Tagged: USPAP

Improper Direction to Appraisers as a New Special Lender Condition 21

Improper Direction to Appraisers

…specific prohibited direction to appraisers involved in federally regulated transactions… Improper direction to appraisers as a new special lender condition Honorable Ladies and Gentlemen: The following article appeared in a recent online post at https://appraisersblogs.com/appraisers-asked-2-overlook-weed-cultivation (also copied to this letter following our inquiry). We consider the original author to be a credible source. Due to the serious implications of any appraisal management service giving such specific prohibited direction to appraisers involved in federally regulated transactions we believe it to be our duty to bring this to your collective attention. We respectfully request that each Federal Regulatory Agency review this issue...

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

Fix What is Broken before Replacing the Product 34

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 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...

AMC / American Society of Appraisers / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Importance of Intended Users Identification - Case Helpful to Appraisers 13

Case Helpful to Appraisers

This is the only way that the opinion would ever help other appraisers, especially residential, in future cases filed by parties who are not intended users of the appraiser’s work. Newly Published California Case Helpful to Appraisers: Tindell v. Murphy Today, the California Court of Appeal, Third Appellate District certified for publication its recent decision in a case entitled Tindell v. Murphy. The case involved mortgage borrowers who sued a real estate appraiser blaming the appraiser for a purchase they made in 2005 at the peak of the real estate bubble. The trial court had dismissed the borrowers’ suit because they...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

MISMO, Appraisal Data Mining, Hybrids, and Other Fraud Facilitators 16

Who’s to Blame?

Looking at who and what MISMO Directors are, is it a surprise that FNMA included language in basic appraisal forms resulting in appraisers having infinite liability and no ownership over their own work product IF they do work for FNMA?… European Union General Data Privacy Regulations (EU GDPR) may seem like a stretch for an Appraisers Blog topic, but please bear with me. For some time now, The Appraisal Foundation has been focusing on major international valuation issues other than real estate appraisals. IVSC is one of the bigger and most detrimental misdirection’s they’ve taken as far as impact on...

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

Prizes Awarded for Correctly Identifying AMC in Appraiser Contest 37

Appraiser Contest

…multiple prizes will be awarded…correctly identify this LandSafe-like wannabe to win ANNOUNCING NEW APPRAISER CONTEST! Look at the following time requirements from one national [anonymous] AMC. These requirements are so outrageous that advance disclosure to their clients should be a requirement that their policies suborn appraisers to ignore USPAP and encourage appraisers to take improper short cuts. Here’s the challenge… I have redacted the name of this unprofessional company that appears to think their drive to offer what their competition cannot, (or more likely won’t) warrants promoting subpar appraisal practices. All you have to do is correctly identify this LandSafe-like...

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

Credible Third-Party Inspections, Use of EA & USPAP Q&A 17

Credible Third Party Inspections

…producing credible real estate appraisal reports… Is it any wonder that The Appraisal Foundation has lost nearly all credibility as America’s self-proclaimed foremost authority on appraisal matters? I humbly submit their most recent offering. Excerpt from current ASB Q&A: “2018-19 USPAP Q&A Issue Date: March 29, 2018 The Appraisal Standards Board (ASB) of The Appraisal Foundation develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP) on behalf of appraisers and users of appraisal services. The USPAP Q&A is a form of guidance issued by the ASB to respond to questions raised by appraisers, enforcement officials, users of appraisal...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB

Story of My Appraisal Fee is Told to the Consumer, Not Buried on Page 26 20

Front & Center

The story of my fee! Disclosure of my Fee is Front & Center Remember those dreaded book reports in grade school? Remember the oral presentations in front of the class? We did not think much of it then, but this was the beginning of public speaking. Fast Forward to today: Our appraisal reports are similar to those dreaded book reports except there is no oral presentation, no public speaking. No way to BS your way through it because you only read the Cliff Notes, not the actual book itself. We have come a long way and today we write reports...

Appraisal / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP

Know How Much You Are Paying for an Appraisal? - AppraisersBlogs 42

What’s Not in Your Wallet?

Shouldn’t consumers know where their money is going to? Before the housing collapse, when applying for a loan, you would go to your bank or mortgage broker and apply. Upon approval, they would explain the property would be appraised by a real estate appraiser and as the borrower, the cost of the appraisal was to the borrower (even though the appraisal is for the lender). The appraiser would either bill the lender the cost of the appraisal or coordinate payment when the appraiser was at the house. Sometimes, the lender would pay for it and roll it into your mortgage...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

Virtual Assistants & Outsourcing Appraisals? When is Enough, Enough? 96

When is Enough, Enough?

Yet another expert who is making gazillions of dollars using "virtual assistants and outsourcing"… I have been blessed in my life with more than my share of good friends. I’m talking about the lifelong kind. The kind we maintain friendships over 30; 40 or even 50+ years. My Mother and Father have always told me you can never really have too many real friends. They were right. So, at my age I don’t need or consciously seek to make enemies. Just as I have had more than my fair share of true friends, I’ve probably also had my share of...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / The American Guild of Appraisers

Foremost Authority? The Appraisal Foundation Has Lost its Way - AppraisersBlogs 4

TAF Has Lost Its Way

How can TAF claim to be any kind of authority, let alone "THE foremost authority" for any of the other disciplines? I personally like and respect the individuals I’ve met from TAF. My strenuous disagreement with TAF are the policies and actions. Not the individuals. The opening or introductory remarks on The Appraisal Foundation’s web page state: The Appraisal Foundation (Foundation) is the nation’s foremost authority on the valuation profession [emphasis added]. The organization sets the Congressionally-authorized standards and qualifications for real estate appraisers and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. This work advances...

AGA / American Society of Appraisers / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News

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