Tagged: liability

ASC Call for Comments: Dangerous Slippery Slope if Waiver is Granted 6

ASC Call for Comments

It is important for every appraiser to submit comments… The Appraisal Subcommittee wants to hear from appraisers on Tristar Bank’s request for appraisal waivers. The comment period is open until April 9, 2018. VaCAP has previously participated in a group letter with other organizations and expressed our concerns on this topic. We will once again be part of a group letter as well as send in our own comments. It is important for every appraiser to submit comments on how this is a dangerous slippery slope if the waiver is granted. Consumer protection is the issue and the door will be...

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

Staff Appraiser Overtime Class Action Lawsuit Against Corelogic AMC 25

Class Action Against Corelogic

A residential staff appraiser has filed an overtime class action lawsuit against appraisal management company CoreLogic Valuation Solutions. The appraiser is a current employee and works as a staff appraiser in Southern California. On behalf of herself and a putative class of similar CoreLogic staff appraisers, she alleges that CoreLogic’s compensation practices violate the overtime pay requirements of the federal Fair Labor Standards Act and California state labor laws. The case will be legally interesting to watch because CoreLogic allegedly pays its employee appraisers on a “piece work” per appraisal basis with additional compensation for based on production and other...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CoreLogic Valuation Services

USPAP Compliant Hybrid Online Forms? Risks With Hybrid Reports 14

What’s All the Fuss About?

There is no form that is USPAP compliant… There have been numerous articles and discussions on blogs, social media and other forums concerning alternative products, mainly Hybrid Appraisals. The profession is truly divided on the topic. Some see it as a race to the bottom, others see it as another revenue stream. Regardless if you are for or against completing these products, we need to remind all appraisers that there is no form that is USPAP compliant. The appraiser’s actions are what will make a report USPAP compliant. If the product is an online form, which most are, make sure you are able to...

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

Tax Reform & Appraisers Responsibility to Verify Data - AppraisersBlogs 12

It’s All About the Details…

The National Association of Realtors is encouraging all members and citizens to contact their representatives concerning tax reform. Congress is considering many tax reforms including the elimination of the mortgage interest deduction. See their website for further details on how the middle class can be impacted. Excerpt from NAR Tax Reform Call for Action: I urge you to oppose any tax reform plan that would weaken the tax incentives for owning a home, such as the mortgage interest deduction. Additionally, please do not let a tax reform plan increase taxes on middle-class homeowners through the elimination of the state and...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / NAR / National Association of Realtors

Reviewer Following AMC Instructions May Be Violating State Laws 42

Knowledge is Everything

Conversation with an AMC Reviewer The following was sent to VaCAP from a member. We thought it was important to share as it demonstrates how important it is for each appraiser to be knowledgeable of the statutes and regulations we all must follow. It may help make your interactions go a little more smoothly. “I completed an appraisal for a purchase transaction in a rural area and the opinion of value was below the contract price. The report included five comparable sales, three of which were within 2 miles and had equivalent gross living area. The other two sales were...

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

Let's get back to real appraising 23

Let’s Get Back To Real Appraising!

Let’s Get Back to Real Appraising: We have all encountered the glass is half full / half empty perspective. This perspective could be applied to everything life throws at us. The appraisal industry is no different. We are hearing a lot of doom and gloom over Fannie Mae’s Property Inspection Waivers (PIW) and Freddie Mac’s Automated Collateral Evaluation Program (ACE). On the surface the glass appears half empty. Well, the glass is definitely half full; maybe even 3/4 full. We can now get back to real appraising……. No more UAD, No more 1004mc, No more scope creep, No more false...

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

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What Can You Do When AMC Does Not Pay?

What happens when an AMC does not pay or closes its doors & should funds collected for appraisals be kept in escrow? 54.1-2021.1 of the Code of Virginia requires AMCs to post a $100,000 bond or letter of credit. Appraisers may be able to file a claim against the bond or letter of credit and receive funds if they have not been paid. Directly from the statute: “§ 54.1-2021.1. Appraisal management companies; license required; posting of bond or letter of credit. In addition to the filing fee, each applicant for licensure shall post either a bond or a letter of credit...

AMC / Appraisal / Appraisal Management Companies / Appraisal Organizations / Fannie Mae - Freddie Mac / VaCAP

Relationships with Companies Harming Appraisers' Interests ... Wells Fargo 60

What’s In a Relationship?

Salvaging Relationships with Appraisers… Wells Fargo, one of the oldest banks in the country, is working hard to salvage relationships, not with just customers and regulators, but appraisers as well. Wells Fargo recently stopped using Appraisal Management Companies and is aggressively trying to build an appraisal panel of their own. Appraisers are excited that one of the largest banks in the country is no longer using AMC’s. We give Wells Fargo high “Kudos” for making a change in the right direction. However, there is a bit of a dilemma when making an informed decision whether to have a relationship with Wells...

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

Pressure Can Never Be Removed From Appraisers 7

Gaining Perspective On Our Profession

Pressure that used to be overt has now become covert… I hold no particular pedigree or credential to speak for everyone in the real estate appraisal profession. All I can do is draw from nearly 26 years of being a part of it. In that time, I have heard almost every opinion on every issue that promises to be the next big challenge for our industry. It’s true that like everything, change is inevitable. We adapt to new technologies and practices as well as learn new skill sets. From FIRREA to Dodd-Frank, appraisers have continued to evolve when swift moving...

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

Appraisal Report Going Public: Appraisals Posted on the Internet or MLS 11

Appraisal Report in MLS Listings

Your Appraisal Report Attached to a MLS Listing…. Private prelisting appraisals are a good revenue stream for many appraisers. Do your clients understand the intended use and intended users? Do you, the appraiser, understand the intended use and the intended users? We often get complacent and assume everyone understands, and then the unthinkable happens; you find your appraisal report attached to a MLS listing or worse, attached as a photo on Zillow. Yes, this actually is happening! On recent MLS listings, the following statements were found: “Offers accepted until… Owner reserves the right to accept or reject any/all offers –...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / E&O / Errors & Omissions

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