Author: ICAP Board

Appraisal Threshold on Commercial Loans May Change 4

Commercial Appraisal De Minimis Proposal

Proposal To Increase The Appraisal Threshold On Commercial Real Estate Loans The Federal Financial Institutions Examination Council’s Joint Report to Congress said the federal banking agencies are developing a proposal to increase the threshold for requiring an appraisal on commercial real estate loans from $250,000 to $400,000. The report did not propose changes to the current residential real estate threshold of $250,000. In addition, the agencies recognize that appraisals can provide protection to consumers by helping to assure the residential purchaser that the value of the property supports the mortgage amount assumed. Overall, the agencies believe that the interests of...

Online Petition to Allow appraiser Access to UAD Data 1

Online Petition to Allow appraiser Access to UAD Data

Online Petition to Allow appraiser Access to Data They Provided Through the Uniform Appraisal Dataset (UAD) Fellow appraiser, I am asking that you to take a moment to participate in this important industry effort. Fannie Mae’s Collateral Underwriter (CU) will be available in the first half of 2015. The CU performs automated risk assessment of appraisals submitted to the Uniform Collateral Data Portal based on information that you provided through the Uniform Appraisal Dataset (UAD). The CU provides a risk score, flags, and messages to the lender. The GSE’s have mandated that all appraisals be submitted in the UAD format; however, currently...

USPAP Issue 2

My Main USPAP Issue – Letter to ASB

My Main USPAP Issue – Statement Letter to the ASB The purpose of USPAP is to promote and maintain a high level of public trust in establishing requirements for appraisals and “reliable” valuations. The problems is, however, that it is subjective. Assuming one can support the conclusion or opinion; beauty is in the eye of the beholder, or in this case, the appraiser. Likewise, evaluation and selection is in the eye of the appraiser – which is why two different and reasonable and competent appraisers can reach two different, but equally credible opinions, on the same property. And that is...

ASC Refer My Appraisal Complaint website 0

ASC “Refer My Appraisal Complaint” Website

ASC “Refer My Appraisal Complaint” Website is Up and Running The ASC’s new Refer My Appraisal Complaint website and hotline are up and running.  Here is the link to the website: http://refermyappraisalcomplaint.asc.gov I would suggest you all take a second and read this site’s Homepage direction to consumers and maybe you will understand why the Federal Government is so deeply in debt. This is a silly attempt by the ASC to project an image of consumer protection when in essence it is nothing more than a buck passing platform to the appropriate State Licensing Agency.  It even goes so far as...

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AQB Releases December 2012 Q&As

TJ’s Rant… Almost all of the questions deal with Supervisor – Trainee issues that will change in 2015. If like me, you believe it is difficult enough to find people to become appraisers today, just wait until you read all of the new requirements. I don’t understand where the AQB is coming from with all these new requirements. Do they really believe that someone will want to go to college (at an average cost of about $120,000) to get a degree and then become a Certified Residential appraiser who would be lucky to make $20,000 for their first few years...

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Free Trial Membership to ICAP

ICAP, the Illinois Coalition of Appraisal Professionals, works hard for you to monitor and make positive changes to Illinois State appraisal law. In an effort to enhance its membership and visibility ICAP has developed a special promotion offering a FREE no-risk trial membership. The FREE trial will allow non-members to receive all the same benefits as paid members through the first quarter of 2013, including: 1. A strong voice in Springfield with membership of over 1,800 appraisers 2. Legislative Alerts and Updates 3. Access to ICAP’s Career Center 4. ICAP Discounts on events and educational Offerings 5. Participation in ICAP’s...

Texas AMC survey 1

Texas Appraisers and AMC Survey

In August 2012, the Texas Appraisers and Appraisal Management Survey surveyed a total of 1,584 appraisers and 55 appraisal management companies doing business in the state of Texas. The questions were specifically designed to achieve the following: Clearly distinguish between the fees paid to appraisers by Appraisal Management Companies (AMCs) and fees paid by non-AMC clients for residential appraisals. Capture any difference in fees paid by property type: single family, condominium, size or square footage, or other factors. Capture the impact on fees by market area or locale: urban vs. rural, (MSAs, county, zip code, etc.). Determine whether appraiser qualifications...

UAD Update for Condos Without Unit number 5

UAD Update for Condos Without Unit number

Condos without unit number Fannie Mae and Freddie Mac have added a new requirement for condo reports (form 1073/1075) in the updated UAD Appendix D, issued June 19, 2012 (see below): Unit # The appraiser must enter the address unit number/designator. During the appraisal process if an appraiser determines that a unit number is not available for a property known to be a condominium, the appraiser must put a “-“ in the unit number field. The “-” symbolizes that the appraiser has researched the property address and was unable to identify a unit # for the given condominium unit. This...

Developing and Reporting Exposure Time 0

Developing and Reporting Exposure Time

Did you know that the 2012 USPAP has a new development and reporting requirement? Effective January 1, 2012; when exposure time is a component of the definition for the value opinion being developed, the appraiser must also develop and state in the report an opinion of reasonable exposure time linked to that value opinion. The following is the exact language in the USPAP; DEFINITIONS Exposure Time: estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the...

AMC’s Filing Complaints Against Appraisers 1

AMC’s Filing Complaints Against Appraisers

AMC’s are sending in complaints on appraisers… From ICAP – Illinois Coalition of Appraisal Professionals “Good afternoon ICAP’ers, I am writing to our residential members regarding a growing problem that ICAP is concerned with regarding lenders and AMC’s filing complaints against appraisers. THE SETUP: You receive a call from a lender or an AMC who wants to talk to you about an appraisal assignment you recently completed for them. The call usually comes from the QC Department at the post closing stage of the loan. They start questioning you on your line item adjustments. All the comparables are on smaller...

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