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 »
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 »
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 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 »
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 »
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 »
Happy New Year! VaCAP wishes everyone a happy and healthy New Year! 2019 will be a year of excitement and change! The Fifth Circuit Court will hear Oral Arguments in the Louisiana Real Estate Appraisal Board vs FTC case in early February. VaCAP’s First Conference with Continuing Education takes place February 7 & 8th.… Read More »
Housing Wire reported Deputy Secretary Pam Patenaude announced she is stepping down. “It has been my honor to serve President Trump and Secretary Carson and I am deeply grateful to both for this opportunity,” her resignation letter states. “Thank you to my HUD family and fellow “housers” for helping Americans access decent, safe and affordable… Read More »
The OCC, Board, and FDIC (collectively, the agencies) are inviting comment on a proposed rule to amend the agencies’ regulations requiring appraisals for certain real estate-related transactions. The proposed rule would increase the threshold level at or below which appraisals would not be required for residential real estate-related transactions from $250,000 to $400,000. Consistent with… Read More »