The Consumer Finance Protection Bureau - Appraisers Blogs

Seller Filed a Racial Bias Complaint Against Me

Guest Author — Tue, 07 Nov 2023 13:30:08 +0000

So what’s caused the sudden loss of income? Could it be because of the racial bias complaint filed against me by an unhappy Seller… Fannie Mae accomplished what they set out to do in July 2011, when they initiated their Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal. The goal was to collect enough property data to effectively remove appraisers from the home buying and refinancing process. It all started with Dodd-Frank Act, a several hundred pages Act signed into law by then President Obama, sold to unsuspecting Americans as a protection from the corrupt business practices of...

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Protect Yourself Against Racial Bias Claims

AppraisersBlogs — Thu, 23 Jun 2022 12:00:47 +0000

Free webinar on how to protect yourself against discrimination claims on 6/30/22, and today there will be a forum on “Racial Bias in the Home Appraisal Process”… OREP is sponsoring a free webinar on how to protect yourself and your business against discrimination claims. Leading trial attorney Craig Capilla has handled nearly 1,000 appraiser cases in his career and has been on the frontlines defending appraisers from lawsuits, state board complaints, and now, HUD Fair Housing (Discrimination) complaints. Capilla began his legal career working for Illinois’ professional regulation agency as a real estate prosecutor and since then has become one...

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Bridging The Gap

Michael Ford — Mon, 23 Apr 2018 12:30:57 +0000

I’m an appraiser. I look at all proposed financial reform legislation in terms of what it does for, or to appraisers. Not whether it was proposed by a red or a blue. Dear AppraisersBlogs readers and fellow appraisers; Anyone who has read my past posts is aware I happen to be a Republican Union Organizer. Usually it isn’t an issue because I try to remain non partisan in my posts and to avoid offensive partisan rhetoric, while promoting appraisers rights; the American Guild of Appraisers, and being critical of bad lending policy and bad appraisal practices. I have also attempted...

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The Latest AMC Ploy

Dave Towne — Mon, 24 Apr 2017 12:30:33 +0000

Oh what fun it is to become PREFERRED… Folks, From various sources I’m learning that you now have the outstanding opportunity to become a "preferred appraiser" with certain AMC’s. What does that mean…really? It means you will have assignments automatically assigned to you at a set (lower than C&R) fee and with a mandated report delivery date pre-selected. This process might even 'help you out' by also pre-scheduling the home visit with the borrower or RE agent for a certain day and time. It matters not that many of the assignments will be the left over highly complex junk properties...

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AI’s Effort to Eliminate the ASC!

Michael Ford — Wed, 22 Feb 2017 13:30:40 +0000

Refocused effort to eliminate the ASC… Why? It’s now much more than rumor. There is a concerted effort to eliminate not just the Appraisal Practices Board (APB) which was the Appraisal Institute’s original target, but now a refocused effort to eliminate the Appraisal Subcommittee (ASC) itself! Think about that folks. What started as a partisan effort to lay ground work for the eventual elimination of Dodd-Frank has quickly morphed into a behind the scenes opportunistic all out push to eliminate the ASC too! It’s no secret among regular Appraisal Institute (AI) members or non AI appraisers that have listened to...

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Freddie Mac Criminal Aspects of Its Appraisal Free Mortgages

Michael Ford — Mon, 14 Nov 2016 13:30:23 +0000

Freddie Mac is opening itself up to over 150,000± potential individual lawsuits… This is a response from Mike Ford to Kenneth Harney’s article, “Freddie Mac planning appraisal-free mortgages”. I represent the American Guild of Appraisers, #44OPEIU, AFL-CIO, and the real estate appraisal-related consumer and taxpayer interests of our more than fifteen million± AFL-CIO members, retirees and their families. I’m prompted to write this open letter regarding your recent well written & researched article, titled “Freddie Mac planning appraisal free mortgages”. Regrettably, it was too brief to cover several additional critical aspects of the issue, but I assume the Chicago Tribune’s...

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Greed Takeover Coming Soon

Brian L. Trotrier — Mon, 18 Jul 2016 12:30:03 +0000

Basic greed and institutional memory I am amazed how many times in my lifetime I have seen the past repeat itself. Beginning in the 1970’s, I have witnessed one form of financial meltdown after another, each occurring almost precisely 10 years after the last. I once had a wonderful professor who explained that the seemingly inevitable repetition of the past was based on numerous, very different factors, but with two factors appearing in virtually every case. The two “alpha” factors are (1) basic greed and (2) institutional memory. Basic greed is when one group of people is willing to compromise...

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We Need More Appraiser Drivers!

Michael Ford — Tue, 15 Mar 2016 12:30:00 +0000

Powerful ‘uncles’ gave us the vehicles, but we need more drivers! Stand up for yourself and oppose those things that are wrong in our own profession and the related lending industry. Oregon: Teach THEIR Board USPAP! Seriously. They were trying to fine people for not meeting turn times, as a USPAP violation! TWENTY FOUR PER CENT of the AARO (Government Regulatory Officials) members they contacted for advice ALSO thought the same way! ...New Jersey, Minnesota, Illinois and how many others: Ongoing reports, and evidence, of punitive mindsets rather than protective of the public views. They are using fines to balance budgets...

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FFIEC Requested Action on TRID

AppraisersBlogs — Thu, 29 Oct 2015 12:30:47 +0000

The American Guild of Appraisers, Chapter 44, of the Office and Professional Employees International Union of the AFL-CIO (AGA, OPEIU/AFL-CIO) wishes to add its name to the attached letter on behalf of our professional appraiser members, and our thirteen million consumer members and their families, with the additional concerns: As written, TRID necessarily embeds an appraisal fee cap determined by third party service providers other than appraisers, within the initial consumer disclosure provided to prospective borrowers. The perception of these providers as to what constitutes “customary and reasonable fees” as required under Dodd-Frank is at odds with what appraisers consider to...

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TRID Impact on Appraisal Fees

Dave Towne — Tue, 25 Aug 2015 12:30:18 +0000

Appraisers, The Consumer Finance Protection Bureau (CFPB) has mandated new residential mortgage application and disclosure procedures, which take effect Oct. 3, 2015. Here’s a link to a brief article about this. When a consumer applies to a mortgage lender, the lender requests certain information from the consumer before the clock starts ticking in terms of ‘timing requirements’ on the consumer’s application. When the application is considered “complete”, the lender has 3 business days to provide the consumer with the Loan Estimate document. What’s of concern among lenders and appraisers is the speculated inability to change appraisal fees, which is disclosed...

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