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Fannie Mae Releases New Selling Guide

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May 23, 2013
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In April of 2013, released its updated . Updates related to are highlighted below:

Requirements

Lenders must ensure that appraisals conducted in connection with single-family mortgage loans, other than government-insured and -guaranteed loans, conform to the .

Selection (more…)
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Stop Chase from Filing Bar Order

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May 22, 2013
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If you were affected by the of ES Appraisal Solutions then this is a must for you.

JP Morgan Chase is filing a request for entry of Bar order with the Florida Courts.

What this means is that JP Morgan Chase is trying to settle for $2,316,000. They then would not be liable for any other lawsuits or claims against them in the future regarding any appraisals or BPOs completed. Which means we will NEVER see a dime from the money owed to us.

The deadline to file this objection of the bar is (more…)

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ES Appraisal Settlement with Chase

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May 22, 2013
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It has come to my attention that the attached settlement is being proposed to the BR Trustee in the ES Appraisal case and thought that it was important that the information be passed along to whomever might need it since many of our members have been affected.

Please forward to whomever you believe might be owed fees in this case.

I would recommend that anyone do their own research on this as I am only passing along information that was given to me third hand.

It is the belief of others that this agreement will forgo millions of dollars in fees owed to by ES and Chase. (more…)

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Appraisal Institute Discusses 2014-15 USPAP Updates

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May 21, 2013
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In the organization’s latest YouTube , the invited Paula Konikoff, JD, MAI, chair of the ’s Professional Standards and Guidance Committee, to discuss 2014-15 updates, including the process used to adopt the latest edition of USPAP, the new Report Options that will be part of the 2014-15 edition of USPAP, and other changes made that might impact .

The Appraisal Standards Board adopted the 2014-15 edition of the , commonly known as USPAP, in February of 2013. Beginning in early 2012, the released (more…)

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Appraiser Independence

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May 20, 2013
in , ,

Hire an Independent Property for an Unbiased Evaluation

Dealing in real estate requires a lot of knowledge about property markets. Not all buyers and sellers are well-acquainted with such matters. In such cases, it becomes important to hire a third party like a property appraiser who holds expertise in such matters.

Why an Appraiser?

Involving a property appraiser brings an element of impartiality in property dealings. When you deal directly with the opposite party (more…)

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Free Webinar on How to Review an FHA Appraisal

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May 17, 2013
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On May 29, 2013, the () is offering a 90-minute on How to Review an FHA Appraisal using the FNMA 1004, and how to review appraisals on more difficult property types; e.g., manufactured homes, 2 to 4 Units, Condominiums, and New Construction. How to spot potential fraud, the condominium approval process, and the common appraisal deficiencies (more…)

FHA Webinar Training for Appraisers

Free Webinar on FHA Appraisal Requirements

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May 16, 2013
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On May 22, 2013, the () is offering a 90-minute on FHA Appraisal Requirements. will cover:

  • Lenders and responsibilities as it relates to FHA guideline
  • Marketability and value of the property and information about “For your Protection Get a Home Inspection”
  • Minimum Property Requirements (more…)
Appraisers and Realtors

REALTOR® & Appraiser Interaction Under Dodd-Frank

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May 13, 2013
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A common complaint among REALTORS® in virtually all of Michigan is that many residential deals are failing because the home will not appraise at a value that permits the buyers to finance the purchase and close on the home. Many REALTORS® take the position that many of these properties do not appraise because the is not “geographically competent.” In other words, the is from out-of-town, unacquainted with the area in which the appraised property is located; thus, fails to learn or uncover various factors that would substantially change the valuation of the property. The question is then posed why are we in this situation and how can we change it.

The situation is at least in part attributable to actions taken by Congress “to provide the financial stability of the United States by improving accountability and transparency in the financial system (more…)

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Response to "A Wakeup Call for the Valuation Industry: Is anybody listening?"

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May 10, 2013
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RE: Richard Gilmore, ARA article – "A Wakeup Call for the Valuation Industry: Is Anybody Listening?"

I would like to offer some comments regarding Mr. Gilmore’s article in the April 9, 2013 issue of Ag News. I also read most of the report – "A Comprehensive Blueprint For Residential Appraisal Reform" dated February 2013. I disagree with most of Mr. Gilmore’s comments regarding the report. The report lacks a realistic understanding of what is taking place in the real estate appraisal profession today.

Most of what is commented on in the NAHB report has been required and/or in place for more than 20 years in the form of and FIRREA and other standards required by various professional . Since licensing has been in place, the value of a professional appraisal designation (more…)

Housing Market

Survey: Appraisers Confident in Housing Market

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May 6, 2013
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mostly are upbeat about home price increases and generally are becoming more confident about the state of the U.S. housing market, according to survey results released April 24 by Leawood, Kan. – based appraisal management company United States Appraisals.

The survey of 600 appraisers revealed that 55 percent indicated a mildly or moderately strong level of confidence in the housing market while 25 percent said they were neutral.

“Appraisers tend to be realistic, (more…)

State Appraiser Regs Reminder

Reminder to States regarding changes effective July 1, 2013

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April 29, 2013
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As a reminder to State Regulatory Officials, effective July 1, 2013, the () will formally incorporate new requirements into its State Compliance Review process.  As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of2010 () amendments to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (Title XI), and in accordance with Bulletin No. 2011-01 issued by the ASC on March 18, 2011, the ASC will formally incorporate the following requirements into the State Compliance Review process beginning July 1, 2013:

  • Reciprocity:  In order for a State’s to be eligible to perform appraisals for federally related transactions, the State must have (more…)
AppraisalAdvisor News Release

Appraisal Advisor, a Real Estate Appraisal Technology Company, Launches Nationwide

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April 24, 2013
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find, rate, and manage clients using Appraisal Advisor’s new platform.

Atlanta, GA – Tuesday, April 16 – Appraisal Advisor, LLC announced today the launch of an exciting new service focusing on helping real estate better evaluate and manage the clients, (AMCs), and lenders that they do business with. Appraisal Advisor provides appraisers with instant access to client ratings and reviews, written by other appraisers, and gives appraisers an avenue to have complaints and non-payment issues be heard.

Already boasting an unprecedented database of hundreds of thousands of individually-verified clients and thousands of reviews on over 250 different AMCs, lenders, and (more…)

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North Dakota Governor Signs AMC Law

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April 22, 2013
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North Dakota became the 37th state to enact a comprehensive law requiring the registration and oversight of on April 12 when House Bill 1389 was signed into law by Gov. Jack Dalrymple.

The law takes effect on Jan. 1, 2014.

Under the new law, entities involved in the residential collateral valuation process must register with the North Dakota Real Estate Qualifications and Ethics Board if they oversee a panel of more than 15 independent contract in North Dakota or 25 or more nationally. Entities that exclusively employ on an employer-employee basis are exempt from the registration requirements.

The legislation also requires that appraisers be paid reasonable and customary fees within (more…)

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Is Fannie Mae Form 2075 a Ticking Time Bomb for Appraisers?

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April 19, 2013
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Form 2075 (aka the “Desktop Underwriter Property Inspection Report”) seems innocuous enough when you pick it up and look at it. After all, it’s only a single page with just one-half page of instructions.

It allegedly applies only to low risk loans and the form has been around and in use for a long time. The instructions even clearly state it “is not an appraisal report”. The instructions go on to say this report may be used without an estimate of fair of the property because the Desktop Underwriter has determined the only valuation necessary can be obtained from the proprietary (). Once this determination has been made, the lender needs only to obtain an exterior-only property inspection.

So, why the sudden concern with Form 2075? (more…)

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What Happens When a Short Sale Property Gets Approved for More Than the Appraisal Value?

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April 19, 2013
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Most of the time when a potential home buyer submits a contract on an Orlando , that person is expecting to get a fantastic deal on a home. Many times this is exactly what ends up happening. The lender approves your offer and you get the deal of a lifetime! However, depending on what happens with the appraisal, everything can still fall apart on you, so don’t celebrate just yet.

Appraisal values, when it comes to short sales, are a crucial part of the process. Let’s say for example, the short sale lender approves an offer of $150,000. The next step for the buyer is to get their financing lined up with their lender. All lenders require certain things to happen like an appraisal, home inspection (more…)

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