Yes, you read that correctly!
Lenders Allies, LLC, an appraisal management company, has agreed to a consent order with the Texas Appraiser Licensing and Certification Board (TALCB). On May 1, 2019 Lenders Allies agreed to a final order neither admitting guilt or denying guilt of violations of Texas law. The case revolved around the investigation of a complaint against an appraiser, which then lead them to Lenders Allies. The appraiser completed 59 appraisals for Lenders Allies over a period of two years as an employee and at no time was the appraiser on Lenders Allies appraiser panel maintained by the TALCB. Was this an administrative oversight or an attempt to defraud TALCB? Only Lenders Allies will know the truth.
Last week VaCAP asked the question, Should appraisal boards audit AMCs? This case definitely goes into the yes category! See the final order here.
New FHFA Director Mark Calabria talks about Fannie and Freddie Reform.
This is a great interview and worth the 25 minutes to watch. Lots of common sense ideas.
My Bifurcated Opinion, by Joan Trice
Joan Trice has written an article for Appraisal Buzz about bifurcated appraisals. It is good question and answer piece with direct opinions. This is one of the best pieces Joan has written in a while and we wanted to make sure everyone has an opportunity to read it.
Check it out here.
Thank You For Being Part of VaCAP!
You ask the question, “Should appraisal boards audit AMCs?” Each state’s AMC law and appraisal law is different. Some state board’s regulate AMCs, where other states see the AMC as a business and as such, the appraisal board has nothing to do with the regulation of the AMC; that goes to a different department. The AMC must follow the laws in the states in which they are licensed. If they don’t, they should and hopefully will be prosecuted accordingly.
With all due respect, especially to you my dear, please look at Dodd Frank again where I believe that law says that state boards “shall” audit AMCs. Either that or Virginia says we shall audit. Have we? NOPE!!
But lets keep this dialogue open and going.