Category: Trending

Let's get back to real appraising 23

Let’s Get Back To Real Appraising!

Let’s Get Back to Real Appraising: We have all encountered the glass is half full / half empty perspective. This perspective could be applied to everything life throws at us. The appraisal industry is no different. We are hearing a lot of doom and gloom over Fannie Mae’s Property Inspection Waivers (PIW) and Freddie Mac’s Automated Collateral Evaluation Program (ACE). On the surface the glass appears half empty. Well, the glass is definitely half full; maybe even 3/4 full. We can now get back to real appraising……. No more UAD, No more 1004mc, No more scope creep, No more false...

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

Bid Request to Find the Lowest Bidder Coming Soon to Mercury Network 61

Let the Bids Begin!

Bid assignments are more often than not awarded to lowest bidders… For the past couple of days, we have been hearing rumors about Corelogic beta testing a “Residential Bidding” system for Mercury Network. It is no longer a rumor. It will be launched in late August. It did not take Corelogic long, after it acquired Mercury Network, to implement some changes. The bidding system will allow their customers to request bids from multiple appraisers. They claim that this feature will help their clients find an appraiser faster. Yet, will this be the primary reason it will be used? Based on...

Appraisal / Appraisal News / Appraisers News / Trending

Metro-West Solicitation Blast & Appraiser's Response 48

Appraiser’s Response to Metro-West

Metro-West Appraisal, thank you for your bulk email solicitation… I will consider accepting work from you on the following basis: My minimum fee for non complex FNMA guideline compliant SFRs is $550 (net). There are no exceptions. Any upload fees or other forms of service charges  or ‘convenience’ fees will be added to that fee. I do not accept or authorize discounting of the fee for any reason. The premium or surcharge for property with a transaction amount or other characteristic that requires completion by a certified appraiser, is a minimum of $250. However the final bid will depend on...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News

TCValuations ceasing operations & paying appraisers $0.25 on the dollar! 58

TCValuations Ceasing Operations!

TCValuations Paying Appraisers $0.25 on the Dollar! VaCAP has just learned TCValuations is ceasing operations. They are paying appraisers $0.25 on the dollar! Some good advice: AMCs ceasing operation may be the beginning of a trend as more lenders stop using AMC’s. Stay on top of your receivables and be careful when granting credit. Dear Appraiser, It is with much regret, that I write this letter to inform you that TCV has commenced an orderly wind up and liquidation of operations. Unfortunately a significant downturn in revenue and the loss of part of our volume with two key clients in...

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

Flagstar Bank Eliminating Use of AMCs: Direct Vendor Appraisers Wanted 29

Flagstar Bank Eliminating AMCs

Flagstar Bank’s Direct Vendor Appraisers Appraisers, I have just learned from reading a forum that Flagstar Bank is doing away with the AMCs they use, and bringing appraisal ordering back in-house. However, you must agree to this: PLEASE NOTE: We only pay via ACH (automatic deposit twice a month on the 1st and 15th) so your bank information is also mandatory. There are no other payment methods available at this time so if you prefer not to use automatic deposit we unfortunately cannot add you to the panel. Also effective July 24th, 2017 there will be a click fee charge...

Appraisal / Appraisal News / Appraisers News / Trending / Uniform Standards of Professional Appraisal Practice / USPAP

Relationships with Companies Harming Appraisers' Interests ... Wells Fargo 60

What’s In a Relationship?

Salvaging Relationships with Appraisers… Wells Fargo, one of the oldest banks in the country, is working hard to salvage relationships, not with just customers and regulators, but appraisers as well. Wells Fargo recently stopped using Appraisal Management Companies and is aggressively trying to build an appraisal panel of their own. Appraisers are excited that one of the largest banks in the country is no longer using AMC’s. We give Wells Fargo high “Kudos” for making a change in the right direction. However, there is a bit of a dilemma when making an informed decision whether to have a relationship with Wells...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

Fee Survey....Survey Says! Appraisal Fee Increases & 2017 Surveys 19

Fee Survey…. Survey Says!

Fee Survey Results & Fee Increase…. Appraisers have certainly been hearing a lot of negativity lately and we finally have some good news to share. The Veterans Administration has completed its fee survey. This is good news as the VA now considers $525 as the normal fee for non-complex properties in Virginia. This equates to a 16.5% increase from the previous fee of $450. To see the new fee schedule for Virginia, District of Columbia, Kentucky, Maryland and West Virginia, please click here or see table below. The fees become effective 09/01/2017. Greetings, The purpose of this communication is to...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Customary & Reasonable Fees / The US Department of Veterans Affairs

Concession Adjustments Missing in Appraisal Reports 41

Concession Adjustments Missing

Concession Adjustments are expected to be made… Appraisers, As noted previously, I ‘observe’ various reports from various sources. A new one arrived last week. In looking over the grid, I noticed the concession adjustments are missing in the grid, as shown below. Commentary continues below the image. The appraiser correctly shows the concession amount in the left portion of the comp grid (Comp 1 & 2 – Green Arrows), but does not put a corresponding adjustment for the concession in the actual grid column (Red arrows). This is NOT the first time I have seen this in reports. Apparently this...

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

Allegations of Price Fixing by FTC Against LREAB: Response Filed 18

Allegations of Price Fixing Rejected by LREAB

LREAB denies FTC’s allegations as factually false & politically wrong-headed… On June 19, 2017, the Louisiana Real Estate Appraisers Board (LREAB) filed a response to the Federal Trade Commission’s price-fixing allegations. In its 15-page response, LREAB denies all FTC’s allegations (see PDF at the end of the article). GENERAL RESPONSE TO THE COMMISSION’S ALLEGATIONS To shore up the integrity of the residential mortgage appraisal process and, thereby, help to avert a recurrence of the real estate-fueled financial crisis of 2007-2009, the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) requires States to empower their real estate licensing agency,...

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

Technology Forced Upon Appraisers Is About Money in AMC Pockets 37

Enough Already, Nobody is Listening

AMC technology is not about efficiency of the appraisal process… I am very tired of reading all the articles from appraisal management companies stating appraisers need to embrace new technologies and tools. Please stop telling me how to do my job! For the record, appraisers are professionally trained and licensed individuals. We use technology each and every day. We use analytical tools each and every day. Our most power tool, our brains, tells us most of these new technologies and analytical tools are pure garbage; not because the programs are flawed, but they do not have enough accurate data to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Technology / Appraisers News

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