Toronto's Half House
Willy Wonka would love this weird half-a-home
Excerpts:
No, this isn't a trick of Photoshop. Nor is it the world's nastiest spite house; rather, this bonafide half-home shares more with its nail house brethren after witnessing a history of blight and zoning changes.
The lone row home at 54 1/2 Saint Patrick Street dates back to Toronto's slums in the late 19th century. Built somewhere between 1890 and 1893, this bay-and-gable relic from a bygone era once was a one of six identical, structurally intertwined homes on what was then known as Dummer Street.
This begs the question: how does half a building cleave away so cleanly only to leave the rest of it standing?
Read more at: Be sure to click on photo full screen to see it better
More photos and info at: Click here Link was too long to post...
-----------------------
Here's why states should choose to not regulate appraisal management companies
By Matt Simmons, Maxwell & Hendry Valuation Services
Excerpts:
Across the country, state legislatures and appraisal licensing boards are grappling with the decision of whether or not to regulate - and if so, how - appraisal management companies (AMC's).
In Florida, AMC legislation has been effective since 2011 and not a single complaint has reached board disciplinary level. While a few states have seen AMC disciplinary action, each of the actions I've seen relate to customary and reasonable fees or appraisal independence - activities already regulated at the federal level.
In my opinion as a regulator of one of the 38 states that in good faith launched an AMC regulatory program prior to having the 'full picture' via the Final Rule, we would have done things much differently in Florida.
States considering an AMC program, or those like Florida with an existing program, should carefully read the fine print and consider whether an AMC regulatory program is truly in the interest of public trust, or if it exacerbates the problems.
My comment: Finally a few new ideas about AMCs!!
Read more and post your comments at:
-------------------------
AQB wants comments on possible changes to college degree, practicum, alternative experience, etc.
Comments deadline March 31, 2016
College degree - alternative for licensed upgrade to certified
My comments: I keep hearing from appraisers that college graduates have lots of high paying opportunities. But, these types of jobs are only for engineering, computer science, etc. jobs. Some with business degrees from highly rated schools can get "Wall Street" jobs. Not for the vast majority of graduates with degrees in English, psychology, etc. I don't know how realistic it is to offer a route from Licensed to Certified with no 4 year degree required since few lender clients will accept licensed appraisers and their numbers have dropped significantly.
Practicum - alternative experience up to 50%
My comment: I studied science in college and spent many afternoons in labs. When I graduated I was ready to go to work and needed no training. This is a significant problem for appraisers.
The only appraisal class I ever had with practical experience was a junior college appraisal class taught by a real estate agent. We all appraised his home using Fannie forms. A practicum was offered awhile ago by the AQB but was too difficult to set up and none were ever offered. Hopefully, these new requirements will be easier and, more important, include hands-on appraisal experience.
Click here to read the full document
My comments: Lender appraising has been a boom and bust business since Fannie and Freddie started securitizing loans in the 1960s, requiring armies of new appraisers during the booms with most laid off during the busts. Everyone seems to forget this. The current licensing system does not consider it.
Of course, the biggest problem today is lenders not allowing trainees to sign on their own. Lenders can solve this problem now. The draft recognizes this problem. But, AMCs (low fees and Scope Creep) are the most significant reason for the "brain drain" of experienced residential appraisers leaving the profession since 2008. Retiring baby boomers is another factor.
Who is worried about an appraiser shortage? The Appraisal Foundation's income will go down. AMCs will have fewer appraisers to broadcast cheap fees. Finding appraisers in rural areas will be more difficult, but this has always been a problem. Lenders are hoping maybe they can use AMCs or "alternative products" because of the shortage. Of course, not much of this applies to commercial appraising, only to residential AMC work.
