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… Read More »
Things went a bit crazy, but in a very good way! Monday April 29th, VaCAP launched a consumer protection campaign on WRVA 1140 AM News Radio. Our email and social media accounts were non stop. Many of our sister Coalitions in The Network of State Coalitions helped spread the word and shared our Press Release… Read More »
VaCAP is excited to launch a Consumer Protection Campaign! For months we prepped, we discussed, we negotiated, we wrote, we edited, we wrote some more, we edited some more…. finally, we recorded. We have three 60 second consumer protection announcements airing on WRVA 1140 News Radio starting on Monday April 29th. The three consumer protection… Read More »
Technology has changed the way we do many things in the world today. Buying and selling Real Estate is no different. We use internet sites and apps to search for homes, view photographs and observe neighborhood with satellite imagery. We obtain information on the local schools, community amenities and other statistics. Many companies try to… Read More »
The Importance of an Appraiser Simply put, an appraiser is the only person within a real estate transaction that is unbiased and is not compensated based on a sale price or loan amount. Agents, lenders, and loan officers are all compensated based on a percentage of the loan amount or sale price. They have an… Read More »
Appraisers vs. Machines Collateral risk analysis (appraisals being a key element of that) is partially art, partially science. Those two facets are blended inseparably, like a soup…the ingredients can’t be separated. While computers can undeniably perform certain tasks better than humans (such as the handling of large amounts of data) appraisers can perform other absolutely… Read More »
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 »
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 »
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 »
The State of Pennsylvania has filed a class action law suit against some of the biggest banks and financial institutions in the country. The claim is these companies conspired to fix the prices on almost $500 billion in bonds issued by Fannie and Freddie over a mere 5 year period from 2009-2014. The named defendants… Read More »