Tag Archives: Appraisal Practice

AMC being sued for Bifurcation

AMC being sued for Bifurcation! VaCAP was forwarded an article this afternoon by one of our members.  The article from Foreclosurepedia is dated August 15, 2018 and concerns a class action law suit filed by property inspectors. ServiceLink Field Services, a division of ServiceLink is being sued for misclassifying employees. From the complaint filed in… Read More »

Judge Orders Quicken and DOJ/ HUD to Mediation

Going on  over three years now, the  law suit between the Department of Justice and HUD against Quicken Loans was ordered to mediation to settle prior to the upcoming trial start date. The allegation that is the center of the lawsuit,  concerns  loans Quicken submitted to FHA that  did not comply with HUD/ FHA requirements.… Read More »

What Should an Appraiser Do?

You have accepted an appraisal assignment for a purchase. Your client is the lender. Upon reviewing the sales contract, the following preprinted language is in the sales contract: “This contract is not contingent upon the Property being valued at an Appraised Value according to the Lender’s appraisal or other appraisal as agreed upon by the… Read More »

Proceed with Caution

VaCAP has been following the Clarocity Corporation Soap Opera since one of our members had trouble getting paid from them back in November of 2017.  After doing a bit more research on them, we issued a warning to our members in December 2017 to pay attention as Clarocity was in financial trouble. We kept watching… Read More »

USPAP or NOT?

Another Mueller Report has surfaced…. The report is a Mueller REO Hybrid Appraisal Report and it was given to an appraiser as a sample. This one raises more questions than the last one! The photos from the property inspection do not tell the appraiser one thing. The photos are dark and the repairs the inspector… Read More »

Is it Really That Difficult?

The information is on the website… They could have picked up the phone and called… They could have sent an email… They could have sent a fax… Did They?   A recruiter for Mueller Services, Inc. (Mueller Reports) contacted a VaCAP member about joining their team as a W-2 employee to complete bifurcated appraisals. Our… Read More »

Important Info & Dates

February 5, 2019: This is the last day to submit comments to Federal Agencies concerning raising the minimum threshold for appraisals from $250,000 to $400,000. As of this writing, 275 comments have been received. Come up folks, there are 70,000 plus appraisers in this country, and less than 1% have commented. Please comment and encourage others… Read More »

The Appraiser and Marijuana

Landy Insurance published an article written by Jennifer L. Markowski, a partner at Peabody & Arnold LLP, titled “Marijuana and the Residential Appraiser.” Although Virginia has not legalized marijuana, the guidance within the article is worthy of sharing. Appraisers need to be cautious when describing or reporting marijuana growing on a property. “While the mere… Read More »