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1

FDIC Files Appraisal Complaint Against LPS and CoreLogic

The Federal Deposit Insurance Corp. has filed a complaint against Lender Processing Services and CoreLogic related to appraisals performed for Washington Mutual, HousingWire reported May 11. The FDIC is seeking to recover roughly $283 million in losses allegedly tied to appraisals that an LPS subsidiary and a CoreLogic affiliate conducted for WaMu. The FDIC took WaMu into receivership in 2008 and facilitated its sale to JPMorgan Chase. WaMu had a total of $307 billion in assets at the time. HousingWire reported that regulatory filings by the two companies indicate that the FDIC alleged LPS Appraisal LLC and CoreLogic Valuation Services,...

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

NAR Releases Statement on Appraiser Independence 3

NAR Statement on Appraiser Independence

The National Association of Realtors (NAR) released a statement supporting the independence of appraisers and the appraisal process on their website while expressing their concerns about interference in the appraisal process. The NAR Appraisal Committee will meet this Wednesday, May 11, 2011 at 8:00 A.M at the Marriott Wardman Park Hotel, 2660 Woodley Road, NW, Washington, DC. One item sure to be a topic of discussion is the recently released Statement on Appraiser Independence. NAR Statement on Appraiser Independence “The role of the appraiser is to provide an independent and impartial analysis of real property. This analysis is a critical component of...

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

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Bills Prohibiting Use of Distressed Sales as Comparables Die

Proposed legislation in Illinois, Maryland, Missouri and Nevada seeking to prohibit use of foreclosures and short sales as comparables in developing opinions of residential real estate value appears to have failed. Two bills missed procedural deadlines, one has been amended and the other was withdrawn by its sponsor. Appraisal Institute chapters in all four states played key roles in defeating the bills, which would have resulted in each state’s legislative body dictating the real estate valuation process. The Nevada bill missed a procedural deadline for passage and is dead for this session. In testimony prepared for an April 1 hearing...

Appraisal News / Appraisers News / Political Action / Uniform Standards of Professional Appraisal Practice / USPAP

Landsafe appraisal service agreement - appraisers are gatekeepers 4

Aren’t Appraisers the Gatekeepers of our Collective National Equity?

LandSafe Appraisal Services, a wholly owned subsidiary of Bank of America, recently released its latest “Appraisal Services Agreement” to its panel appraisers. The agreement includes, among others, indemnifications of LandSafe against any liability, and loss of intellectual rights. If this goes through and appraisers agree to sign this new agreement, other AMCs will follow LandSafe’s lead and produce their own version of Appraisal Services Agreements. LIA Insurance has reviewed the new LandSafe Appraisal Services Agreement. The review is available to LIA’s insured appraisers and READI members but others can also view it by registering with code 201700. The whole idea of appraisers as...

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

AGA Meets With Rep. Barney Frank to Discuss Fed's Rule on Appraiser Independence & Reasonable & Customary Fees 1

AGA to Discuss Appraiser Independence & C&R Fees

…excluded from Reasonable and Customary fee surveys… The American Guild of Appraisers (AGA) / Guild 44 of the Office and Professional Employees International Union, AFL-CIO met with Representative Barney Frank (D-MA) on April 14 to discuss the Guild’s concerns with the Federal Reserve Board’s Interim Final Rule (Rule) regarding Appraiser Independence. With the implementation of the Rule issued April 1, 2011, the Federal Reserve has introduced faulty regulation that implicitly fails to capture Congressional intent to reform the appraisal process and Appraiser Independence and the necessity to promote the use of market driven, Reasonable & Customary (R&C) fees for various...

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

Lenders May Still Profit Most from Appraisal Fees 3

Lenders May Still Profit Most from Appraisal Fees

Lenders May Still Profit Most from Appraisal Fees, writes Kenneth Harney WASHINGTON — When you pay $450 to $550 at settlement for an appraisal on a  home purchase or refinancing, do you assume that all or most of the money is  going to the appraiser who comes to the house and performs  the valuation? That’s logical, but probably not correct. Despite new Federal Reserve  regulations that took effect April 1 requiring lenders to pay appraisers fair  fees, growing numbers of them say they are still being offered $200 to $250 —  even as low as $134 —  for work that...

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

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The Dawn of a New Era in Appraising

A new frontier in appraising is upon us… Approximately 30 years ago the automobile industry began to introduce computers into cars and since that time they have never been the same. What was once considered a rather simple procedure – tuning up your engine or even changing the spark plugs – has become an almost impossible project for anyone, except the highly trained automobile technician. Today nearly every aspect of your car is aided or controlled in some manner by a computer. Digital radios with CD players, climate control systems, cruise control and pollution control devices are just a few...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Software / Appraisal Technology

Mueller Sample Bifurcated Appraisals. YOU Decide! - AppraisersBlogs

About AppraisersBlogs

AppraisersBlogs is a comprehensive platform designed to serve as a centralized hub for news, insights, and perspectives from within the real estate appraisal industry. Recognizing the diverse and interconnected nature of the appraisal profession, the creators of AppraisersBlogs set out with the goal of aggregating content from a wide range of sources – including appraisers’ coalitions, professional organizations, individual appraisers’ blogs, industry newsletters, and even appraisal software developers. By bringing together this wealth of information in one convenient location, AppraisersBlogs aims to keep appraisers and other real estate stakeholders informed and up-to-date on the latest trends, best practices, and critical...

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