Letter from ASA Opposing Bill A3781 Abolishing the NJ State Appraisal Board and Transferring Control to the Real Estate Commission Assemblyman Giblin: The American Society of Appraisers (ASA), the largest multidisciplinary professional appraisal organization in the United States, is writing to express strong opposition to Assembly Bill 3781, which would abolish the New Jersey State Real Estate Appraiser Board and transfer the regulatory oversight of appraisers to the State Real Estate Commission. This bill would weaken the overall regulatory scheme applied to real estate transactions and its myriad parties at a time when new federal and federally-mandated state regulations are...
Revisiting The Fannie Mae/Freddie Mac 2005 URAR Form Ambiguities and Liabilities It has been eight years since the URAR form was revised. From 2005 to mid-2008, the real estate market experienced a boom and a bust the likes of which we have never seen before, and we are finally seeing a slow recovery. Also during this period, the economic recession and poor lending practices lead to new regulations in both the appraisal and banking industries. Based on the new regulations, Fannie Mae/Freddie Mac mandated appraisers to add more information to the URAR form. As of March 2009, the Market Conditions...
Appraisal Institute Wants Details on Appraisal Hotline Operations The Appraisal Institute and the American Society of Farm Managers and Rural Appraisers jointly sent a letter Feb. 12 to the Appraisal Subcommittee asking that it make its proposed protocol for operating the “appraisal hotline” available for public comment prior to its March 29 implementation. In the letter, AI and ASFMRA said that while the concept of a hotline is sound, there exists almost no understanding among state appraiser regulatory officials, practicing appraisers and real estate and mortgage professionals as to how the hotline would function or even of its intended purpose....
Four Reasons Why ASA & NAIFA Urge Appraisal Subcommittee to Delay Rollout of National Appraisal Complaint Hotline On February 6 ASA, along with the National Association of Independent Fee Appraisers (NAIFA), sent a letter to the Appraisal Subcommittee (ASC) urging them to delay the planned March 29th implementation of the national appraisal complaint hotline, as required by the Dodd-Frank Act. In pushing for the delay, ASA and NAIFA pointed to several issues regarding the hotline’s formation: That the appraisal complaint hotline was created in a closed process, without adequate stakeholder exposure or input; The hotline, as proposed, violates Congress’s intent...
If you are doing too much and not being paid enough, you are a PERFECT candidate to hire and train a new appraiser. Three Ways to Reverse the Mass Exodus of Appraisers I was recently in Texas at yet another appraisal conference. The man who was speaking asked everyone to stand up. There were approximately 140 appraisers in the room. He then asked for those under 30 years of age to sit down. About five people did. He asked those under 40 to sit down. About 10 more did. Under 50. About 25% of the room was now sitting. Finally,...
John Brenan, The Appraisal Foundation, and Melissa Cohn, The Manhattan Mortgage Company, discuss on CNBC, whether the home appraisal system is broken after the Dodd-Frank Act. …complaints are skyrocketing and many appraisers are getting low or even failing grades now. Why is this happening?
Evaluation Solutions, LLC: The Anatomy of an AMC’s Failure and Why Lender’s Should Care Last week, I had the pleasure of speaking to the Collateral Risk Network about lender oversight of appraisal management companies. With that exciting topic as my general theme, I chose to address the specific issue of AMCs failing to pay independent contractor appraisers for appraisals ordered by the lender-client (and also failing to pay agents and brokers for BPOs). This issue has been brought to the forefront of many appraisers’ minds and bank accounts by the recent failure of two large AMCs: National Real Estate Information...
Washington, DC Jan 18, 2013 – Today, in reaction to the Consumer Financial Protection Bureau’s (CFPB) release of new appraisal rules, NCRC President and CEO John Taylor made the following statement: “The CFPB’s new appraisal rules promote transparency and fairness for consumers. In a step that NCRC has long called for, all consumers will now receive copies of appraisals and automated valuation model (AVM) reports and will be able to check them for errors. Further, consumers and industry alike will benefit from the use of responsible valuation professionals in high cost loan origination. We are very pleased that the CFPB...
CFPB Rule gives consumers additional rights to information on how a home value is determined Washington, D.C., Jan 18 2013 – Today the Consumer Financial Protection Bureau (CFPB) adopted a new rule that requires mortgage lenders to provide applicants with free copies of all appraisals and other home-value estimates. The rule will ensure that consumers can receive information prior to closing about how the property’s value was determined. “This rule will guarantee consumers can receive important information on how a lender determines the value of the home,” said CFPB Director Richard Cordray. “Having this information available promptly makes it easier...
Agencies Issue Final Rule on Appraisals for higher-priced Mortgage Loans Washington, D.C. – Six federal financial regulatory agencies today issued the final rule that establishes new appraisal requirements for “higher-priced mortgage loans.” The rule implements amendments to the Truth in Lending Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). Under the Dodd-Frank Act, mortgage loans are higher-priced if they are secured by a consumer’s home and have interest rates above certain thresholds. For higher-priced mortgage loans, the rule requires creditors to use a licensed or certified appraiser who prepares a written appraisal...
