Author: AppraisersBlogs

Bank profits - Get rid of appraisers 11

Bank Profits: Eliminate Appraisers

Zestimate Gone Wrong. It all comes down to money and profits… Once again the Zestimate has a home-owner up in arms. In a small town in North Carolina a home just sold for $20,000. It was listed at $55,000, then reduced to $45,000, and finally sold in 2015 for $20,000. Safe to say it needed a little TLC. It was a shell in need of, well everything. But, we have to remember that automated valuation services don’t know anything about condition or circumstances. Before the house was listed for sale, the owner (from a different state) thought they had inherited...

Raising Appraisal Threshold Levels 9

Raising Appraisal Threshold Levels

Adjusting appraisal threshold levels On December 2, 2015, Dave Towne called attention to an article on a potential increase in appraisal threshold levels, which appeared in the ABA Banking Journal. Excerpt: The banking agencies are revisiting the dollar thresholds for their appraisal requirements, FDIC Chairman Martin Gruenberg said in Arlington, Va., today at the final outreach meeting for the decennial Economic Growth and Regulatory Paperwork Reduction Act review. “Based largely on comments we have received during these outreach sessions, we have formed an define working group to review the appropriateness of dollar thresholds for transactions requiring appraisals and other requirements...

Appraisers and Their Lack of Fees - Appraisal Cost 12

Appraisers and Their Lack of Fees

I feel it’s only prudent to put my ten cents, or more, in on the subject of actual cost, versus paid fees for appraisals After an overwhelming outpouring of response from appraisers all over the country, I am compelled to write a follow up article to “Appraisals and The Real Cost of Doing Business.” I must stress that my original intent was to highlight the ever increasing cost in all aspects of our industry, passed on to our clients, due for the most part to increased compliance requirements, additional staffing required to monitor said compliance, Dodd Frank rules, HVCC, TRID...

You Are Not Alone - American Guild of Appraisers - AGA - Imagecredit Flickr - David Pacey 20

You Are Not Alone – AGA

How many appraisers do you know that are enthusiastic about the future of our profession? How many appraisers believe that they are alone in the fight to save their profession? How many appraisers do you know that feel trapped in a “no win” situation with increasing liability and time commitment without being properly compensated or appreciated? My name is Jan Bellas. I am the National Membership Coordinator for the American Guild of Appraisers (AGA). Please give me a few minutes to tell you how the AGA can help you and other professional real estate appraisers. AGA is a national organization focused...

New Editor at Working RE Magazine 2

New Editor at Working RE Magazine

Nov. 6, 2015 – San Diego, Calif. – Working RE Magazine for real estate appraisers announces that Isaac Peck is taking over as Editor from the publication’s founder, David Brauner. Brauner will remain as the magazine’s Publisher. Brauner said, To say Isaac does a great job is an understatement. He has managed to absorb in short order everything it took me 20 years to learn, and on occasion, even teaches me a thing or two along the way. I’m thrilled to have new energy and a new perspective.” Peck holds a master’s degree in Accounting from San Diego State University,...

FFIEC Requested Action on TRID - Imagecredit Flickr - Johannes Ahlmann 6

FFIEC Requested Action on TRID

The American Guild of Appraisers, Chapter 44, of the Office and Professional Employees International Union of the AFL-CIO (AGA, OPEIU/AFL-CIO) wishes to add its name to the attached letter on behalf of our professional appraiser members, and our thirteen million consumer members and their families, with the additional concerns: As written, TRID necessarily embeds an appraisal fee cap determined by third party service providers other than appraisers, within the initial consumer disclosure provided to prospective borrowers. The perception of these providers as to what constitutes “customary and reasonable fees” as required under Dodd-Frank is at odds with what appraisers consider to...

Dreaded Fannie Mae Certified Letter Regarding Condition Ratings - Imagecredit Flickr - Mehta12 17

Dreaded FNMA Letter RE Condition Ratings

Certified Letter From Fannie Mae Regarding Condition Ratings And then it happens, the moment we all know is coming – the dreaded certified letter from Fannie Mae. My door bell rings and the mailman is standing on my porch with pen in hand.  Now don’t get me wrong, we have all been warned. They have the super computer comparing all of us and if you are the outlier you’re getting notified!  If a majority of Appraisers give a specific house a certain rating and you disagree, you must be wrong – BOOM – letter.  I assume this is the case as I...

FHA Appraiser & Property Requirements Webinar 3

FHA Appraiser & Property Requirements Webinar

Free FHA webinar for appraisers on the FHA Appraiser Roster, the appraiser and appraisal-related policy changes contained in the Single Family Housing Policy Handbook (SF Handbook; HUD Handbook 4000.1) impact how to perform and complete an appraisal for an FHA-insured property. Attend this webinar for an overview of these changes, centered on the core concepts of “Observe, Analyze, and Report”. During this webinar session, FHA subject matter experts will provide an overview of the structure, format, and changes contained in the SF Handbook’s Appraiser and Property Requirements section, effective for case numbers assigned on or after September 14, 2015. Additionally,...

An Open Letter to the Valuation Profession from the Appraisal Foundation regarding the rift with the Appraisal Institute 2

An Open Letter to the Valuation Profession

An Open Letter to the Valuation Profession from the Appraisal Foundation regarding the rift with the Appraisal Institute Value. Appraisers grapple with this concept daily as they analyze data and information to arrive at an opinion that is credible.  Some information found is valid, some is tainted, and appraisers work diligently to separate the good from the bad to arrive at their conclusions – opinions that can withstand future tests. Likewise, The Appraisal Foundation (TAF; the Foundation) remains constantly attuned to what is going on in the valuation realm, conscientiously analyzing information and working to uphold the appraisal profession so its...

It takes a “special” type of appraiser to work with AMCs 40

“Special” Type of Appraiser

It takes a “special” type of appraiser to work with AMCs. While inspecting a property I received a cell phone call from a lender wanting to add me to their panel. I was unable to discuss the matter at that time and requested that she send the information to my email. I received nine pages of application. The invitation starts out telling me how their AMC is a LEADER in the field (I never heard of them). They strive to assist all appraisers who are looking to maximize their time and quality. Their website allows them to monitor appraiser’s efficiency...

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