Category: Appraisal

New Editor at Working RE Magazine 2

New Editor at Working RE Magazine

Nov. 6, 2015 – San Diego, Calif. – Working RE Magazine for real estate appraisers announces that Isaac Peck is taking over as Editor from the publication’s founder, David Brauner. Brauner will remain as the magazine’s Publisher. Brauner said, To say Isaac does a great job is an understatement. He has managed to absorb in short order everything it took me 20 years to learn, and on occasion, even teaches me a thing or two along the way. I’m thrilled to have new energy and a new perspective.” Peck holds a master’s degree in Accounting from San Diego State University,...

Appraisal / Appraisal News / Appraisers News

Adjustment Values, Frequency & Dollar Amount 18

Adjustment Values, Frequency & Dollar Amount

Ever wondered what other appraisers are doing with adjustment values? Appraisers, Have you ever wondered what other appraisers are doing with adjustments in their reports? CoreLogic has done research over the past 3 years, using 1.3 MILLION+ reports, and has produced the graph attached here.  You may want to print this for reference. This graph shows the percentage of time a certain feature is adjusted, and the average dollar amount of the adjustment for each of those. It’s rather interesting. The highest amount of adjustment, approximately $14,000, is for the Quality Rating. Not really surprising as to the amount, but the percentage...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

FFIEC Requested Action on TRID - Imagecredit Flickr - Johannes Ahlmann 6

FFIEC Requested Action on TRID

The American Guild of Appraisers, Chapter 44, of the Office and Professional Employees International Union of the AFL-CIO (AGA, OPEIU/AFL-CIO) wishes to add its name to the attached letter on behalf of our professional appraiser members, and our thirteen million consumer members and their families, with the additional concerns: As written, TRID necessarily embeds an appraisal fee cap determined by third party service providers other than appraisers, within the initial consumer disclosure provided to prospective borrowers. The perception of these providers as to what constitutes “customary and reasonable fees” as required under Dodd-Frank is at odds with what appraisers consider to...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Llano Cases - A Nightmarish Affair 0

Llano Cases – A Nightmarish Affair

Llano cases against appraisers The mass litigation against appraisers fueled by Impac Mortgage/First Mutual Group/Llano/Savant is definitely consuming too much of this blog’s space. I will in the future likely create a special home just for their coverage — because their legal and economic assault on appraisers could cause profound harm for U.S. appraisers if unchecked. Until that separate place exists, here is another update: “This is literally a nightmare for me and I am literally shaking as I write this reply.” Those are the words of First Mutual Group and Llano Financing’s own attorney Henry Portner to describe the predicament he is in...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions

A Possible Solution to Customary and Reasonable Fees - C&R Fees Solutions 10

A Possible Solution to Customary & Reasonable Fees

Over the past five years, a major subject of talk in the appraiser world has been that of Customary and Reasonable Fees. Unfortunately, much of the dialogue has been mostly one-sided. We tend to do a lot of griping about the fact that many of us are not being paid what is “customary” or “reasonable”, but there are very few solutions offered up. When I was young and would sometimes (not often, of course) complain about this or that, my father would always say, “Don’t come to me with a complaint unless you have a possible solution.” It was sound advice then...

Appraisal / Appraisal News / Appraisers News / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees

Stop the Housing Tax for Transportation -Taxing us out of our homes - Flickr - Riley Kaminer 2

Stop the Housing Tax for Transportation

Hidden tax on homeowners The California Association of Realtors® in conjunction with the National Association of Realtors® has published a widespread “Call to Action”, Stop Congress From Taking Money From Future Homeowners. I have already contacted my Congress Member and received a reply. In a nutshell, the bill being discussed is a hidden tax on homeowners. Whether on a refinance or on a new purchase, anyone with a mortgage of about $400,000 could expect to pay an additional $8,000 for federal transportation infrastructure funding through an add on mortgage tax included in their monthly payment! For decades the Federal Highway...

Appraisal / Appraisal News / Appraisers News / NAR / National Association of Realtors / Political Action

Claims, Complaints and E&O Insurance - Imagecredit Flickr - SEO 1

Claims, Complaints and E&O Insurance

E&O vs. General Liability First some background. Errors & Omissions (E&O) is malpractice insurance for mistakes in your report- say you measure square footage incorrectly. General Liability (GL) covers property damage and bodily injury while you’re at the premises and more. Examples of GL claims are, if during a walkthrough you knock over and break a vase (property damage), or back over and injure a homeowner as you exit the driveway (bodily injury). Business Owners Packages (BOPs) typically go beyond the job site, providing coverage for losses to your own business, such as a trip and fall at your office,...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / Indemnification Clauses

Beware of Appraiser Karma - Llano Cases - Imagecredit Flickr - Doug Geisler 7

Beware of Appraiser Karma – Llano Cases

In our world of claims involving appraisers, we quite often see different versions of this same story — in this version of the story, an appraiser did a review appraisal that was used by Savant LG in a currently pending case against another appraiser in Florida. Just months later, that appraiser found himself named as a defendant in a lawsuit filed…

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / FDIC

Don't Fence Me In - Physical Inspection 3

Don’t Fence Me In

We truly live in an incredible world. The age of information and technology has given us more freedom than at any other time in the history of mankind. Just in the last few years, the mobile office has become a reality in such a way that it would be nearly impossible for our clients to know much about our physical office at all. Since most of us have little to no walk-in traffic, running an appraisal office from a spare bedroom at home or even from the lanai of your Belizean condo is not out of the realm of possibility....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice

Dreaded Fannie Mae Certified Letter Regarding Condition Ratings - Imagecredit Flickr - Mehta12 32

Dreaded FNMA Letter RE Condition Ratings

Certified Letter From Fannie Mae Regarding Condition Ratings And then it happens, the moment we all know is coming – the dreaded certified letter from Fannie Mae. My door bell rings and the mailman is standing on my porch with pen in hand.  Now don’t get me wrong, we have all been warned. They have the super computer comparing all of us and if you are the outlier you’re getting notified!  If a majority of Appraisers give a specific house a certain rating and you disagree, you must be wrong – BOOM – letter.  I assume this is the case as I...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

xml sitemap
blank