union - Appraisers Blogs

The Great Debate on Appraisal Fees

Isaac Peck — Mon, 28 Oct 2024 12:30:09 +0000

She included several different fee split examples indicating AMCs retained as much as 70 percent of the total appraisal fee paid by the borrower, which prompted her to stop working with AMCs because of the lack of transparency. The appraisal industry is abuzz with a discussion about appraisal fees. The Consumer Financial Protection Bureau (CFPB) recently issued a Request for Information Regarding Fees Imposed in Residential Mortgage Transactions [Docket No. CFPB-2024-0021] in which it solicited feedback from the public and industry stakeholders on the fees charged to consumers by mortgage providers and related settlement services. The CFPB framed it as...

AMCs Billing Scheme, Hidden Profits & Deceptive Practices Appraisers who do not agree to their hidden billing methods are excluded from the majority of the GSE lending marketplace…
Appraisal Regulation Compliance Council Exposes… The Appraisal Regulation Compliance Council published a detailed breakdown to the CFPB, which showed the median average AMC fee being…
Lack of Fee Transparency: Exposing the AMC Exploitation By keeping the borrower in the dark about the true cost of the appraisal, the AMCs are able to charge…

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Fighting for Consumer Protection & the Appraisal Industry

Guest Author — Mon, 24 Jul 2023 12:30:42 +0000

I’m just an Average Joe, surrounded by some really smart people, and we are fighting back. I often wonder if Certified General, MAI or SRA appraisers sitting in their ivory towers often chuckle to themselves and say HA, data collectors will never impact commercial. Who cares about the residential appraiser. Well, it looks like it’s time for you all to care. Copied from a Real Estate Forum Post: “Good morning, My name is Kevin Graham, and I am with Beacon Property Data Collection Services. You had recently signed up to become a panel member and we have an assignment for...

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…
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…
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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Dazzled by Wizardry, Federal Mortgage Regulators Ignore Zillow Debacle

Jeremy Bagott — Mon, 12 Jun 2023 12:30:18 +0000

This rulemaking is one more sign that federal bureaucrats are all in on a whacky plan to use technical wizardry to tease out the value of individual properties across the country… Secretary of Defense Robert McNamara was a committed technocrat. Under his direction, a team of policy advisors descended into the Pentagon’s cavernous basement in 1967. They fed punch cards into the basement’s IBM mainframe computers with everything that could be quantified about the Vietnam War. Numbers of ships, tanks, transport helicopters, gunships, fixed-wing aircraft, artillery, troop strength, machine guns, ammo. They queried the computers, “What year will we win...

AVMs... Garbage In, Garbage Out Garbage data in means garbage results out every time! It's no secret that AVMs have been a thorn in the…
AVMs... The Not So Accurate Magic Bullet That article mentioned three on-line services which claim to provide accurate property values. In alphabetical order, those services were REDFIN,…
HUD Secretary's Comments Evoke Folly of 1919 Sex Scandal Secretary Fudge launched into what sounded remarkably like discriminatory rhetoric: "The problem is who is in the appraisal industry. When…

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The New & Improved Fannie Mae “FRAUDULATOR 2.0”

Michael Ford — Mon, 15 May 2023 12:30:53 +0000

Originally known as Fannie Mae’s Collateral Underwriter (CU), and subsequently Collateral Underwriter 2.0 (CU-2)i this always dubious product of Fannie Mae is increasingly being referred to by some, if not many American Appraisers as The Fraudulator / Underwriter 2.0 (FU-2). To be clear it is not limited to the Collateral Underwriter (CU & CU-2) software. The new Fraudulator (FU-2) combines the CU products with their numerous improper uses. The end result of which includes OUTRIGHT FRAUD being perpetrated against banks via the repurchase letters Fannie Mae now issues on a quota based system rather than because of legitimate appraisal defects....

AVMs... Garbage In, Garbage Out Garbage data in means garbage results out every time! It's no secret that AVMs have been a thorn in the…
How U.S. Home Valuations Are Being Subverted At the crossroads of it all is a campaign to weaken or eliminate valuations... The nonprofit is now exploring ways…
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…

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TAF Is About To Get PAVEd

Jonathan Miller — Thu, 12 Aug 2021 12:30:33 +0000

The current administration is addressing the lack of diversity in housing valuation head-on with the formation of an interagency task force on Property Appraisal and Valuation Equity (PAVE). Here are the details of the PAVE Task Force. They just had their first meeting and this is a serious effort unlike the silliness of TAF’s bureaucratic actions of the past year that were nothing more than window dressing to the lack of diversity problem within the appraisal industry. Incidentally, The Appraisal Foundation is not part of PAVE Task Force. Keep that in mind when you read their bat-shit crazy letter again and think about the fact that...

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.…
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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ASC, End the Foolishness Now

Michael Ford — Fri, 11 Dec 2020 13:30:31 +0000

End the constant ‘busy work’ USPAP updates. End the catering to lenders or ‘advisory’ councils. Appraisers are NOT supposed to be any of the things being demanded of us today EXCEPT good appraisers!… Return to a USPAP version (any version) that actually protected the Public Trust. That would be any version PRIOR to the revision of the terms appraisers and appraisals to “valuation & evaluators” (a term used only or at least primarily by the accounting profession historically). Dissolve The Appraisal Foundation (TAF). They effectively achieved the congressional objective mandated in ’89 long ago. Everything since has been the administrative...

Professional Opinions Can Never Be Replaced Professional OPINIONS have value that can never, repeat NEVER be replaced by automation... Earlier this week, George Dell's article titled…
TAF / ASB Challenge USPAP 30 days after implementation of the last changes, ASB/TAF is already admitting they think the current USPAP is inadequate and…
TAF Counting on Appraisers to Foot the Bill From October 30, 2020 TAFAC meeting, TAF president Dave Bunton said: “Earlier this week the Foundation notified the ASC that…

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Why is Only One Side of This Story Being Told?

Guest Author — Tue, 20 Oct 2020 12:30:03 +0000

There are always two sides to every story; however, understanding is a three-edged sword: your side, their side, and the truth in the middle. Recently there has been a wave of news stories about racism in the appraisal profession brought on by a couple in Jacksonville, Florida. That couple, Abena Horton, a black woman, and her husband Alex Horton, a white male, made claims that an appraiser who first appraised their home came in low on the appraisal due to her race. You can read one of the numerous stories here. Before anyone here accuses me of being racist etc.,...

Racial Bias: Redlining in the Modern Era ...are they behind this modern day redlining?... The broad definition of an algorithm according to Merriam Webster’s Dictionary is “a…
Racial Bias Claims Without Proof or Logic The Appraisal Institute just sent a letter to The Appraisal Foundation to address things that have been floating out in…
Use of Census Data in AVM & Discrimination Every single appraisal any of us do has a census tract number as a required element. There are no exceptions…

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Let Appraisers Train Their Own Inspectors

Guest Author — Mon, 25 Mar 2019 12:30:15 +0000

If we are to make a third party inspector liable for the data they provide… FNMA’s recent newsletter states that a third party inspector should be hired to deliver photos, sketches, etc about a property to them. After their review, if they believe an appraisal is needed then they can forward that information to the appraiser and a desktop can be performed with ease and accuracy. In their words, this is no different than an appraiser relying upon other forms of data in the report such as public records, MLS, etc. I really do appreciate the perspective of some who...

AMC Asking Appraisers to Violate State Law ...inducing another to violate... Appraisers Beware! VaCAP has been informed an email has been sent to Virginia Appraisers from Xome…
Systemic Failures in FHA Appraisal and Loan Review This case exposed the cracks in an FHA system where failures by the lender, the AMC, and the review process…
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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Who Is Really on Your Side?

Mark Skapinetz — Mon, 21 Jan 2019 13:30:17 +0000

The AGA wants to make that change. Do you? We have all seen the the commercials for Nationwide Insurance and that they are on your side. As real estate appraisers do we know who is really on our side? There are so many organizations that represent appraisers. Many claim to help appraisers, many do help appraisers, many are out there to fight for appraisers, many offer education and many just want us to join them in their own agenda journey made up of false narrative and false promises. I’m not here to force you to join anything. I support the...

AGA Objects De Minimis Increase Proposal We object to the proposal to increase the de minimis threshold at which no appraisal is required... Sirs: The American…
Closed for Business, Sorry Folks! For those who are not familiar with what an AMC is, it is short for Appraisal Management Company. They are…
Big Battles Ahead for Appraisers ...complete elimination of appraisal as part of their fully automated loan processing objectives... Our work as appraisers & appraisal issue…

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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...

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…
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…
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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Stop S.2155 in the Senate

VaCAP Board — Mon, 05 Mar 2018 13:30:53 +0000

Call to action to oppose Senate Bill 2155, also opposed by an overwhelming majority of Americans… Appraisers, We are placing an immediate nationwide call to action to oppose Senate Bill 2155 currently in the United States Senate. Senate Bill 2155 has a provision, (sec 103) which allows a bank to waive an appraisal in rural communities. This will be detrimental for homeowners and communities in rural areas. A loss of income will also occur for appraisers who cover rural counties. To see the text of S.2155, click here. The Independent Community Bank Association has been hard at work promoting this bill....

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.…
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…
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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Background Checks Issue for Appraisers

Dave Towne — Tue, 01 Sep 2015 12:30:27 +0000

Background checks & third party relationships Appraisers, One of the recent thorns in appraisers’ sides has been the issue of background checks. A key reason for this is the Office of the Controller of the Currency (OCC) bulletin, which outlines the management responsibility banks must take when dealing with ‘third parties. Third parties include the AMC’s banks use to ‘manage’ their appraisal orders, and vendor appraisers. The bulletin puts the fear of God into bank Board of Directors. Since water runs downhill, the banks are telling AMCs that they must improve how they ‘vet’ appraisers on their panels. Many AMC’s are...

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…
Lack of Fee Transparency: Exposing the AMC Exploitation By keeping the borrower in the dark about the true cost of the appraisal, the AMCs are able to charge…
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…

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Appraisal Fees ARE Being Manipulated

Michael Ford — Fri, 14 Aug 2015 12:30:46 +0000

Gas prices in California were $4.25 to $4.50 when oil was last at $100 a barrel. A week ago they were $50+/- a barrel and our pump prices were still over $4.00 a gallon. We are told ‘environmental’ mandated blended methanol is the cause of the $1.30 higher pricing than anywhere else in the Continental US. When those environmental laws were being passed we were told they’d only add from $0.05 to MAX of $0.15 per gallon-NOT $1.30 or 43% more! We KNOW that California politicians have also very recently heavily increased gas taxes in their never ending war against internal combustion....

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…
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…
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…

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USCRAP – Systematic Destruction of Residential Appraising

AppraisersBlogs — Tue, 20 Jan 2015 13:30:40 +0000

We Studied USCRAP… Not so long ago I had multiple clients. They would call me if they needed my professional services and trusted me to perform a satisfactory service. I’m a streetwalker. I drive and walk the streets looking at houses and photographing them from the street (outcalls) and sometimes going inside to determine condition (in calls). This worked well for many years until the Federal Government got involved in the late 1980s. The Feds discovered that a few streetwalkers had exaggerated their claims of professionalism and service and declared in the 1989 DIARRHEA that all streetwalkers must be licensed...

Dear AMC, Goodbye... Why I'm Leaving Residential Appraisal - Dear AMC, Goodbye! The Law of Unintended Consequences is a law, like Murphy’s Law,…
Appraisal Standards Should Age Like Fine Wine Changes in Appraisal Standards?We have barely got into the "New" 2016-2017 copy of USPAP and the ASB is meeting on…
Good Old Days of Appraising! Missing the Good Old DaysDoes anybody miss the good old days of having to deal with the mortgage broker? After…

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Appraisers Now Have a Voice!

AppraisersBlogs — Tue, 08 Apr 2014 12:30:17 +0000

A voice to this lone wolf profession “Voice of Appraisal” is a show designed to deliver the most up to date news and information for the working real estate valuation professional. The show provides top analysis of real estate trends and issues that affect appraisers nationwide. Our no-nonsense approach to appraisal, real estate, banking and politics creates a cutting edge program that provides an insight into the appraisal profession that is seldom heard. The past 25 years of appraisal organizations, affiliations, coalitions, and designations have left our industry splintered and broken. We have become a group too caught up in...

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.…
First the Borrower Fee. Now the Appraiser… Two lawsuits place Class Valuation’s fee transparency and staff-appraiser compensation practices under federal scrutiny. Most appraisal disputes examine only one…

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Time for an Appraiser Union?

Dustin Harris — Tue, 28 Feb 2012 12:00:46 +0000

Much talk has occurred lately on a variety of injustices incurred by appraisers through scope-creep, indemnification clauses, decreasing number of appraisers, lawsuit volume increases, and the like. Naturally, there are a whole lotta unhappy appraisers out there. Surely, there are many things to be concerned with, but there is a greater fear that overrides all other issues; the fear that there ain’t a dang thing we can do about it. The lack of ability to make changes to those things we view as wrong is a debilitating feeling. As small business owners, we are used to getting things done 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…
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…
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…

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union - Appraisers Blogs

The Great Debate on Appraisal Fees

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Dazzled by Wizardry, Federal Mortgage Regulators Ignore Zillow Debacle

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The New & Improved Fannie Mae “FRAUDULATOR 2.0”

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TAF Is About To Get PAVEd

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ASC, End the Foolishness Now

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Why is Only One Side of This Story Being Told?

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Let Appraisers Train Their Own Inspectors

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Who Is Really on Your Side?

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Bridging The Gap

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Stop S.2155 in the Senate

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Background Checks Issue for Appraisers

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Appraisal Fees ARE Being Manipulated

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USCRAP – Systematic Destruction of Residential Appraising

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