Tagged: appraisers

Personal Property, permits...rules of engagement 6

Rules of Engagement

Recently a particular engagement letter format has been circulating amongst residential appraisers from several nationally chartered banks. Aside from the usual intended use and exposure time boilerplate requirements there are several new problematic inclusions. Personal Property All personal property transferring in a purchase transaction must be described in the appraisal whether or not it was listed in the sales contract. Any client is free to ask for a shopping list of tchotchkes, but if an appraiser is appraising an abandoned residence with piles of junk laying everywhere…they couldn’t afford my time to sift through it all like in an episode...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / FDIC / IDFPR

PADS - Appraisers Running for Exits 8

PADS – Appraisers Running for Exits

We urge appraisers to review the PADS Model Current economic trends suggest your appraisal practice will not survive beyond 2015. Appraisers are running for the exits, with many moving into Ad Valorem, and some into cost estimating.  Client accounts you thought were safe have been converted to ether and dispersed among a dark refinancing void. You’ve gone from completing six appraisals per week to camping by your email, in hopes of an AMC broadcast assignment appearing. Where you once had time to think about accepting the assignment, you now have less than 2 seconds to accept, because like you, ninety...

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

Customary but NOT Reasonable Fees 28

Customary but NOT Reasonable Fees

REASONABLE needs to become the appraiser’s operative word Appraisers, It’s time to grow a pair as some people say, or to stiffen the backbone, and quit caving in to the low ball fees being offered by some in this crazy “industry.” Another true statement is “you are what you are worth”. If you, as an business person, only know how to say yes to low fees, you won’t be worth anything higher to the majority of clients. Further, your self image and actual net worth are negatively impacted. You cannot expect to earn a certain income, then wonder why you gave yourself...

Appraisal / Appraisal News / Appraisers News / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees / Trending

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Announcing VT Customary and Reasonable Fee Survey Release

Dear Appraiser Colleagues, Awhile back, you responded to a request from VaCAP to supply your e-mail address to participate in an upcoming Customary and Reasonable Fee Survey to be conducted by the Virginia Center for Housing Research and the Virginia Tech Program in Real Estate. This communication is to notify you of the survey’s eminent release. Please look for it to be sent to you via e-mail in the next couple of days. Your participation in the survey is vital to the success of this endeavor. Please take the few minutes necessary to complete the survey; it should only take...

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

XML MISMO UAD appraisal 0

VA Appraisals Must be in MISMO XML

VA Announces Electronic Appraisal Requirements: Appraisals must be in MISMO XML Effective June 1, 2014, all Department of Veterans Affairs (VA) appraisals will be processed in WebLGY under the VA Appraisal Management System (AMS). Therefore, beginning June 1, 2014, all VA appraisals must be uploaded in WebLGY in Mortgage Industry Standards Maintenance Organization (MISMO) compliant XML 2.6 GSE file format as VA will no longer accept appraisals uploaded in WebLGY in PDF format. Prior to June 1, 2014, VA appraisals must continue to be uploaded in WebLGY in PDF file format. Historically, VA appraisal form/formats conformed to appraisal industry form/format...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Administration / FHA

Back to The Basics - “Preaching” About the Basics of This Industry 0

Back to The Basics

…“preaching” about the basics of this industry… The more I read residential mortgage related appraisals, underwriter comments and comments from the quality assurance departments from major lenders, the more I have come to realize that it is far beyond time to get back to “preaching” about the basics of this industry. For those of you who have been in the business back when you would take the photos, pull it out of the camera, wait a few moments before you pulled the front off the photo before coating it with the “magic wand” to keep it from fading (thank you...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / UAD / Uniform Appraisal Dataset

Where Did All the Good Appraisers Go - Imagecredit Flickr - gerlos 5

Where Did All the Good Appraisers Go?

The good appraisers are leaving mortgage appraising as fast as they can. Thus far the housing industry has been applying “Band-Aid” solutions to the bigger real estate crisis. There are several problems going on at the same time, all contributing to the big picture, which is bleak to say the least. One true crisis in the real estate industry is an “information crisis.” This information problem, trickles down to appraisals, lenders, and ultimately, mortgage investors. Standardization, national guidelines, and disclosures are the only way back from this nightmare (i.e. the RESPA disclosure. One fee on the good faith estimate for...

AMC / Appraisal / Appraisal Management Companies / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees / Home Valuation Code of Conduct

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State of the Appraisal Profession & Residential Market Overview

In March, I once again traveled to Modesto, CA, and attended the Annual Spring Conference of the Appraisal Institute’s Northern California Chapter. This month, I will share some useful and interesting information from the presentations. The conference focuses on the California market, but many of the presenters also covered topics related to the national market. The first session was “State of the Appraisal Profession”; the speaker was Lance Coyle, MAI, and SRA who is national president-elect of the Appraisal Institute. He started by giving a brief history of the profession and pointed out that significant changes came to the profession...

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

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Non-Lender vs. AMC Appraisal Work

One of the hottest topics right now in the appraisal world is that of non-lender work.  I am probably asked a question concerning non-lender appraisals a couple of times per week, at least.  “How do I do more work for attorneys?”  “How do I go about marketing to home owners?”  “I want to work with more real estate agents, but I am not sure how to garner their trust.”  Okay, so that last one was not a question, but you get the point. Financial appraisal work through AMCs or local banks has slowed a great deal over the past few...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Business Development

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CoStar Suing Appraisers for Copyright Violations

CoStar accuses the “John Does” of violating CoStar’s copyrights by contributing photos or other information obtained from CoStar to the CompStak database… In the last week, CoStar Realty Information has filed several lawsuits against commercial appraisers and real estate brokers for intentional copyright violations and fraud relating to the alleged use of CoStar property data and photos without proper registration/payment. If you use CoStar, be sure you are doing so properly and within the terms of your license agreement. Examples of the types of alleged situations that have led to CoStar’s recent and past copyright lawsuits are: (1) sharing IDs/passwords, (2) obtaining an...

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

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