Category: Appraisal News

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Newly Formed Appraiser Coalition Seeks Positive Change for the Industry

A group of Real Estate Appraisal experts committed to the preservation, protection and enhancement of the appraisal industry has formed the Appraiser Prosperity Coalition (www.AppraiserProsperity.com), a merger of industry insiders and government affairs professionals dedicated to fighting for the legislative and regulatory changes needed to rebuild the industry in the wake of damaging legislation. As you know, in an effort to remove value pressure from Real Estate Appraisers, the Dodd-Frank law affirmed a move made by the Home Valuation Code of Conduct to transfer most real estate appraisal ordering power from the hands of the 250,000+ Loan Officers in this...

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

Appraisers Now Have a Voice! 6

Appraisers Now Have a Voice!

A voice to this lone wolf profession “Voice of Appraisal” is a show designed to deliver the most up to date news and information for the working real estate valuation professional. The show provides top analysis of real estate trends and issues that affect appraisers nationwide. Our no-nonsense approach to appraisal, real estate, banking and politics creates a cutting edge program that provides an insight into the appraisal profession that is seldom heard. The past 25 years of appraisal organizations, affiliations, coalitions, and designations have left our industry splintered and broken. We have become a group too caught up in...

Appraisal / Appraisal News / Appraisers News

A Journal Piece of Appraiser Independence (Part 2): Appraisal Independence Violated 2

Appraiser Independence Violated

A Journal Piece of Appraiser Independence (Part 2): Appraisal Independence Violated History is an important reminder to us all of what went wrong and what went right. When history is known we tend to skip the mistakes we made. We can either choose the right path for the wrong reason, the right path for the ‘right’ reasons and, we can take the wrong path in a similar manner. The MARKET needs to take the right path for the ‘right’ reasons. In years of late 1998 and 1999 several ideas were brought forth to a Forum filled with Individual Appraisers carrying...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

Appraiser Independence Appraisal Independence 4

A Journal Piece of Appraiser Independence

A Journal Piece of Appraiser Independence (Part 1): Where Do We Go From Here? Buyer Beware! Where is the Value? (PART 1) In the years of 2007/2008, the ideologue of, “Appraiser Independence” had become popular for the real estate market’s economic agents and the processes it relies on to function properly. The idea gained respect, due to the perseverance of Real Estate Appraisers carrying out their Independence, during the decade of 2000-2010. The Home Valuation Code of Conduct (HVCC) was introduced according to prevailing design and initiative:  the advancement of a market in need for an inspired and renewed sense of...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

Small Towns and Rural Areas Appraisal Requirements 3

Rural Areas & Small Towns Appraisal Requirements

A common misconception of Fannie Mae’s Appraiser Independence Requirements (AIR) is that lenders are required to use third-party vendors or appraisal management companies (AMCs) to ensure compliance. In fact, lenders are not required to use an AMC or any other third-party vendor to order appraisals…

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Blacklist Computers judging Appraisers 6

Blacklist: Appraisers Judged by Computers

Blacklist of Appraisers – the End Is/Must Be Near: Advancements in the Art of Blacklisting If you are a real estate professional, please read this, especially if you fear your own business is being damaged by all of the new regulations designed to “help” the real estate industry recover. Imagine you, a hardworking, law abiding taxpayer, are sitting at home one evening watching television when there is a knock at your door. Somewhat surprised by the late hour of the visit, you get up and open the door and three IRS agents barge into your home and declare, “We are...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Quality Monitoring / Appraisers News

What Does the Missing Malaysian Jet have to do with Appraising 0

Malaysian 777 Disappearance and Appraising?

What Does the Missing Malaysian Jet have to do with Appraising? I find it fascinating that a jet full of passengers can just disappear.  As time passes, it is becoming more and more evident that this is not going to end well.  What is interesting to me, however, is the media coverage of the event.  Everyone seems to have a theory as to what happened (including one ‘reporter’ speculating that a black hole might have sucked them up).  The problem?  Most of these theories are based on no more than a hunch.  There is little to no evidence supporting most...

Appraisal / Appraisal News / Appraisers News

Proposed Rule for AMCs 0

Proposed Rule for AMCs

Agencies Issue Proposed Rule on Minimum Requirements for Appraisal Management Companies WASHINGTON — Six agencies today issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies (AMCs). An AMC is an entity that serves as an intermediary between appraisers and lenders and provides appraisal management services. In accordance with section 1124 of Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989, as added by section 1473 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the minimum requirements in the proposed rule would apply to states that...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Subcommittee / Appraisers News

Online Petition to Make a Difference in Customary and Reasonable Appraisal Fees 5

Customary & Reasonable Appraisal Fees

A Cost-Plus fee structure will allow the Customary and Reasonable Fee provision, a component of Appraiser Independence, to be more readily adopted. Fellow Professional Appraiser, I am asking you to take a moment from your busy day to PARTICIPATE in an important industry effort. That issue is referred to within Title XIV of the Dodd-Frank legislation as “Customary and Reasonable Fees”: CUSTOMARY AND REASONABLE FEE In General – Lenders and their agents shall compensate fee appraisers at a rate that is customary and reasonable for appraisal services performed in the market area of the property being appraised. Evidence for such...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CFPB

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Contract Analysis Paralysis

The most critical failure found in appraisal reports that come before the Board, whether residential, commercial, or agricultural, is a lack of analysis.  Appraisers seem to think that citing or reporting is synonymous with analysis. Analysis – to study (something) closely and carefully: to learn the nature and relationship of the parts of (something) by a close and careful examination. The URAR asks: I did or did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. Yet many will write:...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / IDFPR / Illinois Department of Financial & Professional Regulation

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