Tagged: fees

Price Fixing? Why is the FTC Involved at All? FTC vs Louisiana Hearing 32

Price Fixing? Why is the FTC Involved at All?

FTC "Price Fixing" Allegations Hearing Update On Thursday, Feb 22, 2018 there were oral arguments presented in the Federal Trade Commission building at 2 pm. The meeting adjourned just before 3:30 pm. There were 55 to 65 people in attendance, which we were told is an extraordinarily larger crowd than typical. This is a very unique case. On the FTC side there were two lawyers – one male, one female. On the Louisiana side there were four males at the head counsel table and three or four other attorneys. I have never attended one of these hearings, so I really did...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Appraisal Management Companies AMCs Have Failed 63

AMCs Have Failed

…it will be the appraisal management companies that are going to be held to the fire, not the appraiser… In the spring of 2002 my wife and I bought our third house; an older cape cod in a great school system where our son would start kindergarten in the fall and his sister the year after. This house literally was 1970 inside. It had deep red shag carpet in the family room and sculptured avocado green carpet upstairs. Not to worry, it blended well with the sunshine yellow stove, bright orange counter top and turquoise and pink bathrooms. After 3...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Send it to India & Save Billions! 10

Send it to India & Save Billions!

Appraisal? Obviously its only worth ten bucks – off to India with it… Most appraisers (and consumers) know the difference between ‘right and wrong’. We don’t need the tortuous, twisted ambiguities of ASB straddling the fence, on all issues to know what is and is not okay. So far ALL they do is hypothesize that bad products can theoretically be used, IF they conform to all the USPAP rules that we all already know they fall short of. As in every single exception being sought for regulatory exceptions in the financial sector, only impractical, not very probable, best case scenarios...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB

Evaluation NOT required to Meet USPAP - AGA Views on Legislative Bills 17

The Devil is Always in The Details

An evaluation is NOT required to meet USPAP requirements… I went over the bills VaCAP requested action on (see VaCAP Legislative Call to Action) and wanted to share my views as it appears they were interested in individual views. HB 1453 Real estate appraisers; changes definition of evaluations. Introduced by: R. Lee Ware SUMMARY AS INTRODUCED: Real estate appraisers; evaluations. Changes the definition of "evaluation" from an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real property to an opinion of the market value of real property or real...

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

Bill Removes Consumer Protection and Legalizes Bad Behavior by AMCs 16

Legislative Call to Action

Bill removes consumer protection and legalizes bad behavior by AMCs. Now is the time to contact your legislators with comments. They want to hear from you! HB 1453 – Changing the definition of evaluations –  has passed the General Laws Committee and was read in the House of Delegates on February 1, 2018 for the first time. SB  655 – Capping fees of an AMC to 20% and disclosing the AMC fee to the consumer – is on the agenda for Monday February 5th in the General Laws and Technology Committee. Please contact your representatives and the committee members and...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Hybrid Reports: ASB USPAP Q&A Justifies Alternative Appraisal Reports 15

Hybrid Reports ASB Q&A

What the cohorts promoting hybrid reports are overlooking is APPRAISAL PRACTICE… Appraisers, On Tuesday, Jan. 23, 2018, the Appraisal Standards Board released their latest Q&A document (see embedded PDF below). This document appears to justify reasons why appraisers can complete the new ‘hybrid’, ‘bifurcated’, ‘desktop’ and ‘alternative’ appraisal reports (regardless of what they are named), although the Q&A document is written ‘generically’ and does not specifically mention those categorical names. I have two issues with this Q&A document: it does not discuss the appraiser’s true responsibility when completing certain kinds of these reports; for more on that see the additional...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / The Appraisal Standards Board

Three Bills Concerning Our Profession Introduced - Call To Action 5

Call to Action

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...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Order Takers? AQB Advocating For All The New Garbage Products 24

Careless Order Takers?

Appraisers were simply order takers… A friend that refers a lot of commercial work to me forwarded the following communications from an AMC. He’s been telling to ‘go away’ for some time now. This time he played along to see exactly what it is they are hustling. I’ve redacted my friends name and eliminated excessive line spacing and repetitive email signatures. I also bold highlighted references to John Brenan & AQB communications. Otherwise it’s as copied from my email. We’ve all heard enough about hybrids so you can either read the copied emails or skip them. It’s the article from...

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

Disclosure & Cap on AMC Fees - New Legislation Introduced 9

Cap on AMC Fees

Cap on AMC fees & Compensation Disclosure… VaCAP was informed of Senate Bill 655 introduced on January 10, 2018 in the General Assembly by Senator McPike. The bill limits the amount an AMC can charge a consumer for their services at 20% and also requires the AMC to disclose the amount charged for their services. We do not know who is behind this bill, but we thank Senator McPike for introducing it. We will share more information as we obtain it. See the bill here or below. BILL to amend the Code of Virginia by adding a section numbered 54.1-2022.2,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

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

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