Category: Appraisal News

BPO Legislation North Carolina 0

North Carolina Enacts BPO Legislation

What a licensed broker or appraiser must do in performing a BPO or a CMA… North Carolina Governor Beverly Purdue signed S.B. 521 into law July 12, and the legislation will significantly expand the ability of the state’s licensed real estate brokers to offer a broker price opinion or comparative market analysis. The legislation included two amendments provided by the state’s appraisal organizations. Prior to the new legislation, North Carolina real estate brokers were limited to providing a CMA only in the real estate sales context, and they had to have a reasonable expectation that a listing would result from...

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

Broker Price Opinions BPOs 1

Downturn in Market Leads to Upturn in BPOs

BPOs as an alternative to appraisals! Over the last year, there has been a tremendous increase in the use of broker’s price opinions (a.k.a. comparative market analysis, broker’s estimate of value, etc.) that are being performed by real estate brokers and salespeople, in lieu of appraisals. While BPOs were previously used for very limited purposes, they are now being used as valuation products in the finance arena, primarily for the review of distressed properties prior to short sales or foreclosure. They are also being used in areas previously unimagined several years ago, including segments of the commercial market. The increase...

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

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Free FHA Webinar for Appraisers on REO Appraisals

The Federal Housing Administration (FHA) is offering a webinar on September 18, 2012 on REO Appraisals: September 18, 2012 – Webinar: The Real Estate Owned (REO) Appraisal will acquaint the audience with the correct reporting procedures that FHA Roster appraisers should follow when completing FHA appraisal reports for HUD Real Estate Owned (REO) properties. This seminar introduces and explains, rather than supplants, official policy issued in Handbooks and Mortgagee Letters. Appraisers new to the FHA Roster, as well as seasoned professionals looking for a refresher will benefit. Registrants will receive an email confirmation prior to the webinar with a web...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / Tutorials

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

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More than Half of Appraisers Responded They Would Get Out of Appraising

AppraisalPort Weekly Poll Analysis This month, I want to again give you a quick summary of three recent polls. The first poll cut right to the chase, asking if you would get out of appraising if you could. This turned out to be the most popular poll in a while with 6,262 responses. I was surprised that more than half (53%) responded that they would get out. Another 25% said they would like to stay but only if fees were what they consider to be customary and reasonable. The smallest group, at nearly 7%, was composed of those who just...

Appraisal / Appraisal News / Appraisers News / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees / Home Valuation Code of Conduct

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Mortgage Originators: Appraisals a Huge Concern

Early results released Aug. 20 from the 2012 Loan Originator Survey conducted by Mortgage Daily revealed that the real estate appraisal process is considered one of the most frustrating issues for mortgage loan originators. Respondents also cited the Dodd-Frank Act as having a big impact on their business. The results are only preliminary because the survey is ongoing and won’t officially close until Sept. 15. Respondents must be mortgage originators registered in the Nationwide Mortgage Licensing System and Registry. The survey showed strong opposition to current appraisal requirements, with many respondents having made negative comments about today’s appraisal environment. Most...

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

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Gordon Cowden Children’s Fund

Morning Appraisers, I am writing to you in sadness, but yet, with hope. One of the victims in the Aurora theater killings was Gordon Cowden, a fellow appraiser. He was taking his two teenage daughters to the movie and he was gunned down. REAA has opened a memorial fund to help his family. Along with the natural grief and pain, they are facing the possibility of losing their home. On our home page of www.reaaca.org is a donate button that takes credit cards and pay pal accounts. We are in the process of fine tuning the page with

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / REAA / Real Estate Appraisers Association

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FDIC Diversifies Its Appraiser Targets

In the last three months, since May 1, 2012, the Federal Deposit Insurance Corporation (FDIC) has sued 45 individual appraisers and appraisal firms in its capacity as receiver for one of the failed banks or lending institutions under its supervision. The appraisers targeted by the FDIC in its recent cases are a more diverse group, geographically and professionally, than in earlier cases, but in other respects the FDIC’s recent cases represent more of the same familiar story — suing appraisers to recover money damages for allegedly appraising properties too high for loans extended during the peak of the real estate...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / FDIC

Appraisal Complaint Hotline Usage 2

Consumer Financial Protection Bureau Proposes Rule to Improve Consumer Access to Appraisal Reports

Rule would give consumers additional rights to information on how a home value is determined WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would require mortgage lenders to provide home loan applicants with copies of written appraisals and other home value estimates developed in connection with the application. The rule would ensure that consumers receive information prior to closing about how the property’s value was determined. “When looking to buy a home or refinance a mortgage, consumers need the best available facts and data,” said CFPB Director Richard Cordray. “This rule would guarantee...

Appraisal / Appraisal News / Appraisers News / CFPB / Consumer Financial Protection Bureau

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