Tagged: appraisers

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New Appraisal Requirements for REOs

The U.S. Department of Housing and Urban Development will require new appraisals on some real estate-owned properties financed by the Federal Housing Administration, Mortgage Daily reported Dec. 10. Historically, when buyers of REO properties utilized FHA financing they had been able to use the appraisal originally ordered by HUD. However, the updated requirements will require new appraisals in situations where a direct endorsement underwriter decides there is a material deficiency in the original HUD REO appraisal. HUD also will require new appraisals in the instance of an “as-repaired” appraisal being used when a borrower is applying for a 203(l) loan....

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

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Sales Ratio & Adjustments

Three sales, if you chose wisely, bracketed your subject neatly. There was a time when appraisers popped three sales onto a grid, made adjustments, concluded an opinion of value then moved on to the next assignment. Today, appraisers routinely include five or six closed sales, plus a couple of listings or more. There was something to be said for the old Goldilocks approach. Three sales, if you chose wisely, bracketed your subject neatly. Even if you had six closed sales, you could still bracket pretty cleanly. But listings. What to do with them? Some appraisers will actually toss them on...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / IDFPR / Illinois Department of Financial & Professional Regulation

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Appraisal Advisor Ceases Operations

It’s with deep sadness that I’m informing you that Appraisal Advisor (www.AppraisalAdvisor.com) is ceasing operations on February 1st. We began with a simple goal of providing transparency to the industry regarding client quality, and tools for appraisers to collect from non-paying clients. The transparency benefited all parties: appraisers, good AMC clients, lenders, and regulators. Unfortunately, the lifeblood of Appraisal Advisor – appraisers submitting client reviews – fell prey to the age-old “80/20” rule. Over 79% of our many thousands of ASC-verified appraiser members submitted zero reviews, while only 3% submitted more than 5 reviews. That was far below what we...

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

American Guild of Appraisers Member John Dingeman Reinstated from Chase "Black List" 2

John Dingeman Reinstated from Chase “Black List”

American Guild of Appraisers Member John Dingeman Reinstated from Chase “Black List” NEW YORK, Jan. 15, 2014 /PRNewswire-USNewswire/ — After a fight that lasted more than fifteen months, involving Chase Manhattan Bank, the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), American Guild of Appraisers (AGA) member John Dingeman was vindicated when Chase agreed to reinstate him to be eligible for appraisal assignments.  AGA is an affiliate of the Office and Professional Employees International Union (OPEIU), AFL-CIO. Dingeman was placed on Chase’s “Black List” in May 2012 after he refused to release information...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / CFPB

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Guidance on Valuing Green Buildings

Appraisal Institute Issues Guidance on Valuing Green Buildings When valuing green buildings, real estate appraisers’ analysis must be supported by market data on the subject property that helps explain why it stands out from its conventional peers, according to guidance issued today by the Appraisal Institute and the Institute for Market Transformation. Seeking to assist owners who retrofit an existing building or build a new one with energy-efficient features, the two organizations issued “Green Building and Property Value A Primer For Building Owners and Developers.” “As owners and developers enhance buildings with energy-efficient features, appraisers can help make the case...

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

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2014-2015 USPAP Now Available On-Line

The 2014-2015 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) is now available on-line. This edition of USPAP is valid for two years, effective January 1, 2014 through December 31, 2015. The new edition includes the standards of professional practice for all appraisal disciplines as well as guidance from the Appraisal Standards Board (ASB) in the form of USPAP Advisory Opinions and USPAP Frequently Asked Questions (FAQs), featuring a compilation of more than 300 questions and answers. To access the 2014-2015 USPAP on-line edition

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / The Appraisal Foundation

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Fannie Mae’s Appraiser Quality Monitoring List FAQs

Appraiser Quality Monitoring Information Fannie Mae has published a new web page with information about the recently implemented Appraiser Quality Monitoring (AQM) process. The new AQM web page includes FAQs and a link to the AQM list identifying appraisers whose appraisals will be subject to 100% review by Fannie Mae or whose appraisals are no longer accepted by Fannie Mae. The AQM list is protected content, and approved Fannie Mae sellers/servicers may set up access through Technology Manager. Appraiser Quality Monitoring (AQM) FAQs Fannie Mae began collecting appraisal data in 2011 through the Uniform Collateral Data Portal® (UCDP®). Millions of...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Quality Monitoring / Appraisers News

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Mortgage Disclosure Rule Alters Appraisal Fee Reporting

The Appraisal Institute on Dec. 17 finalized its review of the Consumer Financial Protection Bureau’s 1,888-page final rule on Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act and the Truth in Lending Act, and noted several provisions that impact real estate appraisers and how appraisal fees are reported. The rule, which takes effect Aug. 1, 2015, mandates the use of two new disclosure forms, the Loan Estimate (which replaces both the Good Faith Estimate and the initial Truth in Lending Disclosure) and the Closing Disclosure (which replaces both the HUD-1 and the final Truth in Lending Disclosure). It...

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

2014-15 USPAP Modifications 0

2014-15 USPAP Modifications Released

2014-15 modifications to USPAP become effective 1/1/2014 In preparation of the new 2014-15 modifications to USPAP effective January 1, ASA’s Ethic’s Committee has prepared a brief summary outlining the modifications. The Appraisal Standards Board (ASB) 2014-15 modifications to USPAP become effective January 1, 2014. These modifications include: Revisions to the DEFINITIONS of “Assignment Results” and “Scope of Work” — Based on comments received, there was a need to clarify the definition of ‘Assignment Results.’ In an appraisal assignment, assignment results currently include more than just the appraiser’s opinion of value, as the appraiser is responsible not only for the opinion...

American Society of Appraisers / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASA

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Appraisal Quality and UCDP Notification

On December 10, 2013, Fannie Mae issued a lender letter focusing on appraiser selection, data quality issues, and new processes for appraiser monitoring, and has added messages in UCDP related to appraisals from specific appraisers. Appraisal Quality Fannie Mae began collecting appraisal data in 2011 through the Uniform Collateral Data Portal® (UCDP®). Millions of appraisals have been submitted by lenders and their authorized agents through UCDP. UCDP enables Fannie Mae to monitor and evaluate appraisals for data accuracy and consistency. The purpose of this Lender Letter is to remind lenders of Fannie Mae’s appraiser selection requirements, highlight several data quality...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Quality Monitoring / Appraisal Subcommittee / Appraisers News

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