Exposure Time - Appraisers Blogs

Alleged Systemic Racism in Appraisal Myth

Michael Ford — Fri, 28 May 2021 12:30:37 +0000

In virtually every single case of alleged racism to hit the media recently, admitted staged events were in play. One could argue staging was necessary to identify if a valuation difference resulted from perceptions of what race the occupants are. Fair enough. Provided that the staging itself does not alter the value scenarios. Provided that the results are being honestly reported. I’m skeptical. I’ve researched each case as far as can reasonably be done from the information provided. The American Guild of Appraisers has also offered (repeatedly) to conduct thorough reviews of each and every appraisal involved in the reported...

Racial Bias by Appraisers Is Uncommon & Not Systemic Intentional and unintentional racial bias by appraisers on refinance loans is uncommon and not systemic... On January 4, 2021, the…
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…
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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Mueller REO Hybrid Appraisal Report

VaCAP Board — Tue, 26 Mar 2019 12:30:58 +0000

Another Mueller Report has surfaced. The report is a Mueller REO Hybrid Appraisal Report and it was given to an appraiser as a sample. This one raises more questions than the last one! The photos from the property inspection do not tell the appraiser one thing. The photos are dark and the repairs the inspector states are needed, simply are not seen in the photos. It begs the question, does the appraiser have adequate information to complete a credible appraisal? Now take a look at the Mueller REO Hybrid Appraisal report. Pull up the report and follow along. Some things have...

Let Appraisers Train Their Own Inspectors If we are to make a third party inspector liable for the data they provide... FNMA's recent newsletter states that…
Mueller Sample Report. You Decide! A recruiter for Mueller Services, Inc. (Mueller Reports) contacted a VaCAP member about joining their team as a W-2 employee…
I'd Be Better off at McDonalds ...they provide no documentation as to how their algorithm produces this indicated value... I had to "jump in the pool"…

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Crystal Ball & PFA Techniques

Dave Towne — Wed, 15 Aug 2018 12:30:19 +0000

PFA figures & opaque crystal balls don’t work when reporting market trends! Nor does the MC Form! Appraisers, by now you’ve heard that FNMA finally has decided that their 1004MC form is basically worthless. That form is no longer required in appraisal reports for properties sold to FNMA, as of August 7, 2018. poorly designed form which never has reported accurate trends…However, sidekicks in mortgage lending have not come to the same conclusion… yet. Hopefully, in short time, they will also remove the MC ‘inclusion’ requirement in reports of this awful, poorly designed form which never has reported accurate trends – despite the...

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.…
Uncovering Flaws in FHA Appraisal & Loan Review Process The story of this single mother's harrowing experience with a defective home purchase and HUD's negligent oversight exposes deep flaws…
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…

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What IS a “ClearVal Appraisal”?

Michael Ford — Wed, 31 Jan 2018 13:30:00 +0000

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...

New Hybrid Desktop Hucksters What could lure these successful 'professionals' from their chosen careers? Fellow appraisers, I just received an advertisement for a company…
The Reality There is no shortage of appraisers, only appraisers willing to work for Appraisal Management Companies, but there will be a…
Homeowner Rejects Hybrid Appraisal Appraiser Alert: Don’t Mess with a 4’ 10” Senior Citizen! Last week I called a borrower to schedule the appraisal appointment.…

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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...

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…
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…
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…

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USPAP 2016-17 Summary of Changes

Dave Towne — Thu, 19 Feb 2015 13:30:46 +0000

2016 – 17 USPAP Updates & Revisions Appraisers, On Feb 6, the Appraisal Standards Board finalized the upcoming changes to the next issue of USPAP. See the PDF for the actual document. The highlights are: Revisions adopted for 2016 – 17 USPAP The following changes were adopted by the Board in a public meeting on February 6, 2015, and will be incorporated in the 2016 – 17 edition of USPAP and associated guidance material with an effective date of January 1, 2016: Revisions to the RECORD KEEPING RULE Revisions to STANDARD 3 Revisions to the Definition of Assignment Results and Confidential Information and...

The One-Mile Rule: Prudent Policy or Modern Day Redlining? ...whether through redlined maps or implicit "one-mile rule," the result can be undervalued properties in historically marginalized neighborhoods. Throughout the…
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 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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Proposed 2016-17 USPAP Changes

AppraisersBlogs — Thu, 18 Sep 2014 12:30:56 +0000

Comments Requested for Additional Proposed Changes to USPAP 2016-17 USPA The Appraisal Foundation’s Appraisal Standards Board has issued a third exposure draft of proposed changes to its 2016-17 edition of the Uniform Standards of Professional Appraisal Practice, and is seeking feedback on the proposed changes by Oct. 10. Among the proposed changes is an adjustment to the definition of report, which currently is defined as “any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client upon completion of an assignment.” The proposed definition would read “Any communication, transmitted to the client or to...

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.…
Confusing Language for USPAP Ethics Rule Addition A proposed update of professional guidelines for property appraisals contains confusing language about what constitutes discrimination, and would even suggest…
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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Rules of Engagement

IDFPR Board — Fri, 30 May 2014 12:30:18 +0000

Recently a particular engagement letter format has been circulating amongst residential appraisers from several nationally chartered banks. Aside from the usual intended use and exposure time boilerplate requirements there are several new problematic inclusions. Personal Property All personal property transferring in a purchase transaction must be described in the appraisal whether or not it was listed in the sales contract. Any client is free to ask for a shopping list of tchotchkes, but if an appraiser is appraising an abandoned residence with piles of junk laying everywhere…they couldn’t afford my time to sift through it all like in an episode...

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.…
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…
Uncovering Flaws in FHA Appraisal & Loan Review Process The story of this single mother's harrowing experience with a defective home purchase and HUD's negligent oversight exposes deep flaws…

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Guidance RE Exposure Time

AppraisersBlogs — Thu, 14 Feb 2013 12:30:55 +0000

New Guidance Helps Appraisers Analyze Exposure Time The Appraisal Institute published “Guide Note 14: Concept of Exposure Time” Feb. 12 to help appraisers understand exposure time and how to incorporate its analysis into appraisals. The guidance addresses how appraisers should link exposure time, which refers to the time a property remains on the market, to their value opinion and comply with the Uniform Standards of Professional Appraisal Practice. The Guide Note states, “An analysis and opinion of Exposure Time is required for appraisals where the definition of value is tied to a reasonable or stipulated exposure time. A discussion of...

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…
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…
Uncovering Flaws in FHA Appraisal & Loan Review Process The story of this single mother's harrowing experience with a defective home purchase and HUD's negligent oversight exposes deep flaws…

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Making Sense of Marketing Time and Exposure Time

Guest Author — Tue, 06 Mar 2012 12:00:04 +0000

Marketing Time Strangely enough, USPAP 2012-2013 does not include a definition of Marketing Time. Marketing Time is only addressed in the Advisory Opinions (AO 7) and the Advise from the ASB is that reasonable marketing time is an opinion of the amount of time that might take to sell a property interest at the concluded market value during the period immediately after the effective date of an appraisal. Exposure Time USPAP requires an opinion of exposure time, not marketing time, when the purpose of the appraisal is to estimate market value. USPAP 2012-2013 defines Exposure Time as the estimated length...

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…
Removing the Definition of Personal Inspection Why is the ASB proposing to remove the definition of Personal Inspection? Several days ago, an appraiser posted the following…
USPAP Definitions of 'His' and 'Her' The USPAP Exposure Draft Process Continues To Step Outside Their Purpose With Her / Him as the new ‘Misleading’ Debacle…

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Developing and Reporting Exposure Time

ICAP Board — Mon, 20 Feb 2012 12:00:31 +0000

Did you know that the 2012 USPAP has a new development and reporting requirement? Effective January 1, 2012; when exposure time is a component of the definition for the value opinion being developed, the appraiser must also develop and state in the report an opinion of reasonable exposure time linked to that value opinion. The following is the exact language in the USPAP; DEFINITIONS Exposure Time: estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the...

USPAP Definitions of 'His' and 'Her' The USPAP Exposure Draft Process Continues To Step Outside Their Purpose With Her / Him as the new ‘Misleading’ Debacle…
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 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 post Developing and Reporting Exposure Time appeared on Appraisers Blogs.

Exposure Time - Appraisers Blogs

Alleged Systemic Racism in Appraisal Myth

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Mueller REO Hybrid Appraisal Report

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Crystal Ball & PFA Techniques

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What IS a “ClearVal Appraisal”?

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To Eval or Not to Eval

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USPAP 2016-17 Summary of Changes

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Proposed 2016-17 USPAP Changes

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Rules of Engagement

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Guidance RE Exposure Time

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Making Sense of Marketing Time and Exposure Time

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Developing and Reporting Exposure Time

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