Appraisal management companies do not understand the nuances of the appraisal profession, nor do they understand the challenges many rural properties bring. The Virginia Coalition of Appraiser Professionals has submitted an official comment to the ASC opposing the State wide appraisal waiver request in North Dakota. VaCAP has submitted a public comment expressing concerns over the much larger consequences in allowing such a request. A blanket waiver of appraisals up to $500,000 for a 5 year period will have a devastating impact on housing, not only in North Dakota, but across the country. We envision a snowball effect with other...
What is it going to take for every appraiser to comment on Town Hall concerning the proposed Guidance Document on hybrid appraisals? Even if you have no intentions of ever completing a hybrid appraisal, it is important for you to place a comment on Town Hall concerning the document and these questionable products. If appraisers are not willing to step up and take a stand against actions that are contributing to the next housing crash, who will? If you have seen any of the samples floating around on the blogs and forums, you realize very quickly, these products are not credible...
VaCAP and 27 other State Appraisal Organizations reached out to the House Finance Services Committee concerning the upcoming Subcommittee meeting entitled “What’s Your Home Worth? A Review of the Appraisal Industry” on June 20th. The Network stresses the most qualified to testify on the appraisal profession is an appraiser. The letter also outlines some of the flaws, inconsistencies and realities of the effects of appraisal management companies and how the GSE’s current “appraisal modernization plan” is actually harmful to consumers, investors, lenders, the housing market and the economy as a whole. Fannie Mae’s own publications are being used as documentation. Hopefully the committee members ask the...
Until FNMA released their version of a test format for hybrids (1004P) there was not one hybrid form appraisal process and online form reporting system found that was not egregiously misleading in the entire country. Not one. Not Clarocity’s, nor Clear Capital’s or Mueller Inc. A “typical hybrid” sample follows. https://appraisersblogs.com/clearval-value-hybrid-appraisal Not those crafted in Hyderabad, Pakistan for $8 Billion for just one year’s Wall Street Investments (as published by Cezary Podkul Wall Street Journal) where the preparers claimed to be able to produce 360+ per day by illegally using broker login credentials from state-licensed brokers in America. The entire...
Before the ink was dry on FIRREA 1989, special interests were snipping away at it. Originally proposed field review requirements in FIRREA drafts for 1 in 10 appraisals would have made the Great Recession (TARP) impossible. Now those same interests are stripping away at the last vestiges of consumer and taxpayer property value protection. The formal appraisal. The MINIMUM level of protection that should be insisted upon. Dear Ms Kahng: My name is Mike Ford. I am Vice President – Special Projects; & Chairman of the American Guild of Appraisers National Appraiser Peer Review Committee; AGA#44, OPEIU, AFL-CIO. I am...
As most of you know, hybrid or bifurcated appraisals are a very controversial topic currently. Virginia statutes and regulations have language which gives many of us pause on the compliance of hybrid appraisals as they are being presented in the industry. The Board has published a proposed guidance document in the hopes to clarify the language in our laws. Unfortunately, the proposed guidance document falls short of providing any meaningful guidance or clarification. Per Virginia statute, the document has been published on Virginia Legislative Town Hall for public comments. At the end of the comment period, it is our understanding...
US House Financial Services Committee Hearing on Appraisals – The subcommittee on Housing, Community Development and Insurance is holding a hearing entitled “What’s Your Home Worth? A Review of the Appraisal Industry” on June 20, 2019 at 2:00 PM. The hearing is open to the public and can be lived streamed. To find out more about this hearing, go to the US House Financial Services Committee website. Contact the Representatives on this subcommittee. Make sure consumer protection is at the forefront at this hearing and not the profits of the GSE’s. Are the representatives aware the GSE’s are sending unlicensed,...
If the DOJ investigation proves fruitful, it is possible appraisal data could be investigated as well… The Department of Justice has sent a Civil Information Demand (CID) notice to CoreLogic. The CID requires CoreLogic turn over documents and answer questions. The article by Rob Hahn explains that the case revolves around not only the search features of the MLS systems, but the contracts and agreements on the use of MLS data by CoreLogic. If this investigation proves fruitful, it is possible appraisal data could be investigated as well. If this is the case, it will be a fast rolling snowball...
VaCAP has received a message from the family of Ken Harney, Real Estate Syndicated Columnist: Dear Friends, It is with great sadness that I write to you to tell you that Ken’s disease has progressed to Acute Myeloid Leukemia (AML) and that as of today, we are in the care of hospice at home. We both want to thank you for all your prayers, your interest and concern and for the many years of friendship you have extended to us. Happily we are surrounded by our four children and our home is filled with love. Ken is not up to...
Lenders Allies, LLC, an appraisal management company, has agreed to a consent order with the Texas Appraiser Licensing and Certification Board (TALCB). On May 1, 2019 Lenders Allies agreed to a final order neither admitting guilt or denying guilt of violations of Texas law. The case revolved around the investigation of a complaint against an appraiser, which then lead them to Lenders Allies. The appraiser completed 59 appraisals for Lenders Allies over a period of two years as an employee and at no time was the appraiser on Lenders Allies appraiser panel maintained by the TALCB. Was this an administrative oversight...
