complex issue lies a fundamental tension between the appraisal profession’s commitment to objectivity and impartiality, and the persistent allegations of systemic racism and unfair practices that have plagued the industry. As exemplified in the response from Maryland Certified General Appraiser William Turner to an article...
Why would any damages against an appraiser be more than the actual fee paid to the appraiser? House Bill 53 has been introduced into the 2024 Virginia General Assembly, directly impacting Virginia Real Estate Appraisers. The legislation introduced by R. Lee Ware places a statute of limitations for damages against appraisers and appraisal management companies at 5 years. SUMMARY AS INTRODUCED: Actions against real estate appraisers or appraisal management companies; statute of limitations. Provides that no action for damages or other relief alleging that a certified general real estate appraiser, a certified residential real estate appraiser, a licensed residential real...
It was my experience that the majority of reviewers, FNMA included, had very limited field experience. Which is painfully obvious when they request baseless revisions for “more or better comps”. I’m a Certified General Appraiser that started appraising in 1984, almost 40 years ago! Spent the majority of my career appraising both residential and commercial properties in a major metropolitan market. I had my own appraisal firm for a number of years, prior to the AMC model which dissolved years of relationship building with clients large and small, almost overnight! Like most of you, I really enjoyed appraising and was...
I’m just an Average Joe, surrounded by some really smart people, and we are fighting back. I often wonder if Certified General, MAI or SRA appraisers sitting in their ivory towers often chuckle to themselves and say HA, data collectors will never impact commercial. Who cares about the residential appraiser. Well, it looks like it’s time for you all to care. Copied from a Real Estate Forum Post: “Good morning, My name is Kevin Graham, and I am with Beacon Property Data Collection Services. You had recently signed up to become a panel member and we have an assignment for...
CoreLogic is pleased to announce a change to its data retention policy. I received this notice from CoreLogic: Effective April 1, 2023, CoreLogic’s maximum storage commitment for appraisal and title data will be limited to 5 years. NOTICE OF CHANGE TO CORELOGIC DATA RETENTION POLICYDear Trusted Provider, In careful consideration of requests from our clients as well as industry risk management best practices, CoreLogic is pleased to announce a change to its data retention policy. Effective April 1, 2023, CoreLogic’s maximum storage commitment for appraisal and title data will be limited to 5 years. This change applies to all existing...
An AMC for a lender contacted a residential appraiser with the request that the appraiser “appraise only the second floor residence” in a two story Live-Work building within a commercial district, where SFR’s are allowed by zoning. Ground floor area of this Live-Work building is an ice cream & gift shop. The second floor is a fully finished & functional residence. Entire property is being sold. There are numerous legitimate Live-Work buildings in Seattle (and likely elsewhere also). They are properly zoned as such, are listed that way, appraised by using similar type sales – and mortgaged. Typically these are 2-3...
the appraiser shall identify any person who "assists" in the appraisal process… NCREAA recently submitted a letter to the North Carolina Appraisal Board regarding hybrid / desktop appraisal products. As a result of this letter, which highlights concerns raised by NC Appraisers, NCAB is forming an ad hoc committee to clarify, define and provide guidance on these hybrid / desktop products with respect to current North Carolina Appraisal Laws. Read the letter below: The North Carolina Real Estate Appraiser Association (NCREAA) has recently received requests/inquiries from our members regarding guidance on assignments for “hybrid/interior desktop” appraisals requests they have recently...
Lately there has been a push for bifurcated (hybrid) appraisal products. Those promoting these questionable products claim it will reduce the amount of time to obtain an appraisal. Most appraisers are screaming foul play, and for good reason. It is because of bad players doing questionable things that licensing became mandatory in Virginia. Mandatory. Licensing of appraisers protects the public trust. We all know splitting the process will not save time, but rather create delays. The only reason for this questionable product is the profit of the amc, nothing more. And then there is the quality of the information being...
Folks, I wanted to wait to send info about this until the AQB actually published a document showing the actual ‘new’ Qualifications Criteria for Real Property Appraisers. When first announced a few days ago, no official document was posted – only a news release. These take effect May 1, 2018. See the attached 4 page PDF. Due to ‘states rights’ issues in 54 jurisdictions (states & territories), implementation may not actually happen on 5/01/18. The document says this: “Because state appraiser regulatory agencies are only required to adopt minimum AQB Criteria, it is crucial that candidates contact their state to determine if the state intends...
I am not “JUST” a residential appraiser! There is no doubt that moving to obtaining a certified general appraisal license opens doors to varied and interesting work. If it is in one’s capacity to obtain this level, it is a great idea. That said, the idea of being “just” a residential appraiser has got to stop. A good professional residential appraiser who studies the market, knows how to analyze and solve a problem, and can communicate effectively and succinctly, is a very valuable appraiser at that! As professional residential appraisers, we constantly work at honing skills. We work at becoming...
