Tagged: appraisers

Appraisers work file critical 2

Work file, How Critical is it?

How Critical is the work file? I consider the work file responsibilities that are found in USPAP to be the most neglected. Appraisers tend to treat the work file as an after-thought rather than a fore-thought. Appraiser workfiles largely resemble a hodge-podge of scribblings, notes, dog-eared data sheets, distorted, coffee-stained sketches on legal pads and fast-food napkins. The whole thing is jammed into a file and mostly forgotten. To me, it is the bad comb-over of documentation. However, after reading this, I hope that you’ll afford it a tad more respect going forward. What Is USPAP’s Work file Big Picture?...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / IDFPR / Illinois Department of Financial & Professional Regulation

Texas AMC survey 1

Texas Appraisers and AMC Survey

In August 2012, the Texas Appraisers and Appraisal Management Survey surveyed a total of 1,584 appraisers and 55 appraisal management companies doing business in the state of Texas. The questions were specifically designed to achieve the following: Clearly distinguish between the fees paid to appraisers by Appraisal Management Companies (AMCs) and fees paid by non-AMC clients for residential appraisals. Capture any difference in fees paid by property type: single family, condominium, size or square footage, or other factors. Capture the impact on fees by market area or locale: urban vs. rural, (MSAs, county, zip code, etc.). Determine whether appraiser qualifications...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Why Appraisers Should Vote 1

Why Appraisers Should Vote

I have been involved in politics from the time I was quite young. I remember as a toddler attending party conventions, and as an eight year old delivering flyers from door to door asking everyone to vote for my dad for city councilman. Many of you know my story. Several years ago I felt a burning desire to learn more about our country’s commencement, the Founding Fathers, and good principles of government. Many of the principles that I discovered during that time have been the same truths that have propelled much of my present success. Despite what others may tell...

Appraisal / Appraisal News / Appraisers News / Political Action

Seven Cases the Defendant Appraisers Won Based on Expiration of the Statute of Limitations 0

Seven Cases the Defendant Appraisers Won Based on Expiration of the Statute of Limitations

I am biased in favor of defendant appraisers. I always root for the defense, even if it’s one appraiser suing another appraiser (as in one case below). Defense is our business. Here, are seven cases where the defendant appraisers won based on a statute of limitations defense. That means even if there was something wrong with the appraisal at issue, the defense counsel still won the case. So, you have to give the credit to the defense counsel. That’s not to say there really was a problem with the appraisal in each case below — it just didn’t matter if...

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

Lenders May Still Profit Most from Appraisal Fees 2

To Disclose or Not to Disclose AMC Fees

To Disclose or not to Disclose AMC Fees… With the Consumer Financial Protection Bureau (“CFPB”) up and running, there are numerous regulatory issues still pending relating to the Dodd-Frank Act. The regulatory issues include appraisal independence rules, AMC fee disclosure, AMC registration, required physical property visit by appraisers in “higher risk” mortgages, HUD-1/RESPA Consumer Disclosure, and asset backed securities. Of particular note, the CFPB has proposed a new Consumer Disclosure form that is intended to replace the HUD-1 settlement statement. The proposed rule which was release for public until November, allows disclosure of appraisal management company fees, but does not...

AI / AMC / American Society of Farm Managers and Rural Appraisers / Appraisal / Appraisal Institute / Appraisal Management Companies

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Who Has Been Suing the Most Appraisers?

Two Names You Know. Two Names You’ve Probably Never Heard. These are four of the parties who have been suing the most appraisers in 2011-12. I suspect most appraisers won’t recognize two of the names, unless the appraisers are defendants in one of their cases. The parties are in no particular order, but the last one does file the most lawsuits. LSF6 Mercury REO Investments This is an investment fund of a private equity company named Lone Star. LSF6 bought discounted mortgage debt from bankrupt CIT Group in 2008. In late 2011, LSF6 began suing appraisers in New York as...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / E&O

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New Trade Association Announces Launch to Support Appraisal Industry

Announcing the Official Formation of the National Association of Appraisal Management Companies (NAAMC) Providence, RI (PRWEB) August 31, 2012 Filling a long missing void in the ever-changing Appraisal and Residential Home Mortgage sectors, a collection of Industry-leading Appraisal Management Companies joined forces to create a unique and extremely necessary organization exclusively committed to supporting all entities impacted in the Residential Appraisal and Valuation industries. Officially formed in late July 2012, several months’ pre-launch due diligence was completed by the sixteen Founding Members of the National Association of Appraisal Management Companies (NAAMC). This non-profit trade association is officially incorporated in Delaware and...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice

Financing Concessions for Comparables 2

Update on Financing Concessions for Comparables

Appraisers, The GSE’s have issued a UAD newsletter on Sept. 18, 2012. Mostly it has ‘stuff’ in it that appraisers should be doing, i.e., checking for proper UAD compliance prior to report submittal by using your report software on-board reviewer. However, this little gem is the last item on page 2: Update on Financing Concessions for Comparables The GSEs expect appraisers to determine the financing concessions, if any, for all settled sales used as comparables in appraisal reports. Appraisers are expected to do what is necessary to determine concession amounts through the normal course of business and not automatically default...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / UAD / Uniform Appraisal Dataset

BPO Legislation North Carolina 0

North Carolina Enacts BPO Legislation

What a licensed broker or appraiser must do in performing a BPO or a CMA… 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...

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

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Free FHA Webinar for Appraisers on REO Appraisals

The Federal Housing Administration (FHA) is offering a webinar on September 18, 2012 on REO Appraisals: September 18, 2012 – Webinar: The Real Estate Owned (REO) Appraisal will acquaint the audience with the correct reporting procedures that FHA Roster appraisers should follow when completing FHA appraisal reports for HUD Real Estate Owned (REO) properties. This seminar introduces and explains, rather than supplants, official policy issued in Handbooks and Mortgagee Letters. Appraisers new to the FHA Roster, as well as seasoned professionals looking for a refresher will benefit. Registrants will receive an email confirmation prior to the webinar with a web...

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

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