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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Exposure Draft: Adjusting Comparable Sales for Seller Concessions

The best way for valuation professionals and the public to make a difference in their profession is to offer comments to the Boards of The Appraisal Foundation when exposure drafts are released for comment. The Appraisal Practices Board (APB) has recently released its first Exposure Draft entitled Adjusting Comparable Sales for Seller Concessions. All interested parties are encouraged to comment in writing to the APB before the comment deadline of December 2, 2011. Written comments on this Exposure Draft can be submitted by mail, email and facsimile:

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CHASEing USPAP

Chase has turned a lot of appraisers into state appraisal boards. They’ve been responsible for nearly 20% of the Illinois caseload since 2008. The volume ebbs and flows from one quarter to the next. Not all of their complaints are good. Then again, not all of them are bad, either. All of their complaints insist that the original appraisal was too high. In their complaint submissions to us, they generally include a letter to the original appraiser that predates the complaint by months. In Chase’s complaints to us they typically include an appraisal review of some type. The standard review is a form 2000 as completed by an Illinois appraiser. Sometimes those reviews...

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Unintended Consequences – Intended Use

Intended use must be clearly stated in the report. Unintended Consequences From USPAP: INTENDED USE: the use or uses of an appraiser’s reported appraisal, appraisal review, or appraisal consulting assignment opinions and conclusions, as identified by the appraiser based on communication with the client at the time of the assignment. There can be many intended uses for one appraisal. We all understand that. An appraiser can, theoretically, complete an appraisal on an REO to find a reasonable marketing price and that same report can, theoretically, be used for mortgage purposes. Great! Two birds; one stone. But, if you utilize the Fannie Mae 1004 you have only one intended use. From the 1004: INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage...

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VA Adopts Uniform Appraisal Dataset (UAD)

Fee Appraisers are reminded that completion of the data fields of the appraisal report does not relieve them of the duty to provide adequate explanations in the addendum to provide clarity and justification. Veterans Benefits Administration Department of Veterans Affairs Circular 26-11-14 September 26, 2011 UNIFORM APPRAISAL DATASET (UAD) Purpose. The purpose of this circular is to announce the adoption of Uniform Appraisal Dataset (UAD) compliant appraisal reports for Department of Veterans Affairs (VA) Loan Guaranty Program purposes. Effective Date. Effective immediately, VA fee appraisers may, as an option, use UAD compliant versions of the forms. Effective January 1, 2012,...

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Update on FDIC v. CLGX (CoreLogic – eAppraiseIT):

FDIC’s lawsuit against CoreLogic – eAppraiseIT… FDIC Reiterates Threat that Appraisers Are the Legal Agents of AMCs in a Late – Filed Brief CoreLogic, parent of the AMC formerly known as eAppraiseIT…The FDIC is now contending that independent contractor appraisers are the legal agents of appraisal management companies (AMCs) in both of its cases against LSI Appraisal and CoreLogic. Based on this contention, the FDIC asserts that the AMCs should be liable for all damages attributable to the alleged negligence of their panel appraisers. The FDIC first asserted this argument in a brief filed in its case against Lender Processing...

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City Employees Encourage False Real Estate Appraisals

St. Petersburg city employees encourage false real estate appraisals Frank Gregoire of Appraiser Active and Gregoire & Gregoire, Inc. in the news: St. Petersburg city employees encourage false real estate appraisals by Noah Pransky ST PETERSBURG, Florida – Are staffers keeping city leaders in the dark on real estate deals to obtain property faster? A 10 News Investigation into recent land-buys by the City of St. Petersburg indicates employees in the city’s real estate department are influencing the appraisal values of properties they plan on purchasing. But employees aren’t asking local appraisers to underestimate the values of the homes they...

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VA Will Not Require UAD Compliance

The US Department of Veterans Affairs (VA) announced that it will not require Uniform Appraisal Dataset (UAD) compliance for appraisal reports on VA backed loans. As of September 1, 2011, VA will accept, but not require, UAD compliant reports; it is preparing a circular with more information on this issue in the very near future which will be posted online.

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DartAppraisal.com Offers Checklist for Uniform Appraisal Dataset (UAD) Compliance

TROY, MI — (Marketwire – Sep 7, 2011) – Residential appraisers seeking to fulfill requirements of the new Uniform Appraisal Dataset (UAD) will find the new UAD checklist available from DartAppraisal.com to be a helpful tool in compliance. The UAD checklist, available here, contains a quick reference of information required for UAD-complaint appraisals, including 38 specific line instructions and nearly 50 common abbreviations. Checklist categories include Timeframes, Location Factors, View Factors, Sale Type, Financing Type and more. DartAppraisal.com recently announced its full coordination of efforts in compliance of the UAD to properly manage appraisals (1004 URAR, 1073 Condo, 2055, and...

Two Measurement Standards: ANSI vs. AMS 4

Two Measurement Standards: ANSI vs. AMS

Are you really following the ANSI ® home measurement standard? When the ANSI ® standard isn’t really ANSI ® by Hamp Thomas Many agents (and appraisers) claim to be using the ANSI ® measurement standard, when in fact they are using the American Measurement Standard®. And, there’s no one rushing to teach them the difference. Industry leaders have taken a “don’t ask, don’t tell” policy, and square footage remains a source of confusion in the real estate industry. In many parts of the country, agents and appraisers are disclosing to their clients that they strictly adhere to the ANSI ®...

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UAD is Data Mining Nothing More

This article was published in the September 2011 issue of the IllinoisAppraiser Newsletter Blue Pill – Red Pill If you’re reading this on September 1st, you’re probably sitting in front of an unfamiliar drop-down menu on your appraisal software or frantically thumbing through Appendix D looking for an answer that isn’t there. Today is D-Day. Actually, UAD-Day. While Fannie Mae and Freddie Mac slide another deck chair over to catch a better view of the ice berg they’ve already hit three years ago, appraisers around the country are wrestling with Fannie & Freddie’s latest contribution to mind-numbing, muddled, mortgage malaise;...

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