Yearly Archive: 2014

FHA Issues Draft of New Appraisal Requirements 1

FHA Issues Draft of New Appraisal Requirements

The Federal Housing Administration on July 31 issued drafts of four new appraiser policy documents that it plans to add to its Single-Family Housing Policy Handbook. The FHA is seeking feedback before the documents are finalized. The draft documents relate to FHA appraiser eligibility requirements and the application process, as well appraiser responsibilities and compliance actions, eligibility guidelines for appraisers performing appraisals and reporting results, data delivery requirements related to the FHA Uniform Appraisal Dataset and instructions to help appraisers accurately complete FHA appraiser forms. FHA developed the documents in an effort to provide appraisers a more consistent approach to...

1004MC / Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA

Real estate appraisers stats 3

Drop in US Real Estate Appraisers Slows: AI Research

80,500 Total number of active real estate appraisers CHICAGO (July 31, 2014) – The number of active real estate appraisers in the United States fell less than 1 percent in the first half of 2014, the Appraisal Institute announced today, lower than the average annual decrease of 2.6 percent over the past six years. Research conducted by the nation’s largest professional association of real estate appraisers found that as of June 30, the total number of active real estate appraisers in the U.S. stood at 80,500, down from 81,050 on Dec. 31, 2013. A broader analysis suggests the rate of...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

Alliance Allows San Diego-Based Property Data Service to Offer E&O Coverage at No Additional Cost to Qualified Residential Appraisers 0

E&O Coverage at No Additional Cost

Alliance Allows San Diego-Based Property Data Service to Offer E&O Coverage at No Additional Cost to Qualified Residential Appraisers SAN DIEGO, CALIF. (July 28, 2014) – National Data Collective (NDC), a San Diego-based property data company serving real estate professionals, announced today that it has formed a strategic alliance with CRES Insurance, LLC, a leader in protecting the real estate industry with risk management services and insurance solutions. NDC offers a subscription-based data service to appraisers, providing access to a database of full property profiles, assessor records, deed history and comp reports for more than 130 million properties nationwide. NDC has joined...

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

AMCs stats 4

AMCs…Some Statistics

Some stats on Appraisal Management Companies (AMCs) Most AMCs are small companies. 86% have annual gross revenue less than $10 million. Conversely, 13% have annual gross revenues of over $50 million. AMCs are more frequently adopting a “cost plus” pricing model for their services. This means they charge a separate fee for their service and are transparent about their fees paid to an appraiser. (Note: Arizona Appraisal Statute requires appraisers to disclose the fees they have been paid by an AMC in the Scope of Work section of the appraisal). 35% of the AMCs surveyed are headquartered in the western...

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

USPAP violations 2

Commonly Encountered USPAP Violations

USPAP Violations… This is a list of USPAP violations most commonly encountered by the Texas Appraiser Licensing & Certification Board’s staff appraiser-investigators when investigating complaints filed with the Board. This list of violations is given for informational purposes only and does not constitute legal advice or instructions on how to properly comply with USPAP or properly complete an appraisal assignment. Most Commonly Encountered USPAP Violations: Sales Comparison Selection of Comparable Properties. Failing to select and/or support the selection of comparable sales using recognized methods and techniques. Examples include: Leaving the subject’s neighborhood when sales data is readily available in the immediate neighborhood; Searching by...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Real Estate Owned / REO

Appraisal USPAP Definition 0

Illinois Considers Bill to Clarify BPOs, CMAs

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...

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

Goodbye to AMCs - City pays multi billion settlement 5

Goodbye to AMCs – Citi to Pay $7 Billion

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...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Home Valuation Code of Conduct

Like Type Properties - comparables 1

Like Type Properties

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...

Appraisal / Appraisal News / Appraisers News

AMC Staff - Overseas AMC Staff - Outsourcing 3

Overseas AMC Staff: Could I Speak to “Villiam?”

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?”...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Quality Monitoring / Appraisers News

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Real Estate Appraiser Lifestyle

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…

Appraisal / Appraisal News / Appraisers News / Dodd-Frank Act / C&R Fees / Home Valuation Code of Conduct / HVCC

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