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For the term "clear val".
2014-15 USPAP Modifications 0

2014-15 USPAP Modifications Released

2014-15 modifications to USPAP become effective 1/1/2014 In preparation of the new 2014-15 modifications to USPAP effective January 1, ASA’s Ethic’s Committee has prepared a brief summary outlining the modifications. The Appraisal Standards Board (ASB) 2014-15 modifications to USPAP become effective January 1, 2014. These modifications include: Revisions to the DEFINITIONS of “Assignment Results” and “Scope of Work” — Based on comments received, there was a need to clarify the definition of ‘Assignment Results.’ In an appraisal assignment, assignment results currently include more than just the appraiser’s opinion of value, as the appraiser is responsible not only for the opinion...

American Society of Appraisers / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASA

Regulatory Claims Exclusion 0

Regulatory Claims Exclusion

Navigators Sues More Appraisers to Deny Coverage under “Regulatory Claims” Exclusion Last Thursday, November 14, Navigators Insurance Company sued two more appraisers to enforce “regulatory claims” exclusions in the E&O policies they purchased. These appraisers are in Nevada. Like the appraiser sued by Navigators in Florida on November 6, the Nevada appraisers are being sued by the FDIC for professional negligence in cases filed about a year ago. The objective of Navigators’ lawsuits is to seek court confirmation of Navigators’ legal position that there is no coverage under Navigators’ policy for damages awarded against the appraisers to the FDIC, which is demanding about $500,000...

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

1

FDIC Lawsuit Against Appraisers in CO

Federal Court Rules on USPAP Confidentiality Issue in FDIC Lawsuit Against Appraisers in Colorado On September 5, 2013, in a professional negligence case against two Colorado appraisers by the FDIC, a federal court ruled on an issue concerning USPAP confidentiality.  It was a simple issue, but it’s one of the very few court decisions relating to USPAP’s poorly written confidentiality rule (this previous post here explains why the rule is poorly written).  This is the rule: An appraiser must not disclose: (1) confidential information; or (2) assignment results to anyone other than: the client; persons specifically authorized by the client; state appraiser...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / FDIC

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Appraisal Guidelines

In the August edition of the AppraisalPort Newsletter, I reported on some of the general information covered at the National AI Connect Conference in Indianapolis, July 23-25, 2013. This was a great conference, covering a wide range of topics. This month, I want to pass on some information covered in one of the breakout sessions for residential appraisers. The session was titled, “Residential Chief Policy Roundtable” and included presentations from Fannie Mae’s Robert Murphy, the Appraisal Institute’s Bill Garber, HUD’s Ada Bohorfoush, and the VA’s Gerald Kifer. At Fannie Mae, Murphy handles many of the issues regarding appraisers and the...

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

Review Appraisers Need to be the Voice of Reason 9

Will the Madness Ever Stop???

Review Appraisers Need to be the Voice of Reason Having spent the day commiserating with my fellow appraisers, I have to admit the policies and procedures of most reviewers, underwriters and lenders have finally crossed the line from insane to inexplicable. It was bad enough, 23 years ago when an appraiser was asked to document two independent sources of data or to provide interior photographs to show each room. Then not to long ago some appraisal management companies started to believe that when FHA asked for two photos to show an oblique view, they actually meant the appraiser had to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Federal Housing Administration

Statute of Limitations for Appraisers 2

Statute of Limitations Against an Appraiser

The Statute of Limitations for a Claim Against an Appraiser Why You Should Keep Your Workfile for 7 to 8 Years In 2013, many lawsuits against both residential and commercial appraisers continue to relate to appraisals performed years ago at the peak of the real estate price bubble, 2005 to mid-2008. These lawsuits are filed by borrowers, lenders, investors or the FDIC and typically allege that an appraiser’s inflated value resulted in the plaintiff borrowing, paying or loaning too much money.  The plaintiff blames its loss on the appraiser and sues for damages. When reporting a claim like this to...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / FDIC

Extinction of the Appraisal Industry - Image courtesy of Nujalee / FreeDigitalPhotos.net 23

The Imminent Extinction of the Appraisal Industry?

Late yesterday afternoon a bill was introduced in the House of Representatives that would alter the mortgage process and ultimately the way millions of Americans receive a mortgage. HR 1108 would eliminate the need for an appraiser to appraise a home prior to the funds being disbursed to the

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Technology

In response to appraisers under attack 2

In Response to “Appraisers Under Attack”

In response to Frank Garay and Brian Steven’s commentary (see video below), on the lawsuit against TriMavin AMC over alleged appraisal independence violations, an anonymous commentator posted the following: There are a number of posters here who need to re-take their CE classes including the moderators. Here are the reasons the entire industry is severely broken. I mean from the Realtor to the Appraiser to the Mortgage Lender. First of all HVCC sunset folks – back in 2010. It was replaced with AIR (Appraiser Independence Regulations) and the Dodd Frank Act. Cannot tell you how irritating it is to me...

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

BPO bill consumer confusion 0

NJ Governor Vetoes BPO Cites Consumer Confusion

NJ Governor Vetoes BPO Legislation, Cites Consumer Confusion On Aug. 19, New Jersey Gov. Chris Christie vetoed bill S. 2551, legislation that would have significantly expanded the ability of the state’s real estate professionals to provide broker price opinion and comparative market analysis services. In his veto message to the Legislature, Christie said, “While I appreciate the desire to facilitate additional business for real estate licensees in the state of New Jersey, I am concerned about potential consumer confusion.” The Appraisal Institute chapters in New Jersey testified in strong opposition to this bill when it was going through the legislative...

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

Former Chief appraiser sues AMC 8

Former Chief Appraiser Sues AMC

Former Chief Appraiser Sues Appraisal Management Company Over Alleged Appraisal Independence Violations With respect to appraisal management companies (AMCs), based on the large volume of appraisal regulatory and legal matters that we track, I feel comfortable stating that there is no material governmental enforcement of the appraisal independence rules adopted in the Dodd-Frank Wall Street Reform and Consumer Protection Act (or in the earlier rules adopted by the Federal Reserve Board in 2008 as part of Regulation Z). Neither the Consumer Financial Protection Bureau nor any state attorneys general have undertaken any significant investigations or taken any significant legal actions...

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

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