You feel like Fannie Mae is simply trying to get rid of appraisers. A lot of appraisers feel that way… “Even amidst tragedy there is sometimes farce,” wrote author Daniel Prokop. Unleashing tragedy and farce in equal measure, mortgage giant Fannie Mae is using its muscle to coerce lenders to repurchase early COVID-era loans. Fannie apparently deems them now too risky for its portfolio. As a ploy, say observers, Fannie is generating automated appraisals similar to Zillow’s “Zestimates” and using them to undermine appraised values in loans it wants to offload. Fannie’s automated system then sends unsigned boilerplate complaints to...
Pay attention to Phil Crawford’s comments on interior inspections and the liability that goes with them… Fannie and Freddie have come out with updated guidelines for appraisals. There is much confusion on what is and what is not required. The below matrix simplified what is allowed by Fannie Mae. Additional questions and answers can be found on Lender Letter LL-2020-04. The unknown to the appraiser is the ownership of the loan. Appraisers must rely on the lender or amc for that determination. VaCAP wants to remind each and every one of you that regardless of what an amc or lender...
Here we are over 3 and a half years after the article titled “I Do Not Quit, Not Ever!“. No one has quit yet. AGA™ is now a tax-exempt 501(c)(6). We have successfully renegotiated our affiliation agreement with OPEIU and AFL-CIO. The articles of incorporation revised our previous articles of association. In the past two years Jan Bellas and the National Appraiser Peer Review Committee have helped in excess of 185 appraisers get off blacklists; be reinstated with lenders and assisted those wrongfully accused in defending themselves before state regulatory agencies. Anyone that’s dealt with Jan Bellas KNOWS she doesn’t...
No DTI CAPS – What could go wrong? Well, the insanity continues. HousingWire is reporting that a coalition of lenders and trade groups are calling on the CFPB to eliminate the debt to income cap on all qualified mortgages. Yes, you read that right. Lenders want to eliminate the debt to income cap to allow more loans to be originated. They claim by using alternative factors to determine risks, more low income borrowers can obtain a mortgage. Mortgage Bankers Association President and CEO Robert Broeksmit stated: With respect to the 43% DTI threshold, it makes little sense to commit to a rigid requirement...
Regulatory reform is needed in the appraisal profession and Pat Turner is the right appraiser to help move it forward! This is a CALL TO ACTION. Please listen to Phil Crawford’s Voice of Appraisal Show released yesterday morning. He has put out a call to action to every appraiser to write a letter of recommendation for VaCAP President Pat Turner to be appointed to the Appraisal Standards Board: Time to stand up again! Pat Turner, “The Gladiator Appraiser”, from the Great Commonwealth of Virginia has applied for a position on the Appraisal Standards Board at The Appraisal Foundation! Now more...
Phil Crawford has a new Voice of Appraisal show. This is one of the best shows Phil has ever done. He touches on issues with Bifurcation, Board competitors and even mentions VaCAP and our “Other Side of Things” article that received a lot of attention on Appraisers Blogs last week. Phil encourages support for VaCAP President Pat Turner to be appointed to the Appraisal Standards Board. The show is 36 minutes, so please take the time to listen. You might even get a good laugh out of some of the humor displayed. Listen to the show below. Board Competitors? VaCap,...
Experienced and New: A Review of Appraiserfest 2018 By Tom Horn, SRA and Woody Fincham, SRA, AI-RRS, RAA Member of RAC A Newbie Conference Attendee’s Take on Appraiserfest 2018 Tom Horn, SRA I just got back from the first ever Appraiserfest conference, held in San Antonio, Texas, and while it is fresh on my mind I thought I would share my thoughts. This is my first national appraisal conference to attend and I have to say it did not disappoint. I have been an appraiser for quite a while but have never been interested in spending my money or time to attend...
States Support Louisiana Real Estate Appraiser Board against the FTC States (and appraisers) are very interested in the outcome of the LREAB vs FTC to protect their own sovereign actions. On July 11, 2018, the states of Mississippi, Idaho, Iowa, Rhode Island, and Utah filed an amicus brief with the United States Court of Appeals for the Fifth Circuit supporting the Louisiana Real Estate Appraiser Board. See the entire brief here or below. The outcome of this will impact each and every one of us. As we reported a few days ago, one lender, BB&T, has opted to step up...
Registration Act, reinserts the definition of “appraisal firm”… Bifurcated (Hybrid) Appraisals Take Another Hit Last week VaCAP shared some information questioning the legality of these products in Virginia. This week Phil Crawford, Voice of Appraisal, talks about the ethical side of them and how appraisers completing these could be on the receiving end of legal actions. Listen to show E206 at Voice of Appraisal NAR Appraiser Liability Webinar On July 17, 2018, the National Association of Realtors along with Peter Christensen from LIA, presented a Webinar on liability issues for appraisers. A strong concern about the certifications exists that open up liability...
Today’s ruling is a victory for the rule of law and due process… Does this directly impacts the FTC vs Louisiana Real Estate Appraisal Board? Hensarling Applauds Supreme Court Ruling on SEC Administrative Law Judges WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement today applauding a Supreme Court ruling which found that the Securities and Exchange Commission’s (SEC) use of in-house administrative law judges (ALJs) unconstitutional. “Today’s ruling is a victory for the rule of law and due process. Chairman Clayton had already started to move the SEC away from the previous Administration’s overreliance...
