Tagged: AI

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NJ Governor Vetoes BPO Legislation…Again

Legislation that would have significantly expanded the ability of New Jersey real estate brokers and salespersons to offer broker price opinion services did not become law because of a Jan. 21 “pocket veto” by Gov. Chris Christie. This is the second time Christie has vetoed BPO legislation. The legislation (S. 3058) was passed by both houses of the New Jersey legislature Jan. 6, and was presented to Christie for his consideration. However, because the bill was passed by the legislature during the last 10 days of the 2012-13 legislative session (which ended Jan. 14), the governor only had seven days...

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Guidance on Valuing Green Buildings

Appraisal Institute Issues Guidance on Valuing Green Buildings When valuing green buildings, real estate appraisers’ analysis must be supported by market data on the subject property that helps explain why it stands out from its conventional peers, according to guidance issued today by the Appraisal Institute and the Institute for Market Transformation. Seeking to assist owners who retrofit an existing building or build a new one with energy-efficient features, the two organizations issued “Green Building and Property Value A Primer For Building Owners and Developers.” “As owners and developers enhance buildings with energy-efficient features, appraisers can help make the case...

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Fannie Mae Releases UCDP Appraisal Notes

Fannie Mae will implement new proprietary appraisal messages in the Uniform Collateral Data Portal beginning Nov. 9, the government-sponsored enterprise reported Sept. 24. The new appraisal messages will expand on existing Fannie Mae appraisal messaging and focus on providing additional data validation and reasonableness checks. The messages also will highlight possible eligibility concerns prior to loan delivery. The data included in the reports is based on the appraisals provided to the UCDP in the previous month, and includes an overview of all appraisal messages (including Fannie Mae critical messages),

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GSEs Still Finding Problems with Home Appraisals

Three years after the creation of a database seeking to standardize the home appraisal process, Fannie Mae and Freddie Mac continue to see major issues in numerous appraisals submitted by mortgage lenders, American Banker reported Sept. 12. Fannie Mae conducted a sampling of appraisals and determined that 17.6 percent contained contradictory information, typically pertaining to the condition or quality of the property, Robert Murphy, the GSE’s director of collateral and single-family risk policy, told a Phoenix conference of risk managers. He added that those two factors are the most important in determining a property’s value. Elevated appraisals contributed to the...

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

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Appraisal Guidelines

In the August edition of the AppraisalPort Newsletter, I reported on some of the general information covered at the National AI Connect Conference in Indianapolis, July 23-25, 2013. This was a great conference, covering a wide range of topics. This month, I want to pass on some information covered in one of the breakout sessions for residential appraisers. The session was titled, “Residential Chief Policy Roundtable” and included presentations from Fannie Mae’s Robert Murphy, the Appraisal Institute’s Bill Garber, HUD’s Ada Bohorfoush, and the VA’s Gerald Kifer. At Fannie Mae, Murphy handles many of the issues regarding appraisers and the...

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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...

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How to Identify a Bubble or Bust Housing Market

Bubble or bust? The nation’s home prices continue to climb, with some cities posting double-digit annual growth rates during 2012–13. While the continued economic recovery seems to trend in a positive direction, consumers, appraisers and other market participants should be on high alert for red flags that could signal the possibility of another housing bubble in the near future. How can appraisers tell if the current housing market is “bubble” or “bust”? Here is some guidance from the Appraisal Institute’s “Guide Note 12: Analyzing Market Trends.” Appraisers should be able to spot the symptoms of a changing market. Appraisers and...

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Appraisal Institute Urges ASB to Make USPAP More Flexible 0

ASB Urged to Make USPAP More Flexible

The Appraisal Institute Urges ASB to Make Uniform Standards of Professional Appraisal Practice More Flexible The Appraisal Institute announced Aug. 16 that it has asked the Appraisal Standards Board to institute a principles-based approach to appraisal standards that would, over time, require fewer changes to the Uniform Standards of Professional Appraisal Practice and enhance understanding of the document. Representatives of AI attended a public ASB meeting in July, during which Paula Konikoff, JD, MAI, chair of AI’s Appraisal Standards and Guidance Committee, urged the ASB to: Modify USPAP to be “principles-based” and not “rules-based,” as it has become over time;...

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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...

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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...

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