Category: Appraisal Organizations

Sanitizing appraisal images 1

Picture This! If You Dare!

Images of personal items and people must go! Crime and Punishment The appraiser who took the interior image below is currently serving a ten year sentence in the Fair Housing Maximum Security Prison outside of Atlanta. The charges ranged from willful imaging of stockings hung with care to wanton display of a nutcracker and malicious showcasing of Micky and Minnie without their written consent. Actually, the image below was taken by yours truly about a decade ago and somehow survived the underwriting process. The mythology of what constitutes a Fair Housing violation continues to vex this profession like some movie...

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

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Supervisory Appraiser & Trainee Appraiser

AQB Issues Proposed Supervisory Appraiser and Trainee Appraiser Course Objectives and Content Outline The goal of the Real Property Appraiser Qualification Criteria (Criteria) is to promote and maintain a high level of public trust in appraisal practice by establishing minimum education, experience, and examination requirements for real property appraisers. On December 9, 2011, The Appraiser Qualifications Board (AQB) adopted changes to the Criteria that will become effective January 1,2015. These changes represent minimum national requirements that each state must implement no later than January 1, 2015. One of the changes adopted by the AQB requires that both Supervisory Appraisers and...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / AQB / The Appraisal Foundation

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AI Asks HUD to Withdraw Section 8 Provision Eliminating Appraisals

The Appraisal Institute and the American Society of Farm Managers and Rural Appraisers issued a comment letter July 16 in response to the U.S. Department of Housing and Urban Development’s proposed rule on regulatory changes to their Section 8 Voucher Program. The rule proposes to eliminate an existing requirement that an appraisal be used to determine initial rent contracts to a Section 8 building owner. HUD cited a “lack of availability of state-certified appraisers” and “increased expenses in order to acquire state-certified appraisers” as the reasons for eliminating the appraisal requirement. In their joint letter, AI and ASFMRA asked HUD...

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

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Appraisal Practices Board: A Free Resource for Appraisers

The genesis of the Appraisal Practices Board was the collapse of the housing market in 2008… Congressional Hearing Provides Opportunity to Clarify Purpose – FOR IMMEDIATE RELEASE June 29, 2012. Washington, DC – The Appraisal Foundation (TAF), a non-profit education organization dedicated to professional valuation, testified yesterday before the U.S. House of Representatives, Committee on Financial Services, Subcommittee on Insurance, Housing and Community Opportunity. The hearing, entitled Appraisal Oversight: The Regulatory Impact on Consumers and Businesses, focused on the Appraiser Regulatory System in place today and whether there is need for modifications or improvement of this system. One issue discussed...

AI / American Society of Appraisers / APB / Appraisal / Appraisal Institute / Appraisal News

Drive By Upgrade 0

Drive By Upgrade

How many times have you received a drive-by assignment only to come across a view from your car like the image below? This was my view back in the summer of 2004. I notified my client that they needed to upgrade to a full interior/exterior inspection appraisal. The loan officer had a fit. “The house is over 4,000 square feet. They just put $100,000 into a new addition and installed a massive new deck!” barked the loan officer. “Then I definitely need to get inside,” I said. She cancelled the order. When they took back the house in 2008, none of...

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

Appraisal Complaint Hotline to Open This Year 2

Appraisal Complaint Hotline to Open This Year

Appraisal Complaint Hotline The Appraisal Subcommittee, a federal monitor of state bodies responsible for governing valuations, will open an appraisal complaint hotline by the end of the year, HousingWire reported July 2. The appraisal complaint hotline, required by the Dodd-Frank Act, will allow homebuyers, real estate agents, lenders and others in the industry to file complaints about appraisers and appraisal management companies. “ASC member agencies are currently working to finalize the details for how they will handle the referral of a complaint from the hotline,” ASC Executive Director James Park noted in House testimony, HousingWire reported. Park reported that a...

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

Lenders May Still Profit Most from Appraisal Fees 3

Revealing AMC Fees Optional Under Proposed Disclosure Forms

On July 9, the Consumer Financial Protection Bureau released its proposed rule for mortgage disclosure forms designed to help consumers shopping for a home loan. The CFPB also showed the latest versions of its loan estimate form and its closing form. Part of the CFPB’s “Know Before You Owe” mortgage project, the proposed rule includes two forms that borrowers will receive after applying for a mortgage but before closing on their homes. The Appraisal Institute previously had expressed its support for the new forms, but asked that the CFPB separate the appraisal fee from the appraisal management company fee to...

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

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Differences Between Neighborhood and Market Areas & Analysis

Neighborhood is broad and general in nature… When examining appraisal reports, it is commonly noted that the Neighborhood section of the 1004 appraisal report contains data for sales of properties that are comparable and competing to the subject, rather than for sales of all homes of the same category (i.e., single family detached). Professional appraisal reference works, such as Appraising Residential Properties, 4th Edition (published by Appraisal Institute) address the differences between a “neighborhood” and a “market area.” Further, various Fannie Mae selling guides and announcements, and the HUD 4150.2 handbook contain guidance for appraisers regarding the analysis of neighborhood...

1004MC / AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

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Regulators Should Take Actions to Strengthen Appraisal Oversight

Fed Report Scrutinizes Appraisal Processes The Government Accountability Office released a report June 28 that scrutinized real estate valuations in the wake of the recent mortgage crisis. The report, Residential Appraisals — Regulators Should Take Actions to Strengthen Appraisal Oversight, was produced using data from Fannie Mae, Freddie Mac and five of the biggest mortgage lenders. The report revealed that valuations received through broker price opinions and automated valuation models take less time and are less costly than traditional appraisal reports, but traditional appraisal reports are still mandated for almost all first-lien residential loan originations due to their greater reliability....

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

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Virginia Enacts New AMC Law

Gov. Bob McDonnell signed legislation (H.B. 408) April 11 that made Virginia the 10th state to enact new regulations regarding the operation of appraisal management companies. The new law will become effective July 1. Under the law, AMCs operating in Virginia will be prohibited from influencing or attempting to influence the development, reporting, result or review of a real estate appraisal through coercion, extortion or collusion by withholding or threatening to withhold timely payment or future business from an appraiser. AMCs also will be prohibited from: removing an appraiser from an AMC’s panel without first giving written notice to the...

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

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