Appraisers Blogs

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For the term "clear val".
2

Memo to KY AMCs

Memorandum to Kentucky Registered AMCs Regarding Appraiser Independence, Objectivity, and Impartiality From: Larry Disney, To: Kentucky Registered Appraisal Management Companies and Credentialed Appraisers, Date: March 29, 2012 Subject: Appraiser Independence, Objectivity, and Impartiality The Kentucky Real Estate Appraisers Board staff has received calls from Kentucky credentialed appraisers in the past two weeks concerning the following issue that is being propagated by Appraisal Management Companies: When appraising one unit residential properties and reporting the results of the appraisal development using a 1004 Fannie Mae form, the appraisers are told that if the cost approach is developed and reported, regardless of reasoning,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

For Clarity Sake 0

For Clarity Sake

Once again I find myself harping on the original intent of USPAP. The purpose of the Uniform Standards of Professional Appraisal Practice (USPAP) is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. It is essential that appraisers develop and communicate their analyses, opinions and conclusions to intended users of their services in a manner that is meaningful and not misleading. (quoted from the Preamble of USPAP). Why is it then that GSE’s can then dictate forms, like the MC Addendum (or affectionately known as the Market “Confusion” Addendum)? Of course...

1004MC / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / UAD

0

To Permit or Not to Permit

Excluding additions which may require permit issued by an agency of government… OK, it isn’t Shakespeare, but, it is something of interest — and concern — to licensed appraisers in Illinois. The concern begins with an appraiser accepting an unusual assignment condition. An AMC, acting on behalf of a lender is demanding that appraisers exclude from the Gross Living Area areas of the subject residence, additions to the original construction unless it is proven that the additions were legally permitted. We must understand that what is asked of the appraiser is not couched in terms of a guideline; this is...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Developing and Reporting Exposure Time 0

Developing and Reporting Exposure Time

Did you know that the 2012 USPAP has a new development and reporting requirement? Effective January 1, 2012; when exposure time is a component of the definition for the value opinion being developed, the appraiser must also develop and state in the report an opinion of reasonable exposure time linked to that value opinion. The following is the exact language in the USPAP; DEFINITIONS Exposure Time: estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ICAP / Illinois Coalition of Appraisal Professionals

Signed or Unsigned that is the Question 0

Signed or Unsigned that is the Question

There is an interesting discussion taking place on some of the forums over the last 9 days with regard to USPAP 2012-2013. Whether or not the additional certifications require a signature. Before weighing in on an esoteric discussion, I would like to remind everyone that the first and foremost intent of USPAP is clarity. To provide an opinion in a manner that is clear, easy to understand, and professionally derived. Therefore, as long as you pay attention to the particulars of USPAP and provide your reports in a manner that is clear, easy to understand, and professionally derived you should...

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

AMC’s Filing Complaints Against Appraisers 1

AMC’s Filing Complaints Against Appraisers

AMC’s are sending in complaints on appraisers… From ICAP – Illinois Coalition of Appraisal Professionals “Good afternoon ICAP’ers, I am writing to our residential members regarding a growing problem that ICAP is concerned with regarding lenders and AMC’s filing complaints against appraisers. THE SETUP: You receive a call from a lender or an AMC who wants to talk to you about an appraisal assignment you recently completed for them. The call usually comes from the QC Department at the post closing stage of the loan. They start questioning you on your line item adjustments. All the comparables are on smaller...

ACOW / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Appraisal and AMC Fees Separated on Revised Settlement Forms 4

Appraisal and AMC Fees Separated on Revised Settlement Forms

The Consumer Financial Protection Bureau released the second proposed version of a new Consumer Disclosure Form Feb. 1 that includes clear disclosure of any fee paid to a “Local Appraisal Company” and to an “Appraisal Management Company.” The Appraisal Institute reported last month that the CFPB is in the midst of developing a new form that would replace the existing HUD-1 settlement statement. In December 2011, Appraisal Institute representatives met with CFPB officials about the new form. The CFPB has indicated that several versions of the proposed form will be developed and tested with consumers by focus groups, with a...

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

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Appraiser Liability Claims – Why Do Claims Get Settled?

The article below comes from the most recent Claim Alert published by LIA Administrators & Insurance Services — Why Do Claims Get Settled? This article describes why and how lawsuits and other claims against appraisers in our E&O insurance program are settled. Appraisers should take heart in knowing that most claims against appraisers defended in our program do not result in any monetary payment to the plaintiff. Additional Claim Alerts from LIA are available here in the Loss Prevention section of LIA’s website. The article was written by Claudia Gaglione of Gaglione, Dolan & Kaplan, national claims counsel for LIA’s...

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

American Guild of Appraisers Files Request with Federal Reserve Board Seeking Documents Related to Regulations on Customary and Reasonable Compensation of Fee Appraisers 1

American Guild of Appraisers Files Request RE C&R Fees

American Guild of Appraisers Files Request with Federal Reserve Board Seeking Documents Related to Regulations on Customary and Reasonable Compensation of Fee Appraisers WASHINGTON, Jan. 23, 2012 /PRNewswire-USNewswire/ On behalf of the American Guild of Appraisers, today the law firm Garvey Schubert Barer filed a request with the Federal Reserve Board under the Freedom of Information Act seeking a wide variety of documents related to the regulations on customary and reasonable compensation of fee appraisers that were issued by the Board in October 2011. In announcing this action, Guild President Peter Vidi said, “It is clear that appraisal management companies...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Appraisal Institute Seeks Separation of Appraisal and AMC Fees 2

Appraisal Institute Seeks Separation of Appraisal and AMC Fees

The Appraisal Institute continues to represent the interests of its members in ongoing rulemakings resulting from the Dodd-Frank Act, including the separation of appraisal and appraisal management fees in order to provide transparency to consumers. Last November, AI and the American Society of Farm Managers and Rural Appraisers urged the Consumer Financial Protection Bureau to separate appraisal fees and appraisal management fees. Last month, Appraisal Institute representatives met with CFPB officials about a new Consumer Disclosure Form slated to replace the current HUD-1. The Dodd-Frank Act authorizes, but does not require, separation of appraisal and appraisal management fees on these...

AI / AMC / American Society of Farm Managers and Rural Appraisers / Appraisal / Appraisal Institute / Appraisal Management Companies

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