702 Search results

For the term "class Valuation".

Ocwen's Trouble May Mean More Business for Appraisers

April 26, 2017

Ocwen Is In Trouble

Could Ocwen’s trouble mean more business for appraisers? Ocwen Financial is in trouble with 22 States and the Consumer Financial Protection Bureau. Some states have issued a Cease and Desist Order, others like South Dakota are telling it like it is: “Ocwen does not possess the competence, experience, character, or general fitness required to permit Ocwen to continue…” Could this mean more business for appraisers? Will these issues be found in other lenders? How will the Real Estate and mortgage market be impacted? Time will tell. In the meantime, read all about Ocwen’s trouble on HousingWire here. In Other News:...

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

April 21, 2017

Appraisers’ Voice Just Got Louder

ASA and NAIFA Agree to Move Forward with Merger Consideration The American Society of Appraisers (ASA), the original multidisciplinary valuation society, and the National Association of Independent Fee Appraisers (NAIFA), the leading voice for independent professional real estate appraisers, announced on April 18, 2017, they have reached an agreement to move forward with a Memorandum of Understanding leading to the merger of NAIFA with ASA. Boards for both organizations will provide details to their memberships in upcoming weeks for final consideration and approval. The merger will add to ASA’s nearly 5,000 multidiscipline credentialed valuation professionals in over 75 countries and...

American Society of Farm Managers and Rural Appraisers / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASA

Clear Capital Push For Hybrid VA Appraisals

April 10, 2017

Clear Capital’s Push For Hybrid VA Appraisals

Clear Capital suggests that the VA consider the use of a desktop appraisal On April 4, 2017, the House Committee on Veterans Affairs held a hearing on “Assessing VA Approved Appraisers And How To Improve The Program For The 21st Century.” The hearing was designed to “assess VA’s current appraisal process, as well as specific difficulties for timely appraisals in highly rural areas”, as well as to investigate possible technological solutions to mitigate timeliness issues. Much of the hearing focused on two areas: The requirements for becoming a member of the VA appraiser panel, and the baseline requirements for comparable...

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

April 3, 2017

Is There a Fourth Approach to Real Estate Value?

I want to talk to you about the fourth approach to value… …and specifically an occasion on which it truly saved my bacon. Now, I know a lot of you real estate appraisers out there probably started chuckling as soon as you read the words ‘fourth approach to value.’ If you did, I get it, believe me! I used to be the same way. Over time, however, I’ve grown to see how it can often be a vital part of the valuation process. Let’s have a quick recap for anyone who’s either forgotten the fourth approach, or never learned it...

Appraisal / Appraisal News / Appraisers News

March 24, 2017

Hybrid Appraisal Products & Public Trust

Are busy appraisers doing Hybrid Appraisal products? Appraisers, The article titled First American launches new appraisal solutions technology popped in my system Tuesday early morning as I was getting ready to park my slippers. This article touts another ‘major’ company’s effort to design and implement a new version of what’s become to be known as a Hybrid Appraisal product. These products are designed to have a real estate sales person do the on-site property observation and photos, which are then provided to an appraiser, who completes a USPAP compliant ‘desktop’ appraisal. The whole point of these Hybrid appraisal products is...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / AQB

Consumers Overcharged by Appraisal Management Companies (AMCs)

March 23, 2017

Consumers Overcharged by AMCs

Excessive markups are common but consumers usually “know nothing about it”… The Chicago Tribune has published an article written by Ken Harney concerning appraisal fees. The article is very telling of what appraisers already know. Now the consumers are aware. Please read and share the article with your colleagues, agents, local MLS Board, Realtor Board, Appraisal Board and your Legislators. The more the abuses of some AMCs are exposed, the more opportunity we have to protect the consumer. Are you paying unseen add-on fees for your appraisal? By Kenneth R. Harney Are you getting fleeced on appraisal charges when you...

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

Mortgagee Letter Regarding AMC Fees - HUD & the AMC

March 22, 2017

HUD and the AMC

Mortgagee letter on choosing FHA appraiser, AMC &/or 3rd party fees… Does HUD have a Better Understanding of the Role of AMCs? Recently an old HUD/ FHA mortgagee letter has resurfaced. The mortgagee letter, 2009-28 has to do with choosing a FHA approved Roster Appraiser and Appraisal Management Company and / or Third Party Organization Fees. This mortgagee letter specifically states “the fee for the actual completion of an FHA appraisal may not include a fee for management of the appraisal process any activity other than the performance of the appraisal.” This mortgagee letter was written prior to the Final Rules and...

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

March 15, 2017

How Big, Really… Size Matters… Suggestions

Very often the public records are dead wrong… Appraisers, We all know Fannie Mae (FNMA) has their Collateral Underwriting (CU) report scoring system after the .xml file of the report is submitted through the Uniform Collateral Data Portal (UCDP) portal used by both GSE’s. This system of theirs is used to ‘score’ an appraisal for a loan quality rating, and it’s also used to provide a lender with a guarantee of relief from a FNMA loan buy-back demand, if the report ‘scores’ a number of 2.5 or lower. We’ve previously discussed how that can be manipulated by a lender or an...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Collateral Underwriter

Legislation to Regulate AMC's & Protect Consumers Opposed by REVAA

March 13, 2017

AMCs Are Not Part of The Appraisal Profession

Foreign entities do not get a voice in what legislation is introduced… Let’s think about this with an open mind… More states are introducing bills concerning AMC legislation, more specifically how AMCs will conduct business. Even states with existing AMC legislation are introducing stricter, more precise legislation. Why is this happening in all 55 jurisdictions? States do not want to interfere in how a company or industry conducts business, but when practices are so abusive that it harms small businesses and consumers, they have little choice. States have the obligation to protect their citizens and businesses that contribute to the...

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

Forms Designed for Specific Purposes - Appraisal Forms Designs

March 8, 2017

Appraisal Forms Designs & Purposes

These forms were “designed” to be used for those specific purposes… Appraisers, Earlier this week, I discussed the following about some lenders requesting a type of property inspection to be completed on a form “Not Designed” for the specific property type: Original observation discussed earlier this week: Read the highlighted sentence. Read the highlighted sentence again. According to a regional bank in my area, via info from their AMC, “thousands” of Manufactured Home appraisals have been done on the 2055 form. Do you do that, just because someone – who just wants to “make a sale” – tells you to...

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