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: Proceed with Caution »
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: Price Fixing, Who’s Shocked? »
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: USPAP or NOT? »
Is the Welcome Mat Down and the Door Opened Wide for Fraud? “What Appraisers Need to Know about Property Data Collection” is a topic of discussion in the latest Fannie Mae Newsletter. The article describes how property data is being collected and being sent to Fannie Mae to determine the type of valuation that is… Read More: Is This Fraud or What? »
Speak About Hybrid Appraisals at the VREAB Meeting Tomorrow! The Virginia Real Estate Appraisal Board meets tomorrow for its quarterly meeting. The meeting will take place at DPOR Offices, located at 9960 Mayland Dr, Richmond, VA 23233 @ 10:00 AM. The agenda can be found on the Townhall. This meeting is important as hybrid… Read More: Call to Action! »
Clarocity Cites Possible Upcoming Government Shutdown as Excuse to Delay Payments to Appraisers! From our Sister Coalition in Mississippi: “BEWARE if you accept any orders from Clarocity. I got a call from one of our members today telling me that Clarocity is citing the upcoming government shutdown as a reason appraisers may not get… Read More: Clarocity Cites Government Shut Down as Reason for Late Payments »
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: Important Info & Dates »
The following is written by a VaCAP guest author. The author, writing under the pen name “Steadfast Appraiser” is an appraiser who values the profession and believes in promoting public trust. The Shifting Narrative of Appraisal Modernization Is there a Crisis? Rahm Emanuel eloquently stated “You never let a serious crisis go to waste. And… Read More: The Shifting Narrative of Appraisal Modernization »
Freddie Mac has an Enhanced Sweat Equity Program where borrowers (aka purchasers) can purchase a home and use sweat equity as a downpayment and closing costs. No money to the table! Here’s what’s allowed: Sweat equity to be used for the entire amount of down payment and closing costs with maximum 97 percent LTV/105 percent… Read More: Sweat Equity=Down Payment »
The Appraisal Foundation has released a White Paper on Requests for Reconsiderations John Brenan, Director of Appraisal Issues, states: “This paper is intended to provide information to assist appraisers, users of appraisal services, and others, with a greater awareness and understanding of issues surrounding the reconsideration process and offer some suggestions for those who wish… Read More: Reconsideration of Value »