Category: FHA

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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

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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Free FHA Webinar for Appraisers on 50 Most Common Appraisal Review Deficiencies

The Federal Housing Administration (FHA) is offering a webinar on August 23, 2012 on 50 Most Common Appraisal Review Deficiencies: August 23, 2012 – Webinar: 50 Most Common Appraisal Review Deficiencies. Did you know that FHA appraisals are reviewed for compliance with FHA requirements as well as USPAP? The Denver Homeownership Center is offering a FREE 2-hour webinar on the 50 Most Common Deficiencies found in the review of FHA Appraisals. This webinar will provide an insight and understanding of the key areas of HUD Handbook 4150.2, Appendix D, and applicable mortgagee letters, relating to the completion of FHA Appraisals....

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

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Differences Between Neighborhood and Market Areas & Analysis

Neighborhood is broad and general in nature… When examining appraisal reports, it is commonly noted that the Neighborhood section of the 1004 appraisal report contains data for sales of properties that are comparable and competing to the subject, rather than for sales of all homes of the same category (i.e., single family detached). Professional appraisal reference works, such as Appraising Residential Properties, 4th Edition (published by Appraisal Institute) address the differences between a “neighborhood” and a “market area.” Further, various Fannie Mae selling guides and announcements, and the HUD 4150.2 handbook contain guidance for appraisers regarding the analysis of neighborhood...

1004MC / AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

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Regulators Should Take Actions to Strengthen Appraisal Oversight

Fed Report Scrutinizes Appraisal Processes The Government Accountability Office released a report June 28 that scrutinized real estate valuations in the wake of the recent mortgage crisis. The report, Residential Appraisals — Regulators Should Take Actions to Strengthen Appraisal Oversight, was produced using data from Fannie Mae, Freddie Mac and five of the biggest mortgage lenders. The report revealed that valuations received through broker price opinions and automated valuation models take less time and are less costly than traditional appraisal reports, but traditional appraisal reports are still mandated for almost all first-lien residential loan originations due to their greater reliability....

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

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Virginia Enacts New AMC Law

Gov. Bob McDonnell signed legislation (H.B. 408) April 11 that made Virginia the 10th state to enact new regulations regarding the operation of appraisal management companies. The new law will become effective July 1. Under the law, AMCs operating in Virginia will be prohibited from influencing or attempting to influence the development, reporting, result or review of a real estate appraisal through coercion, extortion or collusion by withholding or threatening to withhold timely payment or future business from an appraiser. AMCs also will be prohibited from: removing an appraiser from an AMC’s panel without first giving written notice to the...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal 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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The 8 Biggest Appraiser Liability Cases in the U.S.

I have described below the 8 biggest appraiser liability cases with which I am familiar that are currently pending in the U.S. These are cases that specifically name appraisers, appraisal firms or appraisal management companies as defendants. That’s an important distinction because the appraisal industry has been fortunate that only a small fraction of litigation about financial losses blamed on appraisal deficiencies actually names any appraisal defendants. Yet, the stakes below are very significant for the appraisal industry because the realistic measure of damages at issue in just these 8 cases — not the plaintiffs’ puffed-up alleged damages — is...

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

Borrowers to Refinance with No Appraisals 1

FHA Borrowers to Refinance with No Appraisals

More FHA Borrowers to Refinance without Appraisals The Obama administration announced March 6 that the Federal Housing Administration would reduce fees that have prevented some FHA borrowers from refinancing at ultra low rates over the past year, The Wall Street Journal reported. The change will reduce fees through what’s known as a “streamline” refinance, which is reserved for FHA borrowers who refinance into another FHA-backed mortgage. The process does not require borrowers to verify income, employment or credit — and it does not require a new appraisal, which means that underwater borrowers can refinance, the Journal reported. Many borrowers who...

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

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FHA Updated Valuation Protocol FAQs

FHA Updated Valuation Protocol FAQs Revised 02/28/12 FHA has updated the Valuation Protocol FAQs posted on the FHA Appraiser Roster web page. The most recent FAQ can be found on page 27 of the document and provides clarification for what constitutes an acceptable conventional heating system. You can periodically review the FHA Appraiser Roster web page for alerts on recently published Mortgagee Letters of interest and other pertinent announcements. The publication contains the following topics: New Construction Wood Destroying Insects/Termites Utilities – Well and Septic Inspections & Certifications Cost Approach Accessory Dwelling Units Manufactured Housing Two Unit Properties HECM Appraisals Lender...

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

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