Tagged: North Carolina Appraisal Board

Appraisers Blacklisted 24

Blacklisting Lawsuit Continues

Appraiser Michael J. McSwain filed a lawsuit against Yadkin Valley Bank and the appraisal management company (AMC) StreetLinks Lender Solutions, alleging that he was retaliated against for failing to reach targeted values.

According to the suit, McSwain performed two appraisals for StreetLinks in late 2012, on behalf of Yadkin Valley Bank, both of which failed to “meet value.” The suit cites explicit emails from the branch manager at Yadkin which state:

“StreetLinks has sent out a BUTCHER on two of my last refis [sic] … make sure he is not sent out in our county and make sure he is not on the approval list…I thought I would let him do these two just to see. NOW THE DEALS ARE DEAD.”

North Carolina Proposed Law on Reasonable & Customary Appraisal Fees 7

North Carolina Proposed Law Would Address Reasonable and Customary Appraisal Fees

North Carolina’s House Bill 577, introduced April 2, 2015, would seek to address reasonable and customary appraisal fees. Some of the proposals in the Bill would: Require the NC Appraisal Board to publish a “schedule of customary and reasonable rates of compensation for appraisals based on the market area where the real property is situated.” Establish rates by fee studies that would exclude assignments ordered by known appraisal management companies. Require rates to be “measured by the net compensation amount received by the appraiser.” Allow for payments above the scheduled rates for complex assignments. Only apply to

Confidential Information Sharing with Another Appraiser & USPAP 1

Is Sharing a Report with a Fellow Appraiser a Violation of USPAP Confidentiality?

Appraisers routinely share confidential information & communicate assignment results with other appraisers Appraisers frequently are faced with chances to make mistakes related to confidentiality. The Confidentiality Section of the ETHICS RULE of Uniform Standards of Professional Appraisal Practice (USPAP), as published by the Appraisal Standards Board (ASB) of the Appraisal Foundation and enforced by the North Carolina Appraisal Board, provides the rules for appraisers in North Carolina. Appraisers often are reminded about and advised how to avoid the pitfalls of communicating with property owners, real estate brokers, lenders (other than the client), and other related parties. However, an additional problem...

Borrowers to Refinance with No Appraisals 3

Knowing When to Say NO

I wish I never took that assignment One comment often encountered when investigating a complaint is “I wish I never took that assignment”. Another is “I should have walked away when I saw the property.” How can you avoid that uneasy feeling when completing an assignment? If this is a typical residential mortgage transaction, things may go fairly smoothly. If the assignment involves appraising a property in a divorce, estate, tax appeal, or anything that might end up in litigation, you should meet with your client to assess whether there could be trouble ahead. One way to avoid this type of surprise is to not consider assignments as being routine. Each assignment regardless of purpose or intent has...

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