PIW - Appraisers Blogs

The Collective Rot

Frederick E Rossiter — Wed, 25 Sep 2019 12:30:27 +0000

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...

FDIC Says NO to Appraisals The FDIC voted to increase the minimum appraisal threshold to $400,000 for residential appraisals, despite the overwhelming opposition. The vote…
The Town With No Bank: How Rural America Lost Its… For decades, we’ve been told that the problem is demand. That people don’t want to live in rural America anymore.…
Promoting False "Racist Appraiser" Narrative Some Lenders promoting false "racist appraiser" narrative to optimize profits via AVMs Like most businesses lenders want to optimize their…

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No Shortage Exists

Michael Ford — Fri, 28 Jun 2019 12:30:51 +0000

No shortage exists other than too few appraisers willing to work for drastically discounted fees that would also be willing to overlook the complexities of rural appraising in their completion time estimates. Nowhere in the ND proposal is there an assurance that in return for waivers, consumers would not be charged one dime for appraisal or appraisal related AVM fees. “Rising costs” is a deceptive claim to hide bankers desires to usurp appraisal fees for themselves. Perhaps they would call them evaluation fees to warrant charging $600 to $1,500+ for 30 second AVM analysis fees. Dear Mr. Park: RE: Appraisal...

Fannie Mae Filed a Complaint Against Me An appraiser shared the following with us which was posted on one of the appraisers’ groups. Fannie Mae filed a…
The Great Debate on Appraisal Fees She included several different fee split examples indicating AMCs retained as much as 70 percent of the total appraisal fee…
Is the GSE's "Appraisal Modernization" Really Just… Mass Appraisal tend to exhibit a regressive nature... In the intricate landscape of real estate mortgage financing, the notion of…

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Faster Cheaper Appraisals!

AppraisersBlogs — Thu, 21 Feb 2019 13:30:06 +0000

An appraiser shared the following with us. Vintage Mortgage Firm is offering faster cheaper appraisals. New Faster Cheaper Appraisals! Three points: One: We run automated approvals with both DU (Fannie) and LP (Freddie) with the click of one button. This gives us the best chance for appraisal waivers. Have you done a purchase transaction recently with NO appraisal needed? We do them all the time. Two: As of Feb 1st, we will have access to a completely different kind of appraisal if one is needed. First step is a much cheaper $145.00 abbreviated appraisal. This information is put into our...

The Great Debate on Appraisal Fees She included several different fee split examples indicating AMCs retained as much as 70 percent of the total appraisal fee…
Fannie, Freddie's Offshore Gambit Imperils Privacy… The offshore firm will data-mine millions of images showing the personal spaces of U.S. homeowners and tenants. Fearing the Chinese…
USPAP’s Typical Buyer Standard in the Fair Housing Era The Irreconcilable Conflict Between USPAP's Typical Buyer Standard and the Current Fair Housing Compliance Regime. Retain this document as a…

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AI, Appraisers & Buggy Whips

Dave Towne — Tue, 10 Jul 2018 12:30:57 +0000

Most of these items cannot be ‘seen’ by Artificial Intelligence models or Big Data… Appraisers, The article below in Mortgage News Daily e-newsletter on July 3, 2018, got me to pound my noggin… for a couple of seconds at least. Actually, I think I need to do it again! Artificial Intelligence (AI) and ‘Big Data’ have been buzz words (and activity) for several years. And based on evidence in this article, lots of research and development leading to incorporation of AI is being done. While the article does not mention it directly, both Freddie Mac and Fannie Mae have instituted...

The Price of Big Data Valuation Fiasco "Price" of this Fiasco may be the Downfall of the American Real Estate Market... I Choose Not to Be Part…
Appraisers = Buggy Whip Makers? Appraisers Going the Way of the Buggy Whip Makers? Ken Harney has another article all appraisers should read: Refinancing mortgage?…
Lie - Ability Tax payers should not be LIE-ABLE for the actions of greedy bad players! Michael Simmons, Principal and founding Director of…

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VaCAP Sits Down with Fannie Mae

VaCAP Board — Fri, 15 Jun 2018 12:30:16 +0000

As many of you know Fannie Mae (along with Freddie Mac) has launched an initiative which they label “modernizing appraisals”. This initiative consists of two distinct facets: 1) “modernizing”, or redesigning the forms which are utilized and 2) “modernizing” the processes involved in producing a valuation including the inspection process, data collection, etc., up to the delivery of the completed report. In the pursuit of this goal Fannie Mae has pledged to leverage stakeholder input, and of course appraiser input is both valuable and critical in this regard. In gathering stakeholder input Fannie Mae reached out to VaCAP, and invited...

Fannie Mae Filed a Complaint Against Me An appraiser shared the following with us which was posted on one of the appraisers’ groups. Fannie Mae filed a…
USPAP’s Typical Buyer Standard in the Fair Housing Era The Irreconcilable Conflict Between USPAP's Typical Buyer Standard and the Current Fair Housing Compliance Regime. Retain this document as a…
The Town With No Bank: How Rural America Lost Its… For decades, we’ve been told that the problem is demand. That people don’t want to live in rural America anymore.…

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Waiving Appraisals & Lowering Appraisal Standards

Dave Towne — Wed, 13 Jun 2018 12:30:51 +0000

Freddie getting aggressive in waiving appraisals & promoting appraisal free mortgages… Appraisers, Yes, I have a ‘dog in the fight’ with this article, as I have been an Appraisal Institute member since 2003 (along with other association memberships since). But this article provides explanations about changes to the appraisal process I have not seen elsewhere. Excerpt from “Dodd-Frank rollback weakens appraisal standards“ They started to evaluate whether they wanted to raise that appraisal threshold level from $250,000 to some figure… They left it untouched at $250,000 for residential, but they have increased the commercial real estate appraisal threshold level just in the...

Fix It Before Replacing It! Fix what is broken before replacing the product. Appraisers are talented professionals that know how to take mass amounts of…
Appraisal Simulator The industry is working of an appraisal simulator... The US House of Representatives Passed S 2155 today! Section 103 allows…
Appraisal Thresholds Bordello Anyone wants to place a wager on how long before appraisal thresholds are raised for SFR? Retirement, with a part-time…

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Fix It Before Replacing It!

VaCAP Board — Thu, 17 May 2018 12:30:17 +0000

Fix what is broken before replacing the product. Appraisers are talented professionals that know how to take mass amounts of data, filter through it, analyze & make sense of it all. Utilize the talents of the 70,000 plus experienced, licensed professionals & don’t short change the consumer… Yesterday was the National Association of Realtors Real Property Valuation Forum: Rethinking Real Estate Valuations: Alternatives to Traditional Appraisals. First, VaCAP was well represented with 8 members present from all over the state. There were many of our Network colleagues there as well from all over the country. Thank you for taking the...

Garbage Replacing Appraisers? If appraisers were to embrace such garbage, would the demise of this technology be sooner? ...14.53 million dollar loss in…
Is the GSE's "Appraisal Modernization" Really Just… Mass Appraisal tend to exhibit a regressive nature... In the intricate landscape of real estate mortgage financing, the notion of…
The New & Improved Fannie Mae “FRAUDULATOR 2.0” Originally known as Fannie Mae’s Collateral Underwriter (CU), and subsequently Collateral Underwriter 2.0 (CU-2)i this always dubious product of Fannie…

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Get Louder!

VaCAP Board — Thu, 10 May 2018 12:30:24 +0000

We are most certainly being heard… Do not get quiet, ever again… As a matter of fact, get louder! Colleagues, As Appraisers we have witnessed a lot of changes, some good, some not so good. However, it is undeniable we are most certainly being heard. On state and national levels we are a relatively new voice. Do not get quiet, ever again. As a matter of fact, get louder! We have watched as AMCs have gained stronger and louder voices. However, they are now wary of us as Appraisers as never before. We stand toe to toe with them, and please never forget that truth...

The Town With No Bank: How Rural America Lost Its… For decades, we’ve been told that the problem is demand. That people don’t want to live in rural America anymore.…
Dear Representative, FNMA Has Gone Rogue! Dear representative, waiving/eliminating property appraisal for lending purposes is wanton recklessness. Fannie Mae’s decision to waive/eliminate property appraisal for lending…
The New & Improved Fannie Mae “FRAUDULATOR 2.0” Originally known as Fannie Mae’s Collateral Underwriter (CU), and subsequently Collateral Underwriter 2.0 (CU-2)i this always dubious product of Fannie…

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PIW’s Get National Attention

VaCAP Board — Fri, 04 May 2018 12:30:58 +0000

…“a race to the bottom” between the two companies in pushing for more appraisal-free loans Ken Harney, a friend of the appraisal community has written an article about Fannie and Freddie waiving appraisals. The article will be seen by consumers throughout the country. VaCAP encourages everyone reading this to share Ken’s article on all your social media outlets, your websites, blogs, etc. See the article here. For homeowners and buyers, appraisal-free loans have offered an unexpected windfall: relief from having to pay between $400 and $600 for the service… Fannie’s and Freddie’s no-appraisal option has been popular with lenders… The...

Fannie Mae Filed a Complaint Against Me An appraiser shared the following with us which was posted on one of the appraisers’ groups. Fannie Mae filed a…
The Great Debate on Appraisal Fees She included several different fee split examples indicating AMCs retained as much as 70 percent of the total appraisal fee…
When ‘Protected’ Becomes Pressure: You Have Until… The new fair‑housing course weaponizes protected characteristics to pressure appraisers into outcome‑driven valuation, directly contradicting USPAP’s prohibition on advocacy. The…

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ASC Call for Comments

VaCAP Board — Wed, 14 Mar 2018 12:30:56 +0000

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...

The New & Improved Fannie Mae “FRAUDULATOR 2.0” Originally known as Fannie Mae’s Collateral Underwriter (CU), and subsequently Collateral Underwriter 2.0 (CU-2)i this always dubious product of Fannie…
Top DEI Bosses Have a Problem - Diversity The ranks of the new DEI bosses at the financial institutions are no more diverse than the appraisers their institutions…
How to Destroy the Appraisal Profession Anytime the government gets involved in an issue, it tends to have more adverse effects than positive ones. It makes…

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If I Could Turn Back Time

Guest Author — Wed, 07 Mar 2018 13:30:48 +0000

Community Banks want to bypass appraisals in rural area… Evaluations are the answer, right? There have been lots of discussions lately concerning property inspection waivers, waivers of appraisals in rural areas, and allowing appraisers to complete Evaluations outside of USPAP standards. Doesn’t this all sound familiar? It should, we have already lived it 30 some years ago, prior to FIRREA. Back then Savings and Loans had staff appraisers to complete appraisals. The appraisal was not completed by a licensed appraiser, because licensing to protect the public did not exist. Today Community Banks want to bypass appraisals in rural area. Their...

It’s Time to Take Out the Junk: AMC Practices Exposed Appraisers have spent years carrying the weight of broken AMC practices, and this article pulls every one of those practices…
Promoting False "Racist Appraiser" Narrative Some Lenders promoting false "racist appraiser" narrative to optimize profits via AVMs Like most businesses lenders want to optimize their…
The Real Cause of the Home Value Gap Is the Income Gap Blaming appraisers for the income gap will never solve the real underlying problem... Blaming appraisers for the income gap is…

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Better Than Your Favorite Band’s Concert!

VaCAP Board — Wed, 21 Feb 2018 13:30:12 +0000

This will be better than your favorite band’s concert! Watch the oral arguments in the FTC vs LREAB case live in Washington DC on Thursday February 22, 2018! “The Federal Trade Commission (“FTC” or "Commission") will meet on Thursday, February 22, 2018, in Room 532 of the FTC Building for an Oral Argument In the Matter of Louisiana Real Estate Appraisers Board. The public is invited to attend and observe the open portion of the meeting, which is scheduled to begin at 2:00 p.m. The remainder of the meeting will be closed to the public ” VaCAP will be there...

FTX Bought Government’s Silence; Did Fintechs Buy… The nation’s 80,000 licensed real property appraisers should pay close attention to the manipulation of Washington by FTX, which turned…
Marin City Discrimination Case Settled It’s unfortunate that this case was SETTLED in the way it was, because in reality, nothing about racial discrimination and…
Uncovering Flaws in FHA Appraisal & Loan Review Process The story of this single mother's harrowing experience with a defective home purchase and HUD's negligent oversight exposes deep flaws…

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Who’s for Dinner?

VaCAP Board — Mon, 06 Nov 2017 13:30:20 +0000

State Organizations & Appraisers Helping Appraisers You may have heard the expression “if you do not have a seat at the table, you are on the menu.” VaCAP can honestly state, appraisers are not on the menu. Over the past several weeks, members of the Network (NSAO), which has now grown to 28 state organizations, have been recapping the events that transpired at the meetings in Washington D.C. last month. These meetings consisted of the FHFA meeting, the NSAO meeting, the ASC meeting, and the AARO conference. Most state organizations participated and many individual appraisers attended. The support for the appraisal...

Appraisers' Voice Just Got Louder ASA and NAIFA Agree to Move Forward with Merger Consideration The American Society of Appraisers (ASA), the original multidisciplinary valuation…
PIW & ACE Waivers Still a Hot Topic A few weeks back, VaCAP asked appraisers to start a conversation with agents and brokers about the ACE & PIW…
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…

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Lie – Ability

Guest Author — Wed, 11 Oct 2017 12:30:52 +0000

Tax payers should not be LIE-ABLE for the actions of greedy bad players! Michael Simmons, Principal and founding Director of AXIS Appraisal Management Solutions, a national AMC had an article published in Appraisal Buzz titled “What If?” on October 2, 2017. The article, which I believe was intended to spark interest and membership in the Collateral Risk Network (CRN), is an epic failure. Thank you Appraisal Buzz for shedding some light on the garbage being discussed at a CRN meeting! Of course no independent appraiser even remotely gives any credibility to this group. We all know who and what they are. First, let...

It’s Time to Take Out the Junk: AMC Practices Exposed Appraisers have spent years carrying the weight of broken AMC practices, and this article pulls every one of those practices…
How to Destroy the Appraisal Profession Anytime the government gets involved in an issue, it tends to have more adverse effects than positive ones. It makes…
The Great Debate on Appraisal Fees She included several different fee split examples indicating AMCs retained as much as 70 percent of the total appraisal fee…

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Hey BIG Data, Leverage This!

Michael Ford — Thu, 28 Sep 2017 12:30:41 +0000

The image above is not a part of the Appraisal Technology Special Report “Across the street from a house are two vacant lots. Zillow thinks one of them is worth $16K and the other one’s worth $169K. You can see them on the aerial view here.” I was recently asked by professional peers if I would read and comment on a Special Report published by ValuationReview, with the introduction penned by Mike Holzheimer, Editor. This Special Report may be downloaded here. Let’s be clear up front. I was not asked because of my proficiency with grammar, punctuation or even my...

USPAP’s Typical Buyer Standard in the Fair Housing Era The Irreconcilable Conflict Between USPAP's Typical Buyer Standard and the Current Fair Housing Compliance Regime. Retain this document as a…
Security Bars Removal Law Debunks Alleged Racial… Complainant stated appraiser told them they should remove security bars from windows. Complainant stated this is evidence of "racist discrimination"...…
It’s Time to Take Out the Junk: AMC Practices Exposed Appraisers have spent years carrying the weight of broken AMC practices, and this article pulls every one of those practices…

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PIW & ACE Waivers Still a Hot Topic

VaCAP Board — Tue, 26 Sep 2017 12:30:56 +0000

A few weeks back, VaCAP asked appraisers to start a conversation with agents and brokers about the ACE & PIW Waiver Programs being used for purchases. This is an opportunity for appraisers to gain more non lender work. As it turns out, appraisers are not the only ones that are concerned about these program. The National Association of Realtors (NAR) sent a letter Director Melvin Watts of the Federal Housing Finance Agency expressing concerns over the use of these programs. Specifically siting lack of transparency on how the use of these programs will ensure a safe and sound housing market....

Pushing Back Against Appraisal Waivers AI & 37 Appraisal Organizations pushing back against Appraisal Waivers... Clarification on Treasure Valley Factors: Last week we shared with…
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…
Call to Action Againt Risky Appraisal Waivers Call Congress about Fannie/Freddie’s Risky Appraisal Waiver Program! VaCAP has received the following from the Appraisal Institute. Please contact your…

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Call to Action Againt Risky Appraisal Waivers

VaCAP Board — Sun, 24 Sep 2017 12:30:10 +0000

Call Congress about Fannie/Freddie’s Risky Appraisal Waiver Program! VaCAP has received the following from the Appraisal Institute. Please contact your representative concerning Fannie and Freddie. Appraisers, Appraisal Organizations and NAR are all uniting to stop this. Make your voice be heard. Contact your representatives today. All, FYI — An action alert has been set up for appraisers to call their members of Congress relative to the GSE appraisal waiver issue. Click here to find the contact information of your member of Congress. Please let me know if you need assistance or have any questions. Bill Garber Director of Government and...

Pushing Back Against Appraisal Waivers AI & 37 Appraisal Organizations pushing back against Appraisal Waivers... Clarification on Treasure Valley Factors: Last week we shared with…
Appraisal Waiver Programs... A Risky Business ICAP (and 36 other industry groups) signed a Letter To The Committee on Banking, Housing and Urban Affairs Over The…
Fannie Mae Waiving Appraisals Property Inspection Waiver, getting back to the old days of fogging a mirror... Appraisers, Effective 12/10/16, FNMA will have a…

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Pushing Back Against Appraisal Waivers

VaCAP Board — Mon, 11 Sep 2017 12:30:49 +0000

AI & 37 Appraisal Organizations pushing back against Appraisal Waivers… Clarification on Treasure Valley Factors: Last week we shared with you information about Treasure Valley Factors no longer accepting invoices from Managed Appraisal Services. Many interpreted this to mean Treasure Valley Factors was no longer accepting appraisal management companies’ invoices. This is not correct. Managed Appraisal Service, Inc. is an Appraisal Management Company located in Horsham, PA. It is this company’s invoices Treasure Valley Factors is no longer accepting. Treasure Valley Factors is still accepting invoices from other Appraisal Management Companies. Treasure Valley Factors reviews each company individually and makes decisions...

Appraisal Waiver Programs... A Risky Business ICAP (and 36 other industry groups) signed a Letter To The Committee on Banking, Housing and Urban Affairs Over The…
Not Such a Quiet Week For a quiet Holiday Week and the first week of school for many localities, many things to report: VaCAP has…

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Not Such a Quiet Week

VaCAP Board — Thu, 07 Sep 2017 12:30:03 +0000

For a quiet Holiday Week and the first week of school for many localities, many things to report: VaCAP has learned Treasure Valley Factors is no longer accepting “Managed Appraisal Services Inc.“ invoices. Treasure Valley Factoring has been highly promoted by Phil Crawford and many appraisers utilize their service. VaCAP does not know the reasoning behind their decision, but we can only assume it is risk based, or this AMC simply is not paying. This could be a sign of things to come. Be mindful of your receivables and take early action the first sign of trouble. It is a business...

Appraisers = Buggy Whip Makers? Appraisers Going the Way of the Buggy Whip Makers? Ken Harney has another article all appraisers should read: Refinancing mortgage?…
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…
Appraisers Need to Rethink How to Conduct Business AMC apps and text messaging does nothing but promote fast and cheap. Last week we learned of a lawsuit file…

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Let’s Get Back To Real Appraising!

VaCAP Board — Mon, 28 Aug 2017 12:30:44 +0000

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...

The First AMC for Agents Zillow, The First "Agent Management Company" (AMC) for the Real Estate Agent Brokers and Agents, welcome to the appraisal world.…
Fannie Mae Waiving Appraisals Property Inspection Waiver, getting back to the old days of fogging a mirror... Appraisers, Effective 12/10/16, FNMA will have a…
Purpose of the Appraisal Report We have lost track of the purpose of the appraisal process This is an open letter to anyone who may…

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PIW - Appraisers Blogs

The Collective Rot

Related Posts:

No Shortage Exists

Related Posts:

Faster Cheaper Appraisals!

Related Posts:

AI, Appraisers & Buggy Whips

Related Posts:

VaCAP Sits Down with Fannie Mae

Related Posts:

Waiving Appraisals & Lowering Appraisal Standards

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Fix It Before Replacing It!

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Get Louder!

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PIW’s Get National Attention

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ASC Call for Comments

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If I Could Turn Back Time

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Better Than Your Favorite Band’s Concert!

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Who’s for Dinner?

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Lie – Ability

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Hey BIG Data, Leverage This!

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PIW & ACE Waivers Still a Hot Topic

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Call to Action Againt Risky Appraisal Waivers

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Pushing Back Against Appraisal Waivers

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Not Such a Quiet Week

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Let’s Get Back To Real Appraising!

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