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...
How is TOTAL 2011 different from WinTOTAL Aurora? In this webinar you will find the differences between these two versions. Each serve different purposes. TOTAL 2011 was designed with ease of use in mind while WinTOTAL was designed with a lot more features. When deciding which software to go with, make your choice based on the features you need. For example only WinTOTAL Aurora has comparables and photos databases, auto-adjuster, billings/accounts receivable and custom financial reports among other features. Rentals and listings in side-by-side view, undo, redo, find and replace feature, as well as text overflow options are among some...
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...
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...
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...
A shift of regulations intended to prevent lending companies from influencing — or worse, inflating — home values during the appraisal process nearly put an entire industry of people out of work during the worst economic downturn since the Great Depression, according to industry experts. But what happened to independent home appraisers is a topic that almost no one talks about outside the real estate industry. After a parade of subprime home loans and shoddy lending practices by mortgage lenders brought the real estate market to its knees, the real estate-appraisal process was targeted in an effort to protect consumers....
Ownership Interest in an AMC At the NAR midyear Legislative Meeting in DC, the question of the appraisal epidemic and the problems associated with AMCs and HVCC were discussed. David Stevens, the current President of the Mortgage Bankers Association and the immediate past commissioner of FHA, brought up the appraisers’ geographical incompetence, a violation of the Standard. The question is, ask Frank Garay & Brian Stevens, hosts of the TBWS Daily Show, why is he bringing this up now, when he is the President of MBA and cannot do anything about it. And why didn’t he voice his concerns while...
AARO concerned about potential problems or complications with enforcement resulting from UAD May 11, 2011 Mr. Alfred M. Pollard General Counsel Federal Housing Finance Agency Dear Mr. Pollard: On behalf of the Executive Committee (EC) of the Association of Appraiser Regulatory Officials (AARO) it is my pleasure to take this opportunity to express our appreciation to you individually, the FHFA, Mr. Robert Murphy of Fannie Mae, and Mr. Mark Simpson of Freddie Mac for affording representatives of AARO the opportunity to attend a “train the trainer” seminar introducing the “Uniform Appraisal Dataset” (UAD) in Washington, DC on March 7, 2011. During...
Serious concern over misapplication and misinterpretation of Uniform Appraisal Dataset requirements April 29, 2011 Alfred M. Pollard General Counsel Federal Housing Finance Agency… Re: Uniform Appraisal Dataset Dear Mr. Pollard: Thank you for the opportunity to meet with you and representatives from the Federal Housing Finance Agency, Fannie Mae, and Freddie Mac on February 17, 2011 and March 10, 2011 to discuss the Uniform Mortgage Data Processing (UMDP) initiative and the Uniform Appraisal Dataset (UAD). We applaud your efforts to bring about more consistent appraisal reporting. However, in light of our discussions and further examination of the publicly available documents...
This video, posted by a la mode, introduces UMDP terms, key players and processes involved in complying with the UMDP. The UMDP was created by Fannie Mae and Freddie Mac to standardized requirements for delivering appraisals intended to provide more accurate analysis of the loans that are to be securitized through Fannie or Freddie. It has three major parts: the Uniform Appraisal Dataset (UAD), the Uniform Collateral Data Portal (UCDP) and the Uniform Loan Delivery Dataset (ULDD). The UAD and the UCDP is discussed in the below video. The ULDD does not go into effect until next year.
