Category: Appraisal News

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New Trade Association Announces Launch to Support Appraisal Industry

Announcing the Official Formation of the National Association of Appraisal Management Companies (NAAMC) Providence, RI (PRWEB) August 31, 2012 Filling a long missing void in the ever-changing Appraisal and Residential Home Mortgage sectors, a collection of Industry-leading Appraisal Management Companies joined forces to create a unique and extremely necessary organization exclusively committed to supporting all entities impacted in the Residential Appraisal and Valuation industries. Officially formed in late July 2012, several months’ pre-launch due diligence was completed by the sixteen Founding Members of the National Association of Appraisal Management Companies (NAAMC). This non-profit trade association is officially incorporated in Delaware and...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice

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New York Attorney General v. eAppraiseIT: Settlement

The New York Attorney General’s Office announced yesterday that it has reached a settlement with CoreLogic, as successor to eAppraiseIT, over the 2007 lawsuit filed against eAppraiseIT by then-Attorney General Cuomo. This was the case, of course, that led to the HVCC with Fannie Mae and Freddie Mac. It also put the AMC liability train in motion, which has kept rolling since — resulting in significant lawsuits filed by both government agencies and private parties against a majority of the 10 largest AMCs. The NY AG noted that the lawsuit concerned approximately 10,000 appraisals in New York for WaMu in...

AMC / Appraisal / Appraisal News / Appraisers News / CoreLogic Valuation Services / eAppraiseIT

Grizzly Bears and Other Common Appraiser Dangers 1

Grizzly Bears and Other Common Appraiser Dangers

I do not think the grizzly bear had to change her britches after the encounter. It was a beautiful, early, fall afternoon. I had just completed my fifth inspection of the day and had just one more to do in the rural community of Island Park, Idaho, just outside of Yellowstone National Park. The cabin was setback in the trees and was surrounded on three sides by state lands. In other words, this 1004 UAD would have the ‘rural’ box checked on this one. I had just begun measuring the outside when I heard a loud and extremely close bellow/snort....

Appraisal / Appraisal News / Appraisers News

Financing Concessions for Comparables 2

Update on Financing Concessions for Comparables

Appraisers, The GSE’s have issued a UAD newsletter on Sept. 18, 2012. Mostly it has ‘stuff’ in it that appraisers should be doing, i.e., checking for proper UAD compliance prior to report submittal by using your report software on-board reviewer. However, this little gem is the last item on page 2: Update on Financing Concessions for Comparables The GSEs expect appraisers to determine the financing concessions, if any, for all settled sales used as comparables in appraisal reports. Appraisers are expected to do what is necessary to determine concession amounts through the normal course of business and not automatically default...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / UAD / Uniform Appraisal Dataset

Collecting invoices from problematic clients 9

Collecting Invoices from Problematic Clients

Chasing unpaid invoices… Recently, I have been receiving numerous emails and phone calls from appraisers asking if they can factor appraisal orders from JVI Solutions with our company. Appraisers from Hawaii and California to Texas and New Jersey have grown tired of the runaround and are looking for ways to get paid on the work they have done. Unfortunately, because of non-payments and the unknown status of the Florida-based appraisal management company, whether a larger Fortune 500 company is acquiring it or going bankrupt, our company has currently placed a hold on factoring any JVI Solutions orders until we receive...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / AppraiserLoft / Appraisers News

Appraisal USPAP Definition 0

Is That an Appraisal? USPAP Definition

Why Isn’t that an Appraisal? APPRAISAL: (noun) the act or process of developing an opinion of value; an opinion of value. (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services. Comment: An appraisal must be numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark (e.g., assessed value, collateral value). In general terms the USPAP definition is elegant in its simplicity. We all understand what it is that appraisers provide. You provide opinions...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / Automated Valuation Models

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

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