Appraisal Articles 2018 Free Appraisal Articles for Appraisers and the Public
I just took a brief look at the new 112-page CoreLogic Valuation Solutions Residential Appraisal Standards online document that was recently sent to me via email. I don’t complete work for CoreLogic or for any of their affiliates but I guess they think that I am in need of a copy of their standards. I read the document and I was surprised by it. It appears that CoreLogic thinks that they are now the new de facto appraiser regulator. Oh no, I was told, the new standards are just to be followed by appraisers who complete work for CoreLogic. I’m asking myself, “so if it’s just for CoreLogic appraisers why is this document being distributed online to me and to other appraisers?
Do I really want to know how CoreLogic wants its appraisers to dress on “Inspection day” or know how their appraisers must comment on the condition of appraisal improvements? The answer to that question is no, I don’t want any direction or suggestions from CoreLogic regarding how I complete my appraisal reports or how I run my appraisal business. It sounds to me like CoreLogic has stepped into the self-employed versus employed IRS hole by telling its appraiser contractors how to do their work in complete detail.
It’s interesting that CoreLogic, which spends a great deal of time, effort and money developing automated valuation models (AVMs) that compete with traditional appraisal products has now developed strict appraisal standards that are more rigorous than the Uniform Standards of Professional Appraisal Practice (USPSP). You have to ask yourself “why would they do that?” Could it be that the collection of data for CoreLogic appraisals is ultimately for their AVM models that need higher and higher quality data? You can’t run appraisers out of business without proving just how good your AVM models are, can you?
It’s my opinion that CoreLogic should keep its own private, internal appraisal standards to itself. CoreLogic can develop whatever appraisal standards that they feel are appropriate for whatever reasons, but I don’t think that all appraisers, many whom are not remotely involved with the company, want to see them. CoreLogic’s Residential Appraisal Standards have not been published as a white paper or as a draft that to solicit appraiser comments, the “standards” are a new set of rules developed by a somewhat biased corporation for their own dubious needs.
If you have the time maybe you can ask CoreLogic if and when we can expect a 500 page document with their commercial appraisal standards. Appraisers need to ask themselves, “do we need really need CoreLogic to publish appraisal standards?” The only thing that CoreLogic appears to be good at is selling the data collected by the county assessor, appraisers and Realtors back to them for a profit. When did they become a paragon of appraisal virtue?
Appraisers need to question what the purpose of publishing internal CoreLogic standards was? Was it just information put on the web so that some non-CoreLogic appraisers could benefit from the wisdom of their rules? Or was it an attempt to influence the industry by impressing on others what CoreLogic expects and thus what they should expect from appraisers who are already overworked and underpaid? I don’t believe that the release of these appraisal standards to the public was an accident.
CoreLogic has purchased CoStar, LoopNet, my local Realtor MLS software and now provides valuation models to like 75% of the big mortgage companies. I think that they should stay far away from trying to influence appraisal standards except for their own reports. It’s my opinion that they just don’t have the best interest of appraisers in mind.
For more appraisal information contact Glenn J. Rigdon MA, MRICS, ASA is a Las Vegas / Henderson Nevada based appraiser who can be contacted via email or via his business website known as Appraiser Las Vegas (http://www.appraiserlasvegas.com), or you can also click on “Contact Us” on the home page of this website or visit my public profile at LinkedIn at http://www.linkedin.com/pub/glenn-rigdon-ma-mrics-asa/1a/30b/879/
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