Appraisers Take on Washington DC:
Independent Fee appraisers representing 15 different
states were well represented in Washington DC this past weekend. Appraisers from
Virginia, North Carolina, South Carolina, West Virginia, Ohio, Louisiana,
California, Illinois, South Dakota, Michigan, Utah ,Rhode Island, Maryland, Delaware and
Washington State joined together in DC for several gatherings. To sum it up
simply… Positive Unity among all.
Friday, three members of VaCAP attended the Appraisal Standards Board Meeting.
This meeting was live streamed, so hopefully you were able to watch live. Lots
of discussions on the proposed changes to the 2020-2021 USPAP. There are a lot
of changes… 90 pages to be exact! VaCAP encourages each of you to take the time
to read through the exposure
drafts (there are two). A third exposure draft will be coming out in
proposed changes are substantial in some areas and minor tweaks in other areas;
however, the structure is changing. Be on top of this and submit your comments
when the third exposure draft is released. Do not take this lightly, realty
think it through!
members of VaCAPs’ Executive Board attended the Association of Appraiser
Regulatory Officials (AARO) Conference. The event had many appraisers, amcs and
regulators present. Appraisers have become more involved with AARO over the past
few years and have been an integral part of the conferences. This was a 4 day
event and very informative.
Professional Organization Committee, chaired by Karen Emerle (ICAP) presented a
program on education reciprocity among the 55 jurisdictions. Charlie Gress
(OCAP) was a key presenter. Both Charlie and Karen are active members of the
Network of State Appraisal Organizations (NSAO) Congratulations for a great
To recap some other highlights:
Hybrid Appraisals were a big topic
– Many Regulators are concerned about their compliance with their state statutes
and are starting discussions on them. The definition of an appraisal in each
state seems to be a big issue in allowing a third party to complete the
inspection. Some AMC’s are also seeing these products as problematic for
everyone. Fannie Mae presented their justification on why they are pushing
hybrid appraisals. A look of disbelief was on many Regulators faces. It is if
they were asking “how could Fannie Mae be so far off track.“
AMC National Registry: Regulators
and AMC’s both are attempting to determine best practices on compliance. At the
moment, it appears an honor system will be used. Some states have started
auditing amc’s and are establishing their own best practices. This is going to
be a work in progress for many years it seems.
PAREA-Educational Training Modules-
TAF is working on virtual training modules to give appraisers more diversity on
training. This is going to be a great tool for new appraisers coming into the
profession.Standardization of CE Approval among States-
the idea is to reduce the burden on each state to approve each CE course. If the
standards were consistent among the states, once a state approved a course,
other states could approve as well without a re-examination of the materials. A
huge benefit to Regulators, education providers and appraisers.
Best practices was a central theme of AARO.
Regulators, appraisers and amcs working together for the good of everyone.
Perhaps the most notable portion of the AARO Conference was learning how other
states operate. Many we spoke with shared how they work closely with appraisal
coalitions and other licensees to work together on the issues that
arise.VaCAP will continue to be part of AARO and other organizations in
which we align. Thank you for your continued support. Please connect with VaCAP on LinkedIn We
have some exciting things ahead and you definitely want to be a part of
Originally posted on AppraisersBlogs 04/04/2018Front and Center
Remember those dreaded book reports in grade school? Remember the oral presentations in front of the class? We did not think much of it then, but this was the beginning of public speaking. Fast Forward to today: Our appraisal reports are similar to those dreaded book reports except there is no oral presentation, no public speaking. No way to BS your way through it because you only read the Cliff Notes, not the actual book itself.
We have come a long way and today we write reports that speak to the reader. No Cliff Notes, no text to highlight, but reports created by us based on our observations and research of the market. The standard forms do a simple basic function that are nowhere near adequate to tell our story, so appraisers expand to addendums, charts, graphs, photographs, etc. Appraisers tell the story of the property and the neighborhood.
When USPAP was revised a few years ago requiring appraisers to disclose prior service, the software venders all came out with a USPAP Identification page. I, like many others, chose not to use this form and simply place my disclosure of prior service elsewhere in the report. After all, our reports were long enough. Last week, The Appraisal Foundation issued a Q & A on this very topic. I actually took the time read this one as there were discussions on this very topic recently in some forums and there was definitely a division of opinions.
Well, I must thank the Appraisal Foundation for clarifying what is expected and required. Not because I discovered I may not be in compliance by not having my disclosure as a signed certification, but I discovered a missed opportunity; a missed opportunity to tell another story. A Story that has absolutely nothing to do with the value of the property; the story of my fee!
Many states require the appraiser to disclose the fee paid within the report. I now use the USPAP Identification page for the prior service disclosure. I also utilize this page as my fee disclosure. You see the center portion of this page clearly states:
“Comments on Appraisal and Report Identification”
Note any USPAP related issues requiring disclosure and any State mandated requirements”
Well my State requires I disclose the fee I was paid for the completion of the appraisal. Not only is my fee disclosed in this section, it is highlighted in BOLD type and is a larger font size. This page is now the very first page in my report!
My fee is Front and Center on the very first page. The story of my fee has told to the consumer, not buried on page 26.
TJ Elliot, Certified Residential Appraiser
Copyright © 2016 Virginia Coalition of Appraiser
42314Richmond, VA 23242804741-4968 All Rights Reserved.
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We have all heard the term “Fake News” by
now.........We now have
According to a local TV station in the Grand
Rapids Michigan area, Zillow is falsely posting homes were foreclosed on, when
they were not. Are these posting an honest mistake? Or are they a planned
maneuver to overtake the Real Estate Industry. Regardless of the answer, the
owners of the property have been harmed and Zillow should be held accountable.
See the story here.In
Virginia, foreclosure and title transfers are public record. This information is
available for everyone to see. However, just because information is available to
the public, should it be advertised in a public forum?
This is a very interesting story and is just
another eye opener to the industry Zillow is out of control and needs to be
stopped. VaCAP sent out an article on Monday, Zillow,
The First “Agent Management Company” (AMC) for the Real Estate Agent
and can be found on our website
Others that are talking about Zillow:
Phil Crawford: www.VoiceofAppraisal (Podcast
E162)Ann O’Rouke: Appraisal
Zillow, The First “Agent Management Company” (AMC) for the Real Estate Agent
Brokers and Agents, welcome to the appraisal world. Zillow is the first “Agent Management Company” (AMC) for your side of the Real Estate Industry. Yes you read that correctly. Zillow’s actions have many similarities to Appraisal Management Companies, so it is fair to say, they are the first “Agent Management Company”
“Zillow is hurting the people you are licensed to protect”
Doesn’t that sound very familiar to what appraisers have been saying about Appraisal Management Companies? On the website www.stopzillow.com, Greg Hague, a Real Estate Attorney, Broker and Huffington Post writer, describes Zillow’s actions as “deceptive, defective, and a glorified lead gen scam.”
According the website, Zillow’s “Instant Offers” helps sophisticated investors buy homes from unknowledgeable consumers at thousands below market. In contrast, Appraisal Management Companies have been selling appraisals to unknowledgeable consumers, hundreds above market.
According to the website, Zestimates have misled consumers for years regarding their homes value. Zillow continues the program as they profit from the sale of leads back to the agent. In contrast, Appraisal Management Companies have misled lenders on the value of their services. They continue as they profit from taking a percentage of the appraisers fee.
And the kicker in all of this, the website is a petition for the National Association of Realtors to take a stand and force Zillow to stop. It has over 33,000 signatures. In contrast, Appraisers have been asking the Appraisal Institute and National Association of Realtors to take a stand and put a stop to Appraisal Management Companies abuses.
And now we have silence from the two largest National Trade Organizations…..
In the article Zillow Doesn’t Even Own the Photos it Threatened to Sue a Popular Blogger Over by Nilay Patel, posted on theverge.com on 06/27/2017, Zillow attempts to brow beat an independent blogger for copyright infringement for photos they do not even own. In contrast, The FTC, encouraged by AMC’s, filed action against the Louisiana Real Estate Appraisal Board for enforcing The Dodd-Frank Federal Law.
There is a quote on the website www.stopzillow.com by Margaret Mead,
“Never doubt that a small group of thoughtful
committed citizens can change the world;
indeed, it’s the only thing that ever has.”
Join your state coalitions. Make a difference in your future.
Please share this with your Brokers and Agents.
Weeks ago VaCAP sent out an open letter to the AMCs. This letter was republished by many coalitions, and
appraiser groups across the country; liked and shared on Facebook and broadcast
on several industry blogs. VaCAP received an overwhelmingly positive response
from the letter. We even heard from several Realtors applauding our efforts!
Activity is still ongoing with comments. Click here to see the letter.
heard you loud and clear......The letter can now be signed
by individual appraiser on AppraisersBlogs. We will gather signatures
and submit the signed letter to the FDIC, CFPB, Comptroller of the Currency and
the Federal Reserve BoardNote: To protect the
appraiser identity from retaliation, only the initial of your last name and
state will show on line. The copies sent to the FDIC, CFPB, Comptroller of the
Currency and the Federal Reserve Board will have the your full name.
authorizes anyone to use the letter. Several appraisers have asked to send our letter in
response to AMCs soliciting them for fee and turn time. Please feel free to
customize the letter as you see fit.
To sign the letter, click
Thank you for
Copyright © 2016 Virginia Coalition of Appraiser
42314Richmond, VA 23242(804) 741-4968 All Rights Reserved.