Author: Guest Author

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Valuing Energy Efficiency in Appraisal and Underwriting

We thought there would be some association between energy efficiency and mortgage risk… In March, a joint study by the University of North Carolina at Chapel Hill Center for Community Capital and the Institute for Market Transformation (IMT) found that owners of ENERGY STAR-rated homes are one-third less likely to default on a mortgage than the average borrower. Home Energy Efficiency and Mortgage Risks used a sample of 71,000 home loans from 38 states and the District of Columbia, all derived from CoreLogic’s mortgage database. The sample was restricted to single-family, owner-occupied houses whose loans originated during 2002–2012 and were used...

Appraisal / Appraisal News / Appraisers News / NAR / National Association of Realtors

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Appraiser Independence

Hire an Independent Property Appraiser for an Unbiased Evaluation Dealing in real estate requires a lot of knowledge about property markets. Not all buyers and sellers are well-acquainted with such matters. In such cases, it becomes important to hire a third party like a property appraiser who holds expertise in such matters. Why an Appraiser? Involving a property appraiser brings an element of impartiality in property dealings. When you deal directly with the opposite party

Appraisal / Appraisal News / Appraisers News

Court evidence & appraisers workfile 1

Court Evidence & Your Workfile

How a Few Key Items in your Work File Can Protect You in Court I used to work with someone who had a photographic memory. Most of us are not so lucky, and have to rely on our imperfect memories and good note-taking skills. As an attorney, I document everything. I handle hundreds of cases, and without good documentation I will not remember what I did on a particular day or what support I had for a particular theory. As an appraiser, your work file is your documentation.  Not only is a work file a USPAP requirement1, it can help...

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

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E&O & Claims Issues for Today’s Appraiser

The significant increase in insurance claims and disciplinary complaints against appraisers over the last few years is directly related to the foreclosure phenomenon and subsequent pattern of appraisal reviews performed during the last decade. The validity of both the process and results of these forensic reviews may have little relationship to the subsequent actions by those seeking the deep pockets of the appraiser and their insurance carriers to recover monies lost in bad loans. This trend shows no sign of diminishing. It remains incumbent upon appraisers to understand their errors and omissions insurance policies, any available risk management services available...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / Uniform Standards of Professional Appraisal Practice

Client Clarification Requests Already Stated In Appraisal Reports 2

Clarification Requests Already in Reports

More than Half of Appraisers Responded They Get Clarification Requests from Clients Already Stated in the Report AppraisalPort Weekly Poll Analysis I receive a lot of e-mail from appraisers commenting about the time they spend working on requests for clarification on appraisals they have submitted to their clients. That prompted me to post two polls related to these client requests. The first poll asked, “What percent of your assignments result in a request for clarification from the client?” The results were a little different than expected with nearly half (45%) of the 4,691 respondents stating that they only get a...

Appraisal / Appraisal News / Appraisers News

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FloodInsights Provides National Flood and Florida Sinkhole Reports

Sinkholes have become a very hazardous and costly risk in Florida. There are certain counties: Pasco, Hernando, and Hillsborough where the land is inundated with sinkholes. However over the last few years the risk of sinkhole and subsidence events has been spreading geographically. According the state of Florida, 211 property insurers noted that claims increased from 2,360 in 2006 to 6,694 in 2010.  The total dollar amount of those claims was near $1.4 billion dollars. There has not been a simple answer to why sinkhole incidents have been on the rise in Florida.  It is believed that

Appraisal / Appraisal News / Appraisal Technology / Appraisers News / Business Development

Appraisal of the Industry - analysis - Imagecredit Flickr - VBC17 3

Appraisal of the Industry

Of course any one who has bothered to open USPAP, or read the preface of any appraisal related book is very likely familiar with the valuation process. definition of the problem preliminary analysis data collection highest and best use analysis estimate of land value application of the three appraisal approaches: cost, market, income reconciliation of value estimates report of value Of course the application of this definition and process is where the fun begins. Definition of the problem… If I do not complete this report within the allotted 48 hours that has been so graciously allowed by the high pressure...

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

Non-permitted Additions 4

Non-permitted Additions

“What is the big #$%^&*@! deal with non-permitted additions?” The last few weeks I have noted a common theme in my conversations with appraisers across the nation. This topic seems relatively simple and yet since I have encountered endless questions I thought this post may add something to overall community. The question boils down to “What is the big #$%^&*@! deal with non-permitted additions?”, for residential lending purposes. Of course this stems from the fact that many residential lenders are pushing back appraisals that have given value consideration to an addition which was non-permitted at the time of construction. This...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

One Small Step for an Appraiser; One Giant Step for the Profession of Real Estate Appraising 4

One Small Step for an Appraiser; One Giant Step for the Profession of Real Estate Appraising

On August 10, the Arizona Board of Appraisal dismissed the USPAP violation complaint filed by Chase Bank against John Dingeman on initial file review. Why is this newsworthy? Because it represents a major victory for appraisers everywhere. Dingeman, has been fighting strong arm tactics employed by Chase Bank in an attempt to force him to violate Client confidentiality by discussing details about an appraisal on a no-defunct loan that Chase acquired. Dingman took his fight right to the street starting a petition on Change.org and other outlets to share his story with fellow appraisers. We are happy to also report...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / CFPB

Self Evident Reports 0

Self Evident Reports

Over the span of the last several decades, many residential appraisers were brought into this profession to meet the demand for residential mortgage lending reports. The problem with this has become clear as many were trained with one mindset, residential lending appraisals. They became “self-proclaimed experts” at filing out forms and meeting client expectations. All in the name of doing a good job and making a living. I hold all residential appraisers responsible for this sad state of affairs. Had more of the professional appraisers taken on one or two trainees and mentored them into producing credible reports then perhaps...

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

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