Author: Dave Towne

GLA Adjustment & Pizza Slices – They Do correlate! 22

GLA Adjustments & Pizza Slices – They Do Correlate!

Determining the GLA Adjustment in Appraisal Reports I promised in a previous post I’d send out my method for determining the GLA adjustment in appraisal reports. Goodness! Appraisers actually found that statement buried in the prior post, and have ‘rung my chimes’ requesting this info! OK, but first, the pizza analogy. I often tell clients and other appraisers that appraising (residential) real estate is far more complex than grabbing a store-bought pre-boxed pizza (that has exactly the same ingredients from box to box no matter which store you shop in) at a grocery and then applying 425 degrees of love...

Appraisal / Appraisal News / Appraisers News / Collateral Underwriter / CU / Fannie Mae - Freddie Mac

Transfer of FHA Appraisals 2

Transfer of FHA Appraisals

FHA Case Transfer FHA Appraisers, The document below was issued yesterday by HUD FHA. Sometimes clients will ask appraisers to ‘put the report into the new lender’s name’ if the lender changes within the allowed time frame for a current appraisal. With FHA, the Case Number and the existing report STAYS WITH THE PROPERTY ADDRESS. The appraiser does not have to re-do a FHA report when the lender changes, per this in the document below: Working with Case Transfers Mortgagees should note the following about case transfers relative to appraisal reports in both the EAD portal and FHAC: If, prior...

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

CU Robot Keeps Score on Appraisers 51

Collateral Underwriter Crumbles

CU Robot Keeps Score on Appraisers Appraisers, No, this is not about “cuukie” crumbles. It’s about what the Fannie Mae Collateral Underwriter (CU) process is finding in far too many appraisal reports. A few days ago, I had an opportunity to speak with someone on the ‘inside’ of Fannie Mae. The discussion evolved to “what are the most serious items the CU process is finding in appraisals?” The CU process, which became effective January 26, 2015, is a giant electronic robot collecting tons of specific data from submitted appraisals to FNMA. This data can then be tied directly to the...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

ppraisers Under Siege & Cost of Appraisals 31

Appraisers Under Siege & Cost of Appraisals

Appraisals that were just $400 are now $550 This little ditty of a few hundred words is via Jonathan Miller’s Housing Notes blog on June 24, which I hope he, and Mr. Chrisman, won’t mind if I re-post. I added a bit more below: Appraisers Remain Under Siege Miller: The banks have won and the appraisal industry has lost. At least for now. Here is a series of feedback from Rob Chrisman (Mortgage News Daily blog) in his must read newsletter on the mortgage industry. It is a heavily read source of in-the-trenches mortgage insights that I subscribe to. He...

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

Income Affected by Low Fees - Let's Talk Fees 50

Let’s Talk Fees

How different fees can affect an appraiser’s income. OK, before you lob spears and bricks my way, we can. This is not a ‘public event’ filled with associates in an open meeting setting. In places like that, the FTC takes dim view of any fee discussion, fearing price fixing and collusion. But privately, fees can be discussed among peers, with no agreement that any certain, mandated fee be charged by everyone. The gubmint can’t stop you from talking with an associate. For weeks and months, appraisers across many of the forums I read have been discussing the need for appraisers...

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

Noise Level Rating 7

Noise Level Rating

How loud is a location due to environmental noise Appraisers, I’m a pen pal to a Southern California appraiser, who posted this message about Soundscore to a forum I read. Here’s a site I found that provides some very useful information as to how loud a particular site or location might be. Type in an address and, voila! Their system comes back with a rating as to how much noise the site has from vehicle traffic, airline traffic, and local sources. It’s on a scale of 50 to 100, with 50 being very loud and 100 being very quiet. This...

Appraisal / Appraisal News / Appraisers News

Earthworm AMCs and Free Appraisals 11

Earthworm AMCs and Free Appraisals

Quit working for the earthworm AMCs I love reading Jonathan Miller’s Housing Notes blog each week. Here is one of his entries from last week. Below this I’ll add my own $0.02. Actually, it’s worth a nickel! Let’s explore the concept of free appraisals. The idea that “you get what you pay for” doesn’t seem to apply to real estate. Appraisers have been under siege for the past decade and the industry is decimated. There are only a few good appraisers left in each market as lenders and the Appraisal Management Companies (AMCs) they use have pressed hard to convert...

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

FHA assignments survey 30

Survey about FHA Assignments

Tell them what it will take to get you to re-start FHA assignments. FHA Appraisers, A new ‘attitude’ survey about doing FHA assignments has been prepared by the Illinois Coalition of Appraiser Professionals (ICAP). ICAP has a planned meeting with FHA, and will use survey results in their discussion. ICAP has asked that I distribute this, and by association, anyone who gets this may re-distribute via any other outlet, email list, etc. Link to the survey. It will take 4 minutes +/- to do this survey, depending on if you add additional comments at the end. One item the survey...

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

USPAP permitted assignments 2

Can You Do a Particular Assignment per USPAP??

Yes, I can Accept That Assignment! Types of assignments… Folks, The Appraisal Foundation, via John Brenan, has released the following, showing which portions of USPAP apply to particular assignments. This involves the applicable Standards and Rules. You may want to print the PDF posted below and keep it under your pillow, or at least with your copy of USPAP! Yes, I can Accept That Assignment! USPAP Flexibility at a Glance Some appraisers may not be aware of the inherent flexibility built into the Uniform Standards of Professional Appraisal Practice (USPAP). Because USPAP is a set of standards that is built...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / The Appraisal Foundation / Uniform Standards of Professional Appraisal Practice

VA recruiting appraisers 11

VA Appraiser Shortage

VA recruiting appraisers in the Western US Appraisers in the Western US, A person I know on the ‘inside’ of VA asked that I distribute this message. They are looking for appraisers in the following states and counties. DO NOT CONTACT ME! READ THE INSTRUCTIONS. If anyone wants to apply for the VA panel, they can send a request to 39/va262@va.gov and ask for the application package. For more information regarding the recruiting process and to download the application, visit Fee or Roster Personnel Designation Application. A credit bureau report will be pulled on all applicants. The credit bureaus used are...

Appraisal / Appraisal News / Appraisers News / The US Department of Veterans Affairs / VA

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