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For the term "class Valuation".

May 22, 2013

ES Appraisal Settlement with Chase

It has come to my attention that the attached settlement is being proposed to the BR Trustee in the ES Appraisal case and thought that it was important that the information be passed along to whomever might need it since many of our members have been affected. Please forward to whomever you believe might be owed fees in this case. I would recommend that anyone do their own research on this as I am only passing along information that was given to me third hand. It is the belief of others that this agreement will forgo millions of dollars in...

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

May 21, 2013

Appraisal Institute Discusses 2014-15 USPAP Updates

2014-15 USPAP updates In the organization’s latest YouTube video, the Appraisal Institute invited Paula Konikoff, JD, MAI, chair of the Appraisal Institute’s Professional Standards and Guidance Committee, to discuss 2014-15 USPAP updates, including the process the Appraisal Standards Board used to adopt the latest edition of USPAP, the new Report Options that will be part of the 2014-15 edition of USPAP, and other changes made that might impact appraisers. The Appraisal Standards Board adopted the 2014-15 edition of the Uniform Standards of Professional Appraisal Practice, commonly known as USPAP, in February of 2013. Beginning in early 2012, the ASB released...

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

May 13, 2013

REALTOR® & Appraiser Interaction Under Dodd-Frank

A common complaint among REALTORS® in virtually all of Michigan is that many residential deals are failing because the home will not appraise at a value that permits the buyers to finance the purchase and close on the home. Many REALTORS® take the position that many of these properties do not appraise because the appraiser is not “geographically competent.” In other words, the appraiser is from out-of-town, unacquainted with the area in which the appraised property is located; thus, fails to learn or uncover various factors that would substantially change the valuation of the property. The question is then posed...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Dodd-Frank Act / C&R Fees

May 6, 2013

Survey: Appraisers Confident in Housing Market

Appraisers mostly are upbeat about home price increases and generally are becoming more confident about the state of the U.S. housing market, according to survey results released April 24 by Leawood, Kan. – based appraisal management company United States Appraisals. The survey of 600 appraisers revealed that 55 percent indicated a mildly or moderately strong level of confidence in the housing market while 25 percent said they were neutral. “Appraisers tend to be realistic,focused on their local markets and unmoved by news stories and national numbers,” Aaron Fowler, president of United States Appraisals, said in a news release. “We believe...

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

April 22, 2013

North Dakota Governor Signs AMC Law

AMC Law in North Dakota North Dakota became the 37th state to enact a comprehensive law requiring the registration and oversight of appraisal management companies on April 12 when House Bill 1389 was signed into law by Gov. Jack Dalrymple. The law takes effect on Jan. 1, 2014. Under the new law, entities involved in the residential collateral valuation process must register with the North Dakota Real Estate Appraiser Qualifications and Ethics Board if they oversee a panel of more than 15 independent contract appraisers in North Dakota or 25 or more nationally. Entities that exclusively employ appraisers on an...

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

April 19, 2013

2075 FNMA Form a Ticking Time Bomb?

Is Fannie Mae Form 2075 a ticking time bomb for Appraiser? Fannie Mae Form 2075 (aka the “Desktop Underwriter Property Inspection Report”) seems innocuous enough when you pick it up and look at it. After all, it’s only a single page with just one-half page of instructions. It allegedly applies only to low risk loans and the form has been around and in use for a long time. The instructions even clearly state it “is not an appraisal report”. The instructions go on to say this report may be used without an estimate of fair market value of the property...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / E&O

April 18, 2013

ASA Letter Opposing Bill A3781

Letter from ASA Opposing Bill A3781 Abolishing the NJ State Appraisal Board and Transferring Control to the Real Estate Commission Assemblyman Giblin: The American Society of Appraisers (ASA), the largest multidisciplinary professional appraisal organization in the United States, is writing to express strong opposition to Assembly Bill 3781, which would abolish the New Jersey State Real Estate Appraiser Board and transfer the regulatory oversight of appraisers to the State Real Estate Commission. This bill would weaken the overall regulatory scheme applied to real estate transactions and its myriad parties at a time when new federal and federally-mandated state regulations are...

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

April 15, 2013

Certified Appraisers Up but Total Number of Appraisers Down

Certified Appraisers at All-time High but Total Number of Appraisers Continues to Decrease The percentage of appraisers with a state certification is at an all-time high but the total number of appraisers continues to decrease at a rate of about 3 percent per year, according to data released April 9 by the Appraisal Institute. Appraisal Institute has analyzed data from the Appraisal Subcommittee National Registry since 2006, and the long-term trend shows that with more than half of U.S. appraisers aged 51 to 65, the appraiser population could decrease 25 to 35 percent over the next 10 years due to age...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

April 11, 2013

Summary of Actions Related to Proposed USPAP Changes

Potential changes and additions to USPAP On February 1, 2013, the Appraisal Standards Board (ASB) adopted modifications to the Uniform Standards of Professional Appraisal Practice (USPAP). This action was the culmination of a period of 15 months and multiple discussion drafts, requests for comments, and three exposure drafts. Written comments were received in response to each document, and oral comments were provided at each public meeting. The ASB read and carefully considered every comment, developed a work plan to address the issues brought forward, and adopted revisions for the 2014-15 edition of USPAP. 1. Revisions adopted for 2014-15 USPAP The following...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / The Appraisal Foundation

April 2, 2013

NAIHP Promotes New Appraisal Rules on Capitol Hill

NAIHP acknowledges neither HVCC nor Appraiser Independence rules require the use of AMC’s. The conflict of interest rules contained in the “Interim Final Rule on Appraiser Independence,” were designed to establish a firewall between a loan production department ordering valuations of residential real estate and appraisers, who perform valuations. The Federal Reserve Board (FRB), who established the Interim Final Rule to replace the Home Valuation Code of Conduct (HVCC) in October of 2010, recognized it was not always practical to separate these functions in small financial institutions, which is why the FRB created two sets of firewall requirements: one for...

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