Tagged: ANSI

March 9, 2022

ANSI & Floor Plans Goofiness

“…if you the appraiser are not required to inspect the property yourself, don’t you want to have a more detailed diagram of the home, i.e., a Floor Plan?” There’s been lots of discussion on various forums, classes, Facebook, blogs, podcasts, surveys, articles, etc., about the upcoming ‘demands’ by ONE of the GSE’s to measure using ANSI Standard Z765-2021, and by both GSE’s to provide a Floor Plan for certain assignments. Uniformity is the stated goal. ANSI is not consistent in how they want the perimeter of homes to be measured. Here’s why: for new construction, when the plans (blueprints) are...

American National Standards Institute / ANSI / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

February 10, 2022

Desktop Appraisals: Has The Devil Infiltrated The Public Trust?

Are desktop appraisals with third-party inspectors protecting the public, or are these products about to destroy the very profession I love so much. The Uniform Standards Professional of Appraisal Practice (USPAP) are the key to maintaining public trust in real estate transactions. USPAP is pretty much the equivalent to the Bible, but it MUST be followed for appraisers. Created by the Appraisal Foundation, USPAP set forth the guidelines for how appraisers should perform their work. By following these standards, appraisers ensure that they act in a professional and unbiased manner. To expand, even more, USPAP states, “While USPAP does not...

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

February 3, 2022

Changes from Fannie Mae

Fannie Mae has decided to make at least 2 significant changes… The New Year is here and along with that comes change. The appraisal industry and the appraisal profession is no exception to this. Change is something we should embrace provided that the change is for the betterment of those effected by the change. Before we make a change we need to identify what we are trying to accomplish and will the purposed changes achieve the desired results and is this the best way to accomplish our objective. I am not sure that we have identified the problem that we...

AMC / American National Standards Institute / ANSI / Appraisal / Appraisal Management Companies / Appraisal News

ANSI Measuring Standard Required by FNMA

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December 17, 2021

ANSI Measuring Standard Required in 2022

On December 15, 2021, Fannie Mae announced that it will be adopting ANSI Measuring Standard in 2022. Appraisers will be required to use the Square Footage-Method for Calculating: ANSI® Z765-2021 (American National Standards Institute®) Measuring Standard for measuring, calculating, and reporting gross living area (GLA) and non-GLA areas of subject properties for appraisals requiring interior and exterior inspections with effective dates of April 1, 2022 or later for loans sold to Fannie Mae. For more information, watch this video and check out this fact sheet. Here are some items for appraisers to consider when using the ANSI standard Measurements...

American National Standards Institute / ANSI / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

November 18, 2021

Is ANSI for Appraisers Really the Answer?

The real estate industry has a square footage credibility problem. ANSI has been out since 1996 with no new pages added and very few changes. In a constantly changing industry with new home styles and designs, change is a requirement. We have to remember that ANSI was originally created to be simple enough for a teenager to understand. It’s a great basic tool but falls well short of solving the real estate industry’s square footage problems. The first problem is that mandating ANSI for all appraisers may be a good first step, but fixing the whole problem requires two additional...

American National Standards Institute / ANSI / Appraisal News / Appraisers News / Trending

Why So Many Appraisers Say NO to Bifurcated Hybrid Appraisals

September 20, 2021

Why Appraisers Say NO to Hybrids

Could this be another reason why so many real estate appraisers refuse to do bifurcated hybrid appraisals? Recently, a Mueller Services ‘inspector’ posted a comment on the article titled “Mueller Sample Report. You Decide!“. Could this be another reason why so many real estate appraisers refuse to do bifurcated hybrid appraisals? It goes without saying that bifurcated hybrid appraisals are uniformly performed by very low paid, with third grade level writing skills, untrained property ‘inspectors’ using a checklist – but with no appraisal training and skill. Tbhiitsch: Ah yes, Ive worked for Mueller services. It’s an easy job kind of,...

AGA / ANSI / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News

May 28, 2021

Alleged Systemic Racism in Appraisal Myth

In virtually every single case of alleged racism to hit the media recently, admitted staged events were in play. One could argue staging was necessary to identify if a valuation difference resulted from perceptions of what race the occupants are. Fair enough. Provided that the staging itself does not alter the value scenarios. Provided that the results are being honestly reported. I’m skeptical. I’ve researched each case as far as can reasonably be done from the information provided. The American Guild of Appraisers has also offered (repeatedly) to conduct thorough reviews of each and every appraisal involved in the reported...

AGA / AMC / American National Standards Institute / ANSI / Appraisal / Appraisal Management Companies

March 12, 2021

Train Us and Trust Us

The most weighted technique in most automated valuation programs comes down to one over-simplified formula, based on a guesstimation from an outside source that has no interest in the real estate system… Dear FHFA: Please accept the following comments in regard to Question A1.4. The response also includes comments on several additional questions. Thank you for taking the time to review these thoughts. Technology has made so many improvements in the last decade and we now have the chance to truly improve our home valuation system. With that being said, the last piece of the quality puzzle starts at the...

AMC / American National Standards Institute / ANSI / Appraisal / Appraisal Management Companies / Appraisal News

July 20, 2020

Are ANSI Standards Changing?

American National Standard for Single-Family Residential Buildings, Square Footage – Method of Calculating, ANSI Z765-2020 VaCAP has just learned of a meeting on July 22 to discuss and vote on proposed changes to the square footage calculation under ANSI guidelines. The proposed changes were published for public comment which closed in March. The meeting, which is described as a virtual Consensus Committee Meeting is open to the public, however you must request the meeting credentials to attend. Again, VaCAP has just learned of this proposed change and apologizes for the last minute notice. See the press release below or on their website. Once...

American National Standards Institute / ANSI / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News

September 17, 2018

The Missing Standard

What can we do to establish a national measurement standard for appraisers? Every week I talk to appraisers in different parts of the country and the conversations are almost always the same. Square footage errors are a problem everywhere, some places worse than others. Every appraiser seems to understand the problem and many of them complain about the real estate agents, home-owners, and even underwriters who challenge them about their square footage totals. They rely on the “Official Record” they believe is listed by the local tax department. Who teaches them this stuff? How is it possible the general public...

American Measurement Standard / American National Standards Institute / AMS / ANSI / Appraisal / Appraisal News