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For the term "class Valuation".
USPAP violations 3

AppraiserLoft Fined for Failure to Pay Appraisers

AppraiserLoft Fined $855,000 for Failing to Pay Arizona Appraisers A Phoenix judge fined the defunct appraisal management company AppraiserLoft $855,000 for failing to pay Arizona appraisers at least 171 times within the past 18 months, the San Diego Union-Tribune reported June 12. The San Diego-based AppraiserLoft has been the subject of numerous non-payment and late-payment claims from appraisers, former employees, advertisers and other parties before shutting its doors in October. The AMC allegedly owes more than $3 million in property valuation invoices. In the Arizona case, administrative law judge Diane Mihalsky found that the AMC failed to pay Arizona appraisers...

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

Analyzing market trends 0

AI Helps Appraisers Analyze Real Estate Market Trends

Analyzing of market trends The nation’s largest professional association of real estate appraisers published guidance June 4 to help appraisers analyze market trends. The Appraisal Institute’s “Guide Note 12: Analyzing Market Trends” addresses to what extent appraisers are responsible for recognizing changes in market conditions, and what steps appraisers must take to ensure due diligence is done regarding the analysis of market trends. The Guide Note states, “Analyzing current and anticipated market conditions is more complicated – and more critical – when a market is rapidly changing, either upward or downward.” Adequate market analysis must be completed before highest and...

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

Appraisal Institute members in Capitol Hill 2

Members of AI Urge Congressional Action on 3 Bills

Nearly one hundred members of the Appraisal Institute went to Capitol Hill May 23 to urge Congress to act on three bills that could significantly impact the valuation profession. Attendees of AI’s annual Leadership Development and Advisory Council, held May 22-24 in Washington, D.C., lobbied lawmakers and their staffs on S. 3047, the Expanding Homeowners Refinancing Act; H.B. 3461/S. 2160, the Financial Institutions Examination Fairness and Reform Act; and S. 3085, the Responsible Homeowner Refinancing Act of 2012. S. 3047 builds on President Obama’s proposal — announced during his 2012 State of the Union address — that home loans not...

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

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Residential Appraising in a Declining Market

APB Valuation Advisory #3: Residential Appraising in a Declining Market The Appraisal Foundation is pleased to announce that the Appraisal Practices Board (APB) has adopted “APB Valuation Advisory #3: Residential Appraising in a Declining Market.” The APB is an independent Board of The Appraisal Foundation, which is responsible for developing voluntary guidance on recognized valuation methods and techniques. APB Valuation Advisory #3: Residential Appraising in a Declining Market, includes guidance on: How Should an Appraiser Define a Declining Market? What Databases are Available to Support a Market Trend Conclusion? What are Some Alternative Value Definitions? Defining a Market vs. a...

APB / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / The Appraisal Foundation

Sense is Like Courtesy it is no Longer Common! 0

Sense is Like Courtesy It is No Longer Common!

common sense needs to take the place of algorithms and automated valuation models… I dealt with an old question recently that I felt was pertinent and worthy of repeating. The question arose in Brooklyn, NY when an underwriter demanded that the appraiser include the basement area as part of the gross building area when comparing the subject to the comparable sales. After all they reasoned, Fannie Mae guidelines, i.e. Property and Appraisal Guidelines, XI 405.07 state, “Gross building area, which is the total finished area (including any interior common areas, such as stairways and hallways) of the improvements based on...

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

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We Need More Regulations?

“There oughtta be a law!” This is the typical rant from well-meaning Americans who feel they have been wronged in some way. In some cases, they may be right. There is a place for government and there are a reasons for regulations. The problems is, we have too dang many of them! Appraisers of any walk are usually the first ones to complain against excess government overreach. Yet surprisingly, they can also be the first ones to call for more when it appears to be in their favor. Take a recent thread I was reading on a popular appraiser web...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Technology / Appraisers News

HVCC & Interim Rules Unintended Consequences 7

NAIHP Letter Regarding Appraiser Independence Regulations

An outline exposing the unintended consequences created by HVCC and the Interim Rule February 23, 2012, Hon. Richard Cordray, Director, Consumer Financial Protection Bureau Re: Appraiser Independence Regulations Dear Director Cordray: Thank you for taking the time to meet with NAIHP on January 26, 2012. We always appreciate the opportunity to meet with the CFPB and discuss issues of concern that affect consumers and small business housing professionals. Although, our meeting covered a broad range of issues, my comments today are limited to the ongoing problems associated with “Appraiser Independence.” Today’s interim Rule on Appraiser Independence, was built on the...

AMC / AMCO / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Proposed Amendments to the Sentencing Guidelines in Mortgage Fraud Cases 1

Sentencing Guidelines Proposal

Proposed Amendments to the Sentencing Guidelines Speaking at a March 14 hearing in Washington, D.C., the Appraisal Institute urged a federal judicial agency to require the use of real estate appraisals when calculating loss in mortgage fraud cases. In prepared written testimony, Appraisal Institute President Sara W. Stephens, MAI, told the U.S. Sentencing Commission, “We believe the Commission should adopt a special rule for determining the fair market value of real property if the mortgaged property has not been disposed of by the time of the sentencing. However, this rule should require use of real estate appraisals prepared by qualified...

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

AVMs No Substitute for Real Estate Appraisals 0

AVMs No Substitute for Real Estate Appraisals

With lenders facing myriad challenges and consumers seeking cost reductions, it might be tempting to take a shortcut with real estate valuation — but the negative impact could be significant and long lasting. Some lenders utilize automated valuation models in certain cases. However, AVMs are not real estate appraisals; the two are not comparable. An actual appraisal typically requires the appraiser to visit the property and to perform a visual inspection. This enables the appraiser to accurately report property information, which they then verify. Appraisers use their experience, expertise and education to determine which comparable sales to use and what...

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

Comparable sales in declining market 0

Comparable Sales in Declining Markets

Appraisal Institute Helps Appraisers Choose Comparable Sales in Declining Markets The nation’s largest professional association of real estate appraisers published guidance to help appraisers know when and how to use distressed sales, such as foreclosures, as comparable sales. Such knowledge is particularly crucial in the current market where distressed sales are common, creating complex valuation challenges. The Appraisal Institute noted that appraisers often use comparable sales (or “comps”) to help develop an opinion of value. But in today’s distressed real estate market, many potential comparable sales represent foreclosed properties. Some owners have complained their home’s values have fallen because appraisers...

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