Author: AppraisersBlogs

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Appraisal Advisor Now Completely Free for Appraisers

Appraisal Advisor is completely free for appraisers from here on out. They will not be charging appraisers anything to rate and review clients, and appraisers won’t be charged to view other appraisers’ reviews either. The OCC is now requiring that lenders “assess the third party’s reputation, including history of customer complaints or litigation,” and “assess the third party’s financial condition.” What does this mean for appraisers? It means that lenders are required to listen to what you’re saying about AMCs based on your scores, the invoices, reviews, and fees

AMC / AMC Ratings / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Technology

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OCC bulletin regarding AMCs, lenders, and Appraisal Advisor

On October 30, the OCC issued a bulletin to all national banks and savings associations entitled “Third-Party Relationships: Risk Management Guidance.” The bulletin, in a nutshell, outlines how lenders should manage and ensure compliance of their third party vendors. AMCs, third parties in the OCC bulletin, must be managed by specific guidelines in order for lenders to maintain compliance. Appraisal Advisor offers compliance with that regulation by providing lenders, AMCs, and appraisers with its ratings and reviews system. Appraisers’ constant scoring of AMCs on Appraisal Advisor is now, more than ever, THE key deciding factor in which AMCs lenders use....

AMC / AMC Ratings / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Technology

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Fannie Mae Releases UCDP Appraisal Notes

Fannie Mae will implement new proprietary appraisal messages in the Uniform Collateral Data Portal beginning Nov. 9, the government-sponsored enterprise reported Sept. 24. The new appraisal messages will expand on existing Fannie Mae appraisal messaging and focus on providing additional data validation and reasonableness checks. The messages also will highlight possible eligibility concerns prior to loan delivery. The data included in the reports is based on the appraisals provided to the UCDP in the previous month, and includes an overview of all appraisal messages (including Fannie Mae critical messages),

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

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GSEs Still Finding Problems with Home Appraisals

Three years after the creation of a database seeking to standardize the home appraisal process, Fannie Mae and Freddie Mac continue to see major issues in numerous appraisals submitted by mortgage lenders, American Banker reported Sept. 12. Fannie Mae conducted a sampling of appraisals and determined that 17.6 percent contained contradictory information, typically pertaining to the condition or quality of the property, Robert Murphy, the GSE’s director of collateral and single-family risk policy, told a Phoenix conference of risk managers. He added that those two factors are the most important in determining a property’s value. Elevated appraisals contributed to the...

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

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Appraisal Guidelines

In the August edition of the AppraisalPort Newsletter, I reported on some of the general information covered at the National AI Connect Conference in Indianapolis, July 23-25, 2013. This was a great conference, covering a wide range of topics. This month, I want to pass on some information covered in one of the breakout sessions for residential appraisers. The session was titled, “Residential Chief Policy Roundtable” and included presentations from Fannie Mae’s Robert Murphy, the Appraisal Institute’s Bill Garber, HUD’s Ada Bohorfoush, and the VA’s Gerald Kifer. At Fannie Mae, Murphy handles many of the issues regarding appraisers and the...

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

Appraisers Expect Continued Growth 2

Appraisers Expect Continued Growth

Appraisers Expect Continued Growth: Appraisal Institute Survey CHICAGO, Oct. 22, 2013 /PRNewswire-USNewswire: Appraisers anticipate continued growth in mortgage lending appraisals and in specialized areas of consulting, according to a recent survey conducted by the Appraisal Institute, the nation’s largest professional association of real estate appraisers. Commercial appraisers said the top five areas of growth in the next one to two years (in order of potential) are mortgage lending appraisals, land valuation, litigation valuation/forensic appraisal, real estate consulting (fee-based) and right-of-way/easements. Residential appraisers said the top five areas of growth are mortgage lending appraisals, review appraisal services, real estate owned/foreclosures/short sales,...

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

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What Can the Government ‘Shutdown’ Teach the Appraisal Industry?

First of all, let’s be clear… it was not really a complete ‘shutdown.’  A large majority of federal workers were still at work, but for those who were furloughed, it was uncomfortable and scary for sure.  Though the can has officially been kicked down the road for a few more months, we will face another ‘crisis’ soon enough.  So, what can this debate teach us about appraising?  It turns out… quite a bit. Why did Congress and the President choose to delay the real problem with our national debt and budget—yet again—rather than just deal with the problem?  Why was...

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

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...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / NCAB / North Carolina Appraisal Board

Alternative valuation products 1

Alternative Valuation Products & USPAP

Alternative Valuation Products and the Uniform Standards of Professional Appraisal Practice The Appraisal Foundation has drafted a white paper on Alternative Valuation Products and the Uniform Standards of Professional Appraisal Practice (USPAP). The white paper is intended to provide information to assist appraisers, users of appraisal services, and others, with a greater understanding of Alternative Valuation Products and their use in the marketplace. The paper also attempts to view these products in light of an appraiser’s USPAP obligations. All interested parties are encouraged to comment in writing before the deadline of December 31, 2013. Send comments to TA…@appraisalfoundation.org. Introduction In...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Automated Valuation Models / AVM

Proposed Amendments to the Sentencing Guidelines in Mortgage Fraud Cases 2

Appraisal Fraud – Stay Vigilant

Remaining Vigilant Against Appraisal Fraud While recent studies show that appraisal fraud is on the decline, the nation’s largest professional association of real estate appraisers still cautions lenders and other real estate industry professionals to be on the lookout for suspicious activity. According to CoreLogic’s Second Quarter Mortgage Fraud Report, the risk of mortgage fraud decreased during the second quarter with valuation fraud showing the biggest improvement, falling 7.1 percent between the first and second quarters of the year. However, fraud has escalated in cases where potential borrowers attempt to deceive lenders about their incomes. The report showed that an...

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

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