Tagged: Virginia Coalition of Appraiser Professionals

We the People 26

We the People…

We the people need to redirect the mortgage lending direction… The time for every appraiser and consumer to step up is now. This country was founded on the principle of “We the people”. Please sign this petition and share it everywhere.  Appraisers have been the target for blame for everything gone wrong in the mortgage lending world. We were blamed for the Savings and Loan collapse, the financial crisis of 2008, and appraisal bias and racial discrimination. Appraisers have even been the target on loans gone bad after several years on payments. Yep, we have been the target and have...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Federal Valuation Agency Impact on Appraisers 11

Federal Valuation Agency Impact on Appraisers & the Public

To establish an independent agency to be known as the Federal Valuation Agency that would oversee the appraisal industry in the name of “equity.” VaCAP has been informed of a Discussion Draft of a Bill introduced into the US House of Representatives that will directly impact every appraiser, appraiser trainee, appraisal firm, and appraisal management company. From the discussion draft, the purpose of the Bill: “To establish an independent agency to be known as the Federal Valuation Agency and real estate valuation standards and appraiser criteria, including promoting a fair, unbiased, transparent, repeatable valuation process, and for other purposes.” VaCAP...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Support your fellow appraisers in Georgia 30

Is Georgia Going Rogue?

VaCAP has learned the Georgia Real Estate Appraisal Board is considering rescinding rule 539-1-.23. This rule is the customary and reasonable fee requirement to appraisers from appraisal management companies. The matter will be decided at a 9:30 AM Sunday July 17, 2022 meeting. From the Georgia Real Estate Commission and Appraisal Board: RULE 539-1-.23 Appraisal Management Companies Purpose: In light of the recent decision and order In the Matter of Louisiana Real Estate Appraisers Board Before the Federal Trade Commission of the United States and to avoid even the appearance of anticompetitive conduct or the unreasonable restraint of price competition...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Bias in Automated Valuation Models 10

Bias in Automated Valuation Models

The CFPB is reviewing bias in Automated Valuation Models (AVMs). The proposed rules are a joint effort by the Consumer Financial Protection Bureau, the Office of the Controller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Federal Housing Finance Agency. These agencies are concerned AVMs may reflect bias in design and function. The mathematical models rely on biased data resulting in inaccurate valuations. Basically the agencies are stating historical data going back to redlining is built into these models and do not reflect current market data. Remember markets are not static and are...

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

Let's Call Them Desktops with Third Party Inspectors 18

No to Desktops with Third Party Inspectors

Hybrid Appraisals were tested and failed. So what does Fannie Mae do? Let’s call them Desktops with third party inspectors. Fannie Mae has announced they will soon start accepting Desktop Appraisals. The appraiser does not inspect the property; however an interior floor plan including walls is required. This in itself is over and above what most appraisers typically provide. We understand Fannie Mae’s decision is based on risk; however, risk is not part of an Appraiser’s analysis under USPAP. Will State Appraisal Boards look the other way for USPAP compliance? How will an Appraiser who does not inspect the property...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

FTC's pursuit of the State of Louisiana cost the Appraisal Profession dearly 12

FTC Has Cost the Appraisal Profession Dearly

The FTC has cost the appraisal profession dearly in their pursuit of the State of Louisiana. This entire episode has been entirely misguided… The FTC’s time SHOULD have been spent investigating the AMC trade group known as REVAA to find TRULY non-competitive practices… The FTC is asking for public comments on the consent decree by the Louisiana Real Estate Appraisal Board. The time line to comment is short and ends on July 22, 2021. VaCAP asks each of you to take a few minutes and read the consent decree as well as the analysis provided by the FTC before commenting....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Call to Comment; AMC Disciplinary Action; VA Looking for Appraisers 1

Call to Comment; AMC Disciplinary Action

1. A Call to Comment has been issued. 2. VA is looking for Appraisers. 3. AMC Disciplinary Action Snowballs into Multiple States… A Call to Comment has been issued. The FTC is asking for public comments on the consent decree by the Louisiana Real Estate Appraisal Board. The time line to comment is short and ends on July 22, 2021. VaCAP asks each of you to take a few minutes and read the consent decree as well as the analysis provided by the FTC before commenting. The link for the Federal Register that contains all the information can be found...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Advisory Opinion 16 Could Be a Game Changer for Appraisers! 22

Advisory Opinion 16, a Game Changer?

The Appraisal Foundation has issued an exposure draft for Advisory Opinion (AO) 16. Advisory Opinion 16 is Fair Housing Laws: Avoiding Bias in Real Property Appraisal and Appraisal Review Development and Reporting. Unlike other exposure drafts, the text of the AO opinion has been rewritten. The traditional strike through of word or phrase changes is nonexistent. The Appraisal Foundation acknowledges “the Advisory Opinion was extensively rewritten”. Comments on the changes are due to The Appraisal Foundation by March 31, 2021 via SurveyMonkey or email, asb@appraisalfoundation.org. Although an Advisory Opinion is not a standard of practice, it does express what is...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Are You Laying Bricks, Putting up a Wall, or Are You Building a Cathedral? 3

Are you Laying Bricks or Building a Cathedral?

…laying bricks today, putting up a wall, or are you building a cathedral?… If you have been doing appraising for any time at all, you have likely experienced some of the more irritating aspects of our profession: the AMCs, the call backs, or one of my personal favorites, a Realtor’s protest “the idiot appraiser doesn’t know it’s supply and demand! I have a buyer!” An old folk story helps me through days like these, and it goes like this: A traveler came upon three men working. He asked the first man what he was doing, and the man said he...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

FHFA Overseeing Appraisal Policy & Processes? Time to Stop the Trend 2

It Is Time to Stop the Trend

Why FHFA thinks the GSE’s should be even discussing appraisal processes is a question that needs to be asked of FHFA… Appraisers have let others dictate many things in our profession. It is time to stop the trend… How about 20 questions? The Federal Housing Finance Agency (FHFA) has 20 questions for you. Well, actually it is only 19 questions. The FHFA is the organization of the Federal Government that oversees Fannie and Freddie. They want feedback on how the GSE’s should move forward with appraisal policy, risk and appraisal processes. Now why FHFA thinks the GSE’s should be even discussing appraisal processes...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Finance Agency

xml sitemap