Category: Appraisal

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Who Is the Donkey in the Assessment?

The more clever title would be the nickname of this farm animal or the first three letters of assessment.  Your choice. Real estate values have gone down, everyone knows that. Just ask the homeless man on the street who a few years ago was more than likely the town’s leading real estate agent, who back then could sell ice to eskimos and to top it off and really cash in, could franchise his venture through the funding of a Worldwide bank that had it in their business plan that if we get to big to fail then the tax payers will...

Appraisal / Appraisal News / Appraisers News / Real Estate Assessment / Tax Appeal

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a la mode Releases UAD Compliance to the Appraisers

a la mode, maker of the appraisal industry’s most popular formfilling software, last week released an update to its WinTOTAL Aurora software that includes compliance features with the government sponsored enterprises’ (GSEs) Uniform Appraisal Dataset (UAD). The UAD is part of the Uniform Mortgage Data Program (UMDP), requiring a standardized dataset from all appraisers contributing to the GSEs’ loan portfolio. With this update, WinTOTAL Aurora joins a la mode’s TOTAL 2011 as the only publicly available appraisal formfillers currently able to comply with the UAD guidelines. WinTOTAL Aurora touts new UAD-specific features like in-line form popups, in-field guidance and real-time...

a la mode / Appraisal News / Appraisal Software / Appraisers News / UAD / Uniform Appraisal Dataset

Banks, Servicers and Lenders Should Be Barred from Having Ownership Interest in an AMC 1

Banks, Servicers and Lenders Should Be Barred from Having Ownership Interest in an AMC

Ownership Interest in an AMC At the NAR midyear Legislative Meeting in DC, the question of the appraisal epidemic and the problems associated with AMCs and HVCC were discussed. David Stevens, the current President of the Mortgage Bankers Association and the immediate past commissioner of FHA, brought up the appraisers’ geographical incompetence, a violation of the Standard. The question is, ask Frank Garay & Brian Stevens, hosts of the TBWS Daily Show, why is he bringing this up now, when he is the President of MBA and cannot do anything about it. And why didn’t he voice his concerns while...

AMC / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Home Valuation Code of Conduct

AARO Letter regarding UAD 0

AARO Letter to FHFA Regarding UAD

AARO concerned about potential problems or complications with enforcement resulting from UAD May 11, 2011 Mr. Alfred M. Pollard General Counsel Federal Housing Finance Agency Dear Mr. Pollard: On behalf of the Executive Committee (EC) of the Association of Appraiser Regulatory Officials (AARO) it is my pleasure to take this opportunity to express our appreciation to you individually, the FHFA, Mr. Robert Murphy of Fannie Mae, and Mr. Mark Simpson of Freddie Mac for affording representatives of AARO the opportunity to attend a “train the trainer” seminar introducing the “Uniform Appraisal Dataset” (UAD) in Washington, DC on March 7, 2011. During...

AARO / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB

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Appraisal Institute Warns Appraisers About Liabilities When Working with Some AMCs

CHICAGO (May 12, 2011) – The Appraisal Institute today cautioned real estate appraisers about signing agreements imposed by some appraisal management companies that seek to hold residential appraisers responsible for AMCs’ actions. Its president warned that consumers could be the ultimate losers. “Appraisers should be very careful about signing any agreement, especially one that makes them responsible for another party’s actions,” said Appraisal Institute President Joseph C. Magdziarz, MAI, SRA. “While there are some fine AMCs doing business today, many AMCs shift liability onto appraisers. For many professional appraisers, it’s simply not worth the risk.” Magdziarz, as president of the...

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

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FDIC Files Appraisal Complaint Against LPS and CoreLogic

The Federal Deposit Insurance Corp. has filed a complaint against Lender Processing Services and CoreLogic related to appraisals performed for Washington Mutual, HousingWire reported May 11. The FDIC is seeking to recover roughly $283 million in losses allegedly tied to appraisals that an LPS subsidiary and a CoreLogic affiliate conducted for WaMu. The FDIC took WaMu into receivership in 2008 and facilitated its sale to JPMorgan Chase. WaMu had a total of $307 billion in assets at the time. HousingWire reported that regulatory filings by the two companies indicate that the FDIC alleged LPS Appraisal LLC and CoreLogic Valuation Services,...

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

NAR Releases Statement on Appraiser Independence 3

NAR Statement on Appraiser Independence

The National Association of Realtors (NAR) released a statement supporting the independence of appraisers and the appraisal process on their website while expressing their concerns about interference in the appraisal process. The NAR Appraisal Committee will meet this Wednesday, May 11, 2011 at 8:00 A.M at the Marriott Wardman Park Hotel, 2660 Woodley Road, NW, Washington, DC. One item sure to be a topic of discussion is the recently released Statement on Appraiser Independence. NAR Statement on Appraiser Independence “The role of the appraiser is to provide an independent and impartial analysis of real property. This analysis is a critical component of...

AMC / Appraisal Management Companies / Appraisal News / Appraisers News / Dodd-Frank Act / C&R Fees / NAR

ASB Letter to FHFA Regarding Uniform Appraisal Dataset 3

ASB Letter to FHFA Regarding Uniform Appraisal Dataset

Serious concern over misapplication and misinterpretation of Uniform Appraisal Dataset requirements April 29, 2011 Alfred M. Pollard General Counsel Federal Housing Finance Agency… Re: Uniform Appraisal Dataset Dear Mr. Pollard: Thank you for the opportunity to meet with you and representatives from the Federal Housing Finance Agency, Fannie Mae, and Freddie Mac on February 17, 2011 and March 10, 2011 to discuss the Uniform Mortgage Data Processing (UMDP) initiative and the Uniform Appraisal Dataset (UAD). We applaud your efforts to bring about more consistent appraisal reporting. However, in light of our discussions and further examination of the publicly available documents...

Appraisal News / Appraisal Organizations / Appraisers News / ASB / Fannie Mae - Freddie Mac / The Appraisal Foundation

TAVMA Letter RE C&R Fee Stipulation & Appraisers Online Petition 1

TAVMA Letter RE C&R Fee Stipulation & Appraisers Online Petition

TAVMA strongly disputes the substance of the on-line petition Jennifer J. Johnson, Secretary Board of Governors of the Federal Reserve System Re: Interim Final Rule – Customary and Reasonable Fee Stipulation Dear Ms. Johnson: The Title Appraisal Vendor Management Association (“TAVMA”) wishes to express its views about the misinformation being disseminated by appraisal organizations and publications about the Federal Reserve’s Interim Final Rule and Appraisal Management Companies (“AMC’s”). TAVMA is a national trade association of real estate settlement services providers including many leading appraisal management companies. Some appraisers continue to attack AMC’s by asserting that the DOD Frank Act, TILA...

AMC / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees

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Bills Prohibiting Use of Distressed Sales as Comparables Die

Proposed legislation in Illinois, Maryland, Missouri and Nevada seeking to prohibit use of foreclosures and short sales as comparables in developing opinions of residential real estate value appears to have failed. Two bills missed procedural deadlines, one has been amended and the other was withdrawn by its sponsor. Appraisal Institute chapters in all four states played key roles in defeating the bills, which would have resulted in each state’s legislative body dictating the real estate valuation process. The Nevada bill missed a procedural deadline for passage and is dead for this session. In testimony prepared for an April 1 hearing...

Appraisal News / Appraisers News / Political Action / Uniform Standards of Professional Appraisal Practice / USPAP

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