Tagged: Appraisal Services

New Law Effect on the Working Relationship Between Appraisers & AMCs 3

New CA Law Negative Effect for Appraisers

Some of you appraiser in California may not realize there is a new law, AB-5, which goes into effect on 1/1/2020, less than 60 days from now that will have a significant effect on the working relationship between appraisers and AMCs. Most appraisers work as Independent Contractors when working with AMCs. However, this will most likely change under this new law, AB-5, as of the first of the year. Most engagement letters or other instructions from AMCs to appraisers are in conflict with this new law as it pertains to the use of Independent Contractors. Under most of these agreements...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Political Action

Credible Third-Party Inspections, Use of EA & USPAP Q&A 17

Credible Third Party Inspections

…producing credible real estate appraisal reports… Is it any wonder that The Appraisal Foundation has lost nearly all credibility as America’s self-proclaimed foremost authority on appraisal matters? I humbly submit their most recent offering. Excerpt from current ASB Q&A: “2018-19 USPAP Q&A Issue Date: March 29, 2018 The Appraisal Standards Board (ASB) of The Appraisal Foundation develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP) on behalf of appraisers and users of appraisal services. The USPAP Q&A is a form of guidance issued by the ASB to respond to questions raised by appraisers, enforcement officials, users of appraisal...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB

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Residential Appraisers Dos and Don’ts

Residential appraisers are a critical piece in the puzzle that is determining a property’s “true” value. But in today’s market, the role they play is more pivotal than ever. When every dollar counts (as the players of the game may still be licking their wounds from the oh too recent housing crisis) sellers want to be able to get the highest value possible for their property and buyers certainly do not want to overpay for a home, so working with an appraiser who is trained to perform services in an ethical and professional manner with rich knowledge of the market...

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

Virginia Study on Customary & Reasonable Fees for Residential Appraisals 1

Residential C&R Fees Study in Virginia

Virginia Study on Customary & Reasonable Fees for Residential Appraisals BLACKSBURG, Va., Oct. 7, 2014 – Virginia Tech researchers and students conducted a survey of Virginia residential real estate appraisers to analyze the patterns of fees earned in 2013. Prior to the release of this report, no data existed that defined “customary and reasonable” residential real estate appraisal fees in Virginia. This report is the third report of its type to be conducted in the United States, and the first in Virginia. The research was conducted in response to recent amendments to the Truth in Lending Act modified by the...

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

Real estate appraisers stats 3

Drop in US Real Estate Appraisers Slows: AI Research

80,500 Total number of active real estate appraisers CHICAGO (July 31, 2014) – The number of active real estate appraisers in the United States fell less than 1 percent in the first half of 2014, the Appraisal Institute announced today, lower than the average annual decrease of 2.6 percent over the past six years. Research conducted by the nation’s largest professional association of real estate appraisers found that as of June 30, the total number of active real estate appraisers in the U.S. stood at 80,500, down from 81,050 on Dec. 31, 2013. A broader analysis suggests the rate of...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

AMCs stats 5

AMCs…Some Statistics

Some stats on Appraisal Management Companies (AMCs) Most AMCs are small companies. 86% have annual gross revenue less than $10 million. Conversely, 13% have annual gross revenues of over $50 million. AMCs are more frequently adopting a “cost plus” pricing model for their services. This means they charge a separate fee for their service and are transparent about their fees paid to an appraiser. (Note: Arizona Appraisal Statute requires appraisers to disclose the fees they have been paid by an AMC in the Scope of Work section of the appraisal). 35% of the AMCs surveyed are headquartered in the western...

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

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Minimum Requirements for AMCs

Proposed Federal Regulation of Appraisal Management Companies (Minimum Requirements for AMCs) I hear a lot from appraisers concerning their interactions with various appraisal management companies (AMCs). Many keep wondering why appraisers are licensed and strictly regulated while it seems that AMCs for the most part have been left to do whatever they want. That was the case for a while; today the majority of states have already imposed regulations on AMCs. Currently, as part of the Dodd-Frank Act, a group of agencies are working together to set federal guidelines for AMCs. They are looking for feedback on these proposals and...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CFPB

Online Petition to Make a Difference in Customary and Reasonable Appraisal Fees 5

Customary & Reasonable Appraisal Fees

A Cost-Plus fee structure will allow the Customary and Reasonable Fee provision, a component of Appraiser Independence, to be more readily adopted. Fellow Professional Appraiser, I am asking you to take a moment from your busy day to PARTICIPATE in an important industry effort. That issue is referred to within Title XIV of the Dodd-Frank legislation as “Customary and Reasonable Fees”: CUSTOMARY AND REASONABLE FEE In General – Lenders and their agents shall compensate fee appraisers at a rate that is customary and reasonable for appraisal services performed in the market area of the property being appraised. Evidence for such...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CFPB

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“Fake” Appraiser E&O Insurance and Shady Things from AMCs Too

Outright Fake E&O For many appraisers and also some AMCs (appraisal management companies), the only reason they purchase professional liability insurance (E&O) is because a client requires them to show coverage in order to receive work.  The fact that some appraisers and AMCs only look at insurance as an “E&O ticket” leads to some unfortunate examples of fraud, which appraisers, firms, AMCs and clients should be aware of. Before I get to the fakery, however, I’ll explain that our purpose in providing E&O, and also the reason that most of our insureds purchase it, is because E&O first serves the insured by providing...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / E&O

Appraisers Expect Continued Growth 2

Appraisers Expect Continued Growth

Appraisers Expect Continued Growth: Appraisal Institute Survey CHICAGO, Oct. 22, 2013 /PRNewswire-USNewswire: Appraisers anticipate continued growth in mortgage lending appraisals and in specialized areas of consulting, according to a recent survey conducted by the Appraisal Institute, the nation’s largest professional association of real estate appraisers. Commercial appraisers said the top five areas of growth in the next one to two years (in order of potential) are mortgage lending appraisals, land valuation, litigation valuation/forensic appraisal, real estate consulting (fee-based) and right-of-way/easements. Residential appraisers said the top five areas of growth are mortgage lending appraisals, review appraisal services, real estate owned/foreclosures/short sales,...

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

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