Category: Appraisal News

Why do appraisers need a college degree? 10

College Degree for Appraisers?

Why Do Appraisers Need a College Degree? Let me begin by stating that I hold both a Bachelor’s degree and a Master’s degree. I do not state that to get the adulations of the reader, but to qualify myself as one who can speak with at least a small degree of authority on this subject. Let me also be fair in stating that I loathed school. Do not misunderstand, I love and cherish education, I just hate school. I am a lifelong learner. I enjoy reading, researching, and experiencing new things. I love furthering my education. However, I am not one that fits very...

Appraisal / Appraisal News / Appraisers News / Business Development

American Guild of Appraisers Member John Dingeman Reinstated from Chase "Black List" 2

John Dingeman Reinstated from Chase “Black List”

American Guild of Appraisers Member John Dingeman Reinstated from Chase “Black List” NEW YORK, Jan. 15, 2014 /PRNewswire-USNewswire/ — After a fight that lasted more than fifteen months, involving Chase Manhattan Bank, the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), American Guild of Appraisers (AGA) member John Dingeman was vindicated when Chase agreed to reinstate him to be eligible for appraisal assignments.  AGA is an affiliate of the Office and Professional Employees International Union (OPEIU), AFL-CIO. Dingeman was placed on Chase’s “Black List” in May 2012 after he refused to release information...

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

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Guidance on Valuing Green Buildings

Appraisal Institute Issues Guidance on Valuing Green Buildings When valuing green buildings, real estate appraisers’ analysis must be supported by market data on the subject property that helps explain why it stands out from its conventional peers, according to guidance issued today by the Appraisal Institute and the Institute for Market Transformation. Seeking to assist owners who retrofit an existing building or build a new one with energy-efficient features, the two organizations issued “Green Building and Property Value A Primer For Building Owners and Developers.” “As owners and developers enhance buildings with energy-efficient features, appraisers can help make the case...

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

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2014-2015 USPAP Now Available On-Line

The 2014-2015 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) is now available on-line. This edition of USPAP is valid for two years, effective January 1, 2014 through December 31, 2015. The new edition includes the standards of professional practice for all appraisal disciplines as well as guidance from the Appraisal Standards Board (ASB) in the form of USPAP Advisory Opinions and USPAP Frequently Asked Questions (FAQs), featuring a compilation of more than 300 questions and answers. To access the 2014-2015 USPAP on-line edition

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / The Appraisal Foundation

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Fannie Mae’s Appraiser Quality Monitoring List FAQs

Appraiser Quality Monitoring Information Fannie Mae has published a new web page with information about the recently implemented Appraiser Quality Monitoring (AQM) process. The new AQM web page includes FAQs and a link to the AQM list identifying appraisers whose appraisals will be subject to 100% review by Fannie Mae or whose appraisals are no longer accepted by Fannie Mae. The AQM list is protected content, and approved Fannie Mae sellers/servicers may set up access through Technology Manager. Appraiser Quality Monitoring (AQM) FAQs Fannie Mae began collecting appraisal data in 2011 through the Uniform Collateral Data Portal® (UCDP®). Millions of...

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

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Mortgage Disclosure Rule Alters Appraisal Fee Reporting

The Appraisal Institute on Dec. 17 finalized its review of the Consumer Financial Protection Bureau’s 1,888-page final rule on Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act and the Truth in Lending Act, and noted several provisions that impact real estate appraisers and how appraisal fees are reported. The rule, which takes effect Aug. 1, 2015, mandates the use of two new disclosure forms, the Loan Estimate (which replaces both the Good Faith Estimate and the initial Truth in Lending Disclosure) and the Closing Disclosure (which replaces both the HUD-1 and the final Truth in Lending Disclosure). It...

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

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Value Range Rather than a Single Point

I have been giving a value range…for many years… By making the choice to do lender work, we also make the choice to accept some pretty ridiculous stipulations. “When you pick up one end of the stick, you also pick up the other,” my dad used to teach me. One of those requirements that have been around as long as I can remember is that an appraisal value must be reported as a single dollar amount. This, I believe, is a mistake. By definition, market value is “The most probable price which a property should bring in a competitive and...

Appraisal / Appraisal News / Appraisers News

2014-15 USPAP Modifications 0

2014-15 USPAP Modifications Released

2014-15 modifications to USPAP become effective 1/1/2014 In preparation of the new 2014-15 modifications to USPAP effective January 1, ASA’s Ethic’s Committee has prepared a brief summary outlining the modifications. The Appraisal Standards Board (ASB) 2014-15 modifications to USPAP become effective January 1, 2014. These modifications include: Revisions to the DEFINITIONS of “Assignment Results” and “Scope of Work” — Based on comments received, there was a need to clarify the definition of ‘Assignment Results.’ In an appraisal assignment, assignment results currently include more than just the appraiser’s opinion of value, as the appraiser is responsible not only for the opinion...

American Society of Appraisers / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASA

House Five Acres Appraisals 3

House and Five Acres

Five acres where? . A house and five is a typical rural/agricultural assignment throughout Illinois. Appraisers who perform these assignments are quick to point out that, “I get these assignments all of the time.” What does USPAP state in the FAQ? 178. APPRAISING PHYSICAL SEGMENTS (5-ACRE PORTION) Question: A local lender has asked me to appraiser only a 5-acre portion of a 62-acre parcel. Am I permitted to comply with this request? Response: Standards Rule 1-2(e)(v) states that the subject of an assignment may be a physical segment of a property. However, appraisers must also comply with any laws, regulations,...

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

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Appraisal Quality and UCDP Notification

On December 10, 2013, Fannie Mae issued a lender letter focusing on appraiser selection, data quality issues, and new processes for appraiser monitoring, and has added messages in UCDP related to appraisals from specific appraisers. Appraisal Quality Fannie Mae began collecting appraisal data in 2011 through the Uniform Collateral Data Portal® (UCDP®). Millions of appraisals have been submitted by lenders and their authorized agents through UCDP. UCDP enables Fannie Mae to monitor and evaluate appraisals for data accuracy and consistency. The purpose of this Lender Letter is to remind lenders of Fannie Mae’s appraiser selection requirements, highlight several data quality...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Quality Monitoring / Appraisal Subcommittee / Appraisers News

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