Real Estate Analysis and Commentary.

March 17th, 2022 1:12 PM
ACI renewal 2022 or switch to Total?

ACI fees have doubled. Not happy about that. It has not crashed much lately but still does crash. The subscription has changed to a per computer yearly license even though I purchased over ten licenses ten years which was supposed to be a lifetime. I am still scratching my head on this one. I requested to speak to a manager because I feel I am getting stiffed. Alamode has more features such as total mobile and the new comps validation data integrator called "QuickSource," which seems like a good idea (wonder where they're getting the peer data from?) The bottom line is about the cost, and I can not justify paying over $1,799. The price is the initial elite membership discount, which goes up to $2,198 after the first year's discount hook; the stated prices a year for software that only gives customer support and updates now and then is highway robbery when you think about it. Windows 11 is the operating system that allows you to control the computer. They update the operating system regularly at no extra cost. The purchase price for Windows 11 with updates is $109.99 as of 03/17/2022 with no renewal fees or yearly subscription. Why do we have to pay 2k a year for renewals? If I estimate the lower fee I paid ACI over the years for 20 years, that's 13k, not to mention the extra cost for flood, location maps, and other add-ons. At the rate Alamode is going, I will be paying 40k for 20 years. Not cool. I know some would say comparing an operating system to an appraisal software is not fair, but I would argue it is fair because both monologize your business somehow. Yes, you can change software companies, but who has the time or wants to change software vendors when you are used to the one you are using. It would take a large change to make appraisers want to switch, which is why Alamode is offering to pay off your contract with a competitor because they know once they got you, that payoff will be made back ten folds (marketing 101). It is all starting to get on my nerves.

Signed, concerned appraiser.
Posted in:General and tagged: ACIApprasialSoftwareAlamode
Posted by Wayne Henry on March 17th, 2022 1:12 PMLeave a Comment

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March 8th, 2022 1:23 PM
Did you know that March is Women’s History Month and March 8th is International Women’s Day?
This designated time encourages all of us to reflect on, and celebrate the strides made in, women empowerment globally.
Together, we can take it further and make more progress in support of women's rights - socially, economically, culturally, and politically. #BreaktheBias  
Posted in:General and tagged: BreaktheBias
Posted by Wayne Henry on March 8th, 2022 1:23 PMLeave a Comment

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Appraisers will be required to use the Square Footage-Method for Calculating: ANSI® Z765-2021 (American National Standards Institute®) Measuring Standard for measuring, calculating, and reporting gross living area (GLA) and non-GLA areas of subject properties for appraisals requiring interior and exterior inspections with effective dates of April 1, 2022.  

For more information see the following article: https://www2.mckissock.com/blog/appraisal/fannie-mae-to-adopt-ansi-measurement-standard-in-2022/
Posted in:General
Posted by Wayne Henry on December 17th, 2021 4:19 PMLeave a Comment

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Why the DC housing market is so competitive for buyers

https://wtop.com/business-finance/2021/01/why-the-dc-housing-market-is-so-competitive-for-buyers/





Posted in:General
Posted by Wayne Henry on March 17th, 2021 2:29 PMLeave a Comment

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February 23rd, 2021 8:17 PM
Question for an appraiser Episode One
In this episode the topic is "Should an Investor have a property or potential project appraised prior to purchasing?"
https://youtu.be/CvVt2Cfr8h8

FHA TO REQUIRE SECOND APPRAISAL FOR CERTAIN REVERSE MORTGAGES

WASHINGTON – The Federal Housing Administration (FHA) today announced that it will begin requiring lenders originating new Home Equity Conversion Mortgages (HECMs), commonly referred to as reverse mortgages, to provide a second property appraisal under certain circumstances. FHA is instructing lenders to provide a second independent property appraisal in cases where FHA determines there may be inflated property valuations.

For more reference:

https://www.hud.gov/press/press_releases_media_advisories/HUD_No_18_111 

Posted in:General and tagged: FHA
Posted by Wayne Henry on October 3rd, 2018 2:37 PMLeave a Comment

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CoreLogic: Mortgage fraud risk spiked in the second quarter.
 
There was a 12.4% year-over-year increase in fraud risk in Q2

There was a significant increase in mortgage fraud risk at the end of the second quarter of 2018, according to Corelogic’s latest Mortgage Application Fraud Risk Index. According to the Mortgage Fraud Report, there was a 12.4% year-over-year increase in fraud risk at the end of the second quarter of 2018.
The Mortgage Fraud Report analyzes the collective level of loan application fraud risk experienced in the mortgage industry each quarter.
 
See more: https://www.housingwire.com/articles/46820-corelogic-mortgage-fraud-risk-spiked-in-the-second-quarter

Posted in:Mortgage and tagged: Fraud
Posted by Wayne Henry on September 19th, 2018 2:01 PMLeave a Comment

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Severe appraiser shortage hurting market

Aug. 6, 2018

By Mortgage Daily staff

A severe shortage of real estate appraisers has North Dakota officials making a request to waive appraisal reports, at least temporarily, on some residential loans. Banking regulators see the move as necessary.

In some parts of the state, appraisal are reportedly taking up to three months. As a result, some of the transactions have fallen through -- hurting timely credit availability for prospective borrowers and slowing economic development.

A joint request was made by North Dakota Gov. Doug Burgum, Department of Financial Institutions Commissioner Lise Kruse and the North Dakota Bankers Association to the Federal Financial Institutions Examination Council's Appraisal Subcommittee.

A temporary waiver of appraisal requirements that are currently required by North Dakota law is being sought by the state for federally related real estate mortgage loans issued by banks or credit unions.

North Dakota law requires independent evaluations regardless of the transaction amount. Federal requirements allow appraisals to be waived on single-family loans up to $250,000.

The state is asking for a temporary waiver on residential loans up to $500,000.

John Ryna, president and chief executive officer of the CSBS, noted in a written statement, "The challenges experienced by lenders obtaining timely appraisals is impacting local communities and economic development nationwide. The fact that North Dakota's governor, top financial regulator and banking community are raising it to the federal level sends an extremely important message that there is a problem in the marketplace."

Reference: http://www.mortgagedaily.com/stories/North-Dakota-Appraisals-080618MBA.asp
Posted in:General
Posted by Wayne Henry on August 15th, 2018 5:52 PMView Comments (1)

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Fannie Mae is discontinuing the use of Form 1004MC (Market Conditions), the government-sponsored enterprise announced July 30 at the Appraisal Institute Annual Conference in Nashville, Tennessee. The GSE is expected to officially announce the change when it releases its updated Selling Guide in the coming weeks. 
 
Form 1004MC was released in November 2008, and from the start many appraisers said they found its use inappropriate for many market situations and conditions. Members of the AI Government Relations Committee expressed this opinion to Fannie Mae during recent discussions on ways the GSE could improve its policies and procedures. 
 
Reporting market trend activity will remain an important undertaking for appraisers and they will continue to do so even without the requirement to complete Form 1004MC. 
 
Freddie Mac has yet to make a similar announcement about discontinuing use of 1004MC, but the move by Fannie Mae may compel a similar policy change to maintain competitive posture. 
 
AI will monitor the situation and report new developments when they are announced. 
Posted in:General and tagged: Fannie Mae
Posted by Wayne Henry on August 7th, 2018 10:06 AMLeave a Comment

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Posted in:General
Posted by Wayne Henry on July 2nd, 2018 3:16 PMLeave a Comment

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