Tagged: appraiser

Statute of Limitations for Appraisers 2

Statute of Limitations Against an Appraiser

The Statute of Limitations for a Claim Against an Appraiser Why You Should Keep Your Workfile for 7 to 8 Years In 2013, many lawsuits against both residential and commercial appraisers continue to relate to appraisals performed years ago at the peak of the real estate price bubble, 2005 to mid-2008. These lawsuits are filed by borrowers, lenders, investors or the FDIC and typically allege that an appraiser’s inflated value resulted in the plaintiff borrowing, paying or loaning too much money.  The plaintiff blames its loss on the appraiser and sues for damages. When reporting a claim like this to...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / FDIC

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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...

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

Appraisers Feeling the Heat as Housing Market Warms Up 1

Appraisers Feeling the Heat as Housing Market Warms Up

Appraisers will always be key players in the real estate housing market’s blame game no matter what the market is doing. Appraisals were difficult to do after the housing market collapse of 2007 because of the lack of recently sold comparables that they had available to determine the property’s true value. Now that the Orlando real estate housing market is hot again, appraisers say that it doesn’t make their job of valuating a property an easier. Many Orlando realtors complain that appraisals often complicate real estate deals by either forcing the sellers to lower their price or by making buyers...

Appraisal / Appraisal News / Appraisers News

Changes for Illinois AMCs and Appraisers 1

Changes for Illinois AMCs and Appraisers

One hundred eighty days flew by in an instant. When the AMC Administrative Rules were launched on March 4, 2013 we were in the infancy of AMC registration. Here we are, six months later and we’re nearing 140 registrants. That’s more than 20 per month. I expect by year’s end we’ll have 180 registrants or more. This is an important newsletter issue to keep. There are a lot of burning questions that need to be answered in one place so that everyone understands what is expected. What Happens Next? August 30, 2013 is the last day in which existing AMCs...

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

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“Appraisal Quality Control” White Paper

“Appraisal Quality Control” White Paper Released From Collaborative Industry Effort Naples, FL — In preparation for the January 14th, 2014 CFPB effective date, a la mode announced today the release of a multidisciplinary white paper entitled “Appraisal Quality Control: Best Practices for accuracy, efficiency, and compliance.” The recommendations and checklists are a collaborative result from three companies with direct experience in the processing of high volumes of appraisal transactions. a la mode’s Mercury Network team provided insight from experience as the software providers for over 500 of the nation’s lenders and AMCs and the technology backbone behind over 30,000 appraisaldeliveries...

a la mode / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News

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Free Webinar on How to Review an FHA Appraisal

On September 11, 2013, the Federal Housing Administration (FHA) is offering a 90-minute webinar on How to Review an FHA Appraisal using the FNMA 1004, and how to review appraisals on more difficult property types; e.g., manufactured homes, 2 to 4 Units, Condominiums, and New Construction. How to spot potential fraud, the condominium approval process, and the common appraisal deficiencies will be covered. This webinar is designed for appraisers, underwriters, loan officers, processors, brokers, agents, any interested parties, and any individuals new to FHA. Registration is required. No Fee. Please hold on to the e-mail you receive after you register,...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

Extinction of the Appraisal Industry - Image courtesy of Nujalee / FreeDigitalPhotos.net 23

The Imminent Extinction of the Appraisal Industry?

Late yesterday afternoon a bill was introduced in the House of Representatives that would alter the mortgage process and ultimately the way millions of Americans receive a mortgage. HR 1108 would eliminate the need for an appraiser to appraise a home prior to the funds being disbursed to the

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Technology

In response to appraisers under attack 2

In Response to “Appraisers Under Attack”

In response to Frank Garay and Brian Steven’s commentary (see video below), on the lawsuit against TriMavin AMC over alleged appraisal independence violations, an anonymous commentator posted the following: There are a number of posters here who need to re-take their CE classes including the moderators. Here are the reasons the entire industry is severely broken. I mean from the Realtor to the Appraiser to the Mortgage Lender. First of all HVCC sunset folks – back in 2010. It was replaced with AIR (Appraiser Independence Regulations) and the Dodd Frank Act. Cannot tell you how irritating it is to me...

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

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;...

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

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...

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

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