Category: Trending

Goodbye 1004MC, Hello Analysis 22

Bye-bye 1004MC, Hello Analysis

On July 31, 2018, at the Appraisal Institute Annual Conference, Fannie Mae announced the end of the 1004MC. News quickly spread among the appraisal blogosphere, and on August 7, 2018, the new Selling Guide showed that the 1004MC was no longer required. Rejoicing was heard throughout the land. Although the 1004MC is no longer required by Fannie Mae, the appraiser still needs to support their opinion of market trends, supply and demand, and marketing time. The exact verbiage found in the 8/7/18 updated Selling Guide is: The appraiser’s analysis of a property must take into consideration all factors that affect...

1004MC / AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

Need for Speed? AMC vs Direct Lender Ordered Appraisals TATs Study 104

Need for Speed? Hybrids are NOT the Answer!

…surveys indicate that appraisals ordered directly by lenders take much less time… Dear Colleagues, There is a current narrative that appraisals take too long and cost the consumer too much! Does this sound accurate? Preliminary coalition surveys indicate that appraisals ordered directly by lenders take much less time than appraisals ordered by AMCs. Additionally, the cost of Hybrid Appraisals has been disclosed in reports as $495 being paid to the AMC. How is this a savings to the consumer? They get an inferior valuation product and pay the same price as a full appraisal. Who is truly benefiting from this scenario? Fannie...

1004MC / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

How Many Appraisers Are in North Dakota? - Appraisal Shortage Saga Lingers 46

How Many Appraisers Are in North Dakota?

The answer is 153, who are individually licensed in North Dakota. I didn’t segregate the three different license types. This figure came from a download of the ASC appraisal registry of ND licensed appraisers, and not counting duplicate name appraisers with multiple licenses in other states. Many of these appraisers are ‘dual licensed’ in more than one state, in most cases immediately adjacent, but sometimes in states far distant from ND. What’s the population of North Dakota? According to Wikipedia: The United States Census Bureau estimates North Dakota’s population was 755,393 on July 1, 2017, a 12.3% increase since the 2010 United...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / ASC

Is the Property Inspection by an Unlicensed Person Considered Assistance? 77

Is that not Significant Assistance?

Is the property inspection by an unlicensed person considered assistance? We came across an article written by fellow appraiser, George Dell. Some of you may have heard of him, read his blog, or taken one of his classes. This article “What is a Hybrid?” hits home to many of us and thought it was worthy of sharing. Those promoting hybrid appraisals have been claiming USPAP compliance. Well anyone who has ever taken a USPAP class knows no form or product is USPAP compliant. The appraiser’s actions are what make a report USPAP compliant. In George’s article he points out the discrepancies...

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

Data Collection: AMROCK (formerly TSI) Low-Balling Your Talents 22

AMROCK Low-Balling Your Talents

You know an AMC product is low-balling your talents when they express repeated concern about your car (in blue). I am contacting you today to gauge your interest in 2 new products we are planning to offer our clients in approximately August of this year. Our clients are collection product that would help streamline the lending process for low-risk loans. Below are the details, PLEASE REPLY WHETHER INTERESTED OR NOT SO WE CAN TALLY THE NUMBER OF APPRAISERS INVOLVED, THANK YOU! What’s involved – Product 1: A data collection: The first step of the process is Data Collection. This step...

Snippets / Trending

Are Bifurcated Appraisals Legal in Your State 95

Are Bifurcated Appraisals Legal in Your State?

Lately there has been a push for bifurcated (hybrid) appraisal products. Those promoting these questionable products claim it will reduce the amount of time to obtain an appraisal. Most appraisers are screaming foul play, and for good reason. It is because of bad players doing questionable things that licensing became mandatory in Virginia. Mandatory. Licensing of appraisers protects the public trust. We all know splitting the process will not save time, but rather create delays. The only reason for this questionable product is the profit of the amc, nothing more. And then there is the quality of the information being...

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

A Rebuttal to Real Estate Agent's Article Slamming the Appraisal Industry 46

Slamming the Appraisal Industry

A Rebuttal to Real Estate Agent Slamming the Appraisal Industry… Forbes recently published an opinion article that attacked the appraisal industry and placed all the blame on appraisers for real estate transactions falling through due to a “low” opinion of value. The article was written by a real estate agent out of Arizona. While he raises some good points, he is conflating a lot of issues together. 1) He does point out that there are bad appraisals. We all know that. There are bad appraisers just like there are bad agents who have clients list a property far above any...

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

Waivers, Hybrids, AI Roams the Halls of Irrelevance in DC, & Collaberation 28

Appraisal Forum Recap

The Appraisal Foundation Hosts National Appraisal Forum to Discuss Appraisal Waivers and Hybrid Appraisals “Preserving the Public Trust” I really got a lot out of this week’s joint meeting with IAC and TAFAC of The Appraisal Foundation that took place in Arlington, VA. I represented my appraisal firm Miller Samuel at IAC (Industry Advisory Council) and RAC (Relocation & Consultants) at TAFAC (The Appraisal Foundation Advisory Council) and I’ll be sharing new insights on these and other topics in the coming weeks. Appraisal Waivers – Both Julie Jones of Fannie Mae and Scott Reuter of Freddie Mac spoke about the waiver concept. On...

Snippets / Trending

Rationalizing accepting $50 to $100 hybrids ’cause you’ll get volume 21

$50 to $100 Hybrids?

Here’s the sales pitch being sent to appraisers: MCSV is currently offering a distinct hybrid product to our clients that involve a restricted report. We would like to extend our hand – beyond the product types that you already cover, to determine if this is something that you would be interested in. I have provided useful information and attachments below regarding the RESIDENTIAL EVALUATION REPORT (RER). An RER is a restricted appraisal report that involves a Broker Price-Opinion completed by one of our BPO vendor/Brokers for the purpose of providing an inspection – as interagency guidelines require evidence of an...

Snippets / Trending

Secret Revealed: UAD & Appraisal Forms Redesign Coming NOT Soon 20

Secret Revealed… Coming NOT Soon

New initiative will focus on modernization of the current UAD dataset and residential appraisal forms… What I originally described as a ‘rumor’ several months ago has finally been fully exposed. FNMA and FrMAC are in the process of examining the current GSE appraisal forms, which encompass UAD and the MC Form, to ‘finally’ get the appraisal forms & functions into the 21st Century! But it won’t happen for at least 3 years (2021)… by then many current appraisers will be enjoying bon-bons and brewskies while on the golf course, or be on their long-planned world cruise, after chucking their clipboard...

1004MC / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Finance Agency

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