VaCap, along with 27 other state appraisal organizations signed a letter of support in favor of HR 3619. HR3619 requires the disclosure of amc fees and the appraiser fee on closing statements of a mortgage loan, registration of appraisal trainees on the ASC registry, adds a representative of the Veterans Administration to ASC and authorizes… Read More »
Appraisal Buzz published an article written by Joshua Walit on July 31, 2019 titled Nothing New Under the Sun: The Varied Face of Appraisal. The article brings up some good points, however; it does not take into account the reality of the market and the control of the lenders and appraisal management companies in the… Read More »
The Virginia Real Estate Appraiser Board met for its quarterly meeting yesterday. We are happy to report CoesterVMS no longer has a license to operate in Virginia. The Board voted to accept the consent order accepting the voluntary surrender of his license. The Board also passed a motion to draft legislation to be introduced into… Read More »
VaCAP has learned this afternoon that Atlantic1 Appraisal Management is 60 days past due on paying one of our members. As most of you may recall, Atlantic1 is associated with Mathew Moore, who has a history of not paying appraisers. There have been numerous articles and comments on this operation. Appraisers have the upper hand… Read More »
The Department of Justice announced yesterday they have initiated a review of anti- trust concerns with Big Tech Companies. From the Wall Street Journal article, the Federal Trade Commission and the Department of Justice collaborated on who would take the lead on this investigation. Also pointed out in the article, both the FTC and DOJ… Read More »
A recent email circulated among appraisers from a large national appraisal management company stating recent market research of appraisal fees had been conducted and our fees will be changing. The email indicated that some fees increased and some decreased. The email also gave instructions on placing your fee into their system and they will… Read More »
The next Virginia Real Estate Appraisal Board Meeting will be held on July 30th, 2019 @ 10:00 AM. This meeting will be a historic meeting as the board will be discussing the proposed hybrid appraisal guidance document and the corresponding 153 public comments. Also on the agenda, CoesterVMS is listed under the disciplinary cases! Why… Read More »
Why is Greed Being Disguised as Economic Growth? The National Credit Union Association passed the final rule increasing the threshold requiring an appraisal on commercial loans from $250,000 to $1,000,000. This greed is being disguised as economic growth and job creation. More smoke and mirrors. From the NCAU press release: “This rule is part of… Read More »
HB 3619 has been referred to the House Financial Services Committee VaCAP has learned over the weekend that HB 3619 has been introduced in the US House of Representatives. HB 3619, Short titled “Appraisal Reform Act of 2019” amends the Financial Institutions Reform, Recovery and Enforcement Act. The main change to FIRREA deals with… Read More »
Is going deeper into debt the way to get out of debt? Bloomberg has reported Stearns Lending LLC has filed for Chapter 11 Bankruptcy. Stearns blames rising interest rates as the cause for the $1.16 billion in liabilities and has only 1.22 billion in assets. The restructuring of Stearns involves acquiring a $35 million… Read More »