Category: Trending

VA Procedures for Alternative Valuation Methods 23

VA Alternative Valuation Methods

On August 1, 2022, the Veterans Affairs released Circular 26-22-13 announcing new procedures for alternative valuation methods, effective immediately. The takeaway: “Desktop Appraisal means a valuation where neither the VA fee panel appraiser nor the appraiser’s designee under the AAPP has physically viewed the exterior or interior of the property and the VA fee panel appraiser has determined an opinion of value based on information obtained from public records, the Veteran, homeowner, realtor, and other appropriate data sources (as determined by the appraiser).” “The use of a Desktop Appraisal may allow an appraiser from outside the market area, but with...

Appraisal / Appraisal News / Appraisers News / The US Department of Veterans Affairs / Trending / VA

Appraisers Should Voluntarily Follow ANSI for Desktops 56

Appraisers Should Voluntarily Follow ANSI for Desktops?

Can someone explain how we should voluntarily follow ANSI standard on desktop appraisals? Appraisers, Fannie Mae has released a new FAQ document to help you understand how to implement and adhere to their ANSI measuring and reporting requirement. See the PDF document below or here. Normally these documents are informative and provide good information. But in reading this one, I’m particularly puzzled by Q13, and I’m not sure if that’s a bad omen or not! Q13 discusses DESKTOP appraisals, for which NO adherence to ANSI is required. It says so, right there, in Q13. And most of us now know...

American National Standards Institute / ANSI / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Imagine Running the Lawn Mower Industry like the Appraisal Industry 17

Imagine Running the Lawn Mower Industry Like the Appraisal Industry

I’m on about lawn mowing lately. It’s my new full time passion. The appraisal industry should be as straight forward as lawn mowing, but due to the special interests pressures within the value industry, it has become convoluted and dysfunctional. Can you imagine if they ran the lawn mower industry like they try to run the appraisal industry? Like, we don’t care if that lawn is on slope or not, you can only use this mower and you’re not allowed to be versatile and use anything else. And you can’t request the lawn mowing servicer you want to use, you...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

Appraisers Should Closely Watch Probe of Departed Brookings Boss 48

Appraisers Should Closely Watch Probe of Departed Brookings Boss

The chief of the Brookings Institution, a retired four-star general, resigned last month under investigation of lobbying on behalf of a foreign government and then covering it up. If the allegations are true, it means the think tank, under the general’s watch, was secretly taking illicit cash from at least one outside interest group at a time it was engaged in research that irreparably damaged the reputation of the nation’s real estate appraisers. Astute appraisers wondered whether Brookings might have also been influenced by any well-placed donations from other groups, such as the powerful lobbies of the Realtors, home builders,...

Appraisal / Appraisal News / Appraisers News / Trending

Desktops are being done wrong 70

Desktops Are Being Done WRONG!

Appraisers, back in April, I was notified by someone “close to the action” of appraisal report submittals to the GSE’s, that many Desktops are being submitted back to lenders TOTALLY WRONG by the assigned appraisers! These reports are being captured and evaluated in the current Desktop observation and testing phase of the UCDP evaluations. Lenders use the UCDP as an initial report Quality Control check so that any problems can be identified, and sent back to the appraiser for correction, before the last submittal is used for the loan. The UCDP ‘sees’ every report for a particular property address, and keeps track...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Fannie's Equity Plan: The Drinking Game 32

Fannie’s ‘Equity’ Plan: The Drinking Game

What makes equity so invidious as a governing tenet is that it involves not just helping people of one racial or cultural group but it has the effect of knocking struggling members of disfavored groups out of the game. One type of parlor game relies on players’ ability to maintain their memory, logic and articulation – all while getting blotto. These alcohol-fueled “think and drink” games are highly challenging. Even Britain’s royal family engages in such diversions if Netflix’s “The Crown” is to be believed. The games have names like “Bizz Buzz,” “Ibble Dibble,” “Never Have I Ever” and “Roman...

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

Subject Property Actual Location - Where Is It? 26

Subject Property Actual Location

Don’t say that the subject property is ‘within’ a particular City or Town due to the postal ZIP Code that applies to the street address unless that is accurate. The actual location may be miles away from there. Appraisers, this article was prompted by my ‘coming in contact with’ several appraisal reports where different regional appraisers report the physical location of the subject property “in” a particular City associated with the postal ZIP Code for that City. Actually, the property was not “in” the City at all. It was in the County. Since I observed this inaccuracy among appraisers who...

Appraisal / Appraisal News / Appraisers News / Trending

Only Blacks Need Apply... in the Spirit of Equity 43

Only Blacks Need Apply… In the Spirit of Equity

Fannie makes its subsidies for blacks explicit, but they don’t appear to extend to other racial groups such as Hispanics and Asians. Low-income white borrowers are also excluded. Last week, Fannie Mae & Freddie Mac announced actions that aim to make it easier to buy a home and close the racial homeownership gap. Their Equitable Housing Finance Plan for 2022-2024 outlines a range of pilot programs that remove barriers blacks face when buying or renting, and keeping homeowners and renters at home: Valuation Modernization aims to support an equitable appraisal process for Black households and communities of color Expand Appraiser...

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

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

Appraisers Can Do These Property Data Reports for Appraisal Waivers 32

Property Data Reports for Appraisal Waivers

These Property Data Reports have a higher level or different reporting requirements than ordinary traditional appraisals. Appraisers, on Tuesday 5/24/22, an AMC sent a message to their appraiser panel appraisers asking them if they’d like to ‘help their lender clients’ by doing Property Data Reports (PDR). Let’s decipher what this is all about. Freddie Mac has decided, that as of Sunday, July 17, 2022, they must have a PDR (Property Data Report) completed “by someone” in order for the loan applicant to qualify for an appraisal waiver in conjunction with a mortgage loan. In other words, actual qualified eyeballs must...

AMC / American National Standards Institute / ANSI / Appraisal / Appraisal Management Companies / Appraisal News

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