Author: AppraisersBlogs

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Fannie Mae and Freddie Mac UAD Update

January 29, 2013 – Uniform Appraisal Dataset Update and Uniform Collateral Data Portal Release Notification As communicated in the September UAD Update, Fannie Mae and Freddie Mac (the GSEs) will convert several of the current Uniform Appraisal Dataset (UAD) compliance warning edits to fatal UAD edits in the Uniform Collateral Data Portal® (UCDP®) during 2013. The first phase, targeted for implementation in June 2013, will include warning edits for the following data fields converting to fatal UAD edits: Appraisal effective date Subject contract price and comparable sale price Above grade Gross Living Area (GLA) (subject and comparables) Sale type (subject...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / UAD / Uniform Appraisal Dataset

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Rate AMCs and Lenders

Because life’s too short for a bad client Appraisal Advisor provides a suite of tools to anonymously view, rate and review AMCs and Lenders using criteria that only matter to appraisers like you. You can search for good and bad clients, view average payment time frames, see average fees, gain a better negotiating stance, and much more. Founded in 2011, Appraisal Advisor is a real estate appraisal technology company that gives appraisers the tools to better manage their clients. It provides an anonymous community to score AMCs and lenders with its review and ratings

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

Appraisal Institute Releases Enhanced ‘Green’ Addendum 0

What is the Value of ‘Green’?

An academic study released last year found that homes with green labels provide a market premium of 9 percent compared to similar homes without the labels. The study, “The Value of Green Labels in the California Housing Market,” examined how green and energy efficient features impacted the sale price of homes in California. It was published by Nils Kok, Maastricht University, Netherlands/University of California, Berkeley; and Matthew E. Kahn, University of California, Los Angeles. The study also found: The premium associated with green labels is highest in areas with hotter climate. The premium is positively correlated to the environmental ideology...

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

NCRC Statement on CFPB Appraisal Rules 0

NCRC Statement on CFPB Appraisal Rules

Washington, DC Jan 18, 2013 – Today, in reaction to the Consumer Financial Protection Bureau’s (CFPB) release of new appraisal rules, NCRC President and CEO John Taylor made the following statement: “The CFPB’s new appraisal rules promote transparency and fairness for consumers. In a step that NCRC has long called for, all consumers will now receive copies of appraisals and automated valuation model (AVM) reports and will be able to check them for errors. Further, consumers and industry alike will benefit from the use of responsible valuation professionals in high cost loan origination. We are very pleased that the CFPB...

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

Consumer Access to Appraisal Report 0

CFPB Adopts Rule to Improve Consumer Access to Appraisal Reports

CFPB Rule gives consumers additional rights to information on how a home value is determined Washington, D.C., Jan 18 2013 – Today the Consumer Financial Protection Bureau (CFPB) adopted a new rule that requires mortgage lenders to provide applicants with free copies of all appraisals and other home-value estimates. The rule will ensure that consumers can receive information prior to closing about how the property’s value was determined. “This rule will guarantee consumers can receive important information on how a lender determines the value of the home,” said CFPB Director Richard Cordray. “Having this information available promptly makes it easier...

Appraisal / Appraisal News / Appraisers News / CFPB / Consumer Financial Protection Bureau / Dodd-Frank Act / C&R Fees

Higher-priced mortgage loans 0

Final Rule on Appraisals for Higher-Priced Mortgage Loans

Agencies Issue Final Rule on Appraisals for higher-priced Mortgage Loans Washington, D.C. – Six federal financial regulatory agencies today issued the final rule that establishes new appraisal requirements for “higher-priced mortgage loans.” The rule implements amendments to the Truth in Lending Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). Under the Dodd-Frank Act, mortgage loans are higher-priced if they are secured by a consumer’s home and have interest rates above certain thresholds. For higher-priced mortgage loans, the rule requires creditors to use a licensed or certified appraiser who prepares a written appraisal...

Appraisal / Appraisal News / Appraisers News / CFPB / Consumer Financial Protection Bureau / Dodd-Frank Act / C&R Fees

Appraisal Today Blog 0

Ann O’Rourke Launches Appraisal Today Blog

Ann O’Rourke, MAI, SRA, MBA, Appraiser and Publisher of Appraisal Today newsletter, recently launched the Appraisal Today Blog. In an email to her subscribers, she writes: I have been wanting a place where readers can post comments for quite a while.  Several years ago I tried using wordpress. But, my newsletter web site and wordpress were hosted on a shared server with my ISP, and I had lots of problems – hundreds of spams, very slow connection, etc. So I gave up until now and use wordpress.com to host my blog. WordPress is not easy but is very flexible, and...

Appraisal / Appraisal News / Appraisers News

CoesterVMS Flat Fee Appraisal Structure Controversy 3

CoesterVMS Flat Fee Appraisal Structure Controversy

Lately, there has been some controversy surrounding the announcement of CoesterVMS implementation of a flat fee appraisal structure which went into effect on January 1. The announcement appeared on CoesterVMS Blog on January 7: CoesterVMS, a nationwide appraisal management company, has implemented the appraisal industry’s first ever flat fee model for residential appraisals. Under the flat fee model, which took effect on January 1, 2013, all conventional appraisals for mortgage lenders are priced at $450 while FHA appraisals are $475*. Customarily, appraisal management companies utilize a tiered fee structure, whereby prices are determined based on the property type or the...

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

Solidifi & Kirchmeyer Merger 0

Solidifi & Kirchmeyer Join Forces

Solidifi and Kirchmeyer complete deal positioning Solidifi as 3rd largest independent provider of residential real estate appraisals Companies consolidate offices in Buffalo, New York Solidifi Inc., Buffalo, New York, January 7, 2013 — Solidifi and Kirchmeyer, two leading independent real estate appraisal management companies, have joined forces in a deal that will see Solidifi become the third largest independent provider of residential real estate appraisals in the country. The company is a trusted, well-capitalized alternative to traditional appraisal management companies servicing more than 50% of the nation’s top lenders. “Following a $22 million financing in 2012, Solidifi is in growth...

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

Petition Concerning the Interim Final Rule on Appraiser Independence 1

Petition RE the Interim Final Rule on Appraiser Independence

The National Association of Independent Housing Professionals (NAIHP) led by Marc Savitt is petitioning the Consumer Financial Protection Bureau and is asking those harmed by the Interim Final Rule on Appraiser Independence to sign and forward the online petition. To Consumer Financial Protection Bureau (CFPB), Richard Cordreay, CFPB Director: Allow NMLS loan originators to order appraisals directly from appraisers Consumers and small business are being significantly harmed by the Interim Final Rule on Appraiser Independence. Consumer costs have increased by over 2.8 Billion dollars a year; thousands of small business residential appraisers have gone out of business, as the rule diverts...

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

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