Tagged: FHA

Subject Street Scene Photos' Policy - Appraisers Blogs 13

Street Scene Photos of the Subject Property

Appraisers, the discussion of subject photos occurred recently on a forum I read. How many of you know the street scene “view” policy of FHA and FNMA? How many of you were trained to just take ONE photo from the very front of the subject, looking down the street in one direction or the other (without having the subject in the photo)? Is that ‘good enough’ for a lender to know the context of where the subject is on the street? If a ‘street view policy’ between agencies is more strict for one, would it be appropriate to adopt that policy for...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Administration / FHA

COD at The Door? - Can Appraisers Collect at the Door? 28

COD at The Door?

Can Appraisers Collect at the Door (COD)? In the past, it was common for appraisers to collect their fees directly from the borrower at the time of the property visit (i.e., at the door). I would take credit cards, checks, or cash while at the door. Many years ago, this was common. Now, however, that rarely happens and we usually have to wait 30- to 60-days for payment from the AMC client. So recently, when I got a COD order from HUD, I was really surprised. In fact, I thought something was bogus. I needed to check this out since...

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

Landmark Acquired by Class Valuation - VA Drops 1004MC...Done Deal! 17

Done Deal

AMC Consolidaton – Class Valuation (formerly Class Appraisal) of Troy, MI is acquiring Landmark Network, of Van Nuys, CA. This document does not say ‘when’ it will occur, or if the transaction has concluded, but the way it is written, the implication is that it’s a “dun deel.” Anybody have any scuttlebutt on which of the hundreds of the remaining AMC’s might be next to be consolidated with another one? Landmark Network’s email: Hello! Eleven years ago, I set out to create a different kind of appraisal management company. One that truly valued our appraiser partners while embracing the efforts...

1004MC / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News

Proof of Title - The Edification of Uninformed FHA Bureaucrats 5

Proof of Title

…you have only cleared title to the proposed collateral property back to 1803… Rebuilding New Orleans after Katrina often caused residents to be challenged to prove home titles back hundreds of years. That is because of community history stretching back over two centuries during which houses were passed along through generations of family, sometimes making it quite difficult to establish a paper trail of ownership. A New Orleans lawyer sought a FHA rebuilding loan for a client. He was told the loan would be granted upon submission of satisfactory proof of ownership of the parcel of property as it was...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Federal Housing Administration / FHA

Human Real Estate Appraisers Unnecessary? - Appraisers Blogs 80

Human Real Estate Appraisers Unnecessary?

“Real estate appraisers will not exist in the future.” – Reasons Behind Matt Rider’s Projection and Why He’s Wrong Technology in real estate is advancing to a point where any user can “pull up a property’s data together” and create an appraisal. This is the main point raised by Franklin American Mortgage’s Chief Information Officer Matt Rider in his interview with National Mortgage News. He claimed that as a result, real estate appraisers wouldn’t exist in the future. See interview here. Rider’s projection seems to be based on society’s increasing dependence on Big Data and artificial intelligence (AI). According to...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

Stolen Appraisals Class Action - Theft of Appraisers' Data 87

Theft of Appraisers’ Data

…they charge appraisers an upload fee for the privilege of having their data stolen… I would never allow my data to be used for or by a service that specifically uses to create, modify or enhance products designed to compete with my professional services to the detriment of my business and profession. THAT is something that the Fifth Circuit Court of Appeals identified when they found that CoreLogic’s subsidiary FNC STOLE appraisers data after promising them data security. FNC stole data. We now know FNMA also stole data. Alamode is delving into individuals own personal databases in order to even...

a la mode / AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Software

Reality vs Positivity - The Appraiser's Journey: What Happens when Reality Sets in? 41

Reality vs Positivity

Read any sales training publication and you will learn about positivity and how it helps you succeed. For the most part, this is true. But what happens when reality sets in? Positivity: Many appraisers have praised the decision by Fannie Mae to eliminate the 1004MC. No question, it is a flawed form, but every software vendor allows us to complete the form with the push of a button. This can be done in most MLS systems as well. The form shows the number of sales in the past 90 days and the number of current active listings. With enough data,...

1004MC / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News

Nationwide Appraiser Count - The Number Game - Appraisers Blogs 16

Nationwide Appraiser Count vs. Fake News

12 Year Trend: Active Appraiser Credentials… We often hear about the ‘shortage’ of appraisers in the US. This is fake news promulgated by a number of AMC’s who cannot find enough appraisers to do their assignments – largely because the AMC won’t pay the appraiser an appropriate fee for service, or other issues. John Brenan, Director of Appraisal Issues for The Appraisal Foundation, gave a presentation at the Washington State association of appraisers conference on Aug. 16. He showed this slide during his presentation: Note that these are CREDENTIALS… the licenses granted by the individual states, which are then reported to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

The Public Trust - A Failed Goal? - Rearranging the Deckchairs on the Titanic 8

The Public Trust – A Failed Goal?

Presumably, "public trust" is the foundational test. Have our institutions, rules, regulations, standards, and social expectations failed us? The purpose of the Uniform Standards of Professional Appraisal Practice (USPAP) is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. Preamble 2018-2019 Our mission is to foster the public trust of our members and the appraisal profession through compliance with the highest levels of ethical and professional standards. The American Society of Appraisers Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. The Appraisal Institute Some ten years ago, financial...

AI / American Society of Appraisers / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

Push for Automated Appraisals... Even Paranoid You Can Have Enemies 16

Just Because You’re Paranoid Doesn’t Mean They Aren’t After You

It appears the government sees the future of appraising as one driven largely by Automated Valuation Models, Hybrids, and outright appraisal waivers…. The title for this article comes from a famous quote by Joseph Heller (the author of Catch-22 fame). I thought of his pithy quote when reading the recommendations by the Department of Treasury to the president. The title of the report: “A Financial System That Creates Economic Opportunities Nonbank Financials, Fintech, and Innovation” seems innocuous enough. However, some decidedly non-innocuous observations / recommendations regarding the appraisal industry appear starting on page 103. The report starts off promising enough;...

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

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