Tagged: appraisal news

You’re Safe From the MRLG (Unless You Have E&O Insurance) 3

You’re Safe From the MRLG (Unless You Have E&O Insurance)

Since we last wrote about the unusual subpoenas coming from the offices of the FDIC through the law firm called the Mortgage Recovery Law Group (MRLG), we’ve learned some interesting things that you need to know. To read the original blog post “What to do if you get a subpoena from the FDIC”, CLICK HERE. First, the MRLG contracted with the FDIC in late 2010 to pursue collection of losses for the FDIC resulting from the many bank failures caused by the economic (real estate) downturn. Of particular interest is that the MRLG is not working on a contingency fee...

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

Court evidence & appraisers workfile 1

Court Evidence & Your Workfile

How a Few Key Items in your Work File Can Protect You in Court I used to work with someone who had a photographic memory. Most of us are not so lucky, and have to rely on our imperfect memories and good note-taking skills. As an attorney, I document everything. I handle hundreds of cases, and without good documentation I will not remember what I did on a particular day or what support I had for a particular theory. As an appraiser, your work file is your documentation.  Not only is a work file a USPAP requirement1, it can help...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

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Free FHA Webinar on FHA Appraisal Frequently Asked Questions

The Federal Housing Administration (FHA) is offering a webinar on March 20, 2013 on FHA Appraisal Frequently Asked Questions (FAQs): March 20, 2013: – Webinar: This FREE Webinar training will provide clarification to current Underwriting Hot Topics, Insuring/Eligibility Issues and Frequently Asked Questions (FAQs) in today’s FHA lending environment. Topics covered will include: FHA Updates including most recent

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

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Fannie Mae Issues “Hard Stops” on Appraisal Messaging

As of January 28, 2013, Fannie Mae started placing greater restriction on the data they collect to ensure uniformity. You will now begin seeing a “hard stop” issued by Fannie Mae on messaging. This change affects Appraisers working with AMCs or other lenders who submit data to Fannie Mae. What has changed? As appraisers know, the Uniform Collateral Data Portal (UCDP) is an electronic tool that Fannie Mae uses to ensure uniformity in the data that Appraisers collect and submit. The theory is that being able to track trends and information through data collected on appraisals will ensure more informed...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

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BPC Report: Eliminate GSEs, Rethink Appraisal Processes

A Bipartisan Policy Center report released Feb. 25 primarily focused on reducing the government’s role in the nation’s housing finance system, but it also proposed changes to current appraisal policy. Appraisal-specific recommendations contained within the 136-page report, titled “Housing America’s Future: New Directions for National Policy,” focused on banning the use of distressed home sales as comparables by appraisers, a practice the BPC said was helping to depress local home values and impacting buyers’ ability to secure financing. The report suggested that Fannie Mae, Freddie Mac and the Federal Housing Administration should refuse to accept distressed sales as valid comps,...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

Age of Appraisers - Aging Appraiser 7

The Aging Appraiser

Questions dealing with age and retirement… There is a lot of apprehension in the appraisal industry regarding from where the next generation of appraisers will come. There are not a lot of new people entering the profession at this time. To try to get a better idea of appraiser demographics, we asked a couple of questions dealing with age and retirement. First, we asked, “What is your age range?” This was a very popular poll with a near record of 6,885 responses. No big surprise that the most popular answer was 51-60 with 33% of the vote. This was followed...

Appraisal / Appraisal News / Appraisers News

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ASB Releases Exposure Drafts for AO-13 & AO-21

The Appraisal Standards Board (ASB) has issued the following exposure drafts: Exposure Draft of Proposed Changes to ADVISORY OPINION 13 (AO-13), Performing Evaluations of Real Property Collateral to Conform with USPAP Rationale: The prior version of Advisory Opinion 13 included not only advice related to USPAP, but also some interpretations of the Interagency Appraisal and Evaluation Guidelines.  The Interagency Work Group has suggested, and the ASB agrees, that AO-13 should focus on the application of USPAP and avoid interpretation of the guidelines. When  an  individual  is  acting  as  an  appraiser,  USPAP  applies. The  proposed  replacement Advisory Opinion 13 illustrates that under...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / The Appraisal Standards Board

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E&O & Claims Issues for Today’s Appraiser

The significant increase in insurance claims and disciplinary complaints against appraisers over the last few years is directly related to the foreclosure phenomenon and subsequent pattern of appraisal reviews performed during the last decade. The validity of both the process and results of these forensic reviews may have little relationship to the subsequent actions by those seeking the deep pockets of the appraiser and their insurance carriers to recover monies lost in bad loans. This trend shows no sign of diminishing. It remains incumbent upon appraisers to understand their errors and omissions insurance policies, any available risk management services available...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / Uniform Standards of Professional Appraisal Practice

ASC letter RE Launch of the 1

ASC Letter RE Launch of the Hotline

ASC Letter to State Appraiser Regulatory Officials Announcing the Launch of the Appraisal Complaint National Hotline To State Appraiser Regulatory Officials The Appraisal Complaint National Hotline (Hotline) will begin operation no later than March 29, 2013. The Hotline will refer complainants to appropriate State and/or Federal agencies to handle complaints of alleged violations of the Uniform Standards of Professional Appraisal Practice (USPAP) and/or appraisal independence requirements. The Hotline will direct complainants to contact you to formally file their complaint using the existing protocols established by your State. The Hotline does not initiate complaints, act on behalf of complainants, arbitrate complaints,...

Appraisal / Appraisal News / Appraisal Subcommittee / Appraisers News / ASC / Uniform Standards of Professional Appraisal Practice

NAHB Recommends Reform of Residential Appraisal System 2

NAHB Recommends Reform of Residential Appraisal System

February 20, 2013 – Serious problems in the residential appraisal process must be addressed in order to restore confidence in the residential real estate market and to establish a foundation for sustainable growth of the U.S. economy, according to a new white paper from the National Association of Home Builders (NAHB). Appraisals are regulated by the states, so standards and requirements vary greatly, resulting in a system that is inconsistent, confusing and does not serve consumers well. The white paper, “Comprehensive Blueprint for Residential Appraisal Reform,” addresses these problems. It is the work of an Appraisal Working Group formed by...

Appraisal / Appraisal News / Appraisers News / NAHB / National Association of Home Builders

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