AI and Appraisals – the Future

By on August 1, 2025   /   AI, appraisal how to, liability, non lender appraisals, real estate market   /   1 Comment
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Newz: Future of AI in Appraisals,
Comps in Today’s Market

August 1, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA ad: Code violations and expertise
  • The Future of AI in Real Estate Valuations: Understanding Tomorrow’s Appraisal Standards By Leland Trice
  • New York City’s Famous ‘Bubble House’ Hits the Market for the First Time in 50 Years With an Asking Price of $5.8 Million
  • The problem with comps in today’s housing market By Ryan Lundquist
  • Divorce Appraisal: A Guide for Real Estate Appraisers By Kevin Hecht
  • For sale signs multiply: Inventory hits 5-year high, price cuts surge What’s happening with markets all over the country?
  • Mortgage applications increased 0.8 percent from one week earlier

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The Future of AI in Real Estate Valuations: Understanding Tomorrow’s Appraisal Standards

By Leland Trice

Excerpts: The real estate valuation industry stands at a pivotal moment. After decades of relying on manual processes that are inefficient, error-prone, and costly, we’re witnessing a fundamental shift toward AI and technology enabled solutions that don’t replace human expertise but amplify them.

The future of real estate valuations will likely involve increasing integration of human expertise with artificial intelligence capabilities. This evolution isn’t about replacing professional judgment with automated systems it’s about creating hybrid approaches that leverage the strengths of both human analysis and machine processing.

Opteon’s new AI-powered quality control tool, built in collaboration with technology partner Jaro, illustrates this broader evolution across our industry.

It’s important to clarify a common misconception: AI-powered tools like Intara, don’t replace appraisers or QC functions. Instead, they enable Appraisers to focus on what they do best, expert analysis and decision-making, while automating repetitive, administrative and time-consuming tasks that add little analytical value.

The “magic” of AI is its ability to look holistically at a file. We have moved past the days of checklist data review and can now examine unstructured data and images simultaneously and in conjunction with discrete data points.

A critical factor in successful AI implementation is the flexibility to meet varying requirements. Intara demonstrates this principle by embedding lender-specific criteria into quality control processes, automatically identifying discrepancies, and ensuring consistency before reports reach final review.

To read more, Click Here

My comments: This article sometimes reads as a “marketing promotion”. But, worth reading to see how one company uses AI for appraisals and how it is used.

This article goes way beyond Chat GPT. It shows how custom AI applications can work for appraisals. The author, Leland Trice, is Managing Director at Opteon USA.

New York City’s Famous ‘Bubble House’ Hits the Market for the First Time in 50 Years With an Asking Price of $5.8 Million

Excerpts: 4 bedrooms, 5 baths, 4,763 sq.t. Townhouse

The distinctive bubbly residence has become a somewhat divisive hot spot in its Lenox Hill neighborhood, where it was built in 1969, with architect Maurice Medcalfe transforming a traditional brownstone into the eye-popping modernist masterpiece.

Medcalfe’s unique window design was intended to be “a sculptural interpretation of the classic bay window,” according to reports.

There is plenty to play with in the four-story interior, which boasts 4,736 square feet of space and includes four bedrooms, an office, and five bathrooms that are “all in need of renovation,” according to the listing.

To read the listing with 13 photos Click Here

Read more!! →

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What’s a comparable property for appraisals?

By on June 13, 2025   /   appraisal, bias, Fannie, liability, real estate market   /   Leave a comment
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Newz: Q2 Fannie Appraiser Update, Appraiser Wins Discrimination Lawsuit

June, 13, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA ad: Am I Still on the ‘Do Not Use’ List?
  • What’s a comparable property? Or a “comp,” as we say more informally? By Bryan Reynolds
  • Rotterdam’s Yellow Cube Homes
  • Q2 2025 Fannie Mae Appraiser Update – UAD 3.6
  • A Back to the Future Housing Market By Ryan Lundquist
  • Case Dismissed: Ohio Appraiser Wins Discrimination Lawsuit by Isaac Peck
  • Mortgage applications increased 12.5 percent from one week earlier

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Real Estate Agents and Comparable Sales – Tips for Appraisers

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What’s a comparable property? Or a “comp,” as we say more informally?

By Bryan Reynolds

Excerpts: Let me give you an example of an appraisal report I saw recently, which is why I’m asking this question: There are 65 comparable properties currently offered for sale in the subject’s neighborhood, ranging from a price of $330,000 to $5,400,000. The report also states that there are 44 comparable sales in the subject’s neighborhood within the past 12 months, ranging from $152,000 to $2.2 million. That’s a big range. Are you comfortable putting that in your report?

What does the term “comparables” even mean? Let’s go to the authoritative sources. Here’s one: The Dictionary of Real Estate Appraisal, published by the Appraisal Institute. It defines comparables as “a shortened term for similar property sales, rentals, or operating expenses used in the comparison in the valuation process and best usage. The thing being compared should be specified.” In other words, are you looking at comparable sales, comparable rentals, or comparable listings?

Lastly, I’m going to pull up the Encyclopedia of Real Estate Appraising. It’s a great big book, and it has a whole section on this. I highlighted one part of it because I like it: “What is a comparable property? It is one that would be a reasonable alternative for most prospective buyers who would be interested in the subject property.”

What is a comparable property? It is one that would be a reasonable alternative for most prospective buyers who would be interested in the subject property.” —Encyclopedia of Real Estate Appraising

That’s very simple, and it invokes some good, common sense

To read more, Click Here

My comments: Lots of opinions on this topic!

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29008552 – innovative yellow cubic houses built in rotterdam

Rotterdam’s Yellow Cube Homes

Excerpts: Both a popular tourist attraction and a strange architectural experiment, the cluster of 39 homes stands out amongst the city’s mostly modern architecture. However, that is what makes these “cube-perched-on-a-point” homes all the more interesting.

he elevated cubes are essentially houses supported on hexagonal piers; this design frees up the ground space for public use. Each cube measures 72 feet in height with each side measuring 25.5 feet. While the pillars and floor are made from reinforced concrete, structural wooden skeletons from the base for constructing the cubes were mounted on the floors’ edges. Interestingly, cement panels with rockwool insulation in the middle resulted in cutting down on almost all exterior sounds.

Inside, the complicated form meant that the interior walls were angled at 54.7 degrees with the floor. The consequences of this construction detail is that 25% of the almost 1,100-square-feet of living space is unusable because of the angular walls. The interior is divided into three floors that are connected by a narrow wooden staircase. The ground level houses in the living room and an open kitchen with plenty of windows. The second floor has two bedrooms, a bathroom, and a small living area. Finally, the third floor is a three-sided pyramid that can be used as a bedroom or an office.

To read more and see interior photos and floor plans, Click Here

My comments: Fascinating, with very good photos.

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Drive-By Appraisals – Who, What, Why

By on April 18, 2025   /   appraisal how to, Appraisal Standards Board, hybrid appraisals, liability, real estate market   /   Leave a comment
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Newz: Drivebys, Foreclosures, Hybrids?, ASB Q and As

April 18, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA ad: Appraisal Used in Divorce Case—Now What?
  • What is a Drive-By Appraisal?
  • Contemporary Architect’s Downtown Santa Barbara Home Could Set a Condo Price Record
  • Top 10 U.S. Housing Markets with the Most Foreclosure Starts in March 2025
  • Hybrid Appraisals – Flawed Data or Flawed Agenda?
  • New ASB Q&As
  • Mortgage applications decreased 8.5 percent from one week earlier

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What is a Drive-By Appraisal?

Excerpts: This method bypasses traditional in-person appraisal methods and has grown in relevance for situations like refinancing or low-risk loans where a full interior inspection may not be necessary.

In addition to observing and evaluating the property’s exterior condition, appraisers will also assess the surrounding neighborhood, use MLS listings for home interior information, and evaluate comparable sales data to estimate property value.

Also known as “exterior-only appraisals” or “2055 appraisals,” this approach is often chosen when a full appraisal isn’t required, such as for low-risk lending scenarios or when lenders have sufficient market data to support a valuation without an interior inspection.

They are also used in situations like foreclosure when interior inspections are not possible.

Topics

  • How Does a Drive-By Appraisal Work?
  • Steps to Conducting Drive-By Appraisals
  • Situations When a Drive-By Appraisal is Used
  • Limitations of Drive-By Appraisals
  • Drive-By Appraisals and Industry Standards

To read more, Click Here

My comments: Definitely the most comprehensive and understandable article on drive-bys I have read. I did many drive-bys in the 80s and 90s for lenders. I finally quit doing them on 2-4 unit properties with little info available. Also, when appraising large Victorians I did not know what had changed since 1910. Permit histories in my city are very limited prior to 1950.

I did a lot of foreclosure drive-bys when prices were dropping. I did full appraisals with interior inspections after they were foreclosed.

My most difficult drive-by was a house that was completely “trashed” after the death of the owner by a young relative drug user. It had been sold after renovation and I had no access. I interviewed relatives, neighbors, etc. to try to find out what it was like on the date of death. I always ask the estate trustee to get me access to the house before any changes are made if possible.

BE CAREFUL. DO NOT UNDERBID ON DRIVEBYS.

TOO MUCH UNCERTAINTY ABOUT THE INTERIOR CONDITIONS.

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Appraisal Sq. Ft. Appraisal vs. Assessor/Public Records

By on March 14, 2025   /   adjustments, ADUs, bias, Economic analysis, real estate market, Trump Changes   /   Leave a comment
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Newz: Sq. Ft. Appraisal vs. Assessor, The “R” Word, HUD Appraiser Complaints

March 14, 2025

What’s in This Newsletter (In Order, Scroll Down)

    1. LIA AD: Navigating value revisions in appraisals
    2. Why Is the Square Footage in Public Records Different from the Appraisal?
    3. 5 Properties With ADUs or In-Law Suites
    4. Open Letter to Government Efficiency Commission on HUD’s Appraiser Complaints
    5. The “R” word in real estate – Recession
    6. Going In-Depth on a Delicate Issue: The Invisible Fence of Racial Discrimination
    7. Mortgage applications increased 11.2 percent from one week earlier

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Why Is the Square Footage in Public Records Different from the Appraisal?

By Tom Horn

Excerpts:

Why Accuracy Matters

Square footage is one of the most critical factors in determining a home’s value, yet it is often misunderstood. Many homeowners and real estate agents assume that the square footage listed in public records is accurate, but that’s not always the case. When an appraiser measures a home, their calculation often differs from what’s in tax records. These discrepancies can lead to confusion, mispricing, and even appraisal challenges.

Why Square Footage Discrepancies Occur

Public Records vs. Appraisal Measurements

The square footage listed in public records typically comes from the county tax assessor’s office. Assessors determine square footage based on:

Builder-reported figures:…

Estimates or outdated records:…

Conversions and Additions

Another common reason for discrepancies is home modifications. If a homeowner adds square footage without the proper permits, tax records may not reflect the change. Examples include:

Unpermitted additions:…

Incorrect classifications:…

To read more, Click Here

My comments: Worth reading. Written for non-appraisers but the best explanations I have ever read about this topic. I worked for an assessor’s office for my first 4 years of appraising, starting in 1975. I was given a geographic area and appraised every residential in it. Fantastic experience. I learned a lot. I was very lucky. Very different than lender appraising, where you only appraise properties that are suitable for mortgage loans.

The March 2025 issue of Appraisal Today has a very comprehensive article for appraisers: Can you use the assessor’s assessment values for site valuation, by Tim Andersen, MAI.

Read more!! →

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Highest and Best Use and Appraisals

By on February 21, 2025   /   appraisal how to, Fannie, Freddie, real estate market   /   Leave a comment
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Newz: HUD Layoffs – Including FHA, GSE Selling Guide Updates

February 21, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA Ad: Should I Complete this Assignment?

  • Highest and Best Use: A Superpower You Already Possess By Byron Miller, SRA

  • High Octane’ Desert Ranch That Boasts Airplane Hangars, Racetracks, and Custom Dune Buggies Hits the Market in California for $15 Million

  • Fannie Mae and Freddie Mac’s New Selling Guide Updates: What Appraisers Need to Know. What Data Sources Appraisers Are Using.

  • Massive FHA cuts would create dysfunction for mortgage industry, homeowners: ex-official

  • Builder Confidence Falls to the Lowest Levels Since May 2024

  • Mortgage applications decreased 6.6 percent from one week earlier

Zoning in the Appraisal Process

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Highest and Best Use: A Superpower You Already Possess

By Byron Miller, SRA

Excerpts: Like the Incredible Hulk, my superpower didn’t show itself until stressed. That stress came in January 2020, when Minneapolis became the first major U.S. city to eliminate single-family residential (SFR) zoning, allowing one-to-three units to be built on what were previously (SFR) parcels. Suddenly, there was a lot of confusion in the appraisal community about when and how to perform the highest & best use (H&BU) analysis for the new zoning classification.

As chapter president of the North Star Chapter of the Appraisal Institute, I fielded a flood of questions from residential appraisers to state regulators. One thing I quickly realized was that many of the residential appraisers I spoke with didn’t know the four tests of H&BU analysis.

Let’s revisit the basics: In an H&BU analysis, real estate appraisers determine the most probable use of a property by applying four tests: whether the use is legally permissible, physically possible, financially feasible, and maximally productive. Order doesn’t matter for the first two tests, but it’s essential for the last two. Moreover, appraisers must conduct each of the four tests on the real property as if vacant, and as improved.

Applying each of these tests properly is essential to the valuation process. In many litigation situations where appraiser’s values are far apart, it’s due to H&BU analysis differences.

To read more, Click Here

My comments: Worth reading. The author is a residential appraiser. H&BU is one of my favorite topics! I have done many commercial properties for lenders and non-lenders where H&BU was not the current use. I appraised them at their H&BU.

If you only do residential properties H&BU issues is much less an issue, so you don’t do the H&BU analysis very often. Unfortunately, many of the res appraisers who call me did not think about the relevant H&BU. This article is an excellent reminder. You can get into Big Trouble with H&BU if you don’t know when it is important.

The article has a section titled: Practical H&BU Analysis of the 4 factors with an excellent case study. Interesting appraiser comment worth reading.

Read more!! →

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AI and Appraisers

By on October 11, 2024   /   appraisal business, george dell, HOME INSURANCE, liability, real estate market, va   /   Leave a comment
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Newz: AI Limits, VA News, New UAD,
Hurricane Risks

October, 11 2024

What’s in This Newsletter (In Order, Scroll Down)

  • Intended Use and User (LIA Ad)
  • The Limits of AI: When the intelligence is artificial, common sense is a superpower
  • Vila Siena In Bel-Air CA Is The Most Insane Mega-Mansion EVER at $177,000,000
  • The New UAD: Opportunity, Confusion or Threat?
  • What’s New at the VA? A Q&A With Its Chief Appraiser
  • Effects of Hurricane Helene
  • Is Anywhere Safe From Hurricanes? The 10 States With the Lowest Risk of Damage
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  • Appraisal Business Tips 

 

The Limits of AI: When the intelligence is artificial, common sense is a superpower

By John Russell

Excerpts: At some point, all of us will integrate AI tools into our business practices. Whether it automates mundane and repetitive tasks, generates narrative text, or assists with analyses, the power of AI to save time is real.

The good news for valuation professionals is they have lots of experience spotting data points that don’t jibe with what they know. Another way to say this is that they have common sense. It’s a basic requirement for doing the work. Of course this 3-story overbuilt McMansion is probably not a comparable for a Cape Cod two miles away. That sale was under atypical conditions and, at minimum, needs adjustments to even be considered. You get the idea.

Do I trust what the AI is telling me?

Accepting AI outputs without any skepticism is a recipe for disaster. Approach AI like a detective interviewing witnesses: trust, but verify. Basic internet searches can quickly fact-check results — or raise enough red flags that you reject what is being offered. No state board will accept the argument, “But ChatGPT said,” and neither should you….

Should I be using AI for this task?

Just because you can doesn’t mean you should — commit this phrase to memory. You will have to own everything in your report, and if too much of the product is driven by AI tools, you may be asked: “Well, what exactly did you do here?”…

Common sense is a superpower that can protect you from dire consequences as you experiment with AI. It’s tempting to be spellbound by new AI tools that seem miraculous — and to let down your guard of common sense. Instead, I recommend a heightened sense of caution: The tools are only as good as the people who craft them and the inputs provided by the users. AI hallucinations are still unpredictable, inevitable failure points, which means any “facts” and analyses it supplies should always be verified — it’s just common sense

To read more, Click Here

My comments: Good, practical analysis of AI for appraisers.

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Q3 Fannie Update – Concessions, Rural, Environmental Hazards

By on October 4, 2024   /   adjustments, Fannie, real estate market, state appraiser regulators   /   Leave a comment
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Newz: Fannie Update, Concessions Are a Mess, State Board Complaints

October 4, 2024

What’s in This Newsletter (In Order, Scroll Down)

  • State Board Complaints and Renewal

  • Q3 2024 Fannie Mae Appraiser Update – Concessions, Rural, Environmental Hazards

  • $47 Million Ski Chalet With Private Tesla-Style Gondola, Bowling Alley, and Basketball Court

  • September 2024 Real Estate Market Update: What Appraisers Need to Know By Kevin Hecht

  • The hot mess of concessions in real estate By Ryan Lundquist

  • That A-Frame Life: What It’s Really Like To Live in These Triangular Houses

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    Appraisal Business Tips 

    Humor for Appraisers

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Q3 2024 Fannie Mae Appraiser Update – Concessions, Rural, Environmental Hazards

Excerpts:

Rural

Worth reading with links to Fannie info, including a link to: Free Fannie online Rural Appraisal Challenges eLearning course. Plus other tips.

Environmental Hazards

While Fannie Mae does not expect the appraiser to be an expert in the field of environmental hazards, we do expect appraisers to analyze and report any information about environmental hazards that is available in the normal course of business…

If an appraiser has knowledge of or identifies an environmental hazard in or on the subject property or on any site within the vicinity of the property, we require the appraiser to…

Seller Concessions

The article about seller concessions in our December 2023 Appraiser Update generated a lot of questions and buzz.

First, we heard that some appraisers, in reaction to our article, adopted a practice of always adjusting dollar for dollar for seller concessions. While this may seem sensible from a theoretical perspective, it could have adverse unintended consequences (such as undervaluation) if the concession did not actually have a dollar-for-dollar impact on the price. Making either assumption (that there is no impact or that the impact is dollar-for-dollar) is not the correct approach…

PSAs – UAD, Bias with useful links to Fannie info

To read more, Click Here

My Comments: Read the concessions section to see what Fannie Mae says on this hot topic! Plus the useful info and links on other topics above.

See Ryan Lundquist’s post below on Concessions – A Mess

Read more!! →

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Appraisal Reviews – Who and What

By on August 23, 2024   /   appraisal, appraisal reviews, real estate market   /   Leave a comment
Tags: ,

August 23, 2024

What’s in This Newsletter (in Order, Scroll Down)

  • Construction Progress Reports: ADUs & Remodels
  • What Is an Appraisal Review and Who Can Be a Reviewer?
  • Billionaire Getty Heir Puts Extraordinary Greek Temple (Temple of Wings) on the Market for $5 Million
  • Redfin Reports Investor Home Purchases Post Biggest Increase in Two Years
  • The Biggest Home in Each State
  • Objectionable Valuations Become Hate Speech, Inflating Home Prices
  • Mortgage applications decreased 10.1 percent from one week earlier

Appraisal Business Tips 

Humor for Appraisers

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What Is an Appraisal Review and Who Can Be a Reviewer?

Excerpts:

Topics:

  • What is an appraisal review?
  • Fact-checking vs appraisal review
  • Types of appraisal review reports
  • Why are appraisal reviews needed?
  • Who requests a property appraisal review?
  • Who can review a property appraisal?

The client base for appraisal reviews is vast and diverse, encompassing a wide range of sectors and needs.

  • Lenders rely on reviews to ensure the accuracy and reliability of appraisals before making lending decisions.
  • Investors use them to evaluate the value and risk of potential investments.
  • Attorneys order reviews to support legal matters involving property valuation, including disputes and condemnation cases.
  • Insurance companies use them for verifying property values in underwriting and claims.
  • Government agencies may request reviews for regulatory purposes, tax purposes, or right-of-way acquisitions.

To read more, Click Here

My comments: Comprehensive info on reviews. Short and well written. The best I have read, whether you are a reviewer or an appraiser being reviewed. Reviewing is an excellent option for fee appraisers and staff appraisers.

Personally, I quit doing lender reviews many years ago. I preferred to do the appraisal rather than reviewing an appraisal where I have to also appraise the property. Back in the “old days” I reviewed competent local appraisers I knew.

The final blow later for me was a 4 unit property where the appraiser appraised it as a home. There were 4 electrical meters and lots of cars. When I called my client, they just wanted to know if the value was the same as a house or 4 units. I did not reply. It was my last review for lending purposes. I verified with the city that it was a 4 unit property. There was no information that it had been converted to a single family home. Mortgage rates and requirements are lower for SFRs.

On the other side, many appraisers who do lender reviews say they learned a lot about how appraisers appraise.

Read more!! →

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Value of a Pool

By on July 5, 2024   /   adjustments, appraisal, appraisal business, appraisal how to, forecast, real estate market, zillow   /   Leave a comment
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What is a pool worth? It depends.

By Ryan Lundquist June 26, 2024

Excerpts: With and Without Pools (Big Difference)

There’s a huge difference in the stats when we compare homes with and without pools. The properties with pools are larger in square footage and lot size, higher in price, and they’ve taken slightly less time to sell too.

In short, the higher the price, the greater chance there is a pool. This likely has to do with the cost of building a pool, cost of maintaining a pool, and even larger parcels at higher ranges – not to mention buyers at higher price points expecting a pool more often.

The rhythm of pool sales basically follows the pattern we see in the entire market. More sales as the year unfolds, and they typically peak around June. Some smaller areas could be slightly different.

Seriously though, What is a pool worth?

It depends. Different price points and locations come with different expectations. There isn’t a one-size-fits-all answer for the value of a pool. In other words, we can’t just apply one figure to a property because that number isn’t going to make sense everywhere. This is where we have to study the comps. With that said, my observation is pool adjustments have generally gone up since the pandemic as buyers are more in tune with the importance of a backyard. Have you seen that also?

To read more, Click Here

My comments: Check out Ryan’s tables to see his data analysis, which is not difficult to set up.

When I first started appraising in suburban Bay Area cities in the mid-1980s, homes with pools sold for more in some neighborhoods with higher-priced homes. MLS always said a pool was there, which is a good way to check it out. At that time, MLS data analysis was much more limited than it is today. I saw this in a particular neighborhood with very hot summers. This is still the same now.

In contrast, where I live, about 15 miles west, on an island on San Francisco Bay, pools have never been a plus or a minus. Weather is “Mediterranean” weather without hot summers. Often sellers said they would remove the pool, but the buyers never requested it.

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Appraisal Business Tips 

Humor for Appraisers

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NOTE: Please scroll down to read the other topics in this long blog post on HOA Horror Stories, Zillow and Redfin lawsuits Videos and Privacy, Residential to commercial transition, real estate market, unusual homes, mortgage origination stats, etc

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Low Appraisal Fees in 2024

By on June 7, 2024   /   appraisal business, liability, real estate market, state appraiser regulators   /   Leave a comment
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CFPB Crackdown: Unfair Practices Hurting Consumers

This includes Appraisal payments to appraisers by AMCs

by Josh Tucker, June 5, 2024

Comments must be received on or before August 2, 2024

Excerpts: As we all know many AMCs are not paying Customary & Reasonable fee as required by TILA. They have consistently pushed down the pay of Appraisers while making undisclosed profit off consumers and prioritizing cheapest and fastest over quality and competency. The CFPB has been in communication with individuals behind the scenes and are concerned with what has been shown enough to include AMCs in their data collection process.

Now is the time to send them everything we have. To drive legitimate change, we must encourage as many appraisers as possible to submit all relevant information to the contact details provided below.

CONSUMER FINANCIAL PROTECTION BUREAU

[Docket No. CFPB-2024-0021] NOTE: USE THIS LINK TO READ THE DOCUMENT AND THIS NAME TO USE THE COMMENTS PORTAL BELOW.

Request for Information Regarding Fees Imposed in Residential Mortgage Transactions AGENCY: Consumer Financial Protection Bureau.

ADDRESSES: You may submit comments identified by Docket No. CFPB-2024-0021, by any of the following methods:

Federal eRulemaking Portal: http://www.regulations.gov . Follow the instructions for submitting comments. NOTE: THE SEARCH WAS NOT WORKING ON JUNE 6. MAY WORK LATER. CAN USE EMAIL.

Email: 2024-RFI-ResidentialMortgageFees@CFPB.gov. Include Docket No. CFPB-2024-0021 in the subject line of the message.

Mail / Hand Delivery / Courier: Comment Intake —Residential Mortgage Fees Assessment, Consumer Financial Protection Bureau, 1700 G Street NW, Washington, DC 20552.

To read more, Click Here

My comments: DO SOMETHING. YOUR VOICE MATTERS. Let CFPB know about the amount of AMC fees for appraisers, plus other problems. In my opinion, AMCs are ruining residential lender appraising. I have never worked for an AMC, but I’ve been appraising for almost 50 years and understand the problems.

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Appraisal Fees & Value: Lessons from Picasso & Steinmetz

By “Apex Appraiser” June 3, 2024

The Appraisal Institute has been a source of frustration and criticism within the appraisal profession for quite some time. I must admit that I have also expressed my dissatisfaction with them. Nevertheless, I must acknowledge that the new CEO, Cindy Chance, appears to be a positive change and is making some valuable points about our profession from her new position. In particular, she recently discussed appraisal fees in a piece she wrote.

In this excerpt, she shares two stories that provide valuable insights. These stories, one involving art and the other science, highlight the fact that appraising is a combination of both.

First is the story about a young woman who encountered Pablo Picasso one spring day, in a park, sketching. She begged him to sketch her. He graciously agreed, and following a few moments of study and drawing, handed her a sketch of herself. When she asked what she owed him, Picasso answered “$5,000 madam.” “But it only took you five minutes.” “No, madam, it took me my whole life.”

To read more, plus many appraiser comments, Click Here

My comments: Worth reading, plus the appraisers comments. I have been following CEO Cyndi Chance since she started working for AI. It’s definitely a “breath of fresh air” for the AI!

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Appraisers Riding the Waves of Up and Down Mortgage Rates

Appraisal Business Tips 

Humor for Appraisers

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NOTE: Please scroll down to read the other topics in this long blog post on state appraisal boards, liability, appraiser insurance, price per sq.ft. up 50%, sea level rise, unusual homes, mortgage origination stats, etc

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