Mary Cummins, Real Estate Appraiser, Real Estate Appraisal, Los Angeles, California, Mary Cummins.

Mary Cummins is a real estate appraiser in Los Angeles, California with 38+ years of experience. Cummins provides real estate appraisals for banks, lenders, mortgage brokers, Appraisal Management Companies (AMCs), lawyers, Courts, factors and private parties for lending, lawsuits, probate, estate planning, divorce and all types of litigation. Cummins provides 1004, 1073, 1025 and other form reports, narrative reports and historical appraisals besides real estate research and appraisal advice.

Showing posts with label fannie mae. Show all posts

Sunday, June 25, 2023

Quality Control Standards for Automated Valuation Models, AVMs, Comment by Mary Cummins

RIN-2590-AA62, fannie mae, freddie mac,mary cummins,real estate appraiser, appraisal,avm, automated valuation method, dodd frank act,1125,los angeles,california

Type:Notice of Proposed Rulemaking

Number:RIN-2590-AA62

Group:Fannie Mae; Freddie Mac

Comment: Quality Control Standards for Automated Valuation Models

Comment: Quality Control Standards for Automated Valuation Models RIN-2590-AA62

This is a comment letter about the proposed change in the Dodd Frank Act section 1125.

I'm a certified and licensed real estate appraiser with over 40 years of experience. Automated Valuation Models (AVMs) should NOT be used by mortgage originators and secondary market issuers in determining the collateral worth of a mortgage secured by a consumer’s principal residence or any real property. The main reasons are because they are not reliable indicators of market value, the data can be manipulated and there are conflicts of interest.

AVMs are not accurate because the AVM never sees the actual property and doesn't know all its attributes. The actual size, effective age, condition, amenities, view, lot type, specific location in a neighborhood ... are not known or considered. These factors can affect the value by up to 100%. There is no quality control that can account for vital missing data which can only be known by a live licensed appraiser. AVMs are GIGO, i.e., Garbage In Garbage Out. In this case there just isn't enough data going into the valuation to make it accurate.

Dodd-Frank Act added section 1125 to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA); that section requires that AVMs meet quality control standards designed to: (1) ensure a high level of confidence in the estimates produced by automated valuation models; (2) protect against the manipulation of data; (3) seek to avoid conflicts of interest; (4) require random sample testing and reviews; and (5) account for any other such factor that the agencies determine to be appropriate. This letter is a comment on the change in section 1125.

AVMs don't ensure a high level of confidence in the home value estimates produced. They don't protect against the manipulation of data. There is a conflict of interest. AVMs currently can only consider address, tax size, tax bed/bath count, original tax age, pool/no pool and site size at most. Sometimes not all of this information is available. AVMs don't know if the property still exists or was burned down and demolished last year. AVMs don't know if it's in original 100 year condition with deferred maintenance or if the property was fully renovated, upgraded and expanded. AVMs don't know if the property is next to a water tower, power line, dump site or major freeway.

AVMs are even less accurate if the property is older, over/under improved, fair C5 or very good C1 condition, has a view or no view, is in an area with few recent sales or varies from the average home. Even the AVMs owners such as CoreLogic, Zillow,... state the AVMs are flawed and no substitute for a real estate appraisal by a licensed appraiser. Below is the disclaimer of Zillow.

"The Zestimate® home valuation model is Zillow’s estimate of a home’s market value. A Zestimate incorporates public, MLS and user-submitted data into Zillow’s proprietary formula, also taking into account home facts, location and market trends. It is not an appraisal and can’t be used in place of an appraisal."

As a real estate appraiser with over 40 years of experience I look at the different AVM values after I have finished an appraisal just for comparison. I can definitely state that AVMs are not a reliable indicator of value. I've seen AVMs state $2,000,000 value when the home just sold for $35,000,000 and appraised at $34,500,000. I've also seen AVMs state $1,500,000 value when the home just appraised at $500,000. The only time I've seen AVMs be close to accurate is when they are for average newer tract homes in average condition near median neighborhood values in an area with a sufficient number of recent sales. Even then they don't match actual market value.

Here is but one example. There are two identical homes on the same block in a development built in 1950. One is in original condition with deferred maintenance and no view. The other has been fully renovated, upgraded with an addition and has an ocean view. The difference in value would easily be 50% using an experienced appraiser. For a good measurement system, the accuracy error should be within 5%. AVMs are not accurate. There is no confidence in their valuations.

The data used in the AVMs can be easily manipulated. Zillow and other AVMs allow the homeowner, anyone, disgruntled ex tenant to edit the data for a property. If you edit the size, condition or other characteristics of the home, you can drastically change the value. The data can also be manipulated by Multiple Listing Service (MLS) data. Some AVMs consider MLS size, bed/bath count, view... As a real estate appraiser and past broker I can definitely state that MLS data is not accurate. Agents want to sell homes so they make them appear larger and newer. They Photoshop out power lines, water towers, freeways from the photos. They digitally stage them with pools, new lawns, new kitchens...which don't exist.

The AVM doesn't see the home or view so it values them the same if they are the same size in the same area. The person who owns the home in original condition will be happy because it will appraise over market value. The person who owns the upgraded home with the ocean view will not be happy because now they have to apply for a different loan with a full appraisal in order to get a higher loan or lower rate. I've been in this exact situation many times. The owner ends up paying two "appraisal" fees even though the first was just an AVM. They also waste time.

The ability to manipulate the data creates huge conflicts of interest. Sellers, agents want to sell home for the highest price. AMCs, Lenders want the highest value so they can easily make the loan to make money. Zillow is both an AVM and seller, agent. CoreLogic sells AVM data to Lenders and others. They want to make the deal to make money. The independent real estate appraiser only cares about actual market value. They don't make money on the transaction besides a small appraisal fee which is paid if they hit the value desired by the borrower or not.

Have we learned nothing from the Zillow fiasco? "The evidence is there for anyone wishing to look. In a disastrous bet made by Zillow – one in which the company staked its future on investing in residential real estate based on its own algorithms – the company lost $32 billion in market capitalization from February to November 2021. What did Zillow learn about its “Zestimates” when its own money was at stake?" (https://appraisersblogs.com/dazzled-by-wizardry-federal-mortgage-regulators-ignore-zillow-debacle )

I've studied AVMs in depth as have others. There is a lot of research already done on the inaccuracy of AVMs. Here's an article I wrote about AVMs which cites some of that research. https://mary--cummins.blogspot.com/2022/03/what-is-avm-automated-valuation-method.html

The Dodd Frank Act is the result of the 2008 Great Recession and Financial Crisis. The purpose was to protect consumers, banking and our economy so that would never happen again. The public will lose trust in the real estate industry, mortgage market and mortgage backed investments. This will negatively affect the real estate industry, banking industry, stock market and our economy. Please, do not use AVMs to value property which will be collateralized by loans.

Sincerely,

Mary Cummins
California Certified Real Estate Appraiser

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.

Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin

DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Mary Cummins

Mary Cummins of Cummins Real Estate Services has been in real estate since 1983, over 35 years. She is licensed by the Bureau of Real Estate Appraisers. Mary Cummins was an agent and broker licensed with the California Department of Real Estate selling residential income, commercial buildings, raw land and homes for Merrill Lynch Realty in Beverly Hills and Westside Properties in Los Angeles before concentrating on appraisals. Mary Cummins currently provides real estate appraisals, expert witness testimony, historical research, legal real estate research for mortgage brokers, banks, lawyers, factors, insurance companies, financial consultants and private individuals. Mary Cummins was born and raised in Southern California. Cummins attended Beverly Hills Good Shepherd Catholic School and Beverly Hills High School. Besides being on the Dean's list, Mary Cummins was a top ten national swimmer and competed on the men's water polo team. Mary Cummins began college at the age of 15 attending the University of Southern California on scholarship, majoring in Psychology/Sociology. http://www.animaladvocates.us http://www.facebook.com/AnimalAdvocatesUSA

Monday, April 10, 2023

HUD only cares about appraisals UNDER contract price which is dangerous by Mary Cummins

appraisal value over under contract sales price, mary cummins, real estate appraiser, real estate appraisal, fannie mae, percent sales price, contract price, appraisal, value

Dave Towne sent out this linked article about bias and appraisal gap.

"The article below was in the Inside Mortgage Finance Publications e-newsletter on 4/06/23:

"FHFA Data Fueling Looks into Appraisal Bias

dhollier@imfpubs.com

The Federal Housing Finance Agency is a is a critical provider of the data necessary for oversight, enforcement and research, FHFA Director Sandra Thompson noted during a discussion in late March.

According to aggregate statistics from the Uniform Appraisal Dataset released by the FHFA, roughly 57% of appraisals were above the contract price in 2021. Just 15.2% were below the eventual sale price, but these are the under-valuations that could possibly reflect bias.

And the important datum here is that this percentage is growing. In 2013, only 8.4% of appraisals came in under the contract price.

In addition to providing data, Thompson noted that FHFA has coordinated with the Department of Housing and Urban Development, the Consumer Financial Protection Bureau and the Department of Justice “to provide additional information for fair lending enforcement and oversight.”

If this actually reflects the true thinking of Ms. Thompson, she has aligned with so many others who believe SALE PRICE is immutable, and is the ultimate indicator of Value, and apparently, of bias, when not accepted as gospel by the appraiser. My gosh, what a misguided opinion!

Apparently Ms. Thompson didn’t see, experience or understand what happened during the ‘pandemic era’ in mid-2020-early ‘22, when overly emotional, and irrationally exuberant buyers paid astronomical prices for homes way above what their actual value was. The same thing happened in 2006-2008.....but it wasn’t considered ‘bias’ then due to the different political climate and attitude at that time.

Conversely, how can it be said that valuing a property lower than its eventual sale price based on current market evidence is tantamount to BIAS? And, if 57% of the appraised values were ABOVE the sales price, couldn’t that also reflect BIAS? Seems to me that if one comparison in one direction is considered bias, the other in the opposite direction can be equally judged the same.

To better understand this concept, look up the definition of bias.

The political drumbeat of appraisal bias just because an appraisal Value doesn’t reflect Sales Price is blatantly wrong-headed. In fact, it reflects internal personal bias at worst, and exhibits a definite lack of understanding of the appraisal process, by the person promoting such falsehoods.

More appraisers should stand up and challenge Ms. Thompson’s assertions."

I agree that we should be looking at the over valuations. That is probably where most of any alleged "bias" would be. In the major media cases of alleged bias the first lower appraisal is considered the wrong one when it was actually the higher second appraisal that was wrong and above market value.

The second higher appraisals were influenced, biased by the AMC, Lender and borrowers who stated the first appraisal was too low. The second appraiser knew there'd be a complaint or lawsuit if they didn't come in high. Clearly the second appraiser was influenced to come in over market value. In the appraiser's eyes he has much to lose coming in at market and much to gain by coming in above market. That's all fine until the borrower goes under and the gov reviews the appraisal in default which they stated they will do. This is a concern because the current economy and real estate market is going down. People are losing jobs as interest rates rise. More homeowners could end up under water and in default.

Things are a little similar to the beginning of the Great Recession. We all know what happened after the Great Recession. The gov pushed appraisers to come in high to meet higher values. After values dropped the government blamed appraisers! We report values. We don't set them. The gov caused the huge run up with reduced financial regulations and programs which helped lower income people take on loans they couldn't easily afford. The gov caused great financial damage to the people they said they were helping.

Image above came from this article
https://www.fanniemae.com/research-and-insights/perspectives/opportunities-improve-value-appraisals

Nice quote from the above linked article, "Reforms following the 2008 housing crisis attempted to improve the independence and accuracy of appraisals, and some early research indicated these reforms were marginally successful, with the percent of transactions confirmed falling from a high of 98 percent in 2007 to 94 percent in 2009. Confirmation rates, however, have since drifted back up as we have moved further away from the financial crisis."

So was it the financial crisis or reforms which caused change in % of appraisals meeting contract price?

What's interesting is there were appraisals done pre and post contract. When the appraiser knew the contract price, the value was more likely to meet or exceed that contract price. Maybe appraisers shouldn't know the contract price because it clearly influences them. Fannie Mae even makes that suggestion in their article.

Fannie Mae knows the industry and what's really happening. They can't speak freely because they are dependent upon HUD and the government no matter how "independent" they claim to be. For this reason they kiss HUD's ass and support all this false alleged appraisal bias. AEI's research has shown there is no appraisal bias based on race in the government's own data. HUD still falsely insists there is for political reasons. 2024 elections are coming. I bet Dem candidates will still be hawking racial appraisal bias in their campaigns to get the black, brown vote. They will claim they already solved most of the alleged bias but will continue to do more.

Mary Cummins

Tuesday, March 29, 2022

March 29, 2022 Hearing "Devalued, Denied, Disrespected: How Home Appraisal ... by Mary Cummins

Devalued, Denied, and Disrespected: How Home Appraisal Bias and Discrimination Are Hurting Homeowners and Communities of Color, Maxine Waters, Mary Cummins, Tobias Peter, AIE, Fannie Mae, Freddie Mac, Andre Perry, PAVE Task Force, Committee on Financial Services, bias, racism

"Devalued, Denied, and Disrespected: How Home Appraisal Bias and Discrimination Are Hurting Homeowners and Communities of Color." Tobias Peter is doing a great job hammering home facts and actual research. Sadly some politicians are ignoring the facts and running with the fake research and misleading analysis by Andre Perry, Freddie Mac and Fannie Mae cited in the PAVE report. So is private activist group Fair Housing Alliance. It's clear they know they are hurting blacks, Latinos, poor people and single mothers with their actions. Government actions based on the false research is causing financial damage to poor people. Beyond sad and heartbreaking. Appraisers see the results of this. I appraised pre-foreclosure, foreclosure homes during the great recession.

I'm taking notes best I can as I'm sick from a vaccination. Pics from the meeting which ran 10:00 a.m to 1:30 p.m. I'll post more later. Video below.

One thing which is abundantly clear is that some of the Representatives don't even know who some of the speakers are. They keep asking private AMC Dean Kelker why he/they don't recruit people in college to automatically be appraisers. He keeps saying they need a license and experience. They think he is part of the government oversight of the industry when he's not.

Maxine Waters is also losing her judgment. She thinks "Realtists" which are just members of the minority organization National Association of Real Estate Brokers should be allowed to be "assessors," think she means appraisers, with no education, license or experience whatsoever. It would be discrimination to allow only this specific group to be appraisers automatically. It also makes no sense and would violate federal and state laws yet she says she's going to do it.

Lisa Rice from the private organization the Fair Housing Alliance keeps citing Andre Perry's false and misleading paper like the bible. She knows it's false yet she uses it to promote her personal agenda which is funds, grants for her nonprofit. She doesn't care that she's hurting poor people and POC.

Pledger Bishop of the private organization Appraisal Institute AI is being political. He keeps saying we're working on diversity yet he has nothing to show for it. Representatives keep thinking he's part of government. He's not. He has no power to do anything.

Many Representatives just get up there and use their five minutes to promote themselves and their political campaigns. Many cite Andre Perry's false and misleading paper even though they've been given Tobias Peter's AEI report showing the actual facts. Home values are directly related to income. Certain socio-economic factors correlate with buying power such as income, credit score, marital status, having children under 18... As I've been saying people buy the homes they can afford in the areas they can afford. Appraisers, Appraisals don't set values. The market does.We merely report it.We most certainly do not devalue homes. AEI's report shows that appraiser bias, discrimination is not a wide spread or systemic issue. Home value is a math formula.

Pledger Bishop, The Appraisal Institute, AI

Tobias Peter, AEI, American Enterprise Institute, PAVE report, research, Andre Perry paper debunked

Video 3 hours 31 minutes starts at 4 min 30 seconds

https://www.youtube.com/watch?v=vFMs5sTOHhc

Mary Cummins

Thursday, February 3, 2022

Interview President Appraisal Institute Jody Bishop by Mary Cummins Real Estate Appraiser

https://www.youtube.com/watch?v=HaFfhOo1Edk&t=1830s

"Today’s (February 2, 2022) Buzzcast interview is with Jody Bishop, the new President of The Appraisal Institute. We sat down with Jody and Joan Trice, Founder of Allterra Group, LLC to discuss what the outlook for the Appraisal Institute is for 2022 and what appraisers can expect from their initiatives."

You can go to the video, click the three dots bottom right then view the transcript. Joan Trice JT asked the questions and Jody Bishop JB replied. Below are my notes.

JB: The AI Board couldn't get together until May for a few reasons I won't mention. We used a consultant to handle the meeting to be neutral. We have five top priorities: modernizing education and production, new technology and social media, develop plan to recruit and retain professionals, implement PAREA and develop diversity equity and inclusion action plan. It's time to work to meet our goals. We need a cultural shift to refuse other ideas so we can finish the top 2, 3 or 5 goals. Then we'll be successful.

JT: What about the diversity program?

JB: We already have some effort with the appraisal diversity initiative ADI. Someone gave $3M to the program for the next three years. The National Urban League held symposium to recruit women and POC. We gave grants for initial licensed education, textbook. We started a women's initiative committee a while back. Hope to have a plan by Q3.

JT: Will AI be matching candidates with supervisors?

They will take an AI class. We're working on PAREA. AI was given/gave? $500K to write a program on producing PAREA. We will have students do a robust case study. It will take them through an appraisal of a house. We will have mentors going through the program. They should be highly trained after process. (They will do only one home appraisal? Maybe they need to at least do one home, one condo, one 2-4 units?)

Commercial by AI. Become a member today! :-D Their membership has gone from 25,000 to 17,000 today. They've lost almost 30% of their members while their salaries, expenses and travel expenses have increased.

JT: What is your personal agenda, strategic plan?

JB: I have to give board information they need to make decisions. I have to make sure they don't get distracted with other items. We're working through a cultural shift. Other goals are better communication and messaging.

JT: There is the clear report, appraisal subcommittee report, review of USPAP, Fannie Mae just launched their study on racial bias, PAVE report coming any minute. Any thoughts where PAVE will come down?

JB. We met with PAVE folks. We arranged for drive-by appraisal ride-along. They watched appraiser measure property. It was helpful for them. We're trying to educate these folks about what appraisers really do. They're discovering there's more to it than just the appraiser running amok out there. All these reports of appraisals but we don't have enough information to see what is really going on. We have a team that has studied various reports, Andre Perry's, Freddie Mac, AIE report. We're looking at Fannie Mae report. We looked at appraisal gap in Freddie Mac report. (He summarized their report per FM). FM looked at refinances.They compared appraisals to avm values. It really wasn't undervaluation going on. Maybe there was renovation work in white areas? They're going to look more.

We're trying to educate about history of diversity, redlining, restrictive covenants... It's helpful to learn what happened in the past to understand the concerns today.

PAVE will come out in a week or so. Clear study, ASC, looking at Appraisal Foundation as well. The most glaring thing is wanting to allow appraiser to be liable to the borrower. It makes me nervous too.

Commercial. LiDar measurement. Remote evaluations. incenteram.com

JT: Should the borrower be intended user of report?

JB: It's concerning. You can be sued no matter what disclaimer is in the report (who is the intended user). It gives borrower power to go after appraiser. If we start adding onerous new regulations, liability, it could dissuade new appraisers.

JT: You can't serve two masters. We don't give them cover to tell the truth. If the appraiser says property in bad condition, lender would put pressure on appraiser not to be honest. The borrower would be angry if appraiser is honest. If it's a hoarder house and appraiser states that, borrower would be insulted.

JB: We should not have flag words (such as hoarder). That's why codes Q, C are better. C4 is not hoarder. Your camera can take 1000 pics. Photos can save you the heartache.

JT: I'm a fan of transparency but would be better for borrower to get a summary of report but not the report with the UAD codes which they don't understand.

JB: Hybrids. The appraiser would not be influenced by anyone at the house. Appraisers don't see the borrower at purchase appraisal but may at refinance appraisal inspection. With hybrid there is no connection between appraiser and borrower. The gold standard for appraisal is full inspection, drive the neighborhood, see the comps themselves. That is the argument against AVMs. There is a push to AVM but want to enhance it somehow. The best thing to happen to appraisers is the Zillow news that AVMs are not accurate. The Zillow (failure) was great timing for the PAVE report, Joe Biden team weighing in.

Mary Cummins

Tuesday, October 26, 2021

Fannie Mae states quality of appraisals by trainee and mentor are the same? by Mary Cummins real estate appraiser

HousingWire just reported about the October 2021 Mortgage Bankers Association Annual Convention held in San Diego, California this year. I'm not a subscriber to HousingWire so the image below about what was stated in their news item came from a friend.

"At the Mortgage Brokers Association expo in San Diego (Lyle) Radke of Fannie Mae said that Fannie Mae has been drilling down into its trove of appraisal data. The mortgage giant expected to find a correlation between an appraiser's expertise and the quality of their report, and assumed that a trainee's work might not be as good as that of someone more veteran. Nope. 'What we found is that there is virtually no difference' Radke said. 'They score almost exactly the same in terms of collateral risk, and in terms of internal (quality control), trainees actually score a little better than non-trainee.' "

An appraiser trainee is a new appraiser who works under a mentor appraiser who has years of experience. The trainee does not do an appraisal by themselves. They only do appraisals with a mentor appraiser who instructs the trainee and is by their side every step of the way from the pulling of comps to the actual property inspection to the report writing. The mentor reviews every part of the appraisal process and the report. After the mentor makes any needed corrections, edits, changes the mentor signs the report along with the trainee.

Of course an appraisal done by a trainee and a mentor will be as good if not better than one done by the mentor alone. The mentor is teaching, training the trainee. The mentor wants to make sure the appraisal and report is perfect. The trainee and mentor know that all of their appraisals will be thoroughly reviewed and scrutinized by the governing board so the trainee can get their license. It's part of the licensing process. The FHA also reviews all FHA appraisals especially ones with a trainee.

HousingWire, the Mortgage Brokers Association and Lyle Radke clearly don't understand the appraiser trainee program. Appraiser trainees NEVER do an appraisal by themselves. They only do it with the mentor appraiser. It's against the law for a trainee to do any part of the appraisal by themselves. That's the purpose of the program. It's odd because everyone in the finance industry had a hand in creating the trainee program. It's no wonder so much misinformation about appraisals and appraisers is spread in the media today.

Mary Cummins

Thursday, October 7, 2021

Free Real Estate Appraisal Forms, URAR 1004, 1025, 1073, 1004MC, 1007, 216, Fannie Mae, Freddie Mac by Mary Cummins real estate appraiser

FREE real estate appraisal forms, 1004, 1072, 1025, 1004D, CDAIR, 1004MC, 216, 1007, Uniform Residential Appraisal Report URAR, Mary Cummins, real estate appraiser, Los Angeles, California, Uniform Appraisal Data Set Definitions, Exterior Only Residential Appraisal Report, Individual Condominium Unit Appraisal Report, Market Conditions Addendum to the Appraisal Report , Appraisal Update Completion Report, Freddie Mac, Fannie Mae, UAD, Small Residential Income Property Appraisal Report , One Unit Residential Appraisal Field Review Report, Operating Income Statement, Single Family Comparable Rent Schedule

Free real estate appraisal forms. These forms are blank in pdf and jpg format. I'm posting them so people can see the basic real estate appraisal forms used today. These are the most common real estate appraisal forms used in the United States. They are in alphabetical order. I'll be posting samples of each form filled out and completed next. I will also be posting a three part series about how to do a residential appraisal from pulling comparables to the inspection and the completion of the report. We don't just take photos and pull a value out of our hat. There is a lot of work that people don't see.

If you are an appraiser and want to buy the software with these forms to fill out, check out Alamode, Clickforms, ACIweb, Homeputer to name but a few. If you're thinking of forging an appraisal with these forms, good luck. These are just standard pdf copies that have a tiny watermark not visible in regular view. These are also not full appraisal reports with subject photos, comparable photos, plat map, sketch with measurements, subject detail page, subject map, comparable location map, copy of appraisal license, copy of appraiser's E&O Insurance...

Appraisal Update and or Completion Report Fannie Mae form 1004D Freddie Mac 442 March 2005 Mary Cummins real estate appraiser.PDF

Mary Cummins, real estate appraiser, Los Angeles, California, Appraisal Update and or Completion Report, form

Mary Cummins, real estate appraiser, Los Angeles, California, Appraisal Update and or Completion Report, 1004D form

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Appraisal%20Update%20and%20or%20Completion%20Report%20Fannie%20Mae%20form%201004D%20Freddie%20Mac%20442%20March%202005%20Mary%20Cummins%20real%20estate%20appraiser.PDF

Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraisal.PDF

Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraiser, Los Angeles, California

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Catastrophic%20Disaster%20Area%20Inspection%20Report%20CDAIR%20form%20Mary%20Cummins%20Real%20Estate%20Appraisal.PDF

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser.PDF

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Exterior%20Only%20Residential%20Appraisal%20Report%20Fannie%20Mae%20Freddie%20Mac%20form%202055%20March%202005%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser.PDF

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Individual%20Condominium%20Unit%20Appraisal%20Report%20Fannie%20Mae%20form%201073%20Freddie%20Mac%20form%20465%20March%202005%20UAD%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Market Conditions Addendum to the Appraisal Report Fannie Mae form 1004MC Freddie Mac form 71 March 2009 Mary Cummins Real Estate Appraiser.PDF

Market Conditions Addendum to the Appraisal Report Fannie Mae form 1004MC Freddie Mac form 71 March 2009 Mary Cummins Real Estate Appraiser

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Market%20Conditions%20Addendum%20to%20the%20Appraisal%20Report%20Fannie%20Mae%20form%201004MC%20Freddie%20Mac%20form%2071%20March%202009%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser.PDF

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/One%20Unit%20Residential%20Appraisal%20Field%20Review%20Report%20Fannie%20Mae%202000%20Freddie%20Mac%201032%20March%202005%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Operating Income Statement Fannie Mae form 216 Freddie Mac form 998 August 1988 Mary Cummins Real Estate Appraiser.PDF

Operating Income Statement Fannie Mae form 216 Freddie Mac form 998 August 1988 Mary Cummins Real Estate Appraiser

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Operating%20Income%20Statement%20Fannie%20Mae%20form%20216%20Freddie%20Mac%20form%20998%20August%201988%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Single Family Comparable Rent Schedule Fannie Mae form 1007 Freddie Mac form 1000 August 1988 Mary Cummins Real Estate Appraiser.PDF

Single Family Comparable Rent Schedule Fannie Mae form 1007 Freddie Mac form 1000 August 1988 Mary Cummins Real Estate Appraiser

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Single%20Family%20Comparable%20Rent%20Schedule%20Fannie%20Mae%20form%201007%20Freddie%20Mac%20form%201000%20August%201988%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser.PDF

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Small%20Residential%20Income%20Property%20Appraisal%20Report%20Fannie%20Mae%20form%201025%20Freddie%20Mac%20form%2072%20March%202005%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Uniform Appraisal Dataset UAD Definitions Addendum Fannie Mae form Mary Cummins real estate appraiser.PDF

Uniform Appraisal Dataset UAD Definitions Addendum Fannie Mae form Mary Cummins real estate appraiser

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Uniform%20Appraisal%20Dataset%20UAD%20Definitions%20Addendum%20Fannie%20Mae%20form%20Mary%20Cummins%20real%20estate%20appraiser.PDF

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser.PDF

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Uniform%20Residential%20Appraisal%20Report%20URAR%20UAD%20Fannie%20Mae%20form%201004%20Freddie%20Mac%20form%2070%20March%202005%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Mary Cummins

Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California

Sunday, June 25, 2023

Quality Control Standards for Automated Valuation Models, AVMs, Comment by Mary Cummins

Monday, April 10, 2023

HUD only cares about appraisals UNDER contract price which is dangerous by Mary Cummins

Tuesday, March 29, 2022

March 29, 2022 Hearing "Devalued, Denied, Disrespected: How Home Appraisal ... by Mary Cummins

Thursday, February 3, 2022

Interview President Appraisal Institute Jody Bishop by Mary Cummins Real Estate Appraiser

Tuesday, October 26, 2021

Fannie Mae states quality of appraisals by trainee and mentor are the same? by Mary Cummins real estate appraiser

Thursday, October 7, 2021

Free Real Estate Appraisal Forms, URAR 1004, 1025, 1073, 1004MC, 1007, 216, Fannie Mae, Freddie Mac by Mary Cummins real estate appraiser