Tagged: hybrid appraisal

August 29, 2018

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

August 27, 2018

Criminal Charges

Criminal Charges Brought Against AMC Owner VaCAP has been informed that AMC owner Brian Coester, of Coester Valuation Management Services (VMS), has new criminal charges filed against him. We have confirmed these charges through the court system public access system: Maryland Judiciary Case Search Criteria Below is a list of 19 court cases found under the name Brian Coester: Is Another Financial Scare on the Horizon? George Will, Washington Post Writers Group, has an interesting column in entitled “America is overdue for another Lehman-Like Episode”. In this article he stated that the stock market has enjoyed its longest-ever bull run. The...

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

August 20, 2018

The C&R Compensation Argument

Audit amc’s for C&R payment compliance nationally… A wrongful denial of that immunity is effectively unreviewable because it subjects states and related entities to the indignity of defending sovereign action through protracted litigation. Delaying appeals or orders denying state action immunity will interfere with their regulatory freedom by distracting officials from their duties and hindering their discretionary actions. Please allow me to help with a summary of the past 10 years in the appraisal industry. Amc’s are billion dollar companies and they circumvent many long standing ethic and spirit of regulatory compliance laws in states where they operate. They shop...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

Need for Speed? AMC vs Direct Lender Ordered Appraisals TATs Study

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August 16, 2018

Need for Speed? Hybrids are NOT the Answer!

…surveys indicate that appraisals ordered directly by lenders take much less time… Dear Colleagues, There is a current narrative that appraisals take too long and cost the consumer too much! Does this sound accurate? Preliminary coalition surveys indicate that appraisals ordered directly by lenders take much less time than appraisals ordered by AMCs. Additionally, the cost of Hybrid Appraisals has been disclosed in reports as $495 being paid to the AMC. How is this a savings to the consumer? They get an inferior valuation product and pay the same price as a full appraisal. Who is truly benefiting from this scenario? Fannie...

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

August 10, 2018

States Back LREAB Against FTC

States Support Louisiana Real Estate Appraiser Board against the FTC States (and appraisers) are very interested in the outcome of the LREAB vs FTC to protect their own sovereign actions. On July 11, 2018, the states of Mississippi, Idaho, Iowa, Rhode Island, and Utah filed an amicus brief with the United States Court of Appeals for the Fifth Circuit supporting the Louisiana Real Estate Appraiser Board. See the entire brief here or below. The outcome of this will impact each and every one of us. As we reported a few days ago, one lender, BB&T, has opted to step up...

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

Limbo Anyone? How Low Will Clarocity Stock Go?

August 6, 2018

Limbo Anyone? How Low Will it Go?

No, I am not really going to talk about a Limbo game. I am referring to the stock of a company promoting hybrid appraisals across the country. Representatives of this company are at every industry meeting, promoting their products, often times invited to speak. You are probably sick of hearing about hybrid appraisals by now and honestly, so am I. So I will keep any verbiage about hybrids in the context of reference only and try not to bash them too much. If you are regular reader of Appraisersblogs, you probably have seen many articles about Clarocity Corporation. A quick...

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

August 4, 2018

Financial Ecosystem Changes

Treasury report calling for a more digitalized mortgage process, including the use of AVMs, hybrid appraisals & appraisal waivers… A few days ago, HousingWire reported the Trump Administration calling for sweeping changes to the financial ecosystem. In short, the article references a report by the Department of the Treasury calling for a more digitalized mortgage process, including the use of AVMs, hybrid appraisals and appraisal waivers. The HousingWire article has a link to the Treasury Report, which is 222 pages or you can click here to read the report. VaCAP has received a copy of the ASA’s response to the Treasury Report....

AMC / American Society of Appraisers / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

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

August 3, 2018

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

Is the Property Inspection by an Unlicensed Person Considered Assistance?

July 30, 2018

Is that not Significant Assistance?

Is the property inspection by an unlicensed person considered assistance? We came across an article written by fellow appraiser, George Dell. Some of you may have heard of him, read his blog, or taken one of his classes. This article “What is a Hybrid?” hits home to many of us and thought it was worthy of sharing. Those promoting hybrid appraisals have been claiming USPAP compliance. Well anyone who has ever taken a USPAP class knows no form or product is USPAP compliant. The appraiser’s actions are what make a report USPAP compliant. In George’s article he points out the discrepancies...

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

July 9, 2018

Are Bifurcated Appraisals Legal in Your State?

Lately there has been a push for bifurcated (hybrid) appraisal products. Those promoting these questionable products claim it will reduce the amount of time to obtain an appraisal. Most appraisers are screaming foul play, and for good reason. It is because of bad players doing questionable things that licensing became mandatory in Virginia. Mandatory. Licensing of appraisers protects the public trust. We all know splitting the process will not save time, but rather create delays. The only reason for this questionable product is the profit of the amc, nothing more. And then there is the quality of the information being...

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