Appraisal News and Appraisal Tips For Real Estate Appraisers - Your source for appraisal industry news, appraisers' opinions, and discussions of appraisal issues

Goodbye 1004MC, Hello Analysis 10

Bye-bye 1004MC, Hello Analysis

On July 31, 2018, at the Appraisal Institute Annual Conference, Fannie Mae announced the end of the 1004MC. News quickly spread among the appraisal blogosphere, and on August 7, 2018, the new Selling Guide showed that the 1004MC was no longer required. Rejoicing was heard throughout the land. Although the 1004MC is no longer required by Fannie Mae, the appraiser still needs to support their opinion of market trends, supply and demand, and marketing time. The exact verbiage found in the 8/7/18 updated Selling Guide is: The appraiser’s analysis of a property must take into consideration all factors that affect...

Need for Speed? AMC vs Direct Lender Ordered Appraisals TATs Study 81

Need for Speed? Hybrids are NOT the Answer!

…surveys indicate that appraisals ordered directly by lenders take much less time… Dear Colleagues, There is a current narrative that appraisals take too long and cost the consumer too much! Does this sound accurate? Preliminary coalition surveys indicate that appraisals ordered directly by lenders take much less time than appraisals ordered by AMCs. Additionally, the cost of Hybrid Appraisals has been disclosed in reports as $495 being paid to the AMC. How is this a savings to the consumer? They get an inferior valuation product and pay the same price as a full appraisal. Who is truly benefiting from this scenario? Fannie...

Crystal Balls Don’t Work When Reporting Market Trends! Nor does the MC Form! 8

Crystal Ball & PFA Techniques

PFA figures & opaque crystal balls don’t work when reporting market trends! Nor does the MC Form! Appraisers, by now you’ve heard that FNMA finally has decided that their 1004MC form is basically worthless. That form is no longer required in appraisal reports for properties sold to FNMA, as of August 7, 2018. poorly designed form which never has reported accurate trends…However, sidekicks in mortgage lending have not come to the same conclusion… yet. Hopefully, in short time, they will also remove the MC ‘inclusion’ requirement in reports of this awful, poorly designed form which never has reported accurate trends – despite the...

Statistics of Growth & Income : Appraisal Profession to Grow! - Appraisers Blogs 7

Appraisal Profession to Grow!

According to the Bureau of Labor Statistics, the Appraisal Profession is expected to grow 14% by 2026 Quick Facts: Appraisers and Assessors of Real Estate 2017 Median Pay $54,010 per year $25.97 per hour Typical Entry-Level Education Bachelor’s degree Work Experience in a Related Occupation Long-term on-the-job training Number of Jobs, 2016 80,800 Job Outlook, 2016-26 14% (Faster than average) Employment Change, 2016-26 11,700 Even the Bureau of Labor Statistics understands the importance of the appraiser visiting the property: Although appraisers and assessors of real estate work in offices, they often spend a large part of their day visiting properties....

IRS & USPAP: Substantially in Accordance with USPAP vs Being USPAP Compliant 0

IRS & USPAP

Treasury Department & IRS BOTH officially adopted USPAP back in 2009… except when they don’t want to follow it… The Appraisal Foundation is once again misinterpreting the very regulations they purport to be reporting and telling consumers to be sure to follow. As a matter of fact by substituting their own verbiage for what Treasury Regulations and IRS (Final Rule) policies actually say, they could be causing extreme harm to untold numbers taxpayers. The following article includes a link that MUST be read to understand all the nuances, and which should be used as the final determinant of what is...

States Back LREAB Against FTC - FNMA Ends 1004MC - Stress Test Failed? 4

States Back LREAB Against FTC

States Support Louisiana Real Estate Appraiser Board against the FTC States (and appraisers) are very interested in the outcome of the LREAB vs FTC to protect their own sovereign actions. On July 11, 2018, the states of Mississippi, Idaho, Iowa, Rhode Island, and Utah filed an amicus brief with the United States Court of Appeals for the Fifth Circuit supporting the Louisiana Real Estate Appraiser Board. See the entire brief here or below. The outcome of this will impact each and every one of us. As we reported a few days ago, one lender, BB&T, has opted to step up...

How Many Appraisers Are in North Dakota? - Appraisal Shortage Saga Lingers 43

How Many Appraisers Are in North Dakota?

The answer is 153, who are individually licensed in North Dakota. I didn’t segregate the three different license types. This figure came from a download of the ASC appraisal registry of ND licensed appraisers, and not counting duplicate name appraisers with multiple licenses in other states. Many of these appraisers are ‘dual licensed’ in more than one state, in most cases immediately adjacent, but sometimes in states far distant from ND. What’s the population of North Dakota? According to Wikipedia: The United States Census Bureau estimates North Dakota’s population was 755,393 on July 1, 2017, a 12.3% increase since the 2010 United...

BB&T Adopts VA Appraisal Fee Schedule & Will Refund Appraisers Upload Fees 10

Appraisal Fee Increase & Upload Fees

VaCAP has learned from one of our members, BB&T will be following the Veterans Administration Fee Schedule moving forward. They will also being reimbursing appraisers for all upload fees. This is exciting news. Please share with your contacts and clients. See the announcement below. To: BB&T Approved Mortgage Appraiser Continuing our commitment to compensate appraisers with fees which are customary and reasonable, BB&T utilizes the Veterans Administration’s published fee schedule as a foundation. We wish to inform you that we are adjusting our mortgage fee schedule to remain consistent with recent fee increases announced by the Veterans Administration to certain states in...

An Avalanche of Appraisal Waivers Continues 3

The Appraisal Waiver Avalanche

The State of North Dakota Along With Their Banking Lobby, Applies For a Waiver This just came in so I will expand on this post in the future, but here is what we know. The governor has submitted a request to the Appraisal Subcommittee for an appraisal waiver but the letter seems more orientated towards raising the de minimus which just occurred. By the way, isn’t it apparent that the banking lobby is a little to cozy with the Governor’s office to actually cosign this letter? The letter also makes references to the lack of rural appraisers as a long-term...

Limbo Anyone? How Low Will Clarocity Stock Go? 10

Limbo Anyone? How Low Will it Go?

No, I am not really going to talk about a Limbo game. I am referring to the stock of a company promoting hybrid appraisals across the country. Representatives of this company are at every industry meeting, promoting their products, often times invited to speak. You are probably sick of hearing about hybrid appraisals by now and honestly, so am I. So I will keep any verbiage about hybrids in the context of reference only and try not to bash them too much. If you are regular reader of Appraisersblogs, you probably have seen many articles about Clarocity Corporation. A quick...

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