Category: Trending

What’s trending now and what was trending in the past on AppraisersBlogs – Discover and discuss developing and trending stories on the latest news, ideas and perspectives happening now and in the past in our industry

Unjust HUD Investigation Leads to Illegal Break-In & Evidence Tampering 27

HUD Investigation Leads to Illegal Break-In & Evidence Tampering

Over the past four years, I have been subjected to a relentless, unjust investigation by the U.S. Department of Housing and Urban Development (HUD) – not because of any wrongdoing on my part, but simply for conducting an honest, independent real estate appraisal. What began as a false racial discrimination claim by a disgruntled homeowner has now escalated into a coordinated effort to suppress evidence, manipulate legal records, and intimidate me into silence.  If the disturbing allegations made by Ken Mullinix are indeed true, they paint a chilling picture of corruption and abuse of power within the U.S. Department of...

Appraisal / Appraisal News / Appraisers News / HUD / The US Department of Housing and Urban Development / Trending

AMCs Deceptive Fee Skimming Exposed in Lawsuit 55

AMCs Deceptive Fee Skimming Exposed in Lawsuit

Rocket Mortgage and the AMCs actively conceal this fee skimming from borrowers, never disclosing the proportion of the “appraisal fee” that is pocketed by the AMC rather than being paid to the appraiser.  The class action lawsuit, Timmins v. Clear Capital, et al., filed on November 1 in the Superior Court of California, County of Stanislaus, sheds light on the deceptive and unfair business practices allegedly perpetrated by ClearCapital.com, Inc., Core Valuation Management, Inc., and Rocket Mortgage, LLC in relation to the appraisal fees charged to borrowers in home mortgage transactions. The complaint asserts that these defendants engaged in a...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CFPB

AMCs Overcharging Consumers? Morgan & Morgan Investigates 48

AMCs Overcharging Consumers? Morgan & Morgan Investigates

Morgan & Morgan, a prominent law firm, is currently investigating the practices of Appraisal Management Companies (AMCs) and their potential role in driving up the cost of appraisals for consumers. The firm is actively seeking input from individuals who believe they have been overcharged or misled about the allocation of their appraisal fees between the AMC and the appraiser. At the heart of this investigation lies the concern over a lack of transparency, inflated costs, and questionable value that AMCs bring to the appraisal process. The Appraisal Regulation Compliance Council (ARCC) has conducted extensive research on this matter, revealing alarming...

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

Class Action Lawsuit of Targeted Appraisers 36

Class Action Lawsuit of Targeted Appraisers

Join me in this class action lawsuit and help take a stand against HUD and the wrongful persecution of appraisers.  Nationwide Call to Action: Seeking Legal Representation for Class-Action Lawsuit Against HUD Investigations For over two Years I have been subjected to systemic abuse, unwarranted investigations, and procedural violations at the hands of the Department of Housing and Urban Development (HUD). My name is Kenneth Mullinix, and I am an experienced VA-approved appraiser who has been targeted in a series of baseless investigations that have severely damaged my career, reputation, and personal well-being. Despite being cleared by other authorities after...

Appraisal / Appraisal News / Appraisers News / HUD / The US Department of Housing and Urban Development / Trending

Data Cancer Infecting the Real Estate Market 67

Data Cancer Infecting the Real Estate Market

They have created the phenomenon known as “data cancer” which reduces an appraisal to a rubber stamp that contaminates the comps used for future sales.  The ability to do an appraisal for Fannie Mae or Freddie Mac is getting rarer these days now that the GSEs are waiving appraisals on the majority of transactions. Despite drones being everywhere and the GSEs being in receivership, the latter is desperate for higher loan volumes to feed their origination infrastructure. Higher mortgage rates have crushed refinance loan volume and slowed sales volume. What can the GSEs do to increase mortgage volume? Remove appraisals...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Snippets / Trending

The Shadowy AMC Fees Draining Billions from Homebuyers 156

The Shadowy AMC Fees Draining Billions from Homebuyers

The hidden costs of appraisal management companies (AMCs) in the real estate industry have faced growing scrutiny, as highlighted by a recent Business Insider article titled “The Hidden Middleman who cost homebuyers $12 billion dollars and counting.” The article examines the opaque practices of AMCs, which frequently charge exorbitant fees that can exceed the amount paid to the appraiser. As highlighted by former Appraisal Institute CEO Cindy Chance, this issue has faced significant resistance from entrenched interests, mirroring the challenges faced in other industries such as the pharmacy benefit manager (PBM) sector, which ultimately led to an FTC investigation. The...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal Organizations

The New Con: Hybrids, Waivers & AMCs Threaten Public Trust 66

The New Con: Hybrids, Waivers & AMCs Threaten Public Trust

Hybrid Appraisals, Appraisal Waivers and Appraisal Management Companies are the new Con.  Last month marked the 7-year anniversary of Appraiser Fest. The conference was truly like nothing that had been done before. It was organized by appraisers for appraisers. The agenda was more about bringing the profession together and protecting the public trust. Appraiser Fest was not about promoting the profit of others at the expense of appraisers; nor was it about hiding the unchecked facts of fraud and ill doings against consumers. It was about public awareness and trust. It all started with a renewed sense of energy with...

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

Outrage Over New Connect by ValueLink Monthly "Junk Fee" 53

Outrage Over Connect by ValueLink’s New Monthly “Junk Fee”

The recent announcement from Connect by ValueLink has sparked outrage among appraisers. Effective January 1, 2025, the company plans to institute a new $19.99 monthly user fee for all appraisers utilizing their portal to receive and submit appraisal orders. This fee will be in addition to the existing technology fees already charged on a per-appraisal basis. Understandably, many appraisers are up in arms over this development, viewing it as yet another “junk fee” that will only serve to erode their already-thin profit margins. What makes this particularly galling for appraisers is the fact that it is often appraisal management companies,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Software / Appraisal Technology

Appraisal Waivers Expansion - FHFA Risky Move 30

FHFA’s Appraisal Waivers Expansion

The Federal Housing Finance Agency’s (FHFA) recent push to expand the use of appraisal waivers represents a concerning and potentially disastrous gambit that threatens to undermine the integrity of the housing market and the broader economy as a whole.  The recent announcement from the FHFA Deputy Director Naa Awaa Tagoe regarding the expansion of appraisal waiver eligibility for purchase loans is a significant development that has sparked debate and controversy within the mortgage industry. By increasing the maximum allowable loan-to-value (LTV) ratio for full appraisal waivers from 80% to 90%, and for inspection-based appraisal waivers from 80% to 97%, the...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Federal Housing Finance Agency

The Great Debate on Appraisal Fees 32

The Great Debate on Appraisal Fees

She included several different fee split examples indicating AMCs retained as much as 70 percent of the total appraisal fee paid by the borrower, which prompted her to stop working with AMCs because of the lack of transparency.  The appraisal industry is abuzz with a discussion about appraisal fees. The Consumer Financial Protection Bureau (CFPB) recently issued a Request for Information Regarding Fees Imposed in Residential Mortgage Transactions [Docket No. CFPB-2024-0021] in which it solicited feedback from the public and industry stakeholders on the fees charged to consumers by mortgage providers and related settlement services. The CFPB framed it as...

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

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