Tagged: data

AMC Abuses? What's Your Story? 85

AMC Abuses? What’s Your Story?

Many of you have filed formal complaints against AMC abuses with State appraisal boards… The place was a small subdivision developed with coastal style homes on the Ocean side of route 12 in the Outer Banks of North Carolina. The bank was Bank of America. The AMC was LandSafe and the time was just before Corelogic purchase of Landsafe for $122 million. I was asked by this AMC to appraise a home for a purchase transaction. My comparable sales consisted of one recent sale of the next door neighbor, one on the same street, and two closed sales in the...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / LandSafe

ClearVal Value IS So ClearCut - What IS a “ClearVal Appraisal” 162

What IS a “ClearVal Appraisal”?

Clear Capital ClearVal… Value Not So ClearCut… I’ve finally had an opportunity to read a hybrid ‘appraisal’ start to finish. All may read the unedited, non-redacted version in all its glory… or infamy, as the case may be. Please click here (report also embedded below) and read it first. I’ll wait right here. Finished? Great. One thing is clear. It is not an appraisal by any current accepted definition that I am familiar with. Ironically, there is also very little that is clear as far as support for the opined values is concerned. (I’m old fashioned and think it should...

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

AMC Business Model is Based on Lies That Hurt The Consumer 36

The Reality

There is no shortage of appraisers, only appraisers willing to work for Appraisal Management Companies, but there will be a shortage if the current toxic business climate does not change. The AMC business model is based on lies that hurt the consumer and your constituents. There are many voices that have agendas to reduce the qualifications to become a Real Estate appraiser, whether it be a Licensed Appraiser, Certified Residential Appraiser or a Certified General Appraiser. There are also voices that would like the requirements of an appraisal by a person licensed by the state to be waived as there is a...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / AppraiserLoft / Appraisers News

Request for Appraisal Waivers If Granted Will Erode Public Trust 68

Appraisal Waivers vs. Public Trust

If the ASC grants the request for appraisal waivers, the precedent will have been set for other banks to follow… TriStar Bank has requested appraisal waivers for the entire year of 2018. According to the bank, they are having difficulty getting appraisals in the Nashville area and there is only one Certified General Appraiser in the the locality in which they are headquartered. Below is an excerpt form their letter to the ASC. They offer options in lieu of appraisals: Obtain an estimated value from a Realtor, selected from a small group of trusted Realtors who are not involved in...

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

Quit Overreporting 12

Quit Overreporting!

Why Do Appraisers Keep Overreporting…? Appraisers, Another friend has provided a copy of an appraisal on the friend’s home. Good golly, miss Molly… Why do appraisers keep overreporting comparable property data, which really isn’t comparable? This subject property is an 1,100 sq.ft. single story home, in a near-beach side community, with partial marine view, not on WFT, in a suburban location. Similar ‘comps’ are extremely limited (no more than 6 sales and 2 listings) due to its GLA, location, age, etc., based on the appraiser’s report, and my own research from multiple searches which proved similar comparable properties are almost non-existent. The report...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Subject Inspection for Hybrid Appraisals & USPAP Compliance 62

USPAP Compliance & Hybrid Appraisals

WHO does the SUBJECT INSPECTION? Appraisers, Some appraisers have questioned the name ‘Hybrid Appraisal’ because the requesting client WON’T USE THAT NAME for the product. When they call or email you, they’ll say something like “We have a really fast appraisal for you to do that you can do on your desktop without leaving your office.”, or “Can you do an exterior appraisal for us?” or they might identify it by the ‘name’ that client uses for the product. The FIRST question you need to ask is simple: WHO does the SUBJECT INSPECTION? If they say ‘someone else does that’…...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

Tax Reform & Appraisers Responsibility to Verify Data - AppraisersBlogs 12

It’s All About the Details…

The National Association of Realtors is encouraging all members and citizens to contact their representatives concerning tax reform. Congress is considering many tax reforms including the elimination of the mortgage interest deduction. See their website for further details on how the middle class can be impacted. Excerpt from NAR Tax Reform Call for Action: I urge you to oppose any tax reform plan that would weaken the tax incentives for owning a home, such as the mortgage interest deduction. Additionally, please do not let a tax reform plan increase taxes on middle-class homeowners through the elimination of the state and...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / NAR / National Association of Realtors

Comps Sharing & Big Data By Appraisers For Appraisers 28

Big Data Assisting Appraisers

Big data comps sharing assisting appraisers… I admit to having a dog in the fight. Maybe even a pony, camel, or even a pure bred Clydesdale horse… On 10/09/2017, the owner of alamode software informed customers of a significant new change in how ‘comps’ can be added to a current report – which will be implemented sometime early next year. Read his message here. This is significant because the ability of ‘Big Data’ is being put to work ASSISTING appraisers, rather than being withheld from us as is done with the GSE’s highly touted Collateral Underwriter – even though ‘we’...

a la mode / Appraisal / Appraisal News / Appraisal Software / Appraisers News / Automated Valuation Models

Properties Editing Tool of Collateral Underwriter 4.2 Misinterpreted 17

Misinterpreted CU Update Message

Where the EDITs are used, they are within the "model properties"… Folks, This is the message many appraisers have seen over the past week or so, which came from FNMA: “During the weekend of Dec. 9, we will implement Collateral Underwriter® (CU™) 4.2, (which includes) the ability to edit the subject and appraiser-provided comparable sales property characteristics. CU 4.2 will also provide mortgage insurers (MIs) with access to CU. Lenders will be able to give their MI risk partners access to appraisal-specific data by providing them the Doc File ID generated at the time of appraisal submission.” As so often happens...

Appraisal / Appraisal News / Appraisers News / Collateral Underwriter / CU / Fannie Mae - Freddie Mac

HouseCanary, Another High Powered AVM Affecting Appraisers 21

CU Not the Only AVM Affecting Appraisers

Assignments Funneled Back Through HouseCanary & Your Data Appraisers, CU from the GSE’s was thrust on appraisers in 2011. Since then, the giant sink hole designed by the ‘enterprises’ has gobbled up millions of home data elements. And in some cases, this data has been used AGAINST appraisers – who have no direct access to it, even though ‘we’ are the ones supplying the data. But they are not the only entity doing this.  A company named ‘HouseCanary’ has also been amassing more millions of data points about US properties. During 2017, HouseCanary has had $64 MILLION dollars of investor funding...

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

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