Category: NAR

American Guild of Appraisers Member John Dingeman Reinstated from Chase "Black List" 2

John Dingeman Reinstated from Chase “Black List”

American Guild of Appraisers Member John Dingeman Reinstated from Chase “Black List” NEW YORK, Jan. 15, 2014 /PRNewswire-USNewswire/ — After a fight that lasted more than fifteen months, involving Chase Manhattan BJoank, the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), American Guild of Appraisers (AGA) member John Dingeman was vindicated when Chase agreed to reinstate him to be eligible for appraisal assignments.  AGA is an affiliate of the Office and Professional Employees International Union (OPEIU), AFL-CIO. Dingeman was placed on Chase’s “Black List” in May 2012 after he refused to release information...

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Valuing Energy Efficiency in Appraisal and Underwriting

We thought there would be some association between energy efficiency and mortgage risk… In March, a joint study by the University of North Carolina at Chapel Hill Center for Community Capital and the Institute for Market Transformation (IMT) found that owners of ENERGY STAR-rated homes are one-third less likely to default on a mortgage than the average borrower. Home Energy Efficiency and Mortgage Risks used a sample of 71,000 home loans from 38 states and the District of Columbia, all derived from CoreLogic’s mortgage database. The sample was restricted to single-family, owner-occupied houses whose loans originated during 2002–2012 and were used...

New tactic by NAHB and NAR 2

NAHB & NAR Tactic – If They Said It, It Must Be True

New tactic by the NAR and NAHB to get appraisers to “play ball” CNN Money recently published a piece (located here) titled “Home appraisals no longer derailing sales”, a quote generically attributed to members of the National Association of Realtors (NAR). What struck me as a bit odd was the fact that just about a year ago, the NAR in conjunction with the National Association of Home Builders (NAHB) stated in another article on home sales and appraisals that roughly 1/3 of the deals placed into contract by its realtor members were failing to close due to problems getting appraisers...

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NAR on Low Valuation in Home Appraisals

WASHINGTON (October 10, 2012) – The real estate market is recovering but still faces hurdles, notably from tight mortgage credit, but problems with a sizeable share of real estate appraisals also are holding back home sales, according to survey findings by the National Association of Realtors®. Most appraisers are competent and provide good valuations that are compliant with the Uniform Standards of Professional Appraisal Practice. However, appraisals generally lag market conditions and some changes to the appraisal process have been causing problems in recent years, including the use of out-of-area valuators without local expertise or full access to local data,...

Statement of Frank Gregoire (NAR) Before Appraisal Oversight Hearing 3

Statement of Frank Gregoire (NAR) Before Appraisal Oversight Hearing

NAR believes that lenders should be prohibited from retaining the services of an AMC where the lender maintains any level of ownership. Frank Gregoire‘s written testimony to the United States House of Representatives Committee on Financial Services Subcommittee on Insurance, Housing and Community Opportunity before the Appraisal Oversight Hearing … APPRAISAL ISSUES AND CHALLENGES There are a myriad of circumstances and issues working to hinder the recovery of the nation’s housing market. Among them, and often overlooked, are those related to the credible valuation of real property. A credible valuation provided by a licensed or certified professional 1) ensures the...

Appraisal Oversight Hearing 0

Hearing on Appraisal Oversight: Impact on Consumers

“Appraisal Oversight: The Regulatory Impact on Consumers and Businesses” Hearing Frank Gregoire, a a state-certified residential appraiser in Florida, will testify on behalf of the National Association of REALTORS® (NAR) before the House Financial Services Committee’s Insurance, Housing and Community Opportunity Subcommittee on Thursday, June 28th. The hearing will focus on the appraisal industry and regulations impacting consumers and businesses. Mr. Gregoire holds the RAA Designation, is a two-time Chair of NAR’s Appraisal Committee, and has been active in NAR’s public policy committees since the early 1990s. Mr. Gregoire is on Panel II of the hearing. WITNESS LIST Panel I...

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TAF Response RE Gag Rule

TAF Response to Columbia Institute eVIP Appraisal News April 6, 2012, Mr. George Harrison, The Columbia Institute Dear Mr. Harrison: This is regarding an item that appeared in the “Ask George” column in the April 2 edition of eVIP Appraisal News. The question and answer relates to Appraisal Sponsors of The Appraisal Foundation apparently being under some type of constraint regarding freedom of expression. You have made a similar claim in a previous column and we thought that it was time to correct the record. You state that “The Appraisal Foundation has a restriction clause – gag rule – in its...

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Time for an Appraiser Union?

Much talk has occurred lately on a variety of injustices incurred by appraisers through scope-creep, indemnification clauses, decreasing number of appraisers, lawsuit volume increases, and the like. Naturally, there are a whole lotta unhappy appraisers out there. Surely, there are many things to be concerned with, but there is a greater fear that overrides all other issues; the fear that there ain’t a dang thing we can do about it. The lack of ability to make changes to those things we view as wrong is a debilitating feeling. As small business owners, we are used to getting things done our...

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NAR Adopts Broader Valuation Policy

The National Associaiton of REALTORS® (NAR) continues its holistic approach to valuing real property with the adoption of its Responsible Valuation Policy. The document is the culmination of NAR’s efforts to consider all methods of valuing real property. NAR previously hosted two valuation summits and two working groups were convened. Members from across NAR’s policy structure had input in the document and included representation from the Professional Standards, Real Property Valuation/Appraisal, Federal Housing Policy, Conventional Finance and Lending, Commercial, and Business Issues Committees. Input was also provided by RPR. The document will serve as the foundation for NAR’s policy position...

No Appraisal Required on Obama Administration Plan 1

No Appraisal Required on Obama Administration Plan

Last week the Obama Administration unveiled its plan to help homeowners refinance to take advantage of historically-low interest rates. We are going to focus on the valuation side of the plan. If you want the rest of the details you can go here. The program includes refinance options for GSE (government sponsored enterprises, Fannie Mae and Freddie Mac) and Federal Housing Administration (FHA) borrowers. Both programs forgo the appraisal requirements in the refinance process. According to the White House Fact Sheet, “the GSEs would be directed to use mark-to-market accounting or other alternatives to manual appraisals for any loans for which...

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