Tagged: AI

ASC letter RE Launch of the 0

Appraisal Hotline Operations Details

Appraisal Institute Wants Details on Appraisal Hotline Operations The Appraisal Institute and the American Society of Farm Managers and Rural Appraisers jointly sent a letter Feb. 12 to the Appraisal Subcommittee asking that it make its proposed protocol for operating the “appraisal hotline” available for public comment prior to its March 29 implementation. In the letter, AI and ASFMRA said that while the concept of a hotline is sound, there exists almost no understanding among state appraiser regulatory officials, practicing appraisers and real estate and mortgage professionals as to how the hotline would function or even of its intended purpose....

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

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Guidance RE Exposure Time

New Guidance Helps Appraisers Analyze Exposure Time The Appraisal Institute published “Guide Note 14: Concept of Exposure Time” Feb. 12 to help appraisers understand exposure time and how to incorporate its analysis into appraisals. The guidance addresses how appraisers should link exposure time, which refers to the time a property remains on the market, to their value opinion and comply with the Uniform Standards of Professional Appraisal Practice. The Guide Note states, “An analysis and opinion of Exposure Time is required for appraisals where the definition of value is tied to a reasonable or stipulated exposure time. A discussion of...

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

Appraisers Evaluations Guide 0

Evaluations for Lenders & Appaisers

Appraisal Institute Helps Appraisers Perform Evaluations for Lenders The Appraisal Institute’s “Guide Note 13: Performing Evaluations of Real Property Collateral for Lenders” addresses how appraisers should prepare an evaluation for a lender and comply with the Uniform Standards of Professional Appraisal Practice. The Guide Note states, “Federally insured lending institutions in the United States are subject to regulations regarding real estate appraisals. For lending transactions involving real estate, a lender must obtain an appraisal from a state licensed or certified appraiser. There are 12 exemptions from this requirement. For three of these exemptions, in lieu of an appraisal by a...

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

BPO Legislation North Carolina 0

North Carolina Enacts BPO Legislation

What a licensed broker or appraiser must do in performing a BPO or a CMA… North Carolina Governor Beverly Purdue signed S.B. 521 into law July 12, and the legislation will significantly expand the ability of the state’s licensed real estate brokers to offer a broker price opinion or comparative market analysis. The legislation included two amendments provided by the state’s appraisal organizations. Prior to the new legislation, North Carolina real estate brokers were limited to providing a CMA only in the real estate sales context, and they had to have a reasonable expectation that a listing would result from...

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

Broker Price Opinions BPOs 1

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

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Mortgage Originators: Appraisals a Huge Concern

Early results released Aug. 20 from the 2012 Loan Originator Survey conducted by Mortgage Daily revealed that the real estate appraisal process is considered one of the most frustrating issues for mortgage loan originators. Respondents also cited the Dodd-Frank Act as having a big impact on their business. The results are only preliminary because the survey is ongoing and won’t officially close until Sept. 15. Respondents must be mortgage originators registered in the Nationwide Mortgage Licensing System and Registry. The survey showed strong opposition to current appraisal requirements, with many respondents having made negative comments about today’s appraisal environment. Most...

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

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Appraisal Practices Board: A Free Resource for Appraisers

The genesis of the Appraisal Practices Board was the collapse of the housing market in 2008… Congressional Hearing Provides Opportunity to Clarify Purpose – FOR IMMEDIATE RELEASE June 29, 2012. Washington, DC – The Appraisal Foundation (TAF), a non-profit education organization dedicated to professional valuation, testified yesterday before the U.S. House of Representatives, Committee on Financial Services, Subcommittee on Insurance, Housing and Community Opportunity. The hearing, entitled Appraisal Oversight: The Regulatory Impact on Consumers and Businesses, focused on the Appraiser Regulatory System in place today and whether there is need for modifications or improvement of this system. One issue discussed...

AI / American Society of Appraisers / APB / Appraisal / Appraisal Institute / Appraisal News

Appraisal Complaint Hotline to Open This Year 2

Appraisal Complaint Hotline to Open This Year

Appraisal Complaint Hotline The Appraisal Subcommittee, a federal monitor of state bodies responsible for governing valuations, will open an appraisal complaint hotline by the end of the year, HousingWire reported July 2. The appraisal complaint hotline, required by the Dodd-Frank Act, will allow homebuyers, real estate agents, lenders and others in the industry to file complaints about appraisers and appraisal management companies. “ASC member agencies are currently working to finalize the details for how they will handle the referral of a complaint from the hotline,” ASC Executive Director James Park noted in House testimony, HousingWire reported. Park reported that a...

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

Lenders May Still Profit Most from Appraisal Fees 3

Revealing AMC Fees Optional Under Proposed Disclosure Forms

On July 9, the Consumer Financial Protection Bureau released its proposed rule for mortgage disclosure forms designed to help consumers shopping for a home loan. The CFPB also showed the latest versions of its loan estimate form and its closing form. Part of the CFPB’s “Know Before You Owe” mortgage project, the proposed rule includes two forms that borrowers will receive after applying for a mortgage but before closing on their homes. The Appraisal Institute previously had expressed its support for the new forms, but asked that the CFPB separate the appraisal fee from the appraisal management company fee to...

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

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Differences Between Neighborhood and Market Areas & Analysis

Neighborhood is broad and general in nature… When examining appraisal reports, it is commonly noted that the Neighborhood section of the 1004 appraisal report contains data for sales of properties that are comparable and competing to the subject, rather than for sales of all homes of the same category (i.e., single family detached). Professional appraisal reference works, such as Appraising Residential Properties, 4th Edition (published by Appraisal Institute) address the differences between a “neighborhood” and a “market area.” Further, various Fannie Mae selling guides and announcements, and the HUD 4150.2 handbook contain guidance for appraisers regarding the analysis of neighborhood...

1004MC / AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

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