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For the term "class Valuation".
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

Appraiser Trainees Hiring to Remain Weak: AI Survey 3

Trainees Hiring to Remain Weak

Appraiser Trainees Hiring to Remain Weak: AI Survey Hiring of real estate appraiser trainees will remain weak for the next one to two years, according to an Appraisal Institute survey released July 17. About one-fifth (21 percent) of commercial appraisers said they would add full-time trainees; fewer than one-tenth (9 percent) of residential appraisers said they would do so, according to the survey of U.S. real estate valuation professionals conducted in May and June. Commercial appraisers account for less than one-third of practicing U.S. appraisers. According to the survey, 93 percent of the residential appraisers who employ trainees employ one...

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

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Appraiser Confidentiality: USPAP Absurdity

Appraiser Confidentiality: Loose Lips, Big Claims, USPAP Absurdity, and Subpoenas Allegedly “Loose Lips” Cause a Big Claim. A recent and relatively big appraiser liability claim involved a commercial appraiser’s alleged breach of confidentiality.  The damages paid to the plaintiff were significant.  According to the plaintiff’s complaint (my recounting of the facts here is simplified), a lender had engaged the appraiser to perform an appraisal for a construction loan to the developer of a shopping center.  Some of the information received by the appraiser included lease commitments from prospective tenants. The anchor tenant was a well-known retailer.  The appraiser completed the assignment, but...

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

USPAP Issue 2

My Main USPAP Issue – Letter to ASB

My Main USPAP Issue – Statement Letter to the ASB The purpose of USPAP is to promote and maintain a high level of public trust in establishing requirements for appraisals and “reliable” valuations. The problems is, however, that it is subjective. Assuming one can support the conclusion or opinion; beauty is in the eye of the beholder, or in this case, the appraiser. Likewise, evaluation and selection is in the eye of the appraiser – which is why two different and reasonable and competent appraisers can reach two different, but equally credible opinions, on the same property. And that is...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / Automated Valuation Models

Independent contractors pros cons 2

Independent Contractors vs. Employees Pros and Cons

Business owners must determine whether to hire appraisers as employees of the company or as independent contractors. Because many appraisers are self-employed or run small businesses with few staff, recruiting and staffing employees can present a unique set of challenges. Business owners must determine whether to hire appraisers as employees of the company or as independent contractors. According to a recent article in Valuation magazine, businesses are increasingly taking the independent contractor option whenever possible due to the significant savings and flexibility for the employer. However, there are pros and cons to both angles. Benefits for appraisal firm owners and...

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

Bank of America Appraisals Reviewed in India 6

Bank of America Appraisals Reviewed in India

Bank of America Reportedly Sending Property Reviews to India Bank of America reportedly opened a unit in India to review valuation reports in an effort to boost its share of the U.S. mortgage market at a lower cost, Bloomberg reported June 28. Workers in the new Bangalore office use checklists to decide if appraisals are complete, according to people who talked to Bloomberg on the condition of anonymity. Bank of America also eliminated positions at its Plano, Texas-based LandSafe appraisal division, which made $78.8 billion in loans in 2012. “One of the biggest problems in the mortgage business is all...

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

Real Estate Appraisers Warned us About the Crisis but We didn't Listen 2

Appraisers Warned Us but We Didn’t Listen

Federal actors could have responded to the appraisers’ warning and prevented the crisis On July 9, 2013 I participated in a radio interview with a lobbyist for the 100 largest financial firms. The San Francisco radio program host asked me what question I would ask the lobbyist and I said that any discussion should begin with allowing him to state his view of what caused the crisis. In the course of his explanation, he bemoaned the fact that there was no warning about the crisis. I found this ironic because I had just published that morning an article about how the...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / FDIC / Petition

JPMorgan Chase Not Liable for AMC Appraiser Fees 1

JPMorgan Chase Not Liable for AMC Appraiser Fees

JPMorgan Chase absolved… In a June 27 ruling, the U.S. Bankruptcy Court for the Middle District of Florida permanently absolved JPMorgan Chase of all liabilities for fees due to appraisers as a result of the closure and bankruptcy of Evaluation Solutions, an appraisal management company that provided services to JPMorgan Chase. The court’s decision resulted from an action brought by the bankruptcy trustee, Summit Financial Resources, and by JPMorgan Chase that requested the court approve a settlement to be paid from the assets of the bankruptcy estate to Summit for a loan made to Evaluation Solutions. The loan had been...

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

CoreLogic acquires Marshall & Swift & DataQuick 1

CoreLogic to Acquire Marshall & Swift/Boeckh & DataQuick

The combination of CoreLogic, MSB and DataQuick should yield significant future growth opportunities… CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today announced the Company has entered into a definitive agreement to acquire Marshall & Swift/Boeckh, a leading provider of residential and commercial property valuation solutions to the property and casualty insurance industry, DataQuick Information Systems, a property data and analytics information company, and the credit and flood services operations of DataQuick Lender Solutions from the Decision Insight Information Group (DIIG). Founded in 1930, Marshall & Swift/Boeckh (MSB) is the leading provider of building cost information,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CoreLogic Valuation Services

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When the FDIC Comes A’ Knockin’

The implosion of the real estate bubble reverberated across the American landscape.  Neither residential nor commercial markets were spared.  This implosion not only had a very palpable effect on the economy, but on the political debate of this nation as well.  That political debate—as it seems is often the case—has turned to finger-pointing.  Those fingers have now curled up into a fist, and that fist is now knocking on the doors of appraisers across the country. In the aftermath of the economic downturn, many banks were taken over by the Federal Deposit Insurance Corporation (FDIC) after their balance sheets dived...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CoreLogic Valuation Services

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