A fellow appraiser is in need of your assistance. Many of you may have heard a Maryland Appraiser, Shane Lanham is the defendant in a law suite for a “low opinion of value based on the race of the homeowner.” Shane is counter suing the accuser for defamation as this has been a very publicized… Read More »
VaCAP is sharing a special message from Cindy Chance, CEO, Appraisal Institute. We ask you share this everywhere as the bias narrative the media has spread needs to change. Consumers deserve the truth!
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 »
House Bill 53 has been introduced into the 2024 Virginia General Assembly, directly impacting Virginia Real Estate Appraisers. The legislation introduced by R. Lee Ware places a statute of limitations for damages against appraisers and appraisal management companies at 5 years. SUMMARY AS INTRODUCED: Actions against real estate appraisers or appraisal management… Read More »
At the recent Virginia Appraisal Board Meeting on Wednesday June 28th, a discussion occurred about Appraisal Management Companies prohibiting appraisers from including their invoices with the appraisal report. The overall consensus of the Board Members was this practice could be a violation of Virginia Appraisal Management Company Statute § 54.1-2022 B. “B. The appraisal… Read More »
Appraisers have been the target for blame for everything gone wrong in the mortgage lending world. We were blamed for the Savings and Loan collapse, the financial crisis of 2008, and appraisal bias and racial discrimination. Appraisers have even been the target on loans gone bad after several years on payments. Yep, we have been… Read More »
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 »
VaCAP has learned the Georgia Real Estate Appraisal Board is considering rescinding rule 539-1-.23. This rule is the customary and reasonable fee requirement to appraisers from appraisal management companies. The matter will be decided at a 9:30 AM Sunday July17, 2022 meeting. From the Georgia Real Estate Commission and Appraisal Board: Purpose: In… Read More »
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 »
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 »