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August 14, 2018


Dear Colleagues,


There is a current narrative that appraisals take too long and cost the consumer too much!  Does this sound accurate? Preliminary coalition surveys indicate that appraisals ordered directly by lenders take much less time than appraisals ordered by AMCs. Additionally, the cost of Hybrid Appraisals has been disclosed in reports as $495 being paid to the AMC. How is this a savings  to the consumer? They get an inferior valuation product and pay the same price as a full appraisal.  Who is truly benefiting from  this scenario?   

Fannie and Freddie have some sort of fixation on the “need for speed” in the appraisal process. Dropping the misleading 1004MC form is a HUGE step in the right direction!

Next step?  

Put six informed, active, boots on the ground Appraisers in a conference room with 4 reps from Fannie/Freddie and 2 reps from the  lenders and 1 rep from an AMC.  However, the AMC reps must know SOMETHING about appraising.

The results?  


A new and better appraisal form acceptable to all.   It should NOT take years to do this.  It can be done in a weekend!

Problem solved?

Well, almost.

Two states have conducted studies regarding TATs comparing appraisals ordered from direct lenders to orders placed by AMCs.  BOTH showed AMCs take twice as long to just PLACE the order.  Forget stupid follow up stipulations from the AMC.

Now VaCAP requests assistance from Appraiser colleagues across the country.  Sample spreadsheets have been distributed to all State Coalitions.  If you have not received it please go to VaCAP’s website to get yours and start participating. The more participation, the more reliable and transparent the results will be.

Why is VaCAP doing this?  

For consumer, lender, and realtor knowledge and protections.

Hybrids are NOT the answer.  They were not thought up by Fannie and Freddie.  This weak, dangerous and imprudent idea came from somewhere else.  Guess where!?!

Appraisal waivers?

Well, just ask friends and neighbors how stupidly crazy that is.

VaCAP will run this study through the end of September.  Please return your own fair and honest results to by September 30th.

We will openly and fairly publish the results.   Simply, it’s called transparency.








The Virginia Coalition of Appraiser Professionals.

Here are the instructions:
Contract Analysis Spread Sheets due by September 30th. 

1.  Determine the date the contract was fully ratified (finalized). 
2:  For your (our) information record the name of the lender. 
3.  Record the AMC by name. 
4.  Record the date of final contract ratification. 
5.  Record the date appraisal was ACCEPTED. 
6.  Record the passage of time in days. 







Down load the Spread Sheet here. 

This is an important undertaking, and can go far in support of insuring the safety and soundness of our financial systems, especially under current and pending issues!


Please get this done!

Any questions may be directed to