Author: AppraisersBlogs

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FHA Electronic Appraisal Delivery (EAD) Portal

Use of the Electronic Appraisal Delivery portal will be required for all FHA-approved mortgagees, effective for FHA case numbers assigned on or after June 27, 2016.  Mortgage Letter 2015–08  published on March 26, 2015, provides more information. FHA’s EAD portal is a web-based technology system that enables electronic transmission of appraisal data and reports to FHA by FHA-approved mortgagees and/or their designated third-party service providers prior to loan endorsement. Features The EAD portal’s system messages provide real-time feedback on compliance with FHA appraisal data and report requirements. The portal leverages industry data standards and industry appraisal practices, and: Offers process efficiencies inherent...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

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Helpful Appraisal Tips From the Seattle Chapter of the Appraisal Institute

Last Fall I had the pleasure of attending the annual conference presented by the Seattle Chapter of the Appraisal Institute. I was able to sit in on some interesting educational sessions. With all the conversation in industry surrounding CU and other initiatives directly impacting appraisers, I felt highlights from the educational sessions would be beneficial. The following information is from a presentation by Clark Dickson with HomeStreet Bank called, “Appraising for Lenders in Today’s World.” Mr. Dickson’s presentation was about appraisal quality and what it takes to have your appraisal be acceptable in today’s lending environment. He said that everything...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisal Quality Monitoring

Virginia Enacts Law on Reasonable and Customary Fees 8

Virginia Enacts Law on Reasonable and Customary Fees

Virginia Gov. Terry McAuliffe on March 23 signed into law S.B. 1445, which requires appraisal management companies operating in the state to compensate appraisers at a reasonable and customary rate. The legislation gives the Virginia Real Estate Appraiser Board authority to take administrative action against AMCs not paying appraisers customary and reasonable fees in accordance with federal law. Prior to enactment of the legislation, Virginia law already required an appraiser engaged by an AMC to disclose as part of the appraisal report the actual fee they were paid. In 2014, the Virginia Center for Housing Research and the Virginia Tech...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

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Arizona Board of Appraisal Eliminated

Arizona will join a handful of states that don’t have an appraiser board or commission. Arizona Gov. Doug Ducey on March 12 signed into law SB 1480, legislation that eliminates the Arizona Board of Appraisal effective July 1. The ABOA’s administrative functions will be reassigned to the Department of Financial Institutions. This provision was included in the state’s FY 2016 budget that passed the legislature March 7. Arizona will join a handful of states that don’t have an appraiser board or commission. According to the Executive Summary accompanying the Governor’s budget proposal, the action was necessary because the shrinking population...

ABOA / AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

Appraisal Bias Appraiser Pressure ~copyright AppraisersBlogs 9

Why All Appraisals are Always Wrong

Appraisal Bias & Appraiser Pressure: Why All Appraisals are Always Wrong Real estate markets cooled down in the fourth quarter of 2014, and despite historically low interest rates, refinance volumes dropped as well. The increasing pressure on lenders and real estate agents to maintain loan and sales volumes has brought about renewed interest in appraisal accuracy and increasing concern that residential real estate appraisals are inflated. A recent Wall Street Journal article asserts that “home appraisers are inflating the values of some properties they assess (appraise), often at the behest of loan officers and real estate agents, in what industry...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

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Original Comparable Photos

I recently received an AMC update and reminder about the need for and why actual comparable photos are necessary. My reply: Original Comparable Photographs: Scope of Work Point 3: Inspection of the comparable sales from at least the street. This requirement does not tie the appraiser to a specific time for that inspection. Geographical competence would have the appraiser in the area of the comparables many times, and depending on the appraiser’s experience, for many years. Taking a comparable photo a month, six months, a year or more after the sale, does not represent the sale’s condition at the time...

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

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“Should CU be Transparent” Survey Results

FNMA’s CU is causing a big industry ruckus. ICAP member Keith Wolf, SRA, AI-RRS, created a survey in January because opinions being posted across multiple message boards and blogs are fragmented. The results of this survey are out and show that a vast majority of appraisers believe Fannie Mae CU should be transparent. Nearly 70 percent of appraisers said that they will increase fees to cover the extra work CU may cause and 80 percent believe that CU risk scores will cause lenders and AMC clients to request appraisers to fit comps to the CU model. Also 73 percent believe that...

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

Appraisers join and fight back 5

Appraisers, Pull Together and Fight Back!

Dear Real Estate Appraisers of America, To date, each of you have invested years of your life and tens of thousands of dollars to create your real estate appraisal career. No small feat. You have sacrificed greatly to get to where you are. And, now you are feeling as if everything you have worked so hard for is being stolen away from you. Tragically, over the last 5 years there has been a whirlwind of events that has resulted in a very frustrating situation for appraisers. AMCs who have been permitted to increase profits by driving down appraiser fees and...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

USCRAP destruction of appraising 9

USCRAP – Systematic Destruction of Residential Appraising

We Studied USCRAP… Not so long ago I had multiple clients. They would call me if they needed my professional services and trusted me to perform a satisfactory service. I’m a streetwalker. I drive and walk the streets looking at houses and photographing them from the street (outcalls) and sometimes going inside to determine condition (in calls). This worked well for many years until the Federal Government got involved in the late 1980s. The Feds discovered that a few streetwalkers had exaggerated their claims of professionalism and service and declared in the 1989 DIARRHEA that all streetwalkers must be licensed...

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

Share Comps: Shared Appraiser-Only Database 5

Comps Exchange Data Base

I’ve always said that I think it’s insane that everyone has access to appraiser-provided data EXCEPT the appraisers who generated the appraisals in the first place. That needs to be fixed. So, we’re creating a system enabling you to seamlessly share comps among yourselves. You’ll have the same data that’s being used to judge you. We’re confident it will be effective: a la mode users alone generate enough appraisals per day to cover the entire market with high quality subject and comp data. With just the existing TOTAL and Aurora users joining in, tens of millions of comps will be available, exactly like in...

a la mode / Appraisal / Appraisal News / Appraisal Software / Appraisers News / Collateral Underwriter

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