When and how BPOs and CMAs may be performed by brokers & managing brokers Legislation that would clarify several aspects of an Illinois law governing broker price opinions and comparative market analysis has passed the state legislature and currently is under consideration by Gov. Pat Quinn, the Appraisal Institute reported July 23. SB 3044 adds definitions of both BPOs and CMAs to the state’s Real Estate Appraiser Licensing Act and its Real Estate Licensing Act, and clarifies when and how BPOs and CMAs may be performed by brokers and managing brokers. The bill was sent to Quinn June 27, and...
Did Citigroup Get Off Easy With $7 Billion Penalty? Citigroup will pay $7 billion to resolve claims it misled investors who purchased shoddy mortgage-backed securities that helped lead to the financial crisis six years ago, Reuters reported July 14. The deal includes the largest civil fraud penalty ever levied by the U.S. Department of Justice. The multi-billion-dollar settlement is more than twice what many analysts expected but less than the $12 billion the government sought in negotiations with Citigroup. All those who argue about the causes of the real estate crisis cannot discount yet another billion dollar settlement. Over and...
Without finding the proper comparables, an appraiser is easily challenged.. Very recently, I was presented with an appraisal report that was actually a fourth revision. The appraiser had accurately completed a report and submitted the report for consideration to the lender, then over the next six weeks apparently, was barraged with a continual flow of reconsideration requests and alternative comparables, until the report appraiser finally felt pressured enough not only to re-grid alternative comparables, but also to change the opinion of value by almost 20%. I was involved in a quality assurance review and, fortunately for the appraiser, was able...
AMC Staff: “HELLO! Bill. Could I please speak to Villiam?” At least one appraisal management company (AMC) put a new accent on appraising by having the point of contact be in another country—specifically, a call-center in India. According appraiser Bill Streep, this is how the conversation went: Bill Streep: “Hi, this is Bill.” AMC Staff: “HELLO! Bill. Could I please speak to Villiam?” Bill Streep: “This is Bill.” AMC Staff: “Yes, Bill. I need to speak to Villiam.” Bill Streep: “My name is Bill, it’s short for William.” AMC Staff: “Yes… (insert long pause) Could I please speak to Villiam?”...
I cannot help but wonder why more appraisers do not jump ship and find another career if it is so bad out there. Now, I am not without compassion. I know it is not as easy as trading in your clipboard for a spatula. Changing jobs is a difficult process and does not happen without much consternation and heartache. However, I tend to think that so many of us are sticking it out because…
Let’s compare the average appraisal fee to the cost of gas during the last 20 years. One of the requirements of your job as an appraiser is getting to the property to appraise it. Unless you are appraising a property within a few blocks of your own house or office, chances are that you will be driving there. Today, the costs of driving — higher gas prices, higher insurance premiums and higher maintenance costs — have gone through the roof. This got me thinking: the cost of almost everything that we, as appraisers, need to do to successfully perform our...
