Tagged: labor shortages

Desktop Reports - Desktop Appraisals, Panaceas for Faster Reports? 11

Desktop Appraisals, Panaceas for Faster Reports

…I’ve discovered a potential anomaly in Desktop reports (and Hybrids also) which might shock some appraisers… Desktop Appraisals, Panaceas for Faster Reports. Or so they say. Bankrate.com has a revealing article published on Oct. 27, 2021, titled As Appraiser Shortage Delays Closings, Mortgage Giants Try Workaround | Bankrate FHFA (the GSE’s “manager”), after the administration change, under pressure from mortgage brokers and lenders, and after the experiment with the COVID era “flexibilities”, has decided to allow the GSE’s to accept a new type of appraisal for first mortgage (purchase) lending early in 2022: the Desktop report. The current line of thinking...

Appraisal / Appraisal News / Appraisers News / Federal Housing Finance Agency / FHFA

War on the Appraisal Industry. Another Great Real Estate Depression 11

The Collective Rot

Over 11,000 appraisers signed that petition… The US Congress completely ignored it and, as a result, The Great Real Estate Depression followed. Déjà vu: Or is it Déjà Poo (I’ve heard this crap before)? The Collective Rot Growing Within the Shadows of the Great Real Estate Depression We are just 11 years past the beginning of the Great Recession. Some estimate the US suffered a $14 trillion loss in wealth. Others estimated the loss as high as $21 trillion. This event is more commonly referred to as The Great Real Estate Depression by those of us who are or were in the real estate industry...

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

North Dakota Bankers Seeking to Eliminate Consumer Protection Benefits 5

ND Banks Seeking to Kill Consumer Protection

…North Dakota bankers seeking to eliminate consumer protection benefits associated with appraisals… The real issue of concern to all appraisers is the attempted con job and subtle coercion by officials and State Senators in North Dakota over the ASC. In their letter to ASC regarding their appraisal waiver request, they cite only 170 ‘in area’ appraisers while excluding a hundred so-called out of the area (multiple state licenses). While North Dakota is about the 19th largest state in land area, it is the fourth lowest in overall population. The 2018 population was only 760,077! That makes it among the lowest...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News

The Proposed Bifurcation of the Appraisal Process. Who Benefits & Why? 15

Shifting Narrative of Appraisal Modernization

…the reasoning for changing the appraisal process has shifted… Is there are Crisis? Rahm Emanuel eloquently stated “You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.” There has been a narrative that there is a shortage of appraisers. Interestingly, this is not coming from lenders that engage appraisers directly. This is coming from Appraisal Management Companies otherwise known as “Middlemen” and the lenders that employ the Middlemen. These Middlemen will shop an appraisal assignment by blast emails to as many appraisers...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Technology

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

No Numerical Shortage of Appraisers in North Dakota - AppraisersBlogs 11

Nonexistent Shortage of Appraisers

…there is a shortage of appraisers willing to work for sub-par fees and unrealistic turn around times… The American Guild of Appraisers has already heard from many of our North Dakota and nearby states members on the above request. The most recurrent complaint is that there is no numerical shortage of appraisers in North Dakota (approximately 300+-) as well as adjacent states appraisers that regularly cross over to serve client needs there (another 30 to 40+-). What I am told is that there is a shortage of appraisers willing to work for sub-par fees and unrealistic turn around times! There...

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

How Many Appraisers Are in North Dakota? - Appraisal Shortage Saga Lingers 46

How Many Appraisers Are in North Dakota?

The answer is 153, who are individually licensed in North Dakota. I didn’t segregate the three different license types. This figure came from a download of the ASC appraisal registry of ND licensed appraisers, and not counting duplicate name appraisers with multiple licenses in other states. Many of these appraisers are ‘dual licensed’ in more than one state, in most cases immediately adjacent, but sometimes in states far distant from ND. What’s the population of North Dakota? According to Wikipedia: The United States Census Bureau estimates North Dakota’s population was 755,393 on July 1, 2017, a 12.3% increase since the 2010 United...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / ASC

Appraisal Taking Too Long False Narrative - Contract Date vs Acceptance Date 4

Appraisal Delays Study

Contract Date / Acceptance Date Study expanded. VaCAP did a sample study this past winter to determine the number of days from contact ratification to appraiser acceptance from both amcs and lenders. The results were a 9 day difference with amc’s taking 18 days and lenders only 9 days to assign the appraisal. We have just asked our sister coalitions to complete this survey as well. for a larger data pool and are asking every appraiser to once again participate to help our industry. This information will be used to counter the narrative the appraisal is taking too long. Below...

AARO / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Getting Rid of the Human Appraiser & Putting Appraisers out of Business 22

Are ‘No Appraisal’ First Mortgages the Future?

A human appraiser usually goes to a home… Appraisers, The article, linked here, purports to say that future mortgage loans will be done without using the services of a “boots on the ground” appraiser… "the human appraiser". Why??… because speed and low cost are paramount when people want to finance their largest investment in their life. From the article: “The appraisal process, which typically is not automated, remains a problem. A human appraiser usually goes to a home, takes pictures, makes sure there’s nothing terribly wrong with the structure. It takes seven to ten days to turn around, van den Brand...

Appraisal / Appraisal News / Appraisers News

AMC Email Blasts to Undisclosed-Recipients... Return to Sender 10

You Can Argue With Stupid, But You Will Never Win

Please introduce me to "undisclosed-recipients." I would like to pick his or her brain to find out how he or she is getting all these orders. Now I don’t consider myself to be the most intelligent person out there, but do consider myself a fairly intelligent individual. Periodically I receive an email with an order request from different AMCs. These are unsolicited emails from amcs I do not do business with. Why I am receiving these requests is a concern and a question for another day. The emails I receive are addressed to the person who sent the email, undisclosed-recipients;...

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

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