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.

Friday, September 13, 2024

Cindy Chance Out as CEO of Appraisal Institute, a Total Shame, by Mary Cummins

09/13/2024 Cindy Chance just commented at HousingWire.

https://www.housingwire.com/articles/appraisal-institute-fires-ceo/

"Appraisal Institute CEO fired following “secret” board meeting

Cindy Chance said she received no specific feedback from the board prior to her dismissal

Cindy Chance, the CEO of the Appraisal Institute, was terminated during what she described as a “secret board meeting” on Thursday night that she was excluded from.

The Appraisal Institute now faces a backlash from members who support Chance, a veteran nonprofit leader who joined roughly a year ago and pledged to make governance reforms and support the work of on-the-ground appraisers.

The Appraisal Institute did not respond to HousingWire’s request for comment, but in a letter to members on Friday, the trade group said that Chance is “no longer in her role,” and a search for a new leader would soon begin. John Udelhofen will step in as interim CEO.

“We are committed to finding a leader who reflects the mission, vision and values of the Appraisal Institute and helps us carry forward the progress made towards our Strategic Plan goals,” Board President Sandy Adomatis wrote in a letter to members.

“We want to reassure you that we take our mission as Directors of the Appraisal Institute seriously. We are moving forward with our progress on the top goals in our Strategic Plan to modernize our education delivery and development of new materials and continue to modernize technology and offer the programs we’ve heard are most valuable for you. As is our mandate, our efforts will remain focused on recruiting and retaining member professionals. We will continue our great work with PAREA, and our efforts in the areas of diversity, equity, and inclusion that include further expansion of college and university relations.”

Chance told HousingWire on Friday that she received “no specific feedback” prior to the termination notice. She said she was terminated without cause."

"I’m happy to give you my perspective. I have been excluded from the secret board meetings and have received no specific feedback prior to the termination notice.

“Could you please provide details regarding your departure as CEO of the Appraisal Institute?”

From what I understand the Board called a secret meeting last night at which they voted to terminate me without cause. People have been saying this would happen since the Q3 board meeting. I heard about them planning to fire me through leaks and innuendo, not from the Board itself or any of the officers. I'm very proud of my work and my focus has always been the welfare of the members and the appraisal profession.

“Is it true that the board voted to terminate your position at an executive session earlier this month?”

I assume the vote happened at last night’s secret meeting, not the one on September 3rd, because I got the notice by email last night. There have been a number of special, secret meetings and there was no performance review in any legal or practical sense that I could see.

“Were there any disputes between you and the AI board? If so, what were they?”

You’d have to ask them. I’m on the record as recommending governance overhaul, but I wouldn’t call that a dispute- that was a recommendation based on my fiduciary responsibility to the organization. I was executing successfully and communicating transparently to the Board and the membership regarding my progress on our board approved goals.

“Are you considering legal action?”

I'm not one to back down in the face of injustice. Appraisers have a responsibility for the public trust - and that’s important to consider in bringing any and all issues to light.

“Who is running AI following your departure?”

I would guess the Board President and other member officers are effectively running the organization based on my observation of their central role in this drama as it unfolded. They stepped in to make significant decisions including directing staff, firing key contractors and ending partnerships, so that’s what I would expect will continue.

“What's next for you professionally?”

I hope to find a welcoming professional home where my skills and abilities can do good - preferably in my fields of expertise which are ethics, education, and real property association management."

Appraiser friends just posted that Cindy Chance is no longer the CEO of the Appraisal Institute. So much for all the stories from Appraisal Institute saying the rumor she was going to be fired is a lie. It was true. A.I. President, Sandra Adomatis, SRA, sent this message out today, 9/13/24:

“Dear all,

We are writing to inform you that as of today, September 13, Cindy Chance is no longer in her role as CEO of the Appraisal Institute. We are pleased that John Udelhofen has agreed to operate as interim CEO and look forward to working with John to ensure our mission continues unabated.

We want to reassure you that we take our mission as Directors of the Appraisal Institute seriously. We are moving forward with our progress on the top goals in our Strategic Plan to modernize our education delivery and development of new materials and continue to modernize technology and offer the programs we’ve heard are most valuable for you. As is our mandate, our efforts will remain focused on recruiting and retaining member professionals. We will continue our great work with PAREA, and our efforts in the areas of diversity, equity, and inclusion that include further expansion of college and university relations.

A project team will be established immediately to commence a search for a new CEO. We are committed to finding a leader who reflects the mission, vision and values of the Appraisal Institute and helps us carry forward the progress made towards our Strategic Plan goals.

We appreciate your continued membership in and support of the Appraisal Institute and look forward to updating you on our progress.

Your friend,

Sandra K. Adomatis signature

Sandy Adomatis, SRA"

Above is the notice from AI. Below is notice that the meeting is cancelled.

Cindy Chance announced yesterday on LinkedIn she is no longer with AI as of September 12, 2024.

"It has been a challenging and rewarding journey getting to know and defend appraisers. The pressures on the profession have impacts to consumers and the public, and I hope that people will pay increasing attention. I move on now from the Appraisal Institute, with gratitude for the many wonderful appraisers who shared their stories, described their challenges, and whom I have been deeply honored to serve."

I just noticed Cindy Chance posted this right before her notice above.

"As a 501C6 organization, the Appraisal Institute is an association dedicated to appraisers, the profession and the public. The Board has a fiduciary responsibility to act at all times in the best interests of the members and mission, and the staff and I and Chapter Executive Directors are dedicated to serving members and advancing our mission.

With that in mind, I want to remind you to please join us and make your voice heard on our annual membership meeting webinar this Friday, September 13, 2024, at 2 pm, CDT! This meeting will include the rescheduled report on the 3rd quarter regular Board of Directors meeting.

Please share!"

It included a link to the now cancelled meeting.

August 30, 2024 I sent an email to the board of directors of the Appraisal Institute.

"I was just informed that AI has proposed a motion and vote to remove CEO Cindy Chance. I believe this is not in the best interest of AI, the industry or real estate appraisers.

I was forwarded the letter written by Craig Gilbert and fully support his position. I'd just like to add that CEO Cindy Chance was a breath of fresh air at AI. I was talking to appraiser friends about more of us appraisers finally joining AI if Chance is at the helm. Chance finally spoke about important pressing issues for appraisers today. This is vital as we are in a quickly changing industry that needs a new solid direction forward. Please, reconsider this decision.

Real Estate Appraiser, Expert Witness for over 40 years
Mary Cummins
Los Angeles, California"

Email from President of the Appraisal Institute Craig Steinley September 2, 2024 denying the rumor she would be fired. This is clearly a lie.

"Hi Mary,

Thank you for reaching out and staying involved with the Appraisal Institute. I appreciate your participation and your membership – we are better off when we all work together as One Appraisal Institute.

I’m not sure why one of our members decided to post a letter about the board that lacks facts and relies on conjecture. As appraisers, we’re taught to rely on solid data before drawing conclusions. It’s disappointing that most of what was written in the posted letter is inaccurate and unsupported. #NoFactsThere

I hope you’ll stay involved and when an actual issue arises that requires us to understand our members’ recommendations, please don’t hesitate to write again.

Craig

Craig Steinley, MAI, SRA, AI-GRS, AI-RRS
2023 President of the Appraisal Institute (AI)
State-Certified General Appraiser
AQB-Certified USPAP Instructor
Providing Real Estate Appraisal and Consulting Services since 1979
605-348-0791
csteinley@appraisalinstitute.org
https://appraisalinstitute.org/about

September 4, 2024 AI posted about this publicly. "Appraisal Institute

A public announcement from Appraisal Institute President, Sandra K. Adomatis, SRA."

I also received email replies from Tom Boucher, Tina Mindemann, Elaine Ramirez and Allen Gardiner. They were polite and totally vague. Why even reply at all since the rumor was true. No reply would have made more sense.

This is so disappointing. A group of us were finally going to join AI to support Cindy Chance's new positive direction promoting appraisers and our profession. Previously I thought AI was just a group of old white men using the organization as a club. They basically kissed the government and industry players' ass to get grants, sell classes, sell books, sell seminars, sell $15,000 MAI designations and further their relationships in the industry. Now I doubt I'll ever join. I don't even want to take their free classes right now. I'm so glad now I didn't shell out money for a membership. Happy I didn't have the money when I was about to sign up last month.

The IRS 501 3c nonprofit mission of AI is to promote the appraisal industry and appraisers. They clearly are not doing that. AI is instead doing what government, politicians tell them to do instead of looking at the facts and independent research. I feel AI is promoting the false narrative of the biased old white male appraiser. They supported the PAVE task force. PAVE hasn't changed anything except adding more paperwork for appraisers. We always had to take bias, nondiscrimination training. We always had ROV Reconsiderations Of Values. PAVE was made to solve a problem that doesn't exist so politicians can say "look what we did for POC. Vote for us!" The real issue behind the wealth gap is the income gap which has nothing to do with appraisers. They need to help POC make more money so they can afford more expensive homes in more expensive areas.

I'm beyond disappointed with the Appraisal Institute.

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

Saturday, September 7, 2024

Mandatory Cultural Competency Elimination of Bias Class for Real Estate Appraisers by Mary Cummins

I completed my California real estate appraisal continuing education "3-hour Cultural Competency and Elimination of Bias in Appraisals" class last month. While I agree all humans have implicit bias I don't believe that many, most or all appraisers act on it. Appraising is a math formula. 2+2=4. You could be the most evil racist unhinged person on earth and 2+2=4. 2+2 ≠ 3 or 5. You would have to intentionally work extremely hard to contort hard data and a basic math formula. The review robots, AMC, Lender would catch your error and reject your report before a client saw it. And for what? To lose your license, career, go broke, get sued, have all your colleagues and everyone else despise your racist behind...?

I was upset to see the course falsely promote some of the false cases in the media about bias as fact. The cases were mainly the false Maryland and Florida cases which I covered in this blog. There was no lowballing at all. I also didn't like being forced to view racist propaganda videos. One included known "research" fraud Andre Perry and his fake paper. It's a fact that whites make more money than blacks, Latinos. If you make more money, you have more money and you're more likely to buy a more expensive home in a more expensive area. That's why white owned homes are worth more than black, Latino. No one lowballed the appraisals. Those appraisals were done by robots, AVMs and not appraisers.

The class even promoted the hugely misinterpreted Fannie Mae anecdotal data on race, contract price and appraisal values as true. AEI debunked it with research. There are more concessions in lower priced areas which are more likely to be black, Latino because of lower income, wealth. This is why appraisal values are lower than contract price in those areas. This means blacks, Latinos were paying over market value because they were conned by real estate agents. They should have made up fake case studies as examples without using color, race and real cases that have not been settled on the merits. Using these frivolous cases was actually bias and racism.

The class also included false information on the term "redlining." I wrote an article about redlining here with facts and dates. The class itself was biased, racist and promoted false narratives about appraisers and the appraisal industry. It could have easily explained bias in a more neutral manner without involving specific people, races, colors, lawsuits and organizations. I'm assuming promoting the false narrative is the only way the courses would be approved by the powers that be. So ironic that the government deals with the issue of bias, racism, and discrimination by actually being biased, racist and discriminatory. There's enough real bias, racism and discrimination in this country that we need to fight. Ridiculous to waste time, energy and money fighting nonexistent racism. I believe the government does this so people won't look at the real cause of income inequality and the wealth gap among white, black and Latinos. It's easier to blame appraisers than to fix the income gap.

Home appraisal is a math formula. Robots, AVMs can do a home appraisal of an average home if they had all the data which they don't. That's how exact the math formula can be. In fact I pull my comps based on math formula alone which I've posted here a million times. I then type those comps into a form. I choose adjustments based on more match i.e. matched pairs analysis and regression theory. My software then adds/subtracts the adjustments and that's the value. I don't control the value.

Some may say why not just use robots and AVMs. The problem is they don't see or inspect the property. They don't have all the data. GIGO, garbage in garbage out. They don't know if it exists, actual size, permitted number of bedrooms, condition, upgrades, actual age, view type, topography, lot type, home style.... They only know what's on the tax roll which isn't always accurate. Some like Zillow also include MLS data which is generally incorrect. Most MLS sizes, bed counts are larger than actual. Zillow and others also let the public edit the data which makes it even more inaccurate. Zillow also doesn't do a proper comp search or adjustments. If Zillow can't find similar recent comps, it goes so wide that it's in a totally different neighborhood which could be worth twice as much. In fact most of the false media cases about lowballing fell into that category. Zillow is probably the reason appraisers were frivolously sued for bias, racial discrimination and alleged lowballing.

Appraisers use numbers, facts and data. We're aren't interpreting the finer possible meaning of ancient translated words in poetry or the Constitution. There is no interpretation. It's basic math! You'd have to work harder than Justices Samuel Alito or Clarence Thomas when they twist, contort and misinterpret the words of the 1788 Constitution. There is no room to twist number of square feet, number of bedrooms, number of garages, location, recent local sales... Facts are facts.

This class is now mandatory because of recent regulatory changes caused by the false narrative of the "racist appraisers." So far no lawsuit has shown or proven any bias, racism or discrimination in appraisals. "Those applying for appraisal license renewal in California must complete at least one hour of Cultural Competency and two hours of Elimination of Bias, which can be combined into a single three-hour course. These changes to the education requirements are key components of California Assembly Bill 948."