Hidden tax on homeowners The California Association of Realtors® in conjunction with the National Association of Realtors® has published a widespread “Call to Action”, Stop Congress From Taking Money From Future Homeowners. I have already contacted my Congress Member and received a reply. In a nutshell, the bill being discussed is a hidden tax on homeowners. Whether on a refinance or on a new purchase, anyone with a mortgage of about $400,000 could expect to pay an additional $8,000 for federal transportation infrastructure funding through an add on mortgage tax included in their monthly payment! For decades the Federal Highway...
An Open Letter to the Valuation Profession from the Appraisal Foundation regarding the rift with the Appraisal Institute Value. Appraisers grapple with this concept daily as they analyze data and information to arrive at an opinion that is credible. Some information found is valid, some is tainted, and appraisers work diligently to separate the good from the bad to arrive at their conclusions – opinions that can withstand future tests. Likewise, The Appraisal Foundation (TAF; the Foundation) remains constantly attuned to what is going on in the valuation realm, conscientiously analyzing information and working to uphold the appraisal profession so its actions...
Are Realtors and AMC’s Killing the Home Valuation System? In a word, YES! Many Appraisal Management Companies are now demanding that appraisers change the square footage details listed within their reports. Why? Because they saw a different number on Zillow® or in public records. How have we gone this far wrong? Appraisers generally turn first to their own files for square footage details. Next, they turn to the MLS, which is touted as “the most trusted source of real estate information in the world.” Then, if there are no other options (like in the many areas where the MLS does...
We urge appraisers to review the PADS Model Current economic trends suggest your appraisal practice will not survive beyond 2015. Appraisers are running for the exits, with many moving into Ad Valorem, and some into cost estimating. Client accounts you thought were safe have been converted to ether and dispersed among a dark refinancing void. You’ve gone from completing six appraisals per week to camping by your email, in hopes of an AMC broadcast assignment appearing. Where you once had time to think about accepting the assignment, you now have less than 2 seconds to accept, because like you, ninety...
95% of Appraisals on Homes with Basement or Lower Levels Have Errors, Errors that Affect the Home’s Value… In the majority of markets all across the country, it is virtually impossible to get an accurate appraisal on homes that have a basement or lower levels. That’s a pretty big claim. Can it possibly be true? Absolutely it can! And, it happens every day. No one in the real estate industry wants to bring this topic out in the open for fear the public would be outraged. Well, it’s time somebody gets mad. And for all the Realtor’s® big talk about...
American Guild of Appraisers Member John Dingeman Reinstated from Chase “Black List” NEW YORK, Jan. 15, 2014 /PRNewswire-USNewswire/ — After a fight that lasted more than fifteen months, involving Chase Manhattan Bank, the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), American Guild of Appraisers (AGA) member John Dingeman was vindicated when Chase agreed to reinstate him to be eligible for appraisal assignments. AGA is an affiliate of the Office and Professional Employees International Union (OPEIU), AFL-CIO. Dingeman was placed on Chase’s “Black List” in May 2012 after he refused to release information...
We thought there would be some association between energy efficiency and mortgage risk… In March, a joint study by the University of North Carolina at Chapel Hill Center for Community Capital and the Institute for Market Transformation (IMT) found that owners of ENERGY STAR-rated homes are one-third less likely to default on a mortgage than the average borrower. Home Energy Efficiency and Mortgage Risks used a sample of 71,000 home loans from 38 states and the District of Columbia, all derived from CoreLogic’s mortgage database. The sample was restricted to single-family, owner-occupied houses whose loans originated during 2002–2012 and were used...
New tactic by the NAR and NAHB to get appraisers to “play ball” CNN Money recently published a piece (located here) titled “Home appraisals no longer derailing sales”, a quote generically attributed to members of the National Association of Realtors (NAR). What struck me as a bit odd was the fact that just about a year ago, the NAR in conjunction with the National Association of Home Builders (NAHB) stated in another article on home sales and appraisals that roughly 1/3 of the deals placed into contract by its realtor members were failing to close due to problems getting appraisers...
WASHINGTON (October 10, 2012) – The real estate market is recovering but still faces hurdles, notably from tight mortgage credit, but problems with a sizeable share of real estate appraisals also are holding back home sales, according to survey findings by the National Association of Realtors®. Most appraisers are competent and provide good valuations that are compliant with the Uniform Standards of Professional Appraisal Practice. However, appraisals generally lag market conditions and some changes to the appraisal process have been causing problems in recent years, including the use of out-of-area valuators without local expertise or full access to local data,...
“Appraisal Oversight: The Regulatory Impact on Consumers and Businesses” Hearing Frank Gregoire, a a state-certified residential appraiser in Florida, will testify on behalf of the National Association of REALTORS® (NAR) before the House Financial Services Committee’s Insurance, Housing and Community Opportunity Subcommittee on Thursday, June 28th. The hearing will focus on the appraisal industry and regulations impacting consumers and businesses. Mr. Gregoire holds the RAA Designation, is a two-time Chair of NAR’s Appraisal Committee, and has been active in NAR’s public policy committees since the early 1990s. Mr. Gregoire is on Panel II of the hearing. WITNESS LIST Panel I...
