Tagged: appraisal news

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HUD New REO Mapping Tool

HUD Unveils New Web-Based Mapping Tool to Display Nearly Half of U.S. Foreclosed Properties WASHINGTON – The U.S. Department of Housing and Urban Development today launched a new web-based mapping tool displaying the location of all foreclosed properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA). These foreclosed homes collectively account for nearly half of all real estate-owned or REO properties in the U.S. HUD’s REO Portal is intended to help local communities, homebuyers and responsible investors to acquire these properties and accelerate efforts to stabilize local housing markets. This new mapping tool will be of...

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a la mode Releases UAD Recorded Webinar

a la mode recently released a recorded video of the live “Intro to UAD” webinar. This hour long video includes: Part 1: Intro to UAD Part 2: What is the UMDP? Part 3: UAD Overview Part 4: UAD FAQ’s Part 5: Examples of Common Inconsistencies Part 6: UAD Rules Part 7: Using UAD in the software

NAR Letter to Regulators Regarding AMC Indemnification Clauses 0

NAR Letter to Regulators Regarding AMC Indemnification Clauses

Calling for a ban on the use of indemnification clauses used by AMCs On August 11, 2011, National Association of REALTORS® (NAR) President Ron Phipps sent a letter to federal regulators calling for a ban on the use of indemnification clauses used by appraisal management companies (AMCs). The letter was sent to Federal Financial Institutions Examination Council (FFIEC), the US Department of Housing and Urban Development, the Federal Housing Finance Agency, and the US Department of Veterans Affairs. Dear Secretary Donovan, Secretary Shinseki, Chairman Matz, and Acting Director DeMarco: I am writing on behalf of the 1.1 million members of...

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TAF Preview on USPAP 2012-13 Changes

Video on changes to the 2012-2013 USPAP The Appraisal Foundation recently released a video on changes to the 2012-2013 USPAP adopted on April 8, 2011. The purpose of this 23 minute video is to provide appraisers with advanced notice of changes to USPAP that could impact their practice. It is not intended to be a substitute for the 7 hour National USPAP update course. Summary of changes adopted includes: Revisions to the definitions of “Client”, “Extraordinary Assumptions”, Hypothetical Condition” and a new definition of “Exposure Time” Revisions relating to Development & Disclosure of Exposure Time Opinion Revisions to Standards Rules...

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How to Create a UAD Format Report & UAD Sample URAR

Where is the new UAD format report? Lately, we have been receiving a lot of emails from appraisers confused about WinTOTAL and TOTAL 2011’s Uniform Appraisal Dataset (UAD). Many think that they need to download a specific file, even though their software is up to date. “Where is the new UAD?”, we’ve been asked! So we prepared a short video tutorial explaining how to create URAR report in UAD format in WinTOTAL. You just need to make sure your software is up to date. Watch the video below:   T.J. McCarthy has made his “Sample URAR in UAD Format” available...

An Appraiser's Response to LandSafe Appraisal Services Agreement 9

Appraiser’s Response to LandSafe Appraisal

Appraiser’s Response to LandSafe Appraisal Services Agreement In April of 2011, LandSafe Appraisal Services, a wholly owned subsidiary of Bank of America, released its “Appraisal Services Agreement” which included, among others, indemnifications of LandSafe Appraisal Services against any liability, and loss of intellectual rights. Many appraisers stood firm and refused to sign the agreement. Heather Fox, a Certified Residential Appraiser in Virginia, CEO of Cross Country Appraisal Inc. and President Elect of VaCAP, responded to LandSafe Appraisal Services with this letter: To: Landsafe Vendor Panel Management Team I will not be signing the appraiser agreement. I have known I would...

AppraisersLoft fined 1

VaCAP letter to AG Cuccinelli RE Violation of Virginia Code

The mandates override the Virginia Code Re: Impending Violation of Virginia Statute 18 VAC 130-20-160. Dear Attorney General Cuccinelli, There is an extremely urgent and important matter that the Virginia Coalition of Appraiser Professionals (VaCAP) wishes to bring to your attention. The Government Sponsored Enterprises (GSEs), which are The Federal National Mortgage Association (FNMA) and The Federal Home Loan Mortgage Corporation (FHLMC), have mandated Real Estate Appraisal reporting requirements that will severely compromise the integrity of information provided in appraisal reports and potentially eliminate the private appraisal profession. This new, comprehensive format will cause unnecessary risk and expense to the...

Negative Repercussions of HVCC & Dodd-Frank Act - VaCAP 3

Negative Repercussions of HVCC & Dodd Frank Act – VaCAP

Virginia Coalition of Appraiser Professionals (VaCAP) Letter to Senator Warner Addressing the Negative Repercussions of HVCC and Dodd Frank Act Dear Senator Warner: In response to the devastating effects of the legislative changes that have crippled the appraisal profession and undermined the quality of appraisals, appraisers throughout Virginia have joined together to educate the public, raise consumer awareness, protect appraiser independence, and work toward effective legislation that will benefit us all. We have now formed the Virginia Coalition of Appraiser Professionals (VaCAP). VaCAP appreciates this opportunity to present to you the position of appraisers across the state regarding federal legislation as it...

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Help Regulators Take Proper Aim

Help Regulators Take Proper Aim, Appraisal Institute Tells Congress CHICAGO (July 14, 2011) Testifying before a Congressional subcommittee, the Appraisal Institute’s president-elect on Wednesday told lawmakers their intent was “right on target” and asked them to “guide the regulators’ aim” in implementing consumer-friendly real estate appraisal guidelines. Sara W. Stephens, MAI, told members of the House Financial Services’ Subcommittee on Insurance, Housing and Community Opportunity that the Dodd-Frank Act passed by Congress last year is not being properly implemented by federal regulators. Among other highlights, the Act calls on appraisal management companies (AMCs) to pay “customary and reasonable” fees to residential...

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Residential Appraisals: Opportunities to Enhance Oversight of an Evolving Industry – GAO

Yesterday, the GAO released its analysis of the Real Estate Appraisal Profession and its regulatory framework titled Residential Appraisals: Opportunities to Enhance Oversight of an Evolving Industry. Full report can be reviewed or downloaded below. Summary of analysis: Real estate valuations, which encompass appraisals and other estimation methods, have come under increased scrutiny in the wake of the recent mortgage crisis. The Dodd- Frank Wall Street Reform and Consumer Protection Act (the Act) mandated that GAO study the various valuation methods and the options available for selecting appraisers, as well as the Home Valuation Code of Conduct (HVCC), which established appraiser...

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