Category: AI

Appraisers Confident in Housing Market 0

Survey: Appraisers Confident in Housing Market

Appraisers mostly are upbeat about home price increases and generally are becoming more confident about the state of the U.S. housing market, according to survey results released April 24 by Leawood, Kan. – based appraisal management company United States Appraisals. The survey of 600 appraisers revealed that 55 percent indicated a mildly or moderately strong level of confidence in the housing market while 25 percent said they were neutral. “Appraisers tend to be realistic,focused on their local markets and unmoved by news stories and national numbers,” Aaron Fowler, president of United States Appraisals, said in a news release. “We believe...

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

North Dakota AMC law 1

North Dakota Governor Signs AMC Law

AMC Law in North Dakota North Dakota became the 37th state to enact a comprehensive law requiring the registration and oversight of appraisal management companies on April 12 when House Bill 1389 was signed into law by Gov. Jack Dalrymple. The law takes effect on Jan. 1, 2014. Under the new law, entities involved in the residential collateral valuation process must register with the North Dakota Real Estate Appraiser Qualifications and Ethics Board if they oversee a panel of more than 15 independent contract appraisers in North Dakota or 25 or more nationally. Entities that exclusively employ appraisers on an...

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

Total number appraisers stats 4

Certified Appraisers Up but Total Number of Appraisers Down

Certified Appraisers at All-time High but Total Number of Appraisers Continues to Decrease The percentage of appraisers with a state certification is at an all-time high but the total number of appraisers continues to decrease at a rate of about 3 percent per year, according to data released April 9 by the Appraisal Institute. Appraisal Institute has analyzed data from the Appraisal Subcommittee National Registry since 2006, and the long-term trend shows that with more than half of U.S. appraisers aged 51 to 65, the appraiser population could decrease 25 to 35 percent over the next 10 years due to age...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

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Kentucky Passes Legislation Helping Appraisers Harmed by AMCs

On March 21, Kentucky Governor Steve Beshear signed into law House Bill 120, which created a new appraisal management company recovery fund to replace its current surety bond requirement. The Kentucky Real Estate Appraisers Board will establish procedures for making claims against the fund and will administer the funds in order to provide restitution to licensed or certified real property appraisers who have suffered pecuniary harm by an AMC. Appraisers will be able to seek

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

Appraisal Institute Releases Enhanced ‘Green’ Addendum 2

AI Releases Enhanced ‘Green’ Addendum

The Appraisal Institute released on March 7 an updated version of its Residential Green and Energy Efficient Addendum. The form is designed to assist in the valuation of energy-efficient home features, and it remains the first of its kind specifically intended for appraisers’ use. AI originally issued its green addendum in September 2011 as an optional form to Fannie Mae Form 1004, which is the valuation profession’s most widely used form for mortgage lending purposes. The addendum allows appraisers to identify and describe a home’s green features, from solar panels to energy-saving appliances. Form 1004 devotes limited attention to energy-efficient features,...

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Appraiser Complaint Forms 0

AI Advocates for Issue-Specific Appraiser Complaint Forms

The Appraisal Institute and the American Society of Farm Managers and Rural Appraisers jointly sent a letter Feb. 28 to the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Comptroller of the Currency expressing concern about the broad reach of a proposed Interagency Appraisal Complaint form. The agencies intend to provide a copy of the form to individual complainants, who, in turn, will return to the agency for information gathering and potential referral. In its letter, AI and ASFMRA expressed concern that the proposed form may not be the most effective approach and instead recommended complaint forms...

AI / American Society of Farm Managers and Rural Appraisers / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

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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BPC Report: Eliminate GSEs, Rethink Appraisal Processes

A Bipartisan Policy Center report released Feb. 25 primarily focused on reducing the government’s role in the nation’s housing finance system, but it also proposed changes to current appraisal policy. Appraisal-specific recommendations contained within the 136-page report, titled “Housing America’s Future: New Directions for National Policy,” focused on banning the use of distressed home sales as comparables by appraisers, a practice the BPC said was helping to depress local home values and impacting buyers’ ability to secure financing. The report suggested that Fannie Mae, Freddie Mac and the Federal Housing Administration should refuse to accept distressed sales as valid comps,...

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ASC letter RE Launch of the 0

Appraisal Hotline Operations Details

Appraisal Institute Wants Details on Appraisal Hotline Operations The Appraisal Institute and the American Society of Farm Managers and Rural Appraisers jointly sent a letter Feb. 12 to the Appraisal Subcommittee asking that it make its proposed protocol for operating the “appraisal hotline” available for public comment prior to its March 29 implementation. In the letter, AI and ASFMRA said that while the concept of a hotline is sound, there exists almost no understanding among state appraiser regulatory officials, practicing appraisers and real estate and mortgage professionals as to how the hotline would function or even of its intended purpose....

AI / American Society of Farm Managers and Rural Appraisers / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

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Guidance RE Exposure Time

New Guidance Helps Appraisers Analyze Exposure Time The Appraisal Institute published “Guide Note 14: Concept of Exposure Time” Feb. 12 to help appraisers understand exposure time and how to incorporate its analysis into appraisals. The guidance addresses how appraisers should link exposure time, which refers to the time a property remains on the market, to their value opinion and comply with the Uniform Standards of Professional Appraisal Practice. The Guide Note states, “An analysis and opinion of Exposure Time is required for appraisals where the definition of value is tied to a reasonable or stipulated exposure time. A discussion of...

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