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12
CoreLogic Policy Change Counter to USPAP Requirements
CoreLogic is pleased to announce a change to its data retention policy. I received this notice from CoreLogic: Effective April 1, 2023, CoreLogic’s maximum storage commitment for appraisal and title data will be limited to 5 years. NOTICE OF CHANGE TO CORELOGIC DATA RETENTION POLICY Dear Trusted Provider, In careful consideration of requests from our clients as well as industry risk management best practices, CoreLogic is pleased to announce a change to its data retention policy. Effective April 1, 2023, CoreLogic’s maximum storage commitment for appraisal and title data will be limited to 5 years. This change applies to...
a la mode / Appraisal / Appraisal News / Appraisal Software / Appraisers News / Uniform Standards of Professional Appraisal Practice
32
Take Control of the Appraisal Process
If the appraisers want to take back their industry they need to come together… This new law in NY has aroused a lot of comments from appraisers but let’s be honest. Appraiser have been complaining about AMCs for the last 10 years and waiting for the government, regulators and other to solve the problem with the whole AMC disaster. I have written about this before, the appraisers have no one to blame except themselves. If you wait for someone else to solve the AMC problem you are looking in the wrong place. We all know of the problems with AMCs...
AMC / Appraisal / Appraisal Management Companies / Appraisal News / AppraiserLoft / Appraisers News
87
Theft of Appraisers’ Data
…they charge appraisers an upload fee for the privilege of having their data stolen… I would never allow my data to be used for or by a service that specifically uses to create, modify or enhance products designed to compete with my professional services to the detriment of my business and profession. THAT is something that the Fifth Circuit Court of Appeals identified when they found that CoreLogic’s subsidiary FNC STOLE appraisers data after promising them data security. FNC stole data. We now know FNMA also stole data. Alamode is delving into individuals own personal databases in order to even...
a la mode / AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Software
10
VaCAP has learned from one of our members, BB&T will be following the Veterans Administration Fee Schedule moving forward. They will also being reimbursing appraisers for all upload fees.This is exciting news. Please share with your contacts and clients.See the announcement below. To: BB&T Approved Mortgage Appraiser Continuing our commitment to compensate appraisers with fees which are customary and reasonable, BB&T utilizes the Veterans Administration’s published fee schedule as a foundation. We wish to inform you that we are adjusting our mortgage fee schedule to remain consistent with recent fee increases announced by the Veterans Administration to certain states in...
Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / /
21
Improper Direction to Appraisers
…specific prohibited direction to appraisers involved in federally regulated transactions… Improper direction to appraisers as a new special lender condition Honorable Ladies and Gentlemen: The following article appeared in a recent online post at https://appraisersblogs.com/appraisers-asked-2-overlook-weed-cultivation (also copied to this letter following our inquiry). We consider the original author to be a credible source. Due to the serious implications of any appraisal management service giving such specific prohibited direction to appraisers involved in federally regulated transactions we believe it to be our duty to bring this to your collective attention. We respectfully request that each Federal Regulatory Agency review this issue...
AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations
216
Appraisers Ditch a la mode
In 2015, Dave Biggers of a la mode stated: I’ll wrap up by wishing you a happy new year, in spite of all the recent fear mongering, and by thanking you for supporting us with your business. I’m confident that in 2015 you’ll see even more reasons for that loyalty, especially in terms of us continuing in our long-standing role as the independent appraiser’s staunchest advocate, and in being the most innovative, reliable, and accessible technology provider. We look forward to working with — and for — all of you this year. Time and time again, we were assured that...
a la mode / ACI / AMC / Appraisal / Appraisal Management Companies / Appraisal News
15
FTC vs Corelogic
…how the agreement between CoreLogic and the FTC from 2014 impacts appraisers… The FTC vs CoreLogic: Why it is important to Appraisers Some appraisers have reached out to VaCAP asking how the agreement between CoreLogic and the FTC from 2014 impacts appraisers. VaCAP wants to highlight the case and provide some key points of reference. The agreement revolves around the purchase of DataQuick by its competitor CoreLogic in 2014. The FTC at that time allowed the transaction with some parameters in which CoreLogic agreed to. See the analysis of the agreement here. A summary of the parameters are below: CoreLogic...
ACI / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations
62
Appraisers Pushing Back!
Solidifi has taken the disrespect to another level… Appraisers Pushing Back Against AMC Bad Behavior! Appraisers have finally had enough of bad behavior by AMCs. VaCAP received the following email from an appraiser, who by the way is not located in Virginia. VaCAP spoke to the author concerning the email and found out a few more details. First, the author does not do residential work as they are a Certified General nor do they work for AMCs and are not on any AMC roster. Somehow, this nonresidential appraiser received this email from Solidifi. VaCAP commends our colleague for stepping up...
AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News
6
The Realities of Regression
The use of Fannie Mae’s Collateral Underwriter (CU) tool by lenders has created some “hot topics” for appraisers. Durbin is encouraged by the use of CU and thinks it will be a good thing for the appraisal profession. One of these topics is the discussion around how to clearly show the methodology the appraiser used to arrive at the adjustment values. In this presentation Durbin proposes the use of “Regression Analysis” (RA) as a solution to this problem.
Durbin lamented there is a perception that appraisers make subjective, anecdotal, arbitrary, and unscientific adjustments. Now that CU will be looking at adjustments…
AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisal Software
4
Helpful Appraisal Tips From the Seattle Chapter of the Appraisal Institute
Last Fall I had the pleasure of attending the annual conference presented by the Seattle Chapter of the Appraisal Institute. I was able to sit in on some interesting educational sessions. With all the conversation in industry surrounding CU and other initiatives directly impacting appraisers, I felt highlights from the educational sessions would be beneficial. The following information is from a presentation by Clark Dickson with HomeStreet Bank called, “Appraising for Lenders in Today’s World.” Mr. Dickson’s presentation was about appraisal quality and what it takes to have your appraisal be acceptable in today’s lending environment. He said that everything...
AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisal Quality Monitoring
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Baggins says:
Dang Brad. You had me at; amc's are the devil. Ha!...
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Baggins says:
Eric, that's why the CFPB issued the final rule on AVM...
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Baggins says:
Thank you. Will write and send that letter soon. Pre written...
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Donna Halfpenny says:
Thank you. I am fully aware of Jeremy's work. ! I...
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Baggins says:
Triple dog dare you to ask the Mercury, Scope, Regorra, Appraisal...
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Baggins says:
Not a coincidence that when amc persons were put on valuation...
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Baggins says:
Can you name one single amc that bills for it's services...
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Baggins says:
Back when there was two way accountability between one licensed person...
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Baggins says:
Consolidated amc's have formed a monopoly for most of the mortgage...
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Baggins says:
Excellent Brad. I suspect you reviewed that link I posted from...