evaluation report - Appraisers Blogs

NAR Appraisal Survey

AppraisersBlogs — Fri, 14 Oct 2022 12:30:07 +0000

The results of the NAR appraisal survey show more than half of appraisers reported AMCs to be the greatest challenge in their business with 40% reporting not being compensated fairly. Only 3% of members witnessed or experienced discrimination in an appraisal… NAR Research conducted a survey of all 9,700 appraiser members and 50,000 randomly-selected non-appraiser members to determine the level of impact of appraisals on the current market and member business in terms of cost, turn-around times, and other challenges and to measure member experiences with bias and discrimination in the appraisal process. Highlights of the NAR Appraisal Survey The...

Racial Bias in Real Estate: Is it the Appraisers’ Fault? In the past year, the appraisal industry has been under attack from various academics who claim “racial bias” on the…
Are AMCs Value-Adding? The Federal Housing Finance Agency has released a working paper "Are Appraisal Management Companies Value-Adding? – Stylized Facts from AMC…
AMCs Take a Sizable Cut of the Appraisal Fee It still proves my point: Appraisal Management Companies take a sizable Cut of the appraisal fee... It was March 28th,…

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Reconciling the Erosion Within My Profession

Maureen Sweeney — Wed, 09 Sep 2020 12:30:02 +0000

The continued reliance of unregulated aggregators and bifurcated products continues to erode the public trust at the expense of discarding the profession specifically intended to promote the public trust. How does this protect the public?… On June 14, 2005 Steve Jobs told a class of graduates, “you can’t connect the dots looking forward; you can only connect them looking backward” Around the same time, I was appointed as the sole residential member of the appraisal licensing board of my state. Little did I realize that this 2005 governor-appointed position would eventually lead me to sharing a stage in 2018 with...

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…
Honest Appraisers Who Risked Their Careers Meet the Honest Appraisers Whose Warnings Should Have Prevented the Great Financial Crisis The honest appraisers’ warning was ideal. It…
Racial Bias Claims Without Proof or Logic The Appraisal Institute just sent a letter to The Appraisal Foundation to address things that have been floating out in…

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Undercutting the Appraisal Profession

VaCAP Board — Mon, 27 Jul 2020 12:30:10 +0000

Proposed Revision to STANDARDS RULE 2-2…a change that would undercut the appraisal profession in a major way… Comments on the proposed changes to the 2022-23 USPAP are needed. The proposed changes to the reporting requirement of Standard 2 may impact the profession negatively and confuse the public on who we are and what we do. We ask that each and every one of you pause for a moment and comment by July 30th. Below is what was sent out to the Arizona Association of Real Estate Appraisers by Joanna Conde. Virginia also requires anyone using the title appraiser, be licensed....

USPAP Appraisal Reviews in 15 Minutes? $15 USPAP Appraisal Reviews in 15 minutes? A VaCAP member shared with us something they read in an appraiser group…
USPAP Will No Longer Be Misleading Back in early February on Appraisalville, I questioned a new definition that appeared in USPAP for the term "misleading." Many others took…
Bringing Evaluations Under USPAP's Umbrella Evaluations: Concept Paper, Webinar, Public Meeting In early August, The Appraisal Foundation announced that the The Appraisal Standards Board would…

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Skipping Comp Photos, Suicidal Shortcuts

Michael Ford — Wed, 02 Oct 2019 12:30:17 +0000

I refuse to undermine my own profession by pretending that time saving shortcuts are always acceptable just because they are ‘more modern and progressive’. I know how long it takes to produce USPAP compliant, credible appraisal results. I charge accordingly for my time. I make no effort to compete on fees with half assed hybrids, evaluations, or single approach partially performed field work. Respectfully, neither should anyone else. Please stop undermining our own profession…. Recently The Appraiser Coach posted an article and links to a podcast suggesting its no longer necessary to photograph our comparable sales. I wrote a counter...

Appraisers, did you Shoot yourself in the Foot? When I explain the rules many of the appraisers start complaining: "An MLS photograph depicts the house at the time…
Can We Stop Taking Comp Photos? I personally do not think that appraisers should be required to take comp photos... First, before the hate mail starts…
It’s Time to Take Out the Junk: AMC Practices Exposed Appraisers have spent years carrying the weight of broken AMC practices, and this article pulls every one of those practices…

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The Collective Rot

Frederick E Rossiter — Wed, 25 Sep 2019 12:30:27 +0000

Over 11,000 appraisers signed that petition… The US Congress completely ignored it and, as a result, The Great Real Estate Depression followed. Déjà vu: Or is it Déjà Poo (I’ve heard this crap before)? The Collective Rot Growing Within the Shadows of the Great Real Estate Depression We are just 11 years past the beginning of the Great Recession. Some estimate the US suffered a $14 trillion loss in wealth. Others estimated the loss as high as $21 trillion. This event is more commonly referred to as The Great Real Estate Depression by those of us who are or were in the real estate industry...

FDIC Says NO to Appraisals The FDIC voted to increase the minimum appraisal threshold to $400,000 for residential appraisals, despite the overwhelming opposition. The vote…
Promoting False "Racist Appraiser" Narrative Some Lenders promoting false "racist appraiser" narrative to optimize profits via AVMs Like most businesses lenders want to optimize their…
The Town With No Bank: How Rural America Lost Its… For decades, we’ve been told that the problem is demand. That people don’t want to live in rural America anymore.…

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Bringing Evaluations Under USPAP’s Umbrella

ICAP Board — Fri, 06 Sep 2019 12:30:43 +0000

Evaluations: Concept Paper, Webinar, Public Meeting In early August, The Appraisal Foundation announced that the The Appraisal Standards Board would be considering adopting standards for evaluations in the Uniform Standards of Professional Appraisal Practice (USPAP). On September 3, 2019, they announced three opportunities to learn more and share your insights. Concept Paper The Appraisal Standards Board is seeking your feedback on the concept of developing standards for performing evaluations in USPAP. Submit your comments to ASBcomments@appraisalfoundation.org. The comment period closes on October 11, 2019. Read the evaluations concept paper here Webinar Wayne Miller, chair of the Appraisal Standards Board, and...

FDIC Says NO to Appraisals The FDIC voted to increase the minimum appraisal threshold to $400,000 for residential appraisals, despite the overwhelming opposition. The vote…
The Great Debate on Appraisal Fees She included several different fee split examples indicating AMCs retained as much as 70 percent of the total appraisal fee…
Fannie Mae Filed a Complaint Against Me An appraiser shared the following with us which was posted on one of the appraisers’ groups. Fannie Mae filed a…

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Appraisers Should Never Do Evaluations

Michael Ford — Wed, 14 Aug 2019 12:30:25 +0000

…users of evaluations knew & accepted that if they obtained evaluations in lieu of real appraisals that they were getting meaningless value opinions by unqualified personnel… TALCB will be considering the Board’s position regarding appraisers performing evaluations in compliance with USPAP at the next Board meeting on August 23, 2019 Dear Texas Appraisers Licensing & Certification Board Members: The short and sweet version is that appraisers should never, repeat never do ‘evaluations’. The term itself should never be uttered as if it refers to any legitimate appraisal product that meets the USPAP requirements of a real estate appraisal. When FIRREA...

Alternative Evaluations... Good or Bad All of these "alternative evaluations" are an attempt to reduce the fee of the appraiser... All this talk about alternatives…
The Black Swan - Another Meltdown Another Meltdown – The Inevitable Outcome of a White Swan: Why would we allow another Financial Meltdown to occur? ...When…
Open Letter to Taxpayers An Open Letter to Taxpayers Dear Ms; Mrs. & Mr. Taxpayer: In a recent article published by Housing Wire; authored…

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NCUA Quadruples the Appraisal Threshold

Dave Towne — Mon, 22 Jul 2019 12:30:05 +0000

Like so many things in life, the NCUA Board decision was predicated primarily on greed… This is a lot like the liar loans that infiltrated residential lending not that long ago. Appraisers, especially Commercial appraisers, I picked this info up from a message sent out by the Appraisal Institute on July 18, 2019: “The NCUA Board of Directors today quadrupled – from $250,000 to $1 million – the appraisal threshold for nonresidential real estate loans. NCUA is the National Credit Union Administration. The appraisal threshold is the loan amount below which appraisals are not required. Increasing the threshold would drastically...

Fannie Mae Filed a Complaint Against Me An appraiser shared the following with us which was posted on one of the appraisers’ groups. Fannie Mae filed a…
USPAP’s Typical Buyer Standard in the Fair Housing Era The Irreconcilable Conflict Between USPAP's Typical Buyer Standard and the Current Fair Housing Compliance Regime. Retain this document as a…
The Great Debate on Appraisal Fees She included several different fee split examples indicating AMCs retained as much as 70 percent of the total appraisal fee…

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North Dakota Appraisal Waiver Granted

Dave Towne — Sat, 13 Jul 2019 12:30:59 +0000

News ‘hit the fan’ a few days ago that the Appraisal Subcommittee (ASC) granted the requested waiver to North Dakota, but only for ONE YEAR, not the FIVE that was requested. What does this mean? A. It does not apply to ‘all’ appraisals. B. It applies to portfolio (in-house) loans granted by lenders, NOT to loans which eventually will be re-sold to the GSE’s or other agencies – which will require a fully compliant appraisal signed by a licensed appraiser. C. The ND ‘waiver’ appraisals still must comply with USPAP, but the appraisal does not need to be signed by...

USPAP’s Typical Buyer Standard in the Fair Housing Era The Irreconcilable Conflict Between USPAP's Typical Buyer Standard and the Current Fair Housing Compliance Regime. Retain this document as a…
Diatribes Against Appraisers What’s even more frustrating to me is none of the well-known appraiser organizations have offered any public rebuttal to any…
Dear ASC: Details... Why They Matter DETAILS... NO MATTER HOW SMALL OR BIG NEED TO BE PRESENTED. If not, you failed. ASC, today you failed us…

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Coester Risen from Ashes?

Dave Towne — Wed, 10 Jul 2019 12:30:48 +0000

Has Coester risen from the ashes? Apparently, per a message on Twitter on July 9, 2019, Mr. Brian Coester is now in the real estate sales biz. The photo image used on the big T is the same one he used to use on his defunct AMC website. More information here for re-posts of articles not written by him. Meanwhile, there appears to be a new twist in Evaluation appraisals. This is the first I’ve seen about an AMC or any other company using ‘the homeowner’ to supply interior photos which will be used in a bank evaluation. See this...

Coester Loses in Court! Gosh... I’m really sad to bring you this news (sarcasm). Brian Coester Loses in Court! About 2 years ago, Georgia…
Top DEI Bosses Have a Problem - Diversity The ranks of the new DEI bosses at the financial institutions are no more diverse than the appraisers their institutions…
USPAP’s Typical Buyer Standard in the Fair Housing Era The Irreconcilable Conflict Between USPAP's Typical Buyer Standard and the Current Fair Housing Compliance Regime. Retain this document as a…

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No Shortage Exists

Michael Ford — Fri, 28 Jun 2019 12:30:51 +0000

No shortage exists other than too few appraisers willing to work for drastically discounted fees that would also be willing to overlook the complexities of rural appraising in their completion time estimates. Nowhere in the ND proposal is there an assurance that in return for waivers, consumers would not be charged one dime for appraisal or appraisal related AVM fees. “Rising costs” is a deceptive claim to hide bankers desires to usurp appraisal fees for themselves. Perhaps they would call them evaluation fees to warrant charging $600 to $1,500+ for 30 second AVM analysis fees. Dear Mr. Park: RE: Appraisal...

Fannie Mae Filed a Complaint Against Me An appraiser shared the following with us which was posted on one of the appraisers’ groups. Fannie Mae filed a…
The Great Debate on Appraisal Fees She included several different fee split examples indicating AMCs retained as much as 70 percent of the total appraisal fee…
County Assessors' Standards | AVM Final Rule Guidance County Assessors have the advantage of being able to calibrate their models specifically for one market, allowing for a more…

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MCS Valuations (AMC) Closing Shop

Dave Towne — Wed, 06 Feb 2019 13:30:39 +0000

I saw a posting by another appraiser on a Facebook page on February 5, 2019 that MCS Valuations, based in Lewisville, TX, is closing shop. They are an AMC, and provide BPO’s and other real estate related services. The appraiser posted a letter from the company. They will not be placing any more appraisal assignments, but are asking appraisers to finish any assigned reports already in the pipeline. What’s really striking about this closure is that in 2014, MCS Valuations bought ‘components’ of CoreLogic’s associated entities that CoreLogic no longer wanted in their business! February 5, 2019 This communication is to inform...

AGA Objects De Minimis Increase Proposal We object to the proposal to increase the de minimis threshold at which no appraisal is required... Sirs: The American…
Closed for Business, Sorry Folks! For those who are not familiar with what an AMC is, it is short for Appraisal Management Company. They are…
CoesterVMS in Bankruptcy? ...all payments on orders completed prior to 11/15/2018 cannot be paid... Appraisers, there is a body of evidence being disseminated…

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Should We Raise the Deminimus to $2 Million?

George Dell — Tue, 29 Jan 2019 13:30:21 +0000

Bank regulators are nearing a decision to raise residential real estate transactions appraisal threshold to $400,000 from $250,000, for certain transactions. Perhaps it should be set to $2 Million, or $5 Million. It strikes me that we have two separate taxpayer regulatory/administrative/quasi-governmental organizations working in opposition. On one hand we have the Appraisal Subcommittee and The Appraisal Foundation (TAF), and 50+ state organizations attempting to regulate, license, and control the education of appraisers. USPAP, (Uniform Standards of Professional Practice) is promulgated by the Appraisal Standards Board (ASB) of the TAF. USPAP compliance is required for federally related transactions. USPAP comprises two parts:...

Comments Needed on Appraisal Requirement The OCC, Board, and FDIC (collectively, the agencies) are inviting comment on a proposed rule to amend the agencies’ regulations…
Ulterior Motive in Raising De Minimus ...raising de minimus shenanigans being promoted... Appraisers, a couple of weeks ago, I sent out a message about a Fee/TT…
AGA Objects De Minimis Increase Proposal We object to the proposal to increase the de minimis threshold at which no appraisal is required... Sirs: The American…

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Appraisal Simulator

VaCAP Board — Wed, 23 May 2018 12:30:15 +0000

The industry is working of an appraisal simulator… The US House of Representatives Passed S 2155 today! Section 103 allows for waivers of appraisals by licensed appraisers in certain situations. See the bill here. Other News: Last week The National Association of Realtors held their Real Property Valuation Committee meeting. We have 2 VaCAP members on this committee. Here is a brief over view of the meeting from our representative in attendance. John Brenan with the Appraisal Qualifications Board (AQB) spoke at the meeting and gave an update on the roll back of licensing requirements that went into effect May 1st....

The New & Improved Fannie Mae “FRAUDULATOR 2.0” Originally known as Fannie Mae’s Collateral Underwriter (CU), and subsequently Collateral Underwriter 2.0 (CU-2)i this always dubious product of Fannie…
The Town With No Bank: How Rural America Lost Its… For decades, we’ve been told that the problem is demand. That people don’t want to live in rural America anymore.…
USPAP’s Typical Buyer Standard in the Fair Housing Era The Irreconcilable Conflict Between USPAP's Typical Buyer Standard and the Current Fair Housing Compliance Regime. Retain this document as a…

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If I Could Turn Back Time

Guest Author — Wed, 07 Mar 2018 13:30:48 +0000

Community Banks want to bypass appraisals in rural area… Evaluations are the answer, right? There have been lots of discussions lately concerning property inspection waivers, waivers of appraisals in rural areas, and allowing appraisers to complete Evaluations outside of USPAP standards. Doesn’t this all sound familiar? It should, we have already lived it 30 some years ago, prior to FIRREA. Back then Savings and Loans had staff appraisers to complete appraisals. The appraisal was not completed by a licensed appraiser, because licensing to protect the public did not exist. Today Community Banks want to bypass appraisals in rural area. Their...

The Real Cause of the Home Value Gap Is the Income Gap Blaming appraisers for the income gap will never solve the real underlying problem... Blaming appraisers for the income gap is…
Fannie Mae Filed a Complaint Against Me An appraiser shared the following with us which was posted on one of the appraisers’ groups. Fannie Mae filed a…
The New & Improved Fannie Mae “FRAUDULATOR 2.0” Originally known as Fannie Mae’s Collateral Underwriter (CU), and subsequently Collateral Underwriter 2.0 (CU-2)i this always dubious product of Fannie…

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Call to Action

VaCAP Board — Wed, 24 Jan 2018 13:30:27 +0000

Three bills introduced concerning our profession… Fellow Appraisers, The 2018 Virginia General Assembly has begun and there are three bills that have been introduced concerning our profession. VaCAP is not behind any of these bills and we honestly do not know how they came about. We were truly blind-sided by them. We ask that you contact your representatives and offer your support, opposition and suggestions. It is also a good idea to contact the committee members that will be discussing and voting on each of these bills. We will continue to follow the bills and alert you when they appear...

USPAP’s Typical Buyer Standard in the Fair Housing Era The Irreconcilable Conflict Between USPAP's Typical Buyer Standard and the Current Fair Housing Compliance Regime. Retain this document as a…
Attorneys General Shady Business Racket at Attorneys General Group Will Ring Familiar to Appraisers The nation’s licensed real property appraisers will recognize a scheme…
The New & Improved Fannie Mae “FRAUDULATOR 2.0” Originally known as Fannie Mae’s Collateral Underwriter (CU), and subsequently Collateral Underwriter 2.0 (CU-2)i this always dubious product of Fannie…

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Ocwen Is In Trouble

VaCAP Board — Wed, 26 Apr 2017 12:30:42 +0000

Could Ocwen’s trouble mean more business for appraisers? Ocwen Financial is in trouble with 22 States and the Consumer Financial Protection Bureau. Some states have issued a Cease and Desist Order, others like South Dakota are telling it like it is: “Ocwen does not possess the competence, experience, character, or general fitness required to permit Ocwen to continue…” Could this mean more business for appraisers? Will these issues be found in other lenders? How will the Real Estate and mortgage market be impacted? Time will tell. In the meantime, read all about Ocwen’s trouble on HousingWire here. In Other News:...

The Latest AMC Ploy Oh what fun it is to become PREFERRED... Folks, From various sources I’m learning that you now have the outstanding…
Quit Doing This. Just Say NO! E&O coverage has nothing at all to do with underwriting mortgage loans... Do not include your E&O binder page in…
I Must Apologize; I Got it Wrong... Your employees did not come from Taco Bell, they delivered your pizza! In a recent New York Times article by…

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To Eval or Not to Eval

IDFPR Board — Thu, 21 Jul 2016 12:30:44 +0000

An evaluation, when performed by an individual acting as an appraiser, is an appraisal… Recently, a document entitled, The Interagency Advisory on Use of Evaluations in Real Estate-Related Financial Transactions was released. Many in the lending and appraisal professions see this as a federal permission slip for evaluations to be completed by Illinois Certified Appraisers. The document reiterates what we already know about evaluations: Under the appraisal regulations, the following transaction types do not require an appraisal, but do require an evaluation: Transactions in which the “transaction value” (generally the loan amount) is $250,000 or less; Certain renewals, refinances, or other transactions involving...

Evaluations for Lenders & Appaisers Appraisal Institute Helps Appraisers Perform Evaluations for Lenders The Appraisal Institute’s “Guide Note 13: Performing Evaluations of Real Property Collateral…
Can You Do a Particular Assignment per USPAP?? Yes, I can Accept That Assignment! Types of assignments... Folks, The Appraisal Foundation, via John Brenan, has released the following,…
Valligent New $40 Alternative Valuation Assignment Valligent, an AMC with ‘national’ presence, is soliciting appraisers to complete a new alternative valuation product on behalf of their…

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Appraiser Shortage Myth Used to Raise De Minimis Value

Michael Ford — Wed, 16 Mar 2016 12:30:04 +0000

Appraisers, I know everyone is busy right now, but this cannot wait. This may be the most important blog post affecting appraisers this year. I don’t think it is an exaggeration to say that if something is not done, it really COULD lead to the end of ALL residential appraisers for federally regulated transactions under $500,001. FFIEC under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), is considering raising the de minimis lending level from $250,000 to $500,000, because the local community banks are complaining that they cannot find enough appraisers in rural America to handle the volume! If...

Form PACE Pro - Appraisal or Evaluation? Frankly this form is so screwed up! To First American Mortgage Solutions...(copy to appraisers around the US): Do you folks…
An Opportunity for More Work... Work opportunity for $25... Opportunity? A member of VaCAP forwarded this email from an AMC. VaCAP wanted to share. "We…
Raising Appraisal Threshold Levels Adjusting appraisal threshold levels On December 2, 2015, Dave Towne called attention to an article on a potential increase in…

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Form PACE Pro – Appraisal or Evaluation?

Dave Towne — Tue, 02 Feb 2016 13:30:07 +0000

Frankly this form is so screwed up! To First American Mortgage Solutions…(copy to appraisers around the US): Do you folks really understand what your PACE form report REALLY is?? It is not an Evaluation report. It is an actual appraisal, disguised very poorly as a so-called Evaluation. Here’s what I found in your form, after actually reading it: “This report is provided for the benefit of the named customer only and is not intended to be, nor shall it be deemed to be, an appraisal or any form of an appraisal.” OK, fine, not an appraisal. The main form page says...

MC Form & Incorrect Reporting of DATA Appraisers, Wednesday last week (11/18/15) WorkingRE published, via their e-Newsletter, an article I submitted to them as an 'exclusive.' I…
2075 FNMA Form a Ticking Time Bomb? Is Fannie Mae Form 2075 a ticking time bomb for Appraiser? Fannie Mae Form 2075 (aka the “Desktop Underwriter Property…
URAR Form Ambiguities and Liabilities Revisiting The Fannie Mae/Freddie Mac 2005 URAR Form Ambiguities and Liabilities It has been eight years since the URAR form…

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evaluation report - Appraisers Blogs

NAR Appraisal Survey

Related Posts:

Reconciling the Erosion Within My Profession

Related Posts:

Undercutting the Appraisal Profession

Related Posts:

Skipping Comp Photos, Suicidal Shortcuts

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The Collective Rot

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Bringing Evaluations Under USPAP’s Umbrella

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Appraisers Should Never Do Evaluations

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NCUA Quadruples the Appraisal Threshold

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North Dakota Appraisal Waiver Granted

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Coester Risen from Ashes?

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No Shortage Exists

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MCS Valuations (AMC) Closing Shop

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Should We Raise the Deminimus to $2 Million?

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Appraisal Simulator

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If I Could Turn Back Time

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Call to Action

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Ocwen Is In Trouble

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To Eval or Not to Eval

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Appraiser Shortage Myth Used to Raise De Minimis Value

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Form PACE Pro – Appraisal or Evaluation?

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