Tagged: forms

Temporary Appraisal Requirement Flexibilities - FHFA Allowing Alternatives 18

Temporary Appraisal Requirement Flexibilities

Temporary Guidance From Fannie Mae… FNMA has issued temporary guidance on appraisal requirements, including allowing desktop & exterior-only appraisals… Folks, due to the ongoing COVID-19 national emergency, the GSE regulator FHFA and both GSE’s have issued new (temporary) guidance on Monday, March 23, 2020. These remain in effect through May 17, 2020, but could be extended due to the on-going situation. NOTE: I have seen nothing yet from FHA or VA. Appraisers (and AMCs) CANNOT modify assignments or reports without specific authorization from the lender client. Appraisers CAN choose to do, or not do, assignments under the inspection guidelines, and per directives...

Independent Appraisers or Employees & CA AB5 Law - Appraisers Blogs 8

AB5 – Employee or Independent Contractor?

Most independent appraisers are paid ‘by the job’ and are issued 1099’s for the payments made. Appraisers who are ‘staff appraisers’ for specific clients are considered EMPLOYEES, and are issued a W-2 for income paid to them. Independent appraisers should not create an EMPLOYEE RELATIONSHIP until and unless that is specifically what is desired… I’ve been having a respectful discussion with a California appraiser, who believes (as do others) that just because a particular client requests a certain kind of appraisal report be completed using an online web based report form, then that action constitutes establishing an EMPLOYEE relationship with that...

Incorrect Comments in Multi-Family Appraisal Report 34

Incorrect Comments in Multi-Family Report

I have in my possession an appraisal for a DUPLEX (2 family residence) on a FNMA 1025/FrMac 72 form, commonly called the ‘1025 Form’ which was done by a Certified Residential Appraiser licensed for 8 yrs, 6 months. Items “observed” in the report: UAD rating numbers are used for Quality and Condition. 1025 forms are not UAD coded, so why are these used? Please don’t tell me “the client said so” because the client is incorrect, and may not be aware. Use the standard wording for those items, and provide a definition description of the standard wording you use. The Highest and...

SFREP Doesn't Do Data Collection - Software by Appraisers for Appraisers 23

SFREP Does Not Collect Your Data

What Exactly Can SFREP Software Offer for Real Estate Appraisers? Are you working as efficiently as possible? In this day and age, appraisers need to be quick on their feet and utilize every tool under the sun to help streamline the process. That’s where SFREP comes in. This company is creating software designed to make the appraisal process digital while keeping it as fast, accurate, and straightforward as possible. But how exactly does SFREP work, and can it really make your job easier? For many real estate appraisers, the answer is a resounding yes. Software by Appraisers, for Appraisers SFREP...

Inappropriate Use of GSE Forms for Private Appraisals - AppraisersBlogs 5

Inappropriate Form Use

Why oh why do appraisers who should know better do private assignment appraisal reports using the mortgage lending GSE forms? Here’s an “observation” from an actual report I just happened to see: Do the appraisers who do this not read the parameters (Intended Use & User) of the form?? INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. Note the “Assignment Type” on the first screen shot. “Marital...

Property Selection for analysis & Statistics in Appraisals - Appraisers Blogs 10

Property Selection for Analysis & Statistics

The importance of proper property selection and ‘statistics’ in appraisals… Appraisers, I would like to direct you to info written by Mr. George Dell in his latest blog post circulated on July 3, 2019. This is one of the best explanations I’ve seen him write on this topic, of how to select and analyze properties when doing appraisals, and why correct ‘statistics’ presented in reports is important. I first became aware of the importance of proper property selection and ‘statistics’ when I attended an appraiser’s training class in 2008 in Las Vegas. The primary speakers were Mr. David Braun and Mr. Patrick...

Will the Cost Approach be Required in the Redesigned UAD Forms? 41

Returning to Requiring the Cost Approach

…the Cost Approach is the most INACCURATE of the three current ‘Approaches’ we use… Appraisers, for the past few weeks, emails have been sent by a third party asking appraisers to complete a survey about the appraisal process and the current forms. I did so; you should also. But I wanted to expand on one aspect of the survey. Two separate questions, on different survey pages, related to the Cost Approach (CA). These questions wanted appraisers to state their opinion about 1) if the forms provide adequate detail to develop a CA, and 2) if it is or is not...

11

Appraising Where It is Warmer

I found that there are not really any appraisal laws… There was a point when I was seriously considering the possibility of moving to Belize. I live in a cold climate so the prospect of living in a warmer area for at least part of the year appeals strongly to me. However, after visiting Belize, I quickly realized that – while I love the country – I personally do not want to live there – mainly because their cost of living is higher than I had been told. That being said, while there, I did quite a bit of research...

What's Happening With the New Forms? 11

What’s Happening With the New Forms?

Many of you are aware that the GSE’s are in the process of evaluating the entire appraisal process, including the existing ‘forms.’ This initiative was announced in 2nd Qtr 2018, and reps from both FNMA and FrMac made presentations at various appraiser conferences and other places through the year to gather info and suggestions from all appraisal forms users. This new initiative was never intended to be an immediate make-over; instead, the GSE’s said it was to be an approximate 3 year process. In December 2018, the GSE’s released their Executive Summary (see PDF below) describing what’s been accomplished so...

Comparable property CHARACTERISTICS 2

Comparable property CHARACTERISTICS

What are the CHARACTERISTICS to consider? Appraisers, In over 17 years in this business, I’ve seen hundreds of properties. My service area encompasses urban through rural properties in an area 40 to 100+ miles distant from the largest metropolitan area in the state. Each appraisal assignment and subject property I do is different from one day to the next. Because of this diverse experience, and some of the essays I write, I am often contacted by other appraisers across the country to discuss report situations that are challenging, complex and questionable. Such was the case recently. A technical review appraiser...

xml sitemap