Tag Archives: Realtors

It’s Just Responsible Journalism

The local television station WWBT, NBC 12 in the Richmond market is airing a story on Thursday February 22 during the 6:00 News Broadcast about racial bias in real estate appraisals.  We know this is not a new topic and previous stories that have aired have been extremely one sided and not from the appraiser’s… Read More »

New Development- Pay Attention

VaCAP has been informed of a Discussion Draft of a Bill introduced into the US House of Representatives that will directly impact every appraiser, appraiser trainee, appraisal firm, and appraisal management company..   From the discussion draft, the purpose of the Bill: “To establish an independent agency to be known as the Federal Valuation Agency… Read More »

Are They Finally Listening?

The CFPB is reviewing bias in Automatic Valuation Models (AVMs). The proposed rules are a joint effort by the Consumer Financial Protection Bureau, the Office of the Controller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Federal Housing Finance Agency. These agencies are concerned AVMS may reflect bias… Read More »

Lets Call Them Desktops with Third Party Inspectors

Hybrid Appraisals were tested and failed. So what does Fannie Mae do? Let’s call them Desktops with third party inspectors. Fannie Mae has announced they will soon start accepting Desktop Appraisals. The appraiser does not inspect the property; however an interior floor plan including walls is required. This in itself is over and above what… Read More »

PSST… Want to buy a Bridge in Brooklyn?

This is what Class Valuation appears to be doing to justify their actions. According to the article written by Richard Torne in Mortgage Professional America, Class Valuation has announced the acquisition of DataMaster.  From the article:   “Were not replacing the appraiser, we’re empowering them” Appraisers have had their fair share of discussions on Class… Read More »

Action Required Now

Reminder to Comment – Only Four Days Remain! The FTC is asking for public comments on the consent decree by the Louisiana Real Estate Appraisal Board. The time line to comment is short and ends on July 22, 2021. VaCAP asks each of you to take a few minutes and read the consent decree as… Read More »

Have a Seat Please

              “If you don’t have a seat at the table, you are on the menu.”     Would it be misleading to disclose you performed a personal inspection of a property done with significant appraisal assistance in which you relied on supported demographics? Well maybe… The Appraisal Foundation has… Read More »

Appraisal Fees Back in the Spot Light

FTC vs LREAB Update The Supreme Court has denied the Louisiana Real Estate Appraisal Board’s petition to intervene in the administrative case for price fixing by the FTC. The FTC  trial is scheduled to proceed on April 20, 2021. VaCAP is closely following this case and will update you as it proceeds.  To view all… Read More »