Appraisal News and Appraisal Tips For Real Estate Appraisers - Your source for appraisal industry news, appraisers' opinions, and discussions of appraisal issues

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Challenges Facing State Appraisal Boards

My testimony today will focus on issues that are particularly relevant to state regulatory officials. Challenges Facing State Appraisal Boards Enforcement States established appraiser licensing and certification programs as a result of the Financial Institution Reform, Recovery and Enforcement Act (FIRREA) of 1989. These agencies issue appraiser licenses and certifications to those individuals who possess the education and experience requirements promulgated by the Appraiser Qualifications Board of The Appraisal Foundation. The agencies also oversee compliance by appraisers with the Uniform Standards of Professional Appraisal Practice (USPAP), state law and agency rules. These programs have been set up in a variety...

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NAIHP Urgent Call to Action

NAIHP: “Congressional Subcommittee REFUSES Small Business Brokers and Appraisers a Seat at the Table” For the second time in a week, the Subcommittee on Insurance, Housing and Community Opportunity, Chaired by Rep. Judy Biggert (R-Illinois), refused small business housing professionals the right to be represented during Congressional testimony. On June 20th, the Subcommittee held a hearing entitled: “Mortgage Disclosures: How Do We Cut Red Tape for Consumers and Small Businesses?” Although, Banks were represented three times on the panel, Brokers were intentionally excluded. NAIHP argued to represent the industry, but was refused because the panel was full. On June 28th,...

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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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Appraisal Strategy Altered in Unstable Canadian Market

Several Canadian banks have reconsidered their appraisal strategies due to increased concern about the accuracy of property values in a market with the potential to overheat, the Globe and Mail reported June 13. Canadian lenders currently use such valuation methods as full appraisals, drive-by appraisals and databases to determine market value. Banks are emphasizing on-site visits, particularly for properties over a certain price threshold or in rural areas, the Globe and Mail reported. They also are more carefully evaluating who performs appraisals. The banks hope that increased diligence will result in more accurate values in light of concerns about an...

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1st Exposure Draft of 2014-15 USPAP Changes

The goal of the Uniform Standards of Professional Appraisal Practice (USPAP) is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. With this goal in mind, the Appraisal Standards Board (ASB) regularly solicits and receives comments and suggestions for improving USPAP. Proposed changes are intended to improve USPAP understanding and enforcement, and thereby achieve the goal of promoting and maintaining public trust in appraisal practice. The ASB is currently considering changes for the 2014-15 edition of USPAP. All interested parties are encouraged to comment in writing to the ASB before the...

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Hearing on Appraisal Industry in Washington DC

Chairman Spencer Bachus of the U.S. House of Representatives Financial Services Committee, announced the committee and subcommittee schedule for the month of June, 2012. There is an important upcoming meeting in Washington DC. Thursday, June 28: The Insurance and Housing Community Opportunity Subcommittee will hold a hearing on the appraisal industry and regulations impacting the single-family mortgage market. The hearing will begin at 10 a.m. in room 2128 Rayburn.

UAD Update for Condos Without Unit number 5

UAD Update for Condos Without Unit number

Condos without unit number Fannie Mae and Freddie Mac have added a new requirement for condo reports (form 1073/1075) in the updated UAD Appendix D, issued June 19, 2012 (see below): Unit # The appraiser must enter the address unit number/designator. During the appraisal process if an appraiser determines that a unit number is not available for a property known to be a condominium, the appraiser must put a “-“ in the unit number field. The “-” symbolizes that the appraiser has researched the property address and was unable to identify a unit # for the given condominium unit. This...

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Backseat Driving

A large lender has recently amended their appraisal policy regarding comparables. The table below was taken from their general information Correspondent Bulletin. The change greatly expands what and how an appraiser filters data. It appears as though this lender wants to stand over the shoulder of the appraiser to make certain that the filtering is to their liking. It brings backseat driving to a new level. Imagine driving someone to a destination and having to provide a detailed list of every possible route to this destination as you arrive. Imagine having to provide detailed routes that you never seriously considered...

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The Mysterious “Notice of Claim” to Appraisers Relating to FDIC Lawsuits

This post is for appraisers who have received a document entitled “Notice of Claim — Appraiser” relating to lawsuits filed by the FDIC (see example below). We have received multiple reports from appraisers and defense counsel about the mysterious “Notice of Claim.” The notices are so far nearly identical and state that the FDIC has filed a lawsuit for damages against one of two AMCS (either CoreLogic-eAppraiseIT or LSI Appraisal) based on one or more of the recipient appraiser’s appraisals and that the appraiser may be the subject of claims for negligence by one of those AMCs or by another...

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AppraiserLoft Fined for Failure to Pay Appraisers

AppraiserLoft Fined $855,000 for Failing to Pay Arizona Appraisers A Phoenix judge fined the defunct appraisal management company AppraiserLoft $855,000 for failing to pay Arizona appraisers at least 171 times within the past 18 months, the San Diego Union-Tribune reported June 12. The San Diego-based AppraiserLoft has been the subject of numerous non-payment and late-payment claims from appraisers, former employees, advertisers and other parties before shutting its doors in October. The AMC allegedly owes more than $3 million in property valuation invoices. In the Arizona case, administrative law judge Diane Mihalsky found that the AMC failed to pay Arizona appraisers...

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