Category: Appraisal

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Mysterious “Notice of Claim”

This post is for appraisers who have received a document entitled “Notice of Claim — Appraiser” relating to lawsuits filed by the FDIC (see example below). We have received multiple reports from appraisers and defense counsel about the mysterious “Notice of Claim.” The notices are so far nearly identical and state that the FDIC has filed a lawsuit for damages against one of two AMCS (either CoreLogic-eAppraiseIT or LSI Appraisal) based on one or more of the recipient appraiser’s appraisals and that the appraiser may be the subject of claims for negligence by one of those AMCs or by another...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CoreLogic Valuation Services

USPAP violations 3

AppraiserLoft Fined for Failure to Pay Appraisers

AppraiserLoft Fined $855,000 for Failing to Pay Arizona Appraisers A Phoenix judge fined the defunct appraisal management company AppraiserLoft $855,000 for failing to pay Arizona appraisers at least 171 times within the past 18 months, the San Diego Union-Tribune reported June 12. The San Diego-based AppraiserLoft has been the subject of numerous non-payment and late-payment claims from appraisers, former employees, advertisers and other parties before shutting its doors in October. The AMC allegedly owes more than $3 million in property valuation invoices. In the Arizona case, administrative law judge Diane Mihalsky found that the AMC failed to pay Arizona appraisers...

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

Analyzing market trends 0

AI Helps Appraisers Analyze Real Estate Market Trends

Analyzing of market trends The nation’s largest professional association of real estate appraisers published guidance June 4 to help appraisers analyze market trends. The Appraisal Institute’s “Guide Note 12: Analyzing Market Trends” addresses to what extent appraisers are responsible for recognizing changes in market conditions, and what steps appraisers must take to ensure due diligence is done regarding the analysis of market trends. The Guide Note states, “Analyzing current and anticipated market conditions is more complicated – and more critical – when a market is rapidly changing, either upward or downward.” Adequate market analysis must be completed before highest and...

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

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Before, During, and After the Sale: Tips for Those Purchasing a Home in Today’s Economy

The average homebuyer in today’s market is justifiably on edge, bombarded with news stories about others who made poor financial and lending decisions and are now paying the price for their mistakes. While it’s true that there seems to be a higher incidence of underwater homeowners who didn’t plan their purchase correctly, that’s always been the case in the real estate market to some extent. Proper planning before the sale, and taking a few recommended steps after the sale has closed, will save future homeowners from the plight of their early-2000s predecessors. Whether it’s taking advantage of low interest rates,...

Appraisal

It May be Trite, but Truth Tends to Get Repeated 1

It May be Trite, but Truth Tends to Get Repeated…

The acting of appraising, is one that is complex but simple, commonplace and quite rare. We as appraisers should take a moment to remember that our profession was borne out of a time mistrust and calamity. Actually it has been said, that the appraisal profession is the second oldest profession in the world… that is to say, somebody had to put a price on it… but I digress. So often we can get sucked into the practice of trying to balance the guidelines, the time restrictions, the unreasonable client demands and (a little thing I like to call) life, that...

Appraisal / Appraisal News / Appraisers News

Appraisal Institute members in Capitol Hill 2

Members of AI Urge Congressional Action on 3 Bills

Nearly one hundred members of the Appraisal Institute went to Capitol Hill May 23 to urge Congress to act on three bills that could significantly impact the valuation profession. Attendees of AI’s annual Leadership Development and Advisory Council, held May 22-24 in Washington, D.C., lobbied lawmakers and their staffs on S. 3047, the Expanding Homeowners Refinancing Act; H.B. 3461/S. 2160, the Financial Institutions Examination Fairness and Reform Act; and S. 3085, the Responsible Homeowner Refinancing Act of 2012. S. 3047 builds on President Obama’s proposal — announced during his 2012 State of the Union address — that home loans not...

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

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20 Reasons Appraisers Should Get Paid Full Fee

JIM THORPE, Pa., May 24, 2012 /PRNewswire/ — Rick Grant of RGA Public Relations and Jeff Schurman of Leading Causes have released an industry white paper entitled “The Appraisal Management Company Full-Fee Hypothesis.” This is the first paper in a series the two plan to write in 2012, while also working with a number of mortgage technology thought leaders to produce other papers. “I’m very proud of the work we’ve done on this paper,” said Grant. “While the conclusions we have reached are bound to stir up controversy, this is an issue the industry needs to start taking very seriously....

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

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June 30th Is Fast Approaching

Have you taken your 2012-2013 National USPAP Update yet? Section 1455.160: (Paraphrased) A real estate appraiser must complete the 7-hour National USPAP Update Course or its equivalent within 6 months after the effective date of USPAP. Those real estate appraisers issued a license more than 6 months after the effective date of USPAP shall complete the 7-hour National USPAP Update Course within 6 months after licensure. This has been Illinois law since January 20, 2011 which means that it was meant to begin with the 2012-2013 release of USPAP. I get a lot of appraisers who say the following: “But,...

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

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What is the FDIC Suing Appraisers About? Some Examples of the FDIC’s Specific Allegations?

The FDIC continues to sue residential appraisers in connection with origination appraisals and review appraisals performed for failed lenders between 2003-2009 on loans now in default. It may be helpful, or scary, for appraisers and AMCs to see for themselves exactly what kinds of alleged USPAP violations or other errors the FDIC is claiming in lawsuits against appraisers. Therefore, I have copied below the FDIC’s actual allegations against several appraisers. These are word-for-word the entirety of the FDIC’s claimed errors against these appraiser defendants. Please don’t shoot the messenger. I’m a lawyer, not a USPAP expert, but even I know...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / E&O

Seasoned Professionals Wake up call 3

Wake Up Call for Seasoned Professionals

Rookie mistakes by seasoned professionals are inexcusable. Here’s a disturbing trend that the board is seeing more frequently: Appraisers who do not know how real estate works. What do I mean by that? There are complaints pouring in where the appraiser doesn’t know how to read contracts, riders, leases, zoning restrictions, blue prints, or listings. I’m not talking about complex documents or Associate Trainees struggling with their first few assignments. I’m referring to seasoned professionals who’ve been in the business for five, ten, or even thirty years. We have complaints where appraisers can’t tell when they’ve been presented with a...

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

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