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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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 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

Wednesday, January 19, 2022

PAVE Task Force Report Coming February 2022, by Mary Cummins Real Estate Appraiser

False and misleading. "The Interagency Task Force on Property Appraisal and Valuation Equity. An equitable path toward addressing the persistent misvaluation and undervaluation of properties experienced by families and communities of color." pave, task force, mary cummins, real estate appraiser, los angeles, california,

The image above came from the PAVE Task Force website at https://pave.hud.gov . Their statement "the persistent misvaluation and undervaluation of properties experienced by families and communities of color" is very misleading. "Misvaluation" and "undervaluation" have not been proven. There hasn't even been any independent research on the issues. Andre Perry's non peer reviewed, non published personal paper has been shown to have major statistical flaws intentionally made by Andre Perry for his agenda in promoting his book for money. Fannie Mae's research showed there was no major difference in appraisal gap based on the race of the borrower.

Per the National Association of Realtors (NAR) the Task Force report is coming out February 2022. It will be interesting to read the final report. With statements like the above they clearly have an agenda. If you remember, this was Joe Biden's campaign platform. Here's an article I wrote about Joe Biden's false statements about appraisals and appraisers. Team Biden basically invented a problem that didn't exist so they could promise to fix it just so they could get the vote of POC. I'm a Democrat. I understand politics and campaigning but this is just plain wrong to vilify people and a profession for your own agenda.

Here's an article I wrote about the purpose of the Task Force. It lists all the members of the Task Force. Again I'd like to note that James Park of the Appraisal Subcommittee (ASC) is the only Appraiser on the Task Force. He doesn't represent Appraisers but the ASC.

There are some things which should be changed such as the requirements to become an appraiser. The apprentice mentor program is not working. It's too difficult for apprentices and mentors.

It will be interesting to see the final report. I predict it will basically suggest regulations and actions which are similar to our current regulations but worded as if they are new.

Mary Cummins

Thursday, September 3, 2020

Catastrophic Disaster Area Inspection Report CDAIR, DAIR, 1004D real estate appraisal form, sample by Mary Cummins

disaster inspection report, disaster certification, report, fema, 1004d, dair, cdair, form, mary cummins, real estate, uad, los angeles, california, wildfire, flood, hurricane, earthquake, tornado, appraisal update and/or completion report, catastrophic disaster area inspection report, disaster area inspection report

After every natural disaster such as wildfire, hurricane, flood, tornado, earthquake ... homes that are in the process of getting a loan must be reinspected if they are anywhere near the disaster area. The purpose is to make sure the homes still exist and were not damaged, destroyed or affected by the natural disaster.

Appraisers can use the DAIR (Disaster Area Inspection Report), CDAIR (Catastrophic Disaster Area Inspection Report) or the 1004D form report. Some clients insist on the1004D form report i.e. "Appraisal Update and/or Completion Report" (Fannie Mae 1004D, Freddie Mac 442). Filling it out normally is pretty straight forward. Sometimes the original appraiser is too busy to reinspect the property. In that situation another appraiser is hired to inspect the property. They generally charge $150 or so to inspect the property.

Below is a sample disaster inspection report, certification report that I have used when they insist on this form and when I'm not the original appraiser. I use the basic 1004D form then add an addendum, CDAIR form, photos (generally only front and street though they may request interior), copy of my license and my insurance.

https://drive.google.com/file/d/1vKETg6rL-UikriWlrNAy6UIKofiiSfAu/view?usp=sharing

Below is the actual text I put in the first page of the form in the Summary Appraisal Update Report" section.

"Post Disaster Inspection Report. Current appraiser has no knowledge of previous appraisal. See attached Property Condition Report and photo page for observed information about the property."

Below is the actual text I put in the first page of the form in the "Certificate of Completion" section. Don't check either box because neither apply. The important text is on the next page.

"This section does not apply. See addendum."

Below is sample text I add in the addendum. All of this is in the form above.

"1004D Disaster Certification

Property Condition Report

FEMA Declaration

California Bobcat Fire (FM-5374-CA) PA-B PA-H Los Angeles County

https://www.fema.gov/disaster/5374

https://inciweb.nwcg.gov/incident/7152/

Appraiser inspected subject property (date) at 12:00 pm. Subject is over 15 miles south west of the location of the Bobcat fire. The location of the Bobcat fire was 34° 14' 27.6? N, 117° 52' 4.8? W. The Bobcat fire started September 6, 2020 and was fully contained December 18, 2020. Subject structure, neighborhood, supporting facilities, transportation systems were not affected in any way by the Bobcat fire."

You can also use the CDAIR form by itself which is made specifically for disaster inspections. Here are the CDAIR and DAIR forms in one file. The CDAIR is three pages and DAIR is one page. Use one or the other. If the client insists on the 1004D form, you can add the CDAIR or DAIR to the 1004D. You could even do the report on a blank piece of paper if you add the proper text and data needed. The forms make it much easier and standardized for underwriters, lenders and others to view.

https://drive.google.com/file/d/1Wz8sJV3JQpTKQTO-ZT_F5VnWUkH7IW2a/view?usp=sharing

Here's a jpg of the first page.

Second page is photos. Here is the third page.

Here is the one page DAIR report.

Obviously if the home has been damaged, destroyed or negatively affected, don't order the report because it won't pass and you'll waste $150. You'll need to repair the property first if possible. Sometimes your property may be okay but the streets, power, supporting facilities such as transportation, government service buildings, gas stations ... were wiped out. You won't pass the inspection because the home can't really be lived in at the moment. You will have to wait until the home and neighborhood is fully functional before you can sell or refinance your home.

Mary Cummins

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

Thursday, February 3, 2022

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

Wednesday, January 19, 2022

PAVE Task Force Report Coming February 2022, by Mary Cummins Real Estate Appraiser

Thursday, September 3, 2020

Catastrophic Disaster Area Inspection Report CDAIR, DAIR, 1004D real estate appraisal form, sample by Mary Cummins