Category: Appraisal News

Appraisal Complaint Hotline Usage 2

Consumer Financial Protection Bureau Proposes Rule to Improve Consumer Access to Appraisal Reports

Rule would give consumers additional rights to information on how a home value is determined WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would require mortgage lenders to provide home loan applicants with copies of written appraisals and other home value estimates developed in connection with the application. The rule would ensure that consumers receive information prior to closing about how the property’s value was determined. “When looking to buy a home or refinance a mortgage, consumers need the best available facts and data,” said CFPB Director Richard Cordray. “This rule would guarantee...

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Importance of Collecting Your Money from Clients

Getting clients to pay up… On April 27, 2011, H.B. No. 1146 also known as “AMC Bill” was passed in the state of Texas. Through successful efforts of the Foundation of Appraisers Coalition of Texas (FACT), its members, and many more this bill requires the registration and regulation of appraisal management companies doing business in Texas. The following is a link to H.B. No. 1146. Some highlights of the bill include appraisal review, competency of appraisers, and statement of fees. Though all are important, one particular highlight of interest is outlined under Sec. 1104.157 titled “Compensation of Appraisers.” Compensation of Appraisers This...

West Virginia Riskiest State for Appraisers 2

West Virginia Riskiest State for Appraisers

West Virginia has been among the riskiest states in which to be a residential appraiser for several years. It’s my educated guess that a residential appraiser is more likely to be sued in West Virginia than in any other state. A plaintiffs’ law firm has elevated that level of risk to a nightmare for one particular AMC and its panel appraisers in West Virginia who performed appraisals for certain loans by the AMC’s primary client.

At the end of June, the law firm filed an alleged class action on behalf of residential borrowers residing in West Virginia against Title Source, Inc., which operates TSI Appraisal; Quicken Loans, which is the AMC’s corporate affiliate and primary client; two of the AMC’s panel appraisers; and all other appraisers

Sanitizing appraisal images 1

Picture This! If You Dare!

Images of personal items and people must go! Crime and Punishment The appraiser who took the interior image below is currently serving a ten year sentence in the Fair Housing Maximum Security Prison outside of Atlanta. The charges ranged from willful imaging of stockings hung with care to wanton display of a nutcracker and malicious showcasing of Micky and Minnie without their written consent. Actually, the image below was taken by yours truly about a decade ago and somehow survived the underwriting process. The mythology of what constitutes a Fair Housing violation continues to vex this profession like some movie...

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Free FHA Webinar for Appraisers on 50 Most Common Appraisal Review Deficiencies

The Federal Housing Administration (FHA) is offering a webinar on August 23, 2012 on 50 Most Common Appraisal Review Deficiencies: August 23, 2012 – Webinar: 50 Most Common Appraisal Review Deficiencies. Did you know that FHA appraisals are reviewed for compliance with FHA requirements as well as USPAP? The Denver Homeownership Center is offering a FREE 2-hour webinar on the 50 Most Common Deficiencies found in the review of FHA Appraisals. This webinar will provide an insight and understanding of the key areas of HUD Handbook 4150.2, Appendix D, and applicable mortgagee letters, relating to the completion of FHA Appraisals....

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Supervisory Appraiser & Trainee Appraiser

AQB Issues Proposed Supervisory Appraiser and Trainee Appraiser Course Objectives and Content Outline The goal of the Real Property Appraiser Qualification Criteria (Criteria) is to promote and maintain a high level of public trust in appraisal practice by establishing minimum education, experience, and examination requirements for real property appraisers. On December 9, 2011, The Appraiser Qualifications Board (AQB) adopted changes to the Criteria that will become effective January 1,2015. These changes represent minimum national requirements that each state must implement no later than January 1, 2015. One of the changes adopted by the AQB requires that both Supervisory Appraisers and...

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AI Asks HUD to Withdraw Section 8 Provision Eliminating Appraisals

The Appraisal Institute and the American Society of Farm Managers and Rural Appraisers issued a comment letter July 16 in response to the U.S. Department of Housing and Urban Development’s proposed rule on regulatory changes to their Section 8 Voucher Program. The rule proposes to eliminate an existing requirement that an appraisal be used to determine initial rent contracts to a Section 8 building owner. HUD cited a “lack of availability of state-certified appraisers” and “increased expenses in order to acquire state-certified appraisers” as the reasons for eliminating the appraisal requirement. In their joint letter, AI and ASFMRA asked HUD...

Should I Attach My E&O Declarations Page to My Appraisal Report? 2

Should I Attach My E&O Declarations Page to My Appraisal Report?

Attaching E&O Information to Reports Because some AMCs still wrongheadedly insist that appraisers do it, we are asked this question a lot: “should I attach my E&O declarations page to my appraisal report?” The answer is always the same: it’s a bad idea. It’s bad for both the appraiser and the client/AMC. It is perfectly reasonable for a client or an AMC to ask for proof of E&O insurance and ask to receive updated insurance information each year. That’s common to many professions, but there is no good reason to require that the information be included within or attached to...

REVAA FAIR appraisal fees 18

REVAA and FAIR Approach for Appraisal Fees

REVAA and FAIR Call for Market-Driven Approach for Appraisal Fees Washington, DC (PRWEB) July 14, 2011, Donald Kelly, executive director, Real Estate Valuation Advocacy Association (REVAA), appeared today before the House Financial Services Committee, Subcommittee on Insurance, Housing, and Community Opportunity to testify on behalf of REVAA and the Coalition to Facilitate Appraisal Integrity Reform (FAIR) on Mortgage Origination: The Impact of Recent Changes on Homeowners and Businesses. The testimony comes just prior to the Federal Reserve Board transitioning its rulemaking authority to the Consumer Financial Protection Bureau (CFPB). Members of REVAA and FAIR advocate that the Federal Reserve Board,...

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Appraisal Practices Board: A Free Resource for Appraisers

The genesis of the Appraisal Practices Board was the collapse of the housing market in 2008… Congressional Hearing Provides Opportunity to Clarify Purpose – FOR IMMEDIATE RELEASE June 29, 2012. Washington, DC – The Appraisal Foundation (TAF), a non-profit education organization dedicated to professional valuation, testified yesterday before the U.S. House of Representatives, Committee on Financial Services, Subcommittee on Insurance, Housing and Community Opportunity. The hearing, entitled Appraisal Oversight: The Regulatory Impact on Consumers and Businesses, focused on the Appraiser Regulatory System in place today and whether there is need for modifications or improvement of this system. One issue discussed...

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