Author: David Brauner

WRE Surveyed Appraisers Say NO to the Bifurcated Model 18

Listening to Appraisers

…appraisers believe that the bifurcated model and the use of unlicensed, untrained and unaccountable contractors for key elements of collateral assessment will adversely affect the health and welfare of the housing finance system, increase their own liability and damage the public trust… It is the goal of the Federal Financing Housing Agency (FHFA) to ensure the health and welfare of the housing finance system. FHFA oversees Fannie Mae and Freddie Mac and has, for the time being, paused the testing and development of bifurcated appraisals that bypass the participation of licensed appraisers (FHFA Puts Brakes on Fannie’s Bifurcated Program). I...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / Federal Housing Finance Agency

Surveys Said: 2017 Fee Survey Analyzing the Data 10

2017 Fee Survey Analyzing the Data

Surveys Said: Increasing Fees and Turn Times… For the last few years the appraisal industry has been abuzz with talk of rising appraisal fees and longer turn times. AMCs complain of a shortage of appraisers and “price gouging” in certain markets (Colorado and Oregon, for instance); appraisers report modest success at raising their fees after years of frustration (See Fees Rising). With over 7,000 appraisers responding so far, the results of the 2017 Working RE/OREP Appraiser Fee Survey is a current source for fee and turn time data by market and nationwide. To view the survey results for your market,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / E&O

College Degree Requirement Misguided & Elitist - AppraisersBlogs 12

College Degree Requirement Misguided

The college degree requirement seems more like a forced attempt at elevating the status of the profession by closing the club, and that strikes me as elitist. I know about half of you disagree but the college degree requirement for Certification was a wrong turn for the industry. To its credit the Appraisal Foundation (TAF) is on the right track in trying to find a way out of the corner it has painted the profession into but it doesn’t look like it intends to go far enough in fixing the problem. As we all know by now, veteran appraisers as...

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

Claims, Complaints and E&O Insurance - Imagecredit Flickr - SEO 1

Claims, Complaints and E&O Insurance

E&O vs. General Liability First some background. Errors & Omissions (E&O) is malpractice insurance for mistakes in your report- say you measure square footage incorrectly. General Liability (GL) covers property damage and bodily injury while you’re at the premises and more. Examples of GL claims are, if during a walkthrough you knock over and break a vase (property damage), or back over and injure a homeowner as you exit the driveway (bodily injury). Business Owners Packages (BOPs) typically go beyond the job site, providing coverage for losses to your own business, such as a trip and fall at your office,...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / Indemnification Clauses

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Troubling Times at Fannie Mae

Appraisers should be concerned by Fannie Mae’s lack of transparency about its Appraiser Quality Monitoring system (AQM). In their published guidance and in various interviews, in the upcoming print edition of WRE (January 2015) and elsewhere, they remain mum on the specifics of a process that can potentially end an appraiser’s career. If they have rules, procedures and guidelines in place to evaluate the work of appraisers in a fair and consistent manner, they are not making the details public. We believe it’s time that they do so. This is from the cover story in the upcoming print edition of...

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

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Can You Use a Sale That Closes the Day After Your Inspection Date?

So, here’s the situation; you are appraising a unique property in a limited area with few sales. You inspect the subject on Wednesday and finally get to the write up on Friday morning. As you are searching the neighborhood for sales, you notice a fairly comparable home that sold on the same street. It happens to be the very best comparable you have. The problem? It sold on Thursday…the day after the inspection date. Bummer! But, can you still use it? In order to answer this intriguing question, let’s step back for just a minute and look at the bigger picture....

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Uniform Standards of Professional Appraisal Practice / USPAP

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