Tagged: appraisal organizations

Unintended Consequences & Regulatory Issues Facing the Real Estate Appraisal Profession 4

Unintended Consequences of the Dodd-Frank Law and Potential Remedies

For well over a year, the Columbia Society of Real Estate Appraisers and five other nonprofit appraiser groups have been working on an industry paper entitled Regulatory Issues Affecting the Real Estate Appraisal Profession (subtitled: Unintended Consequences of the Dodd-Frank Law and Potential Remedies). The paper is aimed at informing lawmakers of some of the unintended consequences of the Dodd-Frank law as it relates to appraisers and consumers.  We hope that lawmakers will address and correct some of the issues brought to light in this paper. The Letter Over the past year, a select group of professional appraisal organizations have...

Fannie Mae Lies 7

It’s Not a Comp, It’s a Sale; Stop Fannie Mae Lies!

Appraisers, Something’s been gnawing at my craw ever since January when FNMA’s wonderful Collateral Underwriter (CU) was unleased to the world.  And before that, when FNMA’s Appraiser Quality Monitoring (AQM) process was introduced, and which is still in use to judge the work of appraisers. No one else has written about this, or even mentioned it, so I will:  It has to do with the word “Comp” which is used liberally by Fannie Mae (FNMA). What exactly is a “Comp?” In FNMA’s world, it’s any property that they obtain, either by their vast AVM process which examines millions of property...

Regulating Appraisers  Survey ~copyright AppraisersBlogs 0

Survey on Professional Appraisal Associations Joint Concept of Regulation of Appraisers in Arizona

The following concept was developed from a consensus at the meeting at which the Southern Chapter of The Appraisal Institute represented by Jeff Patch, NAIFA, CoAA represented jointly by Ann Susko, and the Arizona Association of Real Estate Appraisers, represented by Joanna Conde, and afterwards from input from the Phoenix Chapter of the Appraisal Institute, represented by Dale Cooper, and the Real Estate Association of Southern Arizona, through Janine Rowland. Obviously there are details that are not covered. It is a concept which if generally acceptable could be developed into a working plan. But before time was spent working on...

Some Good News for Appraisers 2

Some Good News….For a Change? – 2nd Annual List (A Work-In-Progress)

Last year, around Thanksgiving, I had put together a list of some positive things going on for appraisers.  It was/is all-too-rare that we hear positive news regarding the appraisal profession. There is an awful lot of complaining that goes on, most of it justifiable, but little good news that gets shared.  Part of the problem is that there is no central source for information regarding our profession which appraisers might utilize in order to find out what is going on across the country and affecting our profession, and could be used to enhance our industry and the citizens in each of...

Historic meeting State Appraiser Organizations 3

Historic Meeting of State Appraiser Organizations

Representatives of several independent state professional appraiser organizations met in Chicago, Illinois on Saturday October 11th, to further discuss collaboration on issues affecting their membership. The network, which started as a conversation among three State appraiser organizations less than a year ago, now comprises 16 such State Organizations which is expected to continue growing. The group, which functions as a network rather than a formal organization is unique in its focus and operation. The network has no single elected leader but is comprised of leaders from each participating state organization; it is self-governing by consensus. Participating organizations do not pay...

HUD Blacklisting Guilty 2

HUD Blacklisting: Guilty Until Proven Innocent

Being on HUD’s FHA Appraiser Panel and performing FHA appraisals is an essential source of work for many appraisers. However, according to a recent legal brief filed by the National Association of Appraisers (NAA), HUD has been quietly blacklisting appraisers for years without due process. At the center of the case against HUD (U.S. Department of Housing and Urban Development) is Ken Taggart, an appraiser in Penn., who was removed from HUD’s roster in January 2010. Taggart says that his mortgage servicer, GMAC Mortgage, LLC, mistakenly forclosed on his FHA-insured mortgage. Since then, Taggart says HUD blacklisted him without due...

AMC Minimum Requirements 2

ASA, NAIFA Tell Banking Agencies that Proposed AMC Rules Fall Short on Guidance, are Inconsistent with Congressional Intent

In comments filed June 6 with several federal banking agencies, the American Society of Appraisers (ASA) and the National Association of Independent Fee Appraisers expressed our concerns that rules proposed to regulate appraisal management company (AMC) conduct lack sufficient detail to allow for effective implementation. Additionally, the organizations expressed concern that some provisions of the proposed rule depart from Congress’s intent when the enabling law was included in the Dodd-Frank Act, and could negatively affect the overall public policy goals. In the comment letter, ASA and NAIFA cover numerous concerns with the proposed rule, including: The lack of detail regarding...

Comments on proposed AMC rules 15

The Appraisal Profession & Appraiser’s Business Decimated by the Increasing Dominance of AMCs

For the past two months, VaCAP has participated in a networked council consisting of 13 professional state appraisal organizations in responding to the Agencies request for comments of the Proposed Rules on Minimum Requirements for Appraisal Management Companies: Dear Agencies; This letter is in response to the Agencies’ request for comments on the Proposed Rules on Minimum Requirements for Appraisal Management Companies. The undersigned represent a networked council of professional state appraisal organizations. We appreciate this opportunity to comment and thank the Agencies for their work and interest in creating and implementing appraisal management company (AMC) regulation. The proliferation of AMCs...

USPAP comment 0

The Proposed 2016-2017 USPAP Would Impact You!

This is directed at commercial appraisers and appraisers that are involved in litigation, those appraisers who might use DRAFT APPRAISALS with their clients. It concerns the Second Exposure Draft of the 2016-2017 USPAP. Within this draft USPAP are new regulations that would impact draft reports for an appraiser and record keeping for those drafts or what they are now calling Interim Reports. These new rules may have a great impact on you and your clients. These rules coupled with the new “assignment results” interpretation, also discussed in this document could cause you a lot of grief. AAREA is sending me...

Voice of Appraisal 6

Appraisers Now Have a Voice!

“Voice of Appraisal” is a show designed to deliver the most up to date news and information for the working real estate valuation professional. The show provides top analysis of real estate trends and issues that affect appraisers nationwide.  Our no-nonsense approach to appraisal, real estate, banking and politics creates a cutting edge program that provides an insight into the appraisal profession that is seldom heard. The past 25 years of appraisal organizations, affiliations, coalitions, and designations have left our industry splintered and broken.  We have become a group too caught up in our own egos and titles to see...

Response to A Wakeup Call for the Valuation Industry - Image courtesy of Stuart Miles / FreeDigitalPhotos.net 2

Response to "A Wakeup Call for the Valuation Industry: Is anybody listening?"

RE: Richard Gilmore, ARA article – "A Wakeup Call for the Valuation Industry: Is Anybody Listening?" I would like to offer some comments regarding Mr. Gilmore’s article in the April 9, 2013 issue of Ag News. I also read most of the NAHB report – "A Comprehensive Blueprint For Residential Appraisal Reform" dated February 2013. I disagree with most of Mr. Gilmore’s comments regarding the NAHB report. The NAHB report lacks a realistic understanding of what is taking place in the real estate appraisal profession today. Most of what is commented on in the NAHB report has been required and/or in place for more...

Is Anybody Listening - Valuation Industry Wakeup Call 8

A Wakeup Call for the Valuation Industry: Is Anybody Listening?

On February 13, 2013 the National Association of Home Builders (NAHB) published a fascinating critique on the world of valuation. The document: “A Comprehensive Blueprint for Residential Appraisal Reform” should be read by every appraiser, every user and every client. NAHB is telling us our core systems are not working and to take another look at our process and procedures. Our systems are too inconsistent, too cumbersome, and NAHB is asking us to improve our efficiency which impacts their and our profitability. NAHB is asking the industry to provide them a uniform, consistent, quality product utilizing well trained staff. These exact...

Appraisal Hotline Operations 0

Appraisal Institute Wants Details on ‘Appraisal Hotline’ Operations

The Appraisal Institute and the American Society of Farm Managers and Rural Appraisers jointly sent a letter Feb. 12 to the Appraisal Subcommittee asking that it make its proposed protocol for operating the “appraisal hotline” available for public comment prior to its March 29 implementation. In the letter, AI and ASFMRA said that while the concept of a hotline is sound, there exists almost no understanding among state appraiser regulatory officials, practicing appraisers and real estate and mortgage professionals as to how the hotline would function or even of its intended purpose.

NC BPO Legislation 0

North Carolina Enacts BPO Legislation

North Carolina Governor Beverly Purdue signed S.B. 521 into law July 12, and the legislation will significantly expand the ability of the state’s licensed real estate brokers to offer a broker price opinion or comparative market analysis. The legislation included two amendments provided by the state’s appraisal organizations. Prior to the new legislation, North Carolina real estate brokers were limited to providing a CMA only in the real estate sales context, and they had to have a reasonable expectation that a listing would result from the performance of the CMA. Under the new law, brokers (other than provisional brokers)