Category: Appraisal News

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How to Create a UAD Format Report & UAD Sample URAR

Where is the new UAD format report? Lately, we have been receiving a lot of emails from appraisers confused about WinTOTAL and TOTAL 2011’s Uniform Appraisal Dataset (UAD). Many think that they need to download a specific file, even though their software is up to date. “Where is the new UAD?”, we’ve been asked! So we prepared a short video tutorial explaining how to create URAR report in UAD format in WinTOTAL. You just need to make sure your software is up to date. Watch the video below:   T.J. McCarthy has made his “Sample URAR in UAD Format” available...

An Appraiser's Response to LandSafe Appraisal Services Agreement 9

An Appraiser’s Response to LandSafe Appraisal Services Agreement

In April of 2011, LandSafe Appraisal Services, a wholly owned subsidiary of Bank of America, released its “Appraisal Services Agreement” which included, among others, indemnifications of LandSafe Appraisal Services against any liability, and loss of intellectual rights. Many appraisers stood firm and refused to sign the agreement. Heather Fox, a Certified Residential Appraiser in Virginia, CEO of Cross Country Appraisal Inc. and President Elect of VaCAP, responded to LandSafe Appraisal Services with this letter: To: Landsafe Vendor Panel Management Team I will not be signing the appraiser agreement. I have known I would not sign this agreement since the moment...

AppraisersLoft fined 1

VaCAP letter to AG Cuccinelli RE Violation of Virginia Code

The mandates override the Virginia Code Re: Impending Violation of Virginia Statute 18 VAC 130-20-160. Dear Attorney General Cuccinelli, There is an extremely urgent and important matter that the Virginia Coalition of Appraiser Professionals (VaCAP) wishes to bring to your attention. The Government Sponsored Enterprises (GSEs), which are The Federal National Mortgage Association (FNMA) and The Federal Home Loan Mortgage Corporation (FHLMC), have mandated Real Estate Appraisal reporting requirements that will severely compromise the integrity of information provided in appraisal reports and potentially eliminate the private appraisal profession. This new, comprehensive format will cause unnecessary risk and expense to the...

Negative Repercussions of HVCC & Dodd-Frank Act - VaCAP 3

Negative Repercussions of HVCC & Dodd Frank Act – VaCAP

Virginia Coalition of Appraiser Professionals (VaCAP) Letter to Senator Warner Addressing the Negative Repercussions of HVCC and Dodd Frank Act Dear Senator Warner: In response to the devastating effects of the legislative changes that have crippled the appraisal profession and undermined the quality of appraisals, appraisers throughout Virginia have joined together to educate the public, raise consumer awareness, protect appraiser independence, and work toward effective legislation that will benefit us all. We have now formed the Virginia Coalition of Appraiser Professionals (VaCAP). VaCAP appreciates this opportunity to present to you the position of appraisers across the state regarding federal legislation as it...

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Help Regulators Take Proper Aim

Help Regulators Take Proper Aim, Appraisal Institute Tells Congress CHICAGO (July 14, 2011) Testifying before a Congressional subcommittee, the Appraisal Institute’s president-elect on Wednesday told lawmakers their intent was “right on target” and asked them to “guide the regulators’ aim” in implementing consumer-friendly real estate appraisal guidelines. Sara W. Stephens, MAI, told members of the House Financial Services’ Subcommittee on Insurance, Housing and Community Opportunity that the Dodd-Frank Act passed by Congress last year is not being properly implemented by federal regulators. Among other highlights, the Act calls on appraisal management companies (AMCs) to pay “customary and reasonable” fees to residential...

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Residential Appraisals: Opportunities to Enhance Oversight of an Evolving Industry – GAO

Yesterday, the GAO released its analysis of the Real Estate Appraisal Profession and its regulatory framework titled Residential Appraisals: Opportunities to Enhance Oversight of an Evolving Industry. Full report can be reviewed or downloaded below. Summary of analysis: Real estate valuations, which encompass appraisals and other estimation methods, have come under increased scrutiny in the wake of the recent mortgage crisis. The Dodd- Frank Wall Street Reform and Consumer Protection Act (the Act) mandated that GAO study the various valuation methods and the options available for selecting appraisers, as well as the Home Valuation Code of Conduct (HVCC), which established appraiser...

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AVM Appraisals Facing Controversy

Chase’s motion to dismiss a lawsuit over HELOCs (Home Equity Line of Credit) was denied in a US District Court. JP Morgan Chase was trying to have a lawsuit thrown out of court because of their use of AVM (Automated Valuation Models) to value properties in their portfolio in determining which HELOCs to cut. The judge refused to throw out the lawsuit. This could have a greater impact on the use of AVMs in the future. “The use of AVM has for once been questioned and acknowledged… So the ruling by the US District Court in the case of Chase...

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Appraisers Regulated out of Commission

A shift of regulations intended to prevent lending companies from influencing — or worse, inflating — home values during the appraisal process nearly put an entire industry of people out of work during the worst economic downturn since the Great Depression, according to industry experts. But what happened to independent home appraisers is a topic that almost no one talks about outside the real estate industry. After a parade of subprime home loans and shoddy lending practices by mortgage lenders brought the real estate market to its knees, the real estate-appraisal process was targeted

Appraisers Assignment Conditions 3

Client Assignment Conditions & Appraisers

Client Kickbacks No, it’s not what you think. We’re talking about when a client kicks your report back to you because you did something wrong. Or did you? I was looking over a recent ServiceLink order that came in on a complaint. There were 32 requirements spelled out for the appraiser to follow. A four page order sheet with an 8 hour turn time for $200. Eerything was laid out from who could inspect to “your report must include photos of all 4 sides of the subject dwelling” (which is a cute trick for an inside rowhouse or townhome). Let’s...

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Who Is the Donkey in the Assessment?

The more clever title would be the nickname of this farm animal or the first three letters of assessment.  Your choice. Real estate values have gone down, everyone knows that. Just ask the homeless man on the street who a few years ago was more than likely the town’s leading real estate agent, who back then could sell ice to eskimos and to top it off and really cash in, could franchise his venture through the funding of a Worldwide bank that had it in their business plan that if we get to big to fail then the tax payers will...

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