Tagged: TOTAL

Majority of Reviewers Had Very Limited Field Experience 22

Majority of Reviewers Had Very Limited Field Experience

It was my experience that the majority of reviewers, FNMA included, had very limited field experience. Which is painfully obvious when they request baseless revisions for “more or better comps”.  I’m a Certified General Appraiser that started appraising in 1984, almost 40 years ago! Spent the majority of my career appraising both residential and commercial properties in a major metropolitan market. I had my own appraisal firm for a number of years, prior to the AMC model which dissolved years of relationship building with clients large and small, almost overnight! Like most of you, I really enjoyed appraising and was...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Collateral Underwriter

PAREA Program & Its Negative Impact on Diversity 16

PAREA Program & Its Negative Impact on Diversity

The study also found that the PAREA program is not as effective in providing a more accessible pathway to licensure as the traditional apprenticeship model.  Practical Applications of Real Estate Appraisal (PAREA) is a program that aims to revolutionize the real estate industry by increasing the number of appraisers. However, after listening to the Appraisal Institute speaker at yesterdays board meeting it quickly became evident that this initiative is a complete failure. You cannot start PAREA until you have received all your real estate appraisal education. 94 hours = $1,700 per McKissock Appraisal Institute speaker said that most AMC’s/banks won’t...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

And Why Is the Second Appraisal Always the “Correct Value?” 19

And Why Is the Second Appraisal Always the “Correct Value?”

On Friday morning, May 19, I was one of five expert witnesses (and the only as an appraiser) to testify on the topic of appraisal bias in front of the Appraisal Subcommittee (ASC). During the first hour of testimony, our fourth grandchild was born. My wife was in the audience and stepped out of the hearing (the nerve!) to take the call from my oldest son on the news of our new granddaughter. The Appraisal Subcommittee (ASC) held a second hearing on challenges facing the appraisal industry, including barriers to entering the profession and racial bias in home appraisals. The...

Appraisal / Snippets / Trending

Canadian Banks Will Exploit Gutted U.S. Mortgage Underwriting 13

Canadian Banks Will Exploit Gutted U.S. Mortgage Underwriting

Canadian banks see the newly dismantled underwriting safeguards and risk-shedding experiments at Fannie and Freddie as a way to keep the party going, with the risk passed along to the U.S. taxpayer directly… Canada’s banks are in trouble. Their mortgage portfolios are filled with time-bombs called “fixed-payment” mortgages. Despite the name, the loans contain rate-hike triggers that are causing payment shocks for borrowers. High interest rates and falling home values mean borrowers north of the border aren’t able to refinance out of these toxic mortgages. Short sellers are even targeting one Canadian bank, Toronto-Dominion Bank, better known as TD Bank....

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

FastApp AMC Alleged Violations of Appraiser Independence Requirements 52

Fastapp AMC Alleged Violations of AIR

The following court documents in the case Naftali Horowitz v. [xxx], Fastapp AMC founder v. Fastapp AMC president, confirm what appraisers have been saying all along, that if you want high-volume AMC work, you have to lower your fees to 1980’s level, have 24 hour turn times, and, above all, be a number hitter. Horowitz, Fastapp founder, filed a lawsuit in New York court on January 31, 2022 against defendant to, among other things, remove the defendant as an officer and director of the Company because, when he brought her on as shareholder in 2020, he claimed that she made...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Dodd-Frank Act / C&R Fees

Bringing More People Into a Dying Profession! 84

Bringing More People Into a Dying Profession!

Some people want to bring more people (primarily of color, which is great) into a dying profession. But the profession is being killed off by (mostly white!) people who think technology is the golden spoon to accurate valuations.  Appraisers, I’ve been studying, and writing about since 2006, all kind of issues surrounding our profession, and frankly some currently does not make sense. As many know, ‘we’ have been accused of not having “enough black people” in appraiser ranks. The claim is that blacks only represent 3% or so of the total population of appraisers. The people engaged in blaming appraisers...

Appraisal / Appraisal News / Appraisal Technology / Appraisers News / Automated Valuation Models / AVM

Desktops are being done wrong 70

Desktops Are Being Done WRONG!

Appraisers, back in April, I was notified by someone “close to the action” of appraisal report submittals to the GSE’s, that many Desktops are being submitted back to lenders TOTALLY WRONG by the assigned appraisers! These reports are being captured and evaluated in the current Desktop observation and testing phase of the UCDP evaluations. Lenders use the UCDP as an initial report Quality Control check so that any problems can be identified, and sent back to the appraiser for correction, before the last submittal is used for the loan. The UCDP ‘sees’ every report for a particular property address, and keeps track...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Media Creating a False Picture. What was Said at the Save America Rally?

Media Creating a False Picture

…the media and others have twisted what was said to hope you will believe that it was an “incitement of violence”… Folks, I’ve been “mulling this over” for a few days, trying to totally understand what has really been happening over the past months and years up to January 6, and after. What I’ve learned is you, me and everyone else have basically been lied to, and as such, what I’m about to write is going to “p@#s off” a few of you, but others will understand. By the way, I should say that I have tried not to mix...

Appraisal / Appraisal News / Appraisers News / Trending

Is a Model Home Considered Occupied or Vacant? 28

Is a Model Home Considered Occupied?

Two days later the underwriter emails you ordering you to change “vacant” to “occupied” since there is clearly furniture in the house… Here’s a situation you’ll run into once or twice in your career. There is a new subdivision. Now, new subdivisions sometimes have model homes. Model homes typically have furniture, fixtures, and equipment – usually upgraded. The subdivision has completed its sales program and the developer is now selling the model(s). Your job is to appraise one of the models, since the developer has it under contract to a retail buyer. You do your inspection thing, take pictures of...

Appraisal / Appraisal News / Appraisers News / Trending

Think It's Okay to Do Bifurcated Hybrids? Georgia Fines Hybrid Appraiser! 101

Georgia Fines Clear Value Hybrid Appraiser

So, do you think it’s ok to do bifurcated hybrids? On January 31, 2018, what appeared to be egregiously deficient Clear Capital “Clear Value” bifurcated hybrids were exposed in AppraisersBlogs. See What IS a “ClearVal Appraisal”? The properties were in Georgia. The appraisals were performed on a desktop basis by an appraiser in Indiana. Total fee was $250. Out of that $250, AMC Fee was $225, and the Indiana desktop appraiser was paid $25.00. Keep that fee in mind as you read through the attachments. Two complaints were filed by AGA™. One with the State of Indiana, and one with...

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

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