Tagged: coronavirus

Occupational Licensing Used to Intimidate and Shut Down Discourse 36

Occupational Licensing Used to Intimidate

It provides no better illustration of how occupational licensing promotes groupthink and intolerance to differing viewpoints… CALIFORNIA: WHERE RIGOROUS INQUIRY GOES TO DIE It smothers innovation and silences debate. These have been principal criticisms of occupational licensing over the years, and nowhere is innovation and debate under greater attack than in California. Last year, lawmakers there passed a bill tasking the state’s regulator of real estate appraisers to apply lopsided scrutiny to valuations that come in “low” (a friction point with the state’s powerful Realtors, lenders and homebuilders). California lawmakers now want to use the state’s medical board to intimidate...

Stephen Forrester Memorial Fund 2

Stephen Forrester Memorial Fund

Appraisers, I just received notice about the untimely death due to COVID-19 of a Tennessee appraiser, Stephen Forrester, while he and his wife and two young kids were on vacation in the Bahamas. Details are posted below. Please click here, and donate if you can. I just donated to this GoFundMe. If you can’t make a donation, it would be great if you could share the fundraiser via email to appraisers you know, and on social media, to help spread the word. By the way, Stephen has been Certified licensed since 2003. The National Association of Appraisers (NAA) would like...

Desktop Reports - Desktop Appraisals, Panaceas for Faster Reports? 11

Desktop Appraisals, Panaceas for Faster Reports

…I’ve discovered a potential anomaly in Desktop reports (and Hybrids also) which might shock some appraisers… Desktop Appraisals, Panaceas for Faster Reports. Or so they say. Bankrate.com has a revealing article published on Oct. 27, 2021, titled As Appraiser Shortage Delays Closings, Mortgage Giants Try Workaround | Bankrate FHFA (the GSE’s “manager”), after the administration change, under pressure from mortgage brokers and lenders, and after the experiment with the COVID era “flexibilities”, has decided to allow the GSE’s to accept a new type of appraisal for first mortgage (purchase) lending early in 2022: the Desktop report. The current line of thinking...

The Desktop Appraisals Soon to Be the New Purchase Wrinkle 10

Desktop Appraisals Soon to Be the New Purchase Wrinkle

The desktop appraisals are not necessarily more reliable, which could become an adverse issue for appraisers in the future… Appraisers, we learned about this late on Monday, Oct. 18, 2021: Sandra L. Thompson, acting director of the Federal Housing Finance Agency (FHFA) appeared before the Mortgage Bankers Association annual conference on Monday. Her remarks to that group featured this: The “flexibilities” (i.e., the desktop appraisals) put in place for appraisers after COVID-19 hit, have ended. However, FHFA has been reviewing the data gathered during their use and examined feedback from lenders and other parties. She told the MBA attendees that both...

Vaccines Mandate for Realtors? 19

Vaccines Mandate for Realtors?

 Brian Stevens of NREP discusses vaccines mandates in a video blog and whether real estate companies have the right to mandate vaccinations for agents who see see themselves as independent contractors. The video got a fair amount of attention. A good deal of comments were unfavorable to the vaccines mandate. COVID, our current seven day average right now with COVID cases is 145,724 cases with 36,953 cases on September 12 alone. These numbers are about half of the COVID high back in January 9 which was 253,946 cases… Here is the thing, RedFin, Warburg Realty, Remax and Coldwell Banker Bain,...

USPAP 2020-2021 Extension Effective Through 2022 - Appraisers Blogs 4

USPAP 2020-2021 Extension

2020-21 USPAP Extension – Does this mean USPAP will be on a three-year cycle going forward? USPAP has been extended for one year, effective through December, 31, 2022. This is the Appraisal Foundation news release, issued on Feb. 19, 2021: Media Contact: Amy Timmerman (202) 624-3048 amy@appraisalfoundation.org BREAKING: 2020-21 USPAP Extended for One Year (Washington, DC) February 19, 2021 – The Appraisal Foundation’s Appraisal Standards Board (ASB) announced today that the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP) will be extended by one year. The 2020-2021 USPAP will now be effective until December 31, 2022. “USPAP...

Are Appraisers Being Sued for Errors Relating to the COVID-19 Pandemic? 2

Appraisers Being Sued for COVID-19 Errors?

The alleged errors in appraisals that parties are suing appraisers over during the pandemic are the same types of errors that appraisers usually get sued over… Wow. I did not go into the basement on my last visit. I’ll explain why an appraiser wrote that in a moment. Are appraisers being sued for errors relating to the COVID-19 pandemic? My short answer is “no” – there’s no pattern of that happening. One of the services that I provide to my legal clients is tracking lawsuits and legislation that relate to valuation services. I locate and follow cases of all types...

Pandemics Do Not Give Us a Get Out of Jail Free Card - Convoluted Times 25

Not a Get Out of Jail Free Card

It is not misleading to use a 1004 form for a desktop or a drive-by because, during these convoluted times… In talking with Tim Andersen, a USPAP instructor and long-experienced appraiser, I was reminded that, even in the time of C-19, USPAP applies, and appraisals must still be credible. Reports must still not mislead. USPAP has never required the appraiser to inspect the property. That is a lender construct. So long as your scope of work is clear relative the level of inspection you provided, and why that was your scope of work, you should not have a problem. Note...

Defiant or Compliant...Parallel Between Appraisals & Reaction to Pandemic 9

Defiant or Compliant

And there is another type of defiant. “The government should stay out of our business…” Believe or don’t believe. Is there a parallel between appraisals and how people respond to pandemic warnings? Appraisal reviewers decide whether an appraisal is “worthy of belief” (“credible”) or not. Similarly, people decide whether to believe in the need for public health orders. Steven Dinkin (president of the National Conflict Resolution Center) recently had some observations on the public’s response to the pandemic, dividing people into two groups: defiant or compliant. What is interesting is that each group has a belief that their thinking is the right thinking. Their opinion is the right opinion. Let’s look...

Appraisal Nation Late Paying Appraisers Again 18

Appraisal Nation’s Payment Issues Again!

In July 2019, appraisers were having payment issues with Appraisal Nation. They were slow paying and when they paid, their checks bounced. Yesterday, they emailed the appraisers on their panel explaining that they have come up against a back log in their Accounts Payable team due to the threat of COVID-19. One has to wonder how are they capable of sending orders to appraisers, collecting the appraisal fees, asking for revision requests, etc. but paying appraisers on time is an issue during the pandemic? Dear Appraiser, We continue to find ourselves living through an unprecedented time as the situation with COVID-19 continues. As...

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