Appraisal News and Appraisal Tips For Real Estate Appraisers - Your source for appraisal industry news, appraisers' opinions, and discussions of appraisal issues

3

More than Half of Appraisers Responded They Would Get Out of Appraising

AppraisalPort Weekly Poll Analysis This month, I want to again give you a quick summary of three recent polls. The first poll cut right to the chase, asking if you would get out of appraising if you could. This turned out to be the most popular poll in a while with 6,262 responses. I was surprised that more than half (53%) responded that they would get out. Another 25% said they would like to stay but only if fees were what they consider to be customary and reasonable. The smallest group, at nearly 7%, was composed of those who just...

4

Mortgage Originators: Appraisals a Huge Concern

Early results released Aug. 20 from the 2012 Loan Originator Survey conducted by Mortgage Daily revealed that the real estate appraisal process is considered one of the most frustrating issues for mortgage loan originators. Respondents also cited the Dodd-Frank Act as having a big impact on their business. The results are only preliminary because the survey is ongoing and won’t officially close until Sept. 15. Respondents must be mortgage originators registered in the Nationwide Mortgage Licensing System and Registry. The survey showed strong opposition to current appraisal requirements, with many respondents having made negative comments about today’s appraisal environment. Most...

0

Gordon Cowden Children’s Fund

Morning Appraisers, I am writing to you in sadness, but yet, with hope. One of the victims in the Aurora theater killings was Gordon Cowden, a fellow appraiser. He was taking his two teenage daughters to the movie and he was gunned down. REAA has opened a memorial fund to help his family. Along with the natural grief and pain, they are facing the possibility of losing their home. On our home page of www.reaaca.org is a donate button that takes credit cards and pay pal accounts. We are in the process of fine tuning the page with

3

FDIC Diversifies Its Appraiser Targets

In the last three months, since May 1, 2012, the Federal Deposit Insurance Corporation (FDIC) has sued 45 individual appraisers and appraisal firms in its capacity as receiver for one of the failed banks or lending institutions under its supervision. The appraisers targeted by the FDIC in its recent cases are a more diverse group, geographically and professionally, than in earlier cases, but in other respects the FDIC’s recent cases represent more of the same familiar story — suing appraisers to recover money damages for allegedly appraising properties too high for loans extended during the peak of the real estate...

Appraisal Complaint Hotline Usage 2

Consumer Financial Protection Bureau Proposes Rule to Improve Consumer Access to Appraisal Reports

Rule would give consumers additional rights to information on how a home value is determined WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would require mortgage lenders to provide home loan applicants with copies of written appraisals and other home value estimates developed in connection with the application. The rule would ensure that consumers receive information prior to closing about how the property’s value was determined. “When looking to buy a home or refinance a mortgage, consumers need the best available facts and data,” said CFPB Director Richard Cordray. “This rule would guarantee...

Collecting your money 0

Importance of Collecting Your Money from Clients

Getting clients to pay up… On April 27, 2011, H.B. No. 1146 also known as “AMC Bill” was passed in the state of Texas. Through successful efforts of the Foundation of Appraisers Coalition of Texas (FACT), its members, and many more this bill requires the registration and regulation of appraisal management companies doing business in Texas. The following is a link to H.B. No. 1146. Some highlights of the bill include appraisal review, competency of appraisers, and statement of fees. Though all are important, one particular highlight of interest is outlined under Sec. 1104.157 titled “Compensation of Appraisers.” Compensation of Appraisers This...

West Virginia Riskiest State for Appraisers 2

West Virginia Riskiest State for Appraisers

West Virginia has been among the riskiest states in which to be a residential appraiser for several years. It’s my educated guess that a residential appraiser is more likely to be sued in West Virginia than in any other state. A plaintiffs’ law firm has elevated that level of risk to a nightmare for one particular AMC and its panel appraisers in West Virginia who performed appraisals for certain loans by the AMC’s primary client.

At the end of June, the law firm filed an alleged class action on behalf of residential borrowers residing in West Virginia against Title Source, Inc., which operates TSI Appraisal; Quicken Loans, which is the AMC’s corporate affiliate and primary client; two of the AMC’s panel appraisers; and all other appraisers

Sanitizing appraisal images 1

Picture This! If You Dare!

Images of personal items and people must go! Crime and Punishment The appraiser who took the interior image below is currently serving a ten year sentence in the Fair Housing Maximum Security Prison outside of Atlanta. The charges ranged from willful imaging of stockings hung with care to wanton display of a nutcracker and malicious showcasing of Micky and Minnie without their written consent. Actually, the image below was taken by yours truly about a decade ago and somehow survived the underwriting process. The mythology of what constitutes a Fair Housing violation continues to vex this profession like some movie...

0

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....

1

Supervisory Appraiser & Trainee Appraiser

AQB Issues Proposed Supervisory Appraiser and Trainee Appraiser Course Objectives and Content Outline The goal of the Real Property Appraiser Qualification Criteria (Criteria) is to promote and maintain a high level of public trust in appraisal practice by establishing minimum education, experience, and examination requirements for real property appraisers. On December 9, 2011, The Appraiser Qualifications Board (AQB) adopted changes to the Criteria that will become effective January 1,2015. These changes represent minimum national requirements that each state must implement no later than January 1, 2015. One of the changes adopted by the AQB requires that both Supervisory Appraisers and...

xml sitemap
blank