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.

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Friday, September 13, 2024

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

09/23/2024 More insight into the firing of Cindy Chance from the Appraisal Institute. This may explain some of what is happening. This is copy/pasted. Link to original pdf is below.

From: jamorin@me.com

Sent: Friday, February 23, 2024 9:33 AM

To: Paula Konikoff <

pkonikoff @appraisalinstitute.org

>; Adomatis, Sandra <

sadomatis@appraisalinstitute.org

Subject:

RE: Upcoming Speaking Opp

I do hope the balance of the meetings go very well. I have been refl ecting on both of your responses to my email, I feel like I did a poor job of conveying my overall concerns.

I promise this is the last exchange on this topic from me

. The last thing you need is someone sniping from the sidelines, especially when I am sure it is perceived as self-serving and anti the new CEO.

I have made it clear to you both that I am less than impressed with her negative and damaging statements that she continues to make about me and “past leadership” – which frankly includes the Board of Directors too, a concept apparently lost on them. I had hoped that my not-so-subtle plea to you both to have her tone down the rhetoric would have been met with a ceasing of the actions. To my dismay, it has continued as recently as the joint regional meeting this week according to several people who called me afterwards. I know that in this light the rest of what I am about to say will likely be dismissed in whole. But please read it at least once with an open mind.

As a dedicated member, I have always been proud of our collective commitment to excellence, leadership, and the advancement of our profession. This pride stems from our organization's historic emphasis on the knowledge, expertise, and contributions of its members, which has positioned us as industry leaders and earned us unparalleled respect and credibility.

Recently, however, I have observed a shift in the organizational focus that concerns me deeply. The emphasis has immediately moved away from the collective voice and leadership of our members towards a more centralized representation by our CEO. While I recognize and respect the importance of a dynamic CEO in guiding our organization, I am troubled by the potential implications of this shift. Maybe the moss has grown under my feet and the future is passing me by.

Diminishing Member Visibility

: Historically, our organization has thrived on the diverse expertise and leadership of its members. The shift towards a singular representation, primarily through the CEO, may inadvertently diminish the visibility and contributions of our member leaders. This could lead to a perception that our organization is drifting away from its member-centric ethos, which has been a cornerstone of our identity and success. Continuity is great and I think for some relationships that makes good sense, but that continuity used to be a hallmark of the elected leadership, each bring the next one on and passing the torch over the four-year service period.

Impact on Member Engagement and Value

: The strength of our organization lies in its members. Their engagement and sense of belonging are tied to seeing their leaders represent and advocate for them. When communication and representation become more centralized, it risks creating a sense of detachment and undervaluing the diverse expertise within our membership.

Long-Term Reputation and Credibility

: Our organization's reputation as an industry leader is deeply rooted in the collective knowledge and leadership of our members. A shift towards a more CEO-centric approach might raise concerns about the sustainability of this reputation. The diverse voices and insights of our member leaders have always set us apart and driven the profession forward. Being super critical, I cannot believe that either of you are enamored with the tone on the

communication ’from her desk’. They have been insulting and demeaning. Is the best message we off er someone gets stuck in a big closet when the homeowners are arguing with other? Thank God it “hasn’t cost her any friends yet” when talking about appraisers. We have members everywhere doing interesting, complex, and interesting work, work that would be perceived as important and contributing. 4.

Transparency and Communication

: The recent instances, such as the lack of timely communication about our President's involvement with a Federal agency, highlight a growing concern about transparency and inclusivity in communication. Keeping members informed and involved is essential for maintaining trust and a sense of community. Today’s Appraisal Now has no mention of a single offi cer, their travel, and meetings on behalf of the organization.

Considering these concerns, I urge a reconsideration of the current approach. It is crucial that we strike a balance that respects and harnesses the strengths of both our CEO and our member leaders. Our collective leadership, transparency, and member-focused ethos are not just our legacy but our greatest assets moving forward.

I haven’t touched on the instructor’s meeting that took place last week, but it is cause for even more concern. The dumbing down of our tests and coursework plays to the lowest common denominator. Allowing anyone to teach without the minimum amount of training is dangerous. I encourage you to talk to the mentors working on the AIPAREA program about their experiences with students who have been through our previously challenging curriculum versus those who went another route that was easier. The diff erence is stark – is that who you want to be?

I am committed to AI and its mission, and I share these thoughts with the utmost respect for all parties involved. We can continue to grow and lead our industry without losing the essence of what makes us unique and respected.

Thank you for considering my perspective. I do not want a response from either of you

– both are too busy with other eff orts on behalf of the members. I ask only if you consider these points, take a moment, and see if the pathway you are on is the right one. If you feel like it is, then Godspeed and execute to the best of your ability. I’ll know from what I see if I am a guy tilting at windmills. I am afraid the wind is blowing and the moss is growing.

Jim Amorin, CAE, MAI, SRA, AI-GRS, CDEI"

Jim Amorin was the CEO of AI until February 2023.
https://www.appraisalinstitute.org/insights-and-resources/insights/newsroom/ai-news-releases/2022-11-17-appraisal-institution-announces-resignation

He just deleted his LinkedIn page
https://www.linkedin.com/in/jimamorin/

Link to original pdf

https://drive.google.com/file/d/1720HuaQJTwYPTpZ1r4qrjKQb_FEIzgqz/view?usp=sharing

09/16/2024 Article on Biznow about Cindy Chance's departure

https://www.bisnow.com/national/news/capital-markets/appraisal-institute-ceo-terminated-following-leadership-opposition-125913

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

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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

Friday, August 11, 2023

AEI Report Shows Andre Perry's Paper is Fraudulent. Same Difference in Home Values in White Areas.

This is from an email from Jeremy Bagott, MAI. AEI used Andre's Perry own dataset and methodology to study race and home values. February 2023 the report was updated. Andre Perry previously stated the main difference in home values between white and black is race alone. Perry blamed that on home valuations. AEI's research has proven the main difference is caused almost entirely by socioeconomic factors and not race. I've been yelling this from the mountain tops since Perry's paper first came out but AEI has nailed it down with facts and independent research. People who make more money have more money and buy more expensive homes in more expensive areas, period.

Maybe lower income white people should be yelling about home value differences compared to higher income white and black people. Maybe they should be demanding money, free homes, cheap loans, debt relief like Andre Perry and his following have been doing. "Rich white people have stolen $46,000 from every poorer white person's home value in the US!" Maybe all poor people need their own type of reparations for being trapped by low wages and poverty for generations. It won't solve the problem because the income gap is the main cause for everyone but the story will probably sell online media ads. We need to reduce the income/wealth gap among everyone. AEI stated this in their summary but the government will not listen to facts for some reason on this issue.

https://mailchi.mp/0b513ed845f9/report-finding-of-bias-in-home-valuations-fails-by-own-measure-8037698

"REPORT: FINDING OF BIAS IN HOME VALUATIONS FAILS BY OWN MEASURE

VENTURA, Calif. (August 11, 2023) – In an updated refutation of the findings of Brookings Institution researcher Andre Perry, Edward Pinto and Tobias Peter of the AEI Housing Center demonstrated just how broken the Brookings research was.

Perry’s 2018 research, titled “The Devaluation of Assets in Black Neighborhoods,” pinned the nation’s racial wealth gap on 80,000 state-licensed real property appraisers.

Unfortunately, these now-discredited findings have been levered by housing-industry lobbyists, partisan policymakers, agitators and grievance groups to malign the nation’s 80,000 real property appraisers and hollow out America’s mortgage underwriting safeguards.

A dataset provided to Pinto and Peter earlier in the year by Perry allowed the AEI Housing Center to fully refute the latter’s conclusions.

While their original refutation was still largely correct, Pinto and Peter have now updated their key findings and takeaways using the new dataset. To the surprise of no one, their redacted study found that what Perry et al. had characterized as race-based differences in home valuations were almost entirely due to socio-economic status, not racial bias by real estate appraisers.

Using the dataset and Perry’s own methodology, Pinto and Peter created a simple case study of so-called “entirely white” tracts (tracts demographers rate as 97.5% white or greater). In those tracts, racial animus, by definition, is ruled out as a factor. The duo then compared high and low socio-economic status in these so-called all-white neighborhoods and found differences as large as – or even larger than – the ones Perry et al. incorrectly attributed to racial bias.

But much damage has been done by Perry’s now-discredited findings. Perry’s 2018 report took the nation’s real property appraisers from the table and onto the menu. The flawed findings have most recently served as a pretext to justify the current administration’s whole-of-government effort to insert race into every corner of the mortgage underwriting process, including collateral valuation.

Pinto and Peter determined:

• That while lower socio-economic status may leave blacks at a large income (and wealth) disadvantage relative to most whites, this is not due to any statistically relevant bias in home appraisals

• The primary remedy would be policies that work to address the income and wealth gap, not those that scapegoat appraisers.

• The focus should be on increasing financial security, creating generational wealth, and shrinking the socio-economic gap through sustainable home ownership. This is largely a buying power issue, not a valuation one. To do otherwise risks repeating the mistakes of the past."