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Who is FNIS and what do they mean to appraisers?

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Elliott

Thread Starter
Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
FNIS is located at www.fnis.com

I guess they use to be Market Intelligence which sued
the Oregon Appraisal Board (ACLB) which dropped
their $400,000+ fine against the company.

Now FNIS is suing the Penn Appraisal Board,
apparently they think standards do not apply
to them, and are fond of suing appraisal boards.

I asked the ACLB how they skirted the rules that
you and moi have to live under and I was referred to
Title XI and Opinion 13 of USPAP, which after reading
pretty much say what ever you want them to say regarding
bankers and their relationship to 'evaluation.'

There are a lot of smart minds out there and I would
like to know how this company operates, how they get
to operate outside of appraisal boards, and what they
mean to our profession?

elliott
 
A

Anonymous

Guest
This is an organization that wants appraisal business without using appraisers.
 

Elliott

Thread Starter
Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
This is their agreement with Oregon's ACLB......

"CTMI has agreed that any analysis and evaluation of a collateral interest in real property prepared on behalf of a financial institution identified in ORS 674.100(3)(a) will:

1) meet all applicable requirements of Title XI of FIRREA, and

2) Contain the following language: “This analysis and evaluation or an interest in real property for ownership or collateral purposes is prepared by and for the following financial institution, _________, to be used for internal purposed only. This document is intended for use only for loan transactions valued at less than $250,000, as required by Title XI of FIRREA”. "


I guess if FNIS does this, they are essentially exempt from those
pesky appraisal requirements. Can I do the same?

elliott
 

Residential Appraisal Ser

Sophomore Member
Joined
Jan 26, 2002
Forum: The Guild is researching filing an ambicious(sp) brief with the state of PA Board.
We feel that it is time that we take a stand on the idea of AVMs that don't use appraisers. We have given an inch and the lending industry has taken a mile.
We must all unite to face the whole issue of AVMs and their use by anyone and everyone.
AVMs are on the internet by any company that wants to sell the service. It is bad for appraisers and bad for the public.
Could you imagine a barber doing hair without a license. He would be hung and fined. Same with a lawyer, electrictian, accountant CPA etc.
Our problem we let them get away with it.

William Sentner
President
American Guild of Appraisers OPEIU AFL-CIO
[email protected]
 

Roger

Junior Member
Joined
Jan 24, 2002
Professional Status
Certified General Appraiser
State
Missouri
As I have stated here before, FINIS, I believe, is attempting to gather market data in non-disclosure states, by purchasing MLS System providers.

If they can't get the data one way, they will try to get it another.
 

Frank Bertrand

Junior Member
Joined
Aug 21, 2002
Professional Status
Certified General Appraiser
State
Pennsylvania
This FINIS is garbage if all it uses are MLS. We all know that the MLS is considered reliable but not guaranteed. We've all checked with agents and found mistakes, as we are all human. So if a company takes MLS at face value, there are inherent mistakes that go along with its use.

How can the MLS data be all encompassing if say, only 50% or even 70% of sales go through the book? In other threads appraisers tell of what lengths they must go thorough to get reliable, truthful and accurate data in non-disclosure states. I seriously doubt these data collectors would go to the length that a good appraiser must to verify sales.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Look at the Bright Side like I said in another posting our LADY at Bank of America just LOVES given us Repo orders from when they relied solely on the computer. Now multiply that by the number of other banks that are gonna use these services. More Repo work no pressure to hit a number. Just tell them what they are now stuck with.
 

Residential Appraisal Ser

Sophomore Member
Joined
Jan 26, 2002
Karl: Problem is that 1.4 million appraisals plus per month are taken out of circulation by AVMs without apprasier assist or appraisers knowing about it.

William Sentner
President
American Guild of Appraisers OPEIU AFL-CIO
 
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