Category: Appraisal Organizations

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Appraisal Institute Launches Opinions of Value Blog

The Appraisal Institute launched its new blog, Opinions of Value, on November 14. Content will feature the appraiser perspective on legislative and regulatory issues, enhanced discussion about recent industry media coverage and thoughts from AI leaders about upcoming trends. While a great deal of content exists in the blogosphere, the Appraisal Institute is uniquely qualified to provide expert analysis on all appraisal-related topics because the organization is the nation’s oldest and largest professional association of real estate appraisers with more than 24,000 members in 60 countries.

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‘Middleman’ Appraisers Spur Concerns

If you’ve paid for a home appraisal within the last five years, a chunk of that charge likely went to a middleman you never knew existed. And because a third party was used, it might have driven up your closing costs and affected the quality of the valuation. Lenders often use appraisal management companies to block collusion between mortgage brokers and appraisers — and to comply with anti-fraud rules the industry adopted in May 2009. The hotly debated reforms have boded well for the appraisal managers, whose presence in the U.S. has jumped from a handful in the 1990s to...

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AGA Fights to Overturn Federal Regs Cutting Appraisers Fees

WASHINGTON, Nov. 7, 2011 /PRNewswire-USNewswire/ — The American Guild of Appraisers (AGA), a national organization of real estate appraisers that is an affiliate of the AFL-CIO’s Office and Professional Employees International Union (OPEIU), announced today it has retained a law firm as part of a broad-reaching effort to overturn recent federal regulations that dramatically cut the fees that appraisers are paid to perform appraisals, and threaten the viability of professional appraisal practice and the reliability of appraisals used in real estate transactions. In the aftermath of the national financial collapse brought on in part by badly underwritten subprime loans, Congress...

Computerized Appraisals Win in HARP 2.0 0

Computerized Appraisals Win in HARP 2.0

Sanctioned use of computerized appraisals using algorithms and computerized databases of property data to determine a property’s value. The federal government, with the reluctant support of the two leading professional appraisal organizations, has sanctioned the use of computerized, appraisals using algorithms and computerized databases of property data to determine a property’s value. Can more widespread use of computer-driven valuations by programs called Automatic Valuation Models or AVMs, in mortgage origination be far behind? Millions of homeowners use AVMs to check the value of their homes on a half dozen web sites. Even though more sophisticated versions have been developed for...

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Show and Tell

Everybody complains that the states aren’t doing enough to police the profession. Appraisers are running amok. Fraud is rampant and the states are twiddling their thumbs while caseloads grow exponentially. The handful of published state disciplines nationwide are a mere droplet compared to the vast ocean of chicanery that’s rising out there. Right? My question is, where are all the settled cases from the various professional standards and ethics committees of the big appraisal organizations? There should be a generous compendium of meaty disciplines somewhere. But there isn’t. If you go to their websites you’ll find plenty of references to...

Interior photos picture this 0

Picture This…Or Not

Maybe you should ask the homeowner if it would be alright to take the picture at all. When a consumer calls the department in a rage and wants to know “what law says that an appraiser can take pictures inside of my house?”, Houston, we have a problem. Actually, not Houston…and not the department. You, the appraiser and the client who ordered it have the problem because we will make it your problem. Law? There is no law for interior photos. There are guidelines and stipulations cloaked as requirements. That’s it. But, we do have privacy laws, don’t we? Clients,...

NAIFA & ASA Concerned about HARP Reliance of AVMs 0

NAIFA & ASA Concerned about HARP Reliance of AVMs

ASA and NAIFA Send Joint Letter to FHFA, Fannie Mae & Freddie Mac Expressing Concerns on HARP Program Reliance of AVMs and Requesting a Meeting On October 25, the American Society of Appraisers (ASA) and the National Association of Independent Fee Appraisers (NAIFA) submitted a joint letter in response to yesterday’s announcement by the FHFA and the Government Sponsored Enterprises (GSEs) of changes to the Home Affordable Refinance Program (HARP) involving greater reliance on automated valuation models (AVMs) to value collateral property. In the letter, ASA and NAIFA expressed concerns regarding the GSEs quality control standards being used to ensure...

VaCap Letter to VA Regarding UAD 1

VaCap Letter to VA Regarding UAD

Concerns regarding the decision of the VA to adopt UAD William Stewart Department of Veterans Affairs (VA) October 21, 2011 Dear Sandy, As president of the Virginia Coalition of Appraiser Professionals I wish to express to you our members’ deep concern regarding the decision of the VA to adopt the Uniform Appraisal Dataset (UAD). Our association has been active in our state regarding this issue and we feel this idea will only harm the quality of appraisals that our Veterans will receive in the future. It is for certain that the homeowner or new purchaser will not understand the appraisal...

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AMC Oversight Bill Signed into Law in Illinois

New AMC Law in Illinois August 31, 2011 – Illinois became the 29th state to enact a law that provides for comprehensive oversight of appraisal management companies. Gov. Pat Quinn signed Senate Bill 1539 into law Aug. 26, and it took effect immediately. Under the new law, AMCs are required to register with the Illinois Department of Financial and Professional Regulation, which would have significant authority to “ascertain the qualifications and fitness of applicants for registration and pass upon the qualifications of applicants for registration” and allow AMCs to be disciplined for “professional incompetence” and “gross malpractice.” In addition, the...

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Appraisal Institute New Residential Green and Energy Efficient Addendum

On September 29th, the Appraisal Institute released a form intended to help analyze values of energy-efficient home features. It is the first of its kind intended for appraisers’ use. The industry leader in green valuation, the Appraisal Institute issued the form as an optional addendum to Fannie Mae Form 1004, the appraisal industry’s most widely used form for mortgage lending purposes. Used by Fannie Mae, Freddie Mac and the Federal Housing Administration, Form 1004 is completed by appraisers to uphold safe and sound lending. Currently, the contributory value of a home’s green features is rarely part of the equation. “This...

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