Bank of America; Invitation to Join Bank Panel for Residential Valuations

[NC Appraising]

But not for us.

Bank of America has recently implemented a new fee panel to directly engage BPO Providers to complete valuation orders via InspectionPort. The Bank would like to invite real estate brokers to join our new panel.

What do I need to do to join the Bank of America fee panel?

·

o Bank of America Provider Agreement

o Form W-9

o Authorization Agreement for Automatic Payments (ACH Agreement)

o Basic Coverage Information

o If applicable, CA Form 590 (Withholding Exemption Certificate) or CA Form 587 (Nonresident Withholding Allocation Worksheet)

o Certified Diverse Supplier form

o Bank of America Valuation Guidelines and Requirements

o Provider Onboarding Instructions document providing a step-by-step guide to complete each form.

 

[chad hampton]

The only value this license had is that financial institutions used to have to go to us for any and all valuation needs. Over the past decade I’ve seen so much business be handed off. I’m not sure what the value in this license is anymore.

 

[Terrel L. Shields]

I’m not sure what the value in this license is anymore.

More valuable to our users as insurance than it is to us...

 

[J Grant]

The only value this license had is that financial institutions used to have to go to us for any and all valuation needs. Over the past decade I’ve seen so much business be handed off. I’m not sure what the value in this license is anymore.

I think we are a sort of charity at this point and should get a tax deduction for it.

If a res appraiser can eke out a living of 40k a year, probably 80k more is paid off their labor to various AMC,'s, software companies, data companies, CDC collectors, managers of all kinds of agencies and enties, reviewers, MLS, the folks at USPAP, the folks at state boards, licensing agencies, E, and O insurance companies,. Like supporting a bunch of kids at private schools whom, we never see.

A res apprasial license - the gift that keeps on taking !

 

[Sandra Koutsopoulos]

WTH? In the past, I had found Bank of America to be a PITA stickler for details. Now a real estate agent is qualified to provide them acceptable valuations? I've been a licensed Realtor and/or Broker since 1977, and the one thing about real estate agents I'm absolutely certain of, is that very few understand how to provide a competent valuation to a lender. They are clueless about comparable adjustments, effects of distance and even traffic impact, let alone cost impact of defects, and timing in the market.

Typically they don't/can't even measure the property they are selling. For example, I did an appraisal inspection last week and found the house is not 2014 sf per the legal, but only 1860 sf; I alerted the listing agent, sent him my dimension, and suggested he may want to take his own measurements of the property to confirm and disclose to the Buyer so he doesn't get sued for misrepresenting the actual living space. Nope. told me he didn't know how to measure (or even run the tape measure to check against my sketch.) Instead, he said he called on another appraiser to measure it. (Still missing that 'invisible room') Competence. Yeah. No. Next time I won't bother alerting the agent; he'll just have to deal with the appraisal and figure it out himself... or not. And maybe he'll be sued for misrepresentation as another seller was who misrepresented, or lose the transaction because Buyers were not getting the square footage that was represented by agent.

 

[NC Appraising]

Lenders want us gone.

“Appraisal automation, with all the data from every lender validated by FNMA/FHLMC; we should see more automated appraisal information.”
– Large Institution

“Appraisal Process!!!!” – Small Institution

“Broader acceptance of valuation methods that would be more reliable than an individual appraiser opinion.”– Mid-sized Institution “AI Appraisal, AI Product Integration, AI Servicing Integration, AI LLPA Interaction.”– Large Institution “Income and Asset validation;

Appraisal Waivers expanded.” – Small Institution

https://www.fanniemae.com/media/49231/display

https://www.fanniemae.com/media/49231/display

 

[NC Appraising]

WTH? In the past, I had found Bank of America to be a PITA stickler for details. Now a real estate agent is qualified to provide them acceptable valuations? I've been a licensed Realtor and/or Broker since 1977, and the one thing about real estate agents I'm absolutely certain of, is that very few understand how to provide a competent valuation to a lender. They are clueless about comparable adjustments, effects of distance and even traffic impact, let alone cost impact of defects, and timing in the market.

Typically they don't/can't even measure the property they are selling. For example, I did an appraisal inspection last week and found the house is not 2014 sf per the legal, but only 1860 sf; I alerted the listing agent, sent him my dimension, and suggested he may want to take his own measurements of the property to confirm and disclose to the Buyer so he doesn't get sued for misrepresenting the actual living space. Nope. told me he didn't know how to measure (or even run the tape measure to check against my sketch.) Instead, he said he called on another appraiser to measure it. (Still missing that 'invisible room') Competence. Yeah. No. Next time I won't bother alerting the agent; he'll just have to deal with the appraisal and figure it out himself... or not. And maybe he'll be sued for misrepresentation as another seller was who misrepresented, or lose the transaction because Buyers were not getting the square footage that was represented by agent.

US officials worry the next recession could be intensified by a cascading series of failures in the mortgage industry caused by crashing home prices, frozen financial markets and soaring delinquencies.

The US Financial Stability Oversight Council, a SWAT team of financial regulators formed after the 2008 crisis, sounded the alarm on Friday about an increasingly influential corner of the industry that has largely escaped scrutiny: nonbank mortgage companies.

Unlike traditional banks, nonbank mortgage companies are heavily exposed to swings in the mortgage market, depend on funding that can dry up during times of stress and don’t have stable deposits to rely on as a safety net. And, unlike banks, these companies are lightly regulated at the national level.

FSOC warned that these unique vulnerabilities risk a domino effect in a future crisis where multiple mortgage companies fail, borrowers are locked out of the mortgage market and the federal government is left holding the bag.

“Put simply, the vulnerabilities of nonbank mortgage companies can amplify shocks in the mortgage market and undermine financial stability,” Treasury Secretary Janet Yellen, who chairs FSOC, said in the report.

https://www.cnn.com/2024/05/13/economy/mortgage-company-risk-regulation-fsoc/index.html

******Who are these NON-BANKS pushing for "non-traditional" valuations.......****** The same ones that WE are going to have to bail out.

 

[Surf Cat]

Bank of America has recently implemented a new fee panel to directly engage BPO Providers to complete valuation orders via InspectionPort.

Makes sense..... NAR contributes big lobbying $$. As does banking.

Appraisers have been deemed biased and are sitting over the trap door to the man eating shark tank like in 007 movies.

"Do expect me to bring in the value Mr. Lender?" "No Mr. Appraiser....I expect you to die"

 

[NC Appraising]

This is from a Google search. Cannot make this up. Freddie Mac has Google Ads:

"Eliminate Appraisal Fees"
"Committed to reinforcing the integral role of appraisers and appraisals"

 

[DTB]

I'll repeat, again, make your living by buying misappraised bank assets.