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The Appraisal Complaint National Hotline 2

The Appraisal Complaint National Hotline

Jim Park, the Executive Director at the Appraisal Subcommittee (ASC), gave an informative presentation at Valuation Expo this past June. In this session, Jim reviewed the functions and oversight duties of the ASC and current status and regulatory issues with the States. One of the more interesting topics covered in Jim’s presentation regarded the Appraisal Complaint National Hotline, which was established in accordance with the Dodd-Frank Act, put into law July of 2010. TThe National Hotline, which began taking referrals in March of 2013, acts only as a facilitator for complaints. In other words, the National Hotline identifies the Agency(s)...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

5

Mortgage Takings: The Next Appraisal Frontier or Liability?

According to the Appraisal Institute’s recently published 2013 Real Estate Appraisal Outlook, U.S. appraisers anticipate that litigation valuation/forensic appraisals will be one of the top five areas of growth in the next one to two years in both commercial and residential appraisal.  Indeed, approximately 33% of surveyed commercial appraisers anticipate more demand from law firms and lawyers in the near future, with 24% of those surveyed expecting an increase in valuation consultation and studies in support of litigation.  The appraisers’ prediction may be spot on the money as at least one U.S. municipality has begun to implement a plan to...

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

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

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...

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