Category: Illinois Coalition of Appraisal Professionals

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“Should CU be Transparent” Survey Results

FNMA’s CU is causing a big industry ruckus. ICAP member Keith Wolf, SRA, AI-RRS, created a survey in January because opinions being posted across multiple message boards and blogs are fragmented. The results of this survey are out and show that a vast majority of appraisers believe Fannie Mae CU should be transparent. Nearly 70 percent of appraisers said that they will increase fees to cover the extra work CU may cause and 80 percent believe that CU risk scores will cause lenders and AMC clients to request appraisers to fit comps to the CU model. Also 73 percent believe that...

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Should CU be Transparent?

FNMA’s CU is causing a BIG industry ruckus. Opinions are fragmented, being posted across multiple message boards and blogs. Please complete the attached survey created by ICAP member Keith Wolf, SRA, AI-RRS so we can tabulate the responses and distribute to all. We are reaching out across the country, so please feel free to forward the survey. The survey will remain open until January 31, 2015. The Appraisal Industry as a consolidated group thanks everyone for their participation in completing the survey. This survey has expired surveymonkey.com/s/S6DDVJN

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The Network Letter RE CU Program

Network of State Appraisal Orgainzation’s letter to FHFA Director Watt Regarding Fannie Mae Collateral Underwriter (CU) Program For over the past couple of months, VaCAP has participated with 18 other State Appraiser Coalitions in drafting an unified response to Fannie Mae’s Collateral Underwriter Program. Their letter to FHFA Director Watt briefly outlines their concerns, offers recommended solutions, as well as asking for a meeting to discuss the issue for the benefit of all vested parties. Please take a few minutes to peruse the letter below: Dear Director Watt: On behalf of the independent state professional appraiser organizations signing below, I...

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...

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Historic Meeting of State Appraiser Organizations

Representatives of several independent state professional appraiser organizations met in Chicago, Illinois on Saturday October 11th, to further discuss collaboration on issues affecting their membership. The network, which started as a conversation among three State appraiser organizations less than a year ago, now comprises 16 such State Organizations which is expected to continue growing. The group, which functions as a network rather than a formal organization is unique in its focus and operation. The network has no single elected leader but is comprised of leaders from each participating state organization; it is self-governing by consensus. Participating organizations do not pay...

Appraisal USPAP Definition 0

Illinois Considers Bill to Clarify BPOs, CMAs

When and how BPOs and CMAs may be performed by brokers & managing brokers Legislation that would clarify several aspects of an Illinois law governing broker price opinions and comparative market analysis has passed the state legislature and currently is under consideration by Gov. Pat Quinn, the Appraisal Institute reported July 23. SB 3044 adds definitions of both BPOs and CMAs to the state’s Real Estate Appraiser Licensing Act and its Real Estate Licensing Act, and clarifies when and how BPOs and CMAs may be performed by brokers and managing brokers. The bill was sent to Quinn June 27, and...

The Appraisal Profession & Appraiser's Business Decimated by the Increasing Dominance of Appraisal Management Services - AMCs 15

Appraisal Profession Decimated by AMCs

The Appraisal Profession & Appraiser’s Business Decimated by the Increasing Dominance of Appraisal Management Company Services (AMCs) For the past two months, VaCAP has participated in a networked council consisting of 13 professional state appraisal organizations in responding to the Agencies request for comments of the Proposed Rules on Minimum Requirements for Appraisal Management Companies: Dear Agencies; This letter is in response to the Agencies’ request for comments on the Proposed Rules on Minimum Requirements for Appraisal Management Companies. The undersigned represent a networked council of professional state appraisal organizations. We appreciate this opportunity to comment and thank the Agencies for...

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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