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For the term "class Valuation".

January 23, 2013

NCRC Statement on CFPB Appraisal Rules

Washington, DC Jan 18, 2013 – Today, in reaction to the Consumer Financial Protection Bureau’s (CFPB) release of new appraisal rules, NCRC President and CEO John Taylor made the following statement: “The CFPB’s new appraisal rules promote transparency and fairness for consumers. In a step that NCRC has long called for, all consumers will now receive copies of appraisals and automated valuation model (AVM) reports and will be able to check them for errors. Further, consumers and industry alike will benefit from the use of responsible valuation professionals in high cost loan origination. We are very pleased that the CFPB...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

Petition Concerning the Interim Final Rule on Appraiser Independence

January 11, 2013

Petition RE the Interim Final Rule on Appraiser Independence

The National Association of Independent Housing Professionals (NAIHP) led by Marc Savitt is petitioning the Consumer Financial Protection Bureau and is asking those harmed by the Interim Final Rule on Appraiser Independence to sign and forward the online petition. To Consumer Financial Protection Bureau (CFPB), Richard Cordreay, CFPB Director: Allow NMLS loan originators to order appraisals directly from appraisers Consumers and small business are being significantly harmed by the Interim Final Rule on Appraiser Independence. Consumer costs have increased by over 2.8 Billion dollars a year; thousands of small business residential appraisers have gone out of business, as the rule diverts...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CFPB

January 2, 2013

Filing a Complaint Against ES Appraisal Services

Filing a Complaint Against ES Appraisal Services With Arizona Board of Appraisal The Board of Appraisal has received information that ES Appraisal Services, registration #40150, has filed for Chapter 7 bankruptcy and is closing its doors for business. If you have an open invoice on an appraisal completed for ES Appraisal Services in Arizona, which is past the 45 days required by statute, please file a complaint with Rebecca Loar at the Board of Appraisal by January 11, 2013. A.R.S § 32-3675. Payment EXCEPT IN CASES OF BREACH OF CONTRACT OR SUBSTANDARD PERFORMANCE OF SERVICES, EACH APPRAISAL MANAGEMENT COMPANY SHALL...

ABOA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

December 11, 2012

Letting the AIR Out!

After all it’s AIR; not a vacuum. First, HVCC is dead. Dead and buried. It died back in 2010. Second, even when it was still plaguing the profession, it never stated that appraisers couldn’t or shouldn’t talk to real estate agents or brokers. Ever. I still have a copy of the HVCC because you never know when revisionist history will appear. Eventually, AIR took its place. AIR stands for Appraiser Independence Requirements. I have a copy of AIR. It resembles HVCC in many ways but, again, it doesn’t say a single word about appraisers being prohibited from chatting up or...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / IDFPR / Illinois Department of Financial & Professional Regulation

November 27, 2012

Greatest Risk Facing Appraisal Businesses

Greatest risk: low fees or low cash flow? A Recent Report From Texas There has been a lot of buzz about the recent survey from Texas. The Texas Appraisers and Appraisal Management Company Survey published by Texas A&M Real Estate Center in conjunction with the University of Houston’s Hobby Center for Public Policy and the National Opinion Research Center at the University of Chicago reports the current condition of the appraisal industry in the state of Texas. 1,584 appraisers and 55 Appraisal Management Companies (AMCs) doing business in Texas were surveyed and findings from the report were released to the public...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Business Development

October 22, 2012

Appraisal of the Industry

Of course any one who has bothered to open USPAP, or read the preface of any appraisal related book is very likely familiar with the valuation process. definition of the problem preliminary analysis data collection highest and best use analysis estimate of land value application of the three appraisal approaches: cost, market, income reconciliation of value estimates report of value Of course the application of this definition and process is where the fun begins. Definition of the problem… If I do not complete this report within the allotted 48 hours that has been so graciously allowed by the high pressure...

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

October 3, 2012

New Trade Association Announces Launch to Support Appraisal Industry

Announcing the Official Formation of the National Association of Appraisal Management Companies (NAAMC) Providence, RI (PRWEB) August 31, 2012 Filling a long missing void in the ever-changing Appraisal and Residential Home Mortgage sectors, a collection of Industry-leading Appraisal Management Companies joined forces to create a unique and extremely necessary organization exclusively committed to supporting all entities impacted in the Residential Appraisal and Valuation industries. Officially formed in late July 2012, several months’ pre-launch due diligence was completed by the sixteen Founding Members of the National Association of Appraisal Management Companies (NAAMC). This non-profit trade association is officially incorporated in Delaware and...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice

September 17, 2012

Is That an Appraisal? USPAP Definition

Why Isn’t that an Appraisal? APPRAISAL: (noun) the act or process of developing an opinion of value; an opinion of value. (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services. Comment: An appraisal must be numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark (e.g., assessed value, collateral value). In general terms the USPAP definition is elegant in its simplicity. We all understand what it is that appraisers provide. You provide opinions...

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

September 13, 2012

Downturn in Market Leads to Upturn in BPOs

BPOs as an alternative to appraisals! Over the last year, there has been a tremendous increase in the use of broker’s price opinions (a.k.a. comparative market analysis, broker’s estimate of value, etc.) that are being performed by real estate brokers and salespeople, in lieu of appraisals. While BPOs were previously used for very limited purposes, they are now being used as valuation products in the finance arena, primarily for the review of distressed properties prior to short sales or foreclosure. They are also being used in areas previously unimagined several years ago, including segments of the commercial market. The increase...

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

August 29, 2012

One Small Step for an Appraiser; One Giant Step for the Profession of Real Estate Appraising

On August 10, the Arizona Board of Appraisal dismissed the USPAP violation complaint filed by Chase Bank against John Dingeman on initial file review. Why is this newsworthy? Because it represents a major victory for appraisers everywhere. Dingeman, has been fighting strong arm tactics employed by Chase Bank in an attempt to force him to violate Client confidentiality by discussing details about an appraisal on a no-defunct loan that Chase acquired. Dingman took his fight right to the street starting a petition on Change.org and other outlets to share his story with fellow appraisers. We are happy to also report...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / CFPB