Not Such a Quiet Week
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For a quiet Holiday Week and the first week of school for many localities, many things to report: VaCAP has learned Treasure Valley Factors is no longer accepting “Managed Appraisal Services Inc.“ invoices.
Treasure Valley Factoring has been highly promoted by Phil Crawford and many appraisers utilize their service. VaCAP does not know the reasoning behind their decision, but we can only assume it is risk based, or this AMC simply is not paying. This could be a sign of things to come. Be mindful of your receivables and take early action the first sign of trouble. It is a business decision if you grant credit to anyone and it is also a business decision on what those terms would be.
Wells Fargo is in the spot light again. More fraudulent activities discovered. This time for overcharging borrowers mortgage fees for delays caused by their own inefficiencies. Why have no criminal charges been made against anyone at Wells Fargo? See the story on USA Today here.
Texas Appraisers need your help. Several appraisers have joined together to start a GoFundMe page to help appraisers in Texas impacted by Harvey. AppraisersBlogs has all the details. See the details here.
Be prepared as it appears hurricane season is in full force, Irma, Jose, Katia, all named storms on the radar for the next week. Remember to be prepared for anything that could possibly happen.
Opposition to Fannie and Freddie PIW and ACE programs growing: VaCAP has learned many industry professionals have expressed concern over these programs. Letters to the FHFA have been ongoing. The Appraisal Foundation sent a letter earlier this summer and more recently The Appraisal Institute has reached out to the state coalitions, other national organizations and state appraiser boards for a joint letter of unity on the matter.
There are many predictions of a market downturn in the very near future. Taking steps and remove one of the most valuable tools in assessing risk makes no sense at all and is just irresponsible. Last week VaCAP asked appraisers to start a conversation with agents about the programs. Recommend the borrowers get an appraisal on their own if the lender is not doing it. It is about consumer protection and liability of the agent.