Appraiser Independence Requirements
Lenders must ensure that appraisals conducted in connection with single-family mortgage loans, other than government-insured and -guaranteed loans, conform to the Appraiser Independence Requirements.
If you were affected by the bankruptcy 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…)
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.
In the organization’s latest YouTube video, the Appraisal Institute invited Paula Konikoff, JD, MAI, chair of the Appraisal Institute’s Professional Standards and Guidance Committee, to discuss 2014-15 USPAP updates, including the process the Appraisal Standards Board 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 appraisers.
The Appraisal Standards Board adopted the 2014-15 edition of the Uniform Standards of Professional Appraisal Practice, commonly known as USPAP, in February of 2013. Beginning in early 2012, the ASB released (more…)
Hire an Independent Property Appraiser 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…)
On May 29, 2013, the Federal Housing Administration (FHA) is offering a 90-minute webinar 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…)
- Lenders and appraisers 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…)
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 appraiser is not “geographically competent.” In other words, the appraiser 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…)
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 NAHB report – "A Comprehensive Blueprint For Residential Appraisal Reform" dated February 2013. I disagree with most of Mr. Gilmore’s comments regarding the NAHB report. The NAHB 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 USPAP and FIRREA and other standards required by various professional appraisal organizations. Since licensing has been in place, the value of a professional appraisal designation (more…)
Appraisers 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…)
As a reminder to State Appraiser Regulatory Officials, effective July 1, 2013, the Appraisal Subcommittee (ASC) 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 (Dodd-Frank Act) 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 appraisers to be eligible to perform appraisals for federally related transactions, the State must have (more…)
Real estate appraisers 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 appraisers better evaluate and manage the clients, appraisal management companies (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…)
North Dakota became the 37th state to enact a comprehensive law requiring the registration and oversight of appraisal management companies 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 Appraiser Qualifications and Ethics Board if they oversee a panel of more than 15 independent contract appraisers in North Dakota or 25 or more nationally. Entities that exclusively employ appraisers 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…)
Fannie Mae 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 market value of the property because the Desktop Underwriter has determined the only valuation necessary can be obtained from the proprietary automated valuation model (AVM). 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…)
Most of the time when a potential home buyer submits a contract on an Orlando short sale, 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…)