Category: Trending

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

Let’s just use the Tax Assessments...Tax Values just as Accurate as AVMs? 22

Tax Values Just as Accurate as AVMs?

In a head to head contest between tax values and AVMs for use in mortgage lending, I’ll take tax assessments every time… The battles rage on to decide who will take over the automated valuation process. There are big companies lining up to take over this massive profit arena. And, make no mistake, it’s all about the money. At the end of every discussion about AVMs verses traditional appraisals, it has less to do with faster or cheaper, or better, and sadly little to do with consumer protection. It has to do with who gets the profits that will be...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Trending

Improper Direction to Appraisers as a New Special Lender Condition 21

Improper Direction to Appraisers

…specific prohibited direction to appraisers involved in federally regulated transactions… Improper direction to appraisers as a new special lender condition Honorable Ladies and Gentlemen: The following article appeared in a recent online post at https://appraisersblogs.com/appraisers-asked-2-overlook-weed-cultivation (also copied to this letter following our inquiry). We consider the original author to be a credible source. Due to the serious implications of any appraisal management service giving such specific prohibited direction to appraisers involved in federally regulated transactions we believe it to be our duty to bring this to your collective attention. We respectfully request that each Federal Regulatory Agency review this issue...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Don’t Ask, Don’t Tell About “The Weed” 43

Don’t Ask, Don’t Tell About “The Weed”

My son is a police officer and when they smell weed on a traffic stop it enables them to search the car. Appraisers are being placed in the awkward position of not reporting something that they see during the inspection. This Corelogic work around seems very awkward to me. Then again, I’m not appraising in Colorado. Thoughts? Engagement Letter Update – Marijuana Cultivation and Residential Appraisals On March 15, 2018, CoreLogic Valuation Solutions will update the lender specific instructions for all Bank of America products. As a result, a new engagement letter will be generated for any open CoreLogic Valuation...

Snippets / Trending

Fix What is Broken before Replacing the Product 34

Fix It Before Replacing It!

Fix what is broken before replacing the product. Appraisers are talented professionals that know how to take mass amounts of data, filter through it, analyze & make sense of it all. Utilize the talents of the 70,000 plus experienced, licensed professionals & don’t short change the consumer… Yesterday was the National Association of Realtors Real Property Valuation Forum: Rethinking Real Estate Valuations: Alternatives to Traditional Appraisals. First, VaCAP was well represented with 8 members present from all over the state.  There were many of our Network colleagues there as well from all over the country. Thank you for taking the...

AMC / American Society of Appraisers / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

No Control Over the Way YOUR Business Prices Its Products! 55

Appraisals, Fees, Lenders and Lies…

Can you think of a single business where an individual has less control over their own financial future than the appraisal business? In most professions, your level of success is dependent on your personal work ethic, dedication to education, promptness of service, and overall level of quality. But, no, not in the appraisal industry. The HVCC took all that away. In the vast majority of circumstances, appraisers in any general market are paid the same fee. An average appraisal in Moore County, NC is worth $450.00. A VA appraisal $500.00. It doesn’t matter if you’ve been licensed six months or...

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

Photo of Comps When People or Children Are Present - Standing Rule 75

Did That Guy Just Take a Picture of My Kids?

Looking at the tricky question of taking photo of comps when people are present… I want to talk to you today about something most of us appraisers do on a daily basis – taking comparable photos. Now, I don’t want to get into the whole “Are comps a waste of time? Do they actually serve any purpose?” debate. That’s gone on long enough and it isn’t going to stop any time soon. Instead, I want to try and clear up what is and isn’t actually required from your FHA comps; specifically, we’re going to be looking at the tricky question...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / Trending

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