Monthly Archive: September 2013

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Mortgage Takings: The Next Appraisal Frontier or Liability?

According to the Appraisal Institute’s recently published 2013 Real Estate Appraisal Outlook, U.S. appraisers anticipate that litigation valuation/forensic appraisals will be one of the top five areas of growth in the next one to two years in both commercial and residential appraisal.  Indeed, approximately 33% of surveyed commercial appraisers anticipate more demand from law firms and lawyers in the near future, with 24% of those surveyed expecting an increase in valuation consultation and studies in support of litigation.  The appraisers’ prediction may be spot on the money as at least one U.S. municipality has begun to implement a plan to...

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How to Identify a Bubble or Bust Housing Market

Bubble or bust? The nation’s home prices continue to climb, with some cities posting double-digit annual growth rates during 2012–13. While the continued economic recovery seems to trend in a positive direction, consumers, appraisers and other market participants should be on high alert for red flags that could signal the possibility of another housing bubble in the near future. How can appraisers tell if the current housing market is “bubble” or “bust”? Here is some guidance from the Appraisal Institute’s “Guide Note 12: Analyzing Market Trends.” Appraisers should be able to spot the symptoms of a changing market. Appraisers and...

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Fannie Mae and Freddie Mac UAD Update

Fannie Mae and Freddie Mac have released the specifics on phase two of the Uniform Appraisal Dataset (UAD) updates. The second phase will go into effect in early 2014, with warning edits for the following data fields converting to fatal UAD edits: Quality of Construction Rating (subject and comparables) Location Rating (subject and comparables) View Rating (subject and comparables) Condition Rating (subject and comparables)

Appraisers Feeling the Heat as Housing Market Warms Up 1

Appraisers Feeling the Heat as Housing Market Warms Up

Appraisers will always be key players in the real estate housing market’s blame game no matter what the market is doing. Appraisals were difficult to do after the housing market collapse of 2007 because of the lack of recently sold comparables that they had available to determine the property’s true value. Now that the Orlando real estate housing market is hot again, appraisers say that it doesn’t make their job of valuating a property an easier. Many Orlando realtors complain that appraisals often complicate real estate deals by either forcing the sellers to lower their price or by making buyers...

Changes for Illinois AMCs and Appraisers 1

Changes for Illinois AMCs and Appraisers

One hundred eighty days flew by in an instant. When the AMC Administrative Rules were launched on March 4, 2013 we were in the infancy of AMC registration. Here we are, six months later and we’re nearing 140 registrants. That’s more than 20 per month. I expect by year’s end we’ll have 180 registrants or more. This is an important newsletter issue to keep. There are a lot of burning questions that need to be answered in one place so that everyone understands what is expected. What Happens Next? August 30, 2013 is the last day in which existing AMCs...

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“Appraisal Quality Control” White Paper Released From Collaborative Industry Effort

Naples, FL — In preparation for the January 14th, 2014 CFPB effective date, a la mode announced today the release of a multidisciplinary white paper entitled “Appraisal Quality Control: Best Practices for accuracy, efficiency, and compliance.” The recommendations and checklists are a collaborative result from three companies with direct experience in the processing of high volumes of appraisal transactions.  a la mode’s Mercury Network team provided insight from experience as the software providers for over 500 of the nation’s lenders and AMCs and the technology backbone behind over 30,000 appraisal

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