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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

The Louisiana Real Estate Appraisers Board Holds the First Hearing for AMC’s Not Following the Laws and Rules for Determining Minimum Reasonable and Customary Fees - Imagecredit Flickr - GotCredit 0

CFPB Appraisal Fees

ASA has repeatedly stated its belief that the Fed’s interpretation and the massive loophole it created ran contrary to the plain language and clear intent of Dodd-Frank. CFPB Reissues Interim Final Rule On Valuation Independence, Eliminates Federal Reserve Commentary Permitting AMCs To Include Their Own Payments To Appraisers To Comply With Dodd-Frank’s Customary and Reasonable Fee Requirement. On December 22, the Consumer Financial Protection Bureau (CFPB) released an Interim Final Rule dealing with the valuation independence requirements imposed by the Dodd-Frank Act, including the law’s “customary and reasonable” fee mandate. The CFPB’s rule was republished to reflect the transfer of...

AMC / American Society of Appraisers / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News

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“Public Trust Betrayed”

Congresswoman Jackie Speier letter to author of “Public Trust Betrayed” James E. Manning, author of “Public Trust Betrayed”, an appraiser in California who began his career in 1973, received a letter from Congresswoman Jackie Speier in response to his book and the state of the appraisal industry: December 30, 2011 – Mr. James Manning Dear Mr. Manning: Earlier this year you offered me a copy of your book, Public Trust Betrayed.  After some delay, I have finally had an opportunity to briefly review it. I agree with many of your conclusions. For example, you indicate that existing laws created after...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

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AGA Fights to Overturn Federal Regs Cutting Appraisers Fees

WASHINGTON, Nov. 7, 2011 / PRNewswire-USNewswire/ — The American Guild of Appraisers (AGA), a national organization of real estate appraisers that is an affiliate of the AFL-CIO’s Office and Professional Employees International Union (OPEIU), announced today it has retained a law firm as part of a broad-reaching effort to overturn recent federal regulations that dramatically cut the fees that appraisers are paid to perform appraisals, and threaten the viability of professional appraisal practice and the reliability of appraisals used in real estate transactions. In the aftermath of the national financial collapse brought on in part by badly underwritten subprime loans,...

AGA / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

VaCap Letter to VA Regarding UAD 1

VaCap Letter to VA Regarding UAD

Concerns regarding the decision of the VA to adopt UAD William Stewart Department of Veterans Affairs (VA) October 21, 2011 Dear Sandy, As president of the Virginia Coalition of Appraiser Professionals I wish to express to you our members’ deep concern regarding the decision of the VA to adopt the Uniform Appraisal Dataset (UAD). Our association has been active in our state regarding this issue and we feel this idea will only harm the quality of appraisals that our Veterans will receive in the future. It is for certain that the homeowner or new purchaser will not understand the appraisal...

AARO / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

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