Tagged: hybrid appraisal

September 9, 2020

Reconciling the Erosion Within My Profession

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...

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

May 27, 2020

Survey Says… Bifurcation is a DUD!

“It’s a dud” is the unofficial results on bifurcated appraisals from the OREP / WorkingRE Magazine Appraisal Bifurcation Survey in the print edition of Working RE Magazine that is hitting your mailbox now, an overwhelming majority of appraisers want nothing to do with these products. Less than 10% of the respondents stated they were open to bifurcation products as the appraiser and only slightly more, 13.64% were open to data collection assignments. Fees, liability and a detriment to the profession were the main reasons appraisers will not consider only the data collection assignments. The survey is still ongoing, but with...

Appraisal / Appraisal News / Appraisers News

Be Part of the Solution & Stop Being Part of the Problem!

May 8, 2020

Be Part of the Solution & Not the Problem!

Why would a professional licensed appraiser not want to be part of the solution? The Appraisal Foundation has posted the National Real Estate Appraiser Job Analysis Study. The survey is to determine the areas that are relevant to our daily functions as appraisers. This is our profession and appraisers are the best source of information on what we do and how we do it. The results will be used to determine the criteria necessary going forward for license examinations. We all have experienced revision requests from a reviewer who does not understand the appraisal process. What about those revision requests...

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

February 12, 2020

Fundamental Risks in Doing Hybrids

…the intent is to caution all appraisers about the fundamental risks in doing these… Hybrids – As if another reason for not doing them was required! Regular AppraisersBlogs readers are well aware of the controversy associated with doing bifurcated hybrids. Extensive information as well as disinformation has been spread by the hucksters that promote them, and those few management or owner-appraisers of such firms that benefit from them. This article is not to debate whether they should be done, or even if they could theoretically be done in anything resembling a USPAP compliant manner. Instead, the intent is to caution...

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

February 7, 2020

Disciplinary Cases Against Hybrid Appraisers

Rumor has it there are several Virginia Real Estate State Appraisal Board disciplinary cases against appraisers revolving around hybrid appraisals… Some are for and some are opposed. It is a business decision on which types of assignments you choose to accept. If you choose to complete a hybrid or bifurcated appraisal, you need to pay attention and ask yourself a few questions. Is the fee I am receiving for completing this assignment reasonable for the scope of work I must perform? Notice the term customary was not used as these products are new and there is no customary fee YET....

Appraisal News / Appraisal Organizations / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP / VaCAP

WRE Surveyed Appraisers Say NO to the Bifurcated Model

January 31, 2020

Listening to Appraisers

…appraisers believe that the bifurcated model and the use of unlicensed, untrained and unaccountable contractors for key elements of collateral assessment will adversely affect the health and welfare of the housing finance system, increase their own liability and damage the public trust… It is the goal of the Federal Financing Housing Agency (FHFA) to ensure the health and welfare of the housing finance system. FHFA oversees Fannie Mae and Freddie Mac and has, for the time being, paused the testing and development of bifurcated appraisals that bypass the participation of licensed appraisers (FHFA Puts Brakes on Fannie’s Bifurcated Program). I...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / Federal Housing Finance Agency

January 6, 2020

The Importance of Attending Live CE Classes

The most beneficial part of participating in live CE classes is what you learn from other professional appraisers attending… The Best Decision You Will Make in 2020! What was the one thing your parents answered your “Why” questions with that made you angry every time? You have probably said it to your own kids as well. “Because I said so” would get you every time. You knew you were never going to win that argument, whatever it was about. VaCAP is not going to tell you “Because I Said So”. But we are going to explain to you why you...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / AQB / The Appraiser Qualifications Board

SFREP Doesn't Do Data Collection - Software by Appraisers for Appraisers

December 13, 2019

SFREP Does Not Collect Your Data

What Exactly Can SFREP Software Offer for Real Estate Appraisers? Are you working as efficiently as possible? In this day and age, appraisers need to be quick on their feet and utilize every tool under the sun to help streamline the process. That’s where SFREP comes in. This company is creating software designed to make the appraisal process digital while keeping it as fast, accurate, and straightforward as possible. But how exactly does SFREP work, and can it really make your job easier? For many real estate appraisers, the answer is a resounding yes. Software by Appraisers, for Appraisers SFREP...

Appraisal / Appraisal News / Appraisal Software / Appraisal Technology / Appraisers News / Trending

Think It's Okay to Do Bifurcated Hybrids? Georgia Fines Hybrid Appraiser!

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December 2, 2019

Georgia Fines Clear Value Hybrid Appraiser

So, do you think it’s ok to do bifurcated hybrids? On January 31, 2018, what appeared to be egregiously deficient Clear Capital “Clear Value” bifurcated hybrids were exposed in AppraisersBlogs. See What IS a “ClearVal Appraisal”? The properties were in Georgia. The appraisals were performed on a desktop basis by an appraiser in Indiana. Total fee was $250. Out of that $250, AMC Fee was $225, and the Indiana desktop appraiser was paid $25.00. Keep that fee in mind as you read through the attachments. Two complaints were filed by AGA™. One with the State of Indiana, and one with...

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

November 22, 2019

Veterans Administration on Hybrid Appraisals

See the announcement by the Veterans Administration basically telling lenders and appraisal management companies we are going to protect our Veterans with sound appraisal practice. …the person providing property information to the appraiser must have entered into an agreement with the appraiser to do so. …the person who provides to the VA fee panel appraiser information must sign the appraisal report in the “Appraiser” section of the left side of the appraisal report. Assisted Appraisal Processing Program (AAPP) This section authorizes the Department of Veterans Affairs’ (VA) Secretary to issue guidance explaining the conditions under which VA permits VA fee...

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