Author: AppraisersBlogs

Small Towns and Rural Areas Appraisal Requirements 3

Rural Areas & Small Towns Appraisal Requirements

A common misconception of Fannie Mae’s Appraiser Independence Requirements (AIR) is that lenders are required to use third-party vendors or appraisal management companies (AMCs) to ensure compliance. In fact, lenders are not required to use an AMC or any other third-party vendor to order appraisals…

Proposed Rule for AMCs 0

Proposed Rule for AMCs

Agencies Issue Proposed Rule on Minimum Requirements for Appraisal Management Companies WASHINGTON — Six agencies today issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies (AMCs). An AMC is an entity that serves as an intermediary between appraisers and lenders and provides appraisal management services. In accordance with section 1124 of Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989, as added by section 1473 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the minimum requirements in the proposed rule would apply to states that...

Online Petition to Make a Difference in Customary and Reasonable Appraisal Fees 5

Customary & Reasonable Appraisal Fees

A Cost-Plus fee structure will allow the Customary and Reasonable Fee provision, a component of Appraiser Independence, to be more readily adopted. Fellow Professional Appraiser, I am asking you to take a moment from your busy day to PARTICIPATE in an important industry effort. That issue is referred to within Title XIV of the Dodd-Frank legislation as “Customary and Reasonable Fees”: CUSTOMARY AND REASONABLE FEE In General – Lenders and their agents shall compensate fee appraisers at a rate that is customary and reasonable for appraisal services performed in the market area of the property being appraised. Evidence for such...

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Appraiser Qualifications Board (AQB) Survey

The Appraiser Qualifications Board (AQB) has distributed an online survey to licensed and certified real estate appraisal professionals as part of a practice analysis. The deadline to complete the survey is March 26, 2014 The purpose of the practice analysis is to identify tasks and competencies reflective of the real estate appraiser job role in order to update the examination content outlines for the AQB National Uniform Licensure and Certification examinations. The link to the survey is: https://www.surveymonkey.com/s/AQBSURVEY Participation is essential to the success of the practice analysis. This is a fantastic way for licensed and certified appraisers to give back to...

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Competency

I have had numerous appraisers, both residential and general certified, ask me about various elements of competency. Some are questions regarding levels of certification and property types. On other occasions, the questions have to do more with geographic coverage. Finally, the concept of competency as it relates to various special use property types is the most complex topic I typically discuss with fellow appraisers. Subject Matter First, I will start with residential versus general certification and the common and ongoing concern appraisers have in Missouri. USPAP itself does not dictate what is residential and what is commercial. It simply requires...

USPAP violations 1

FHFA: Fannie, Freddie Fail to Analyze Appraisal Data

Increasing FHFA oversight of UCDP use… Fannie Mae and Freddie Mac failed to fully analyze data from the Uniform Collateral Data Portal and continue to take unnecessary risks when purchasing and guaranteeing single-family residential mortgages, according to a report from the Federal Housing Finance Agency’s Office of the Inspector General, Mortgage Daily reported Feb. 6. The report indicated that the two government-sponsored enterprises are not taking full advantage of appraisal data collected through the UCDP that the Federal Housing Finance Agency directed the GSEs to use in 2010 in an effort to improve loan quality and risk management. Mortgage Daily...

Welcome to Life as an Appraiser in 2014 - Imagecredit Flickr - Nathan 9

Welcome to Life as an Appraiser in 2014

I  want  to meet the lucky appraiser these days who is getting all of the easy appraisals. Welcome  to  life  as  an  appraiser  in  2014.  It  seems every  appraisal  has  time  constraints,  distance constraints  and  knowledge  constraints.  I  want  to meet the lucky appraiser these days who is getting all of the easy appraisals. Surely it can’t be lenders just getting an AVM. If lenders are using AVMs, the lack of quality comparables out there would lead to lenders just  fooling  themselves  and  relying  on  loss  ratios again.   You  would  think  someone  would  say:  been there, done that and got hammered....

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NJ Governor Vetoes BPO Legislation…Again

Legislation that would have significantly expanded the ability of New Jersey real estate brokers and salespersons to offer broker price opinion services did not become law because of a Jan. 21 “pocket veto” by Gov. Chris Christie. This is the second time Christie has vetoed BPO legislation. The legislation (S. 3058) was passed by both houses of the New Jersey legislature Jan. 6, and was presented to Christie for his consideration. However, because the bill was passed by the legislature during the last 10 days of the 2012-13 legislative session (which ended Jan. 14), the governor only had seven days...

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New Appraisal Requirements for REOs

The U.S. Department of Housing and Urban Development will require new appraisals on some real estate-owned properties financed by the Federal Housing Administration, Mortgage Daily reported Dec. 10. Historically, when buyers of REO properties utilized FHA financing they had been able to use the appraisal originally ordered by HUD. However, the updated requirements will require new appraisals in situations where a direct endorsement underwriter decides there is a material deficiency in the original HUD REO appraisal. HUD also will require new appraisals in the instance of an “as-repaired” appraisal being used when a borrower is applying for a 203(l) loan....

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Appraisal Advisor Ceases Operations

It’s with deep sadness that I’m informing you that Appraisal Advisor (www.AppraisalAdvisor.com) is ceasing operations on February 1st. We began with a simple goal of providing transparency to the industry regarding client quality, and tools for appraisers to collect from non-paying clients. The transparency benefited all parties: appraisers, good AMC clients, lenders, and regulators. Unfortunately, the lifeblood of Appraisal Advisor – appraisers submitting client reviews – fell prey to the age-old “80/20” rule. Over 79% of our many thousands of ASC-verified appraiser members submitted zero reviews, while only 3% submitted more than 5 reviews. That was far below what we...

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