Tagged: appraisers

7

It’s Not a Comp, It’s a Sale; Stop Fannie Mae Lies!

It is merely a SALE… Appraisers, Something’s been gnawing at my craw ever since January when FNMA’s wonderful Collateral Underwriter (CU) was unleashed to the world. And before that, when FNMA’s Appraiser Quality Monitoring (AQM) process was introduced to judge the work of appraisers. No one else has written about this. No one has even mentioned it. So I will:  It has to do with the word “Comp” which is used liberally by Fannie Mae (FNMA). What exactly is a “Comp?” In FNMA’s world, it’s any property that they obtain, either by their vast AVM process which examines millions of...

Are Appraisers Redbox or Blockbuster 7

What are Appraisers? Red Box or Block Buster Video?

How do we move to be more of a Red Box? I stopped at a Sheetz to get gas. As I was standing there I noticed a Red Box Machine which had a steady flow of traffic. Next door was an old closed Block Buster Video.  Hmm…  When my kids were little it was a big treat to go to that Block Buster and rent a movie. We had to wait in line 5 to 10 minutes  and now it’s closed. But the Red Box machine is steadily pumping out DVDs. So I got to thinking. What are appraisers? Are we...

Thank you Wall Street 3

Thank You Wall Street for Killing off my Hallmark Moments

Thank you Wall Street, your mothers must be very proud of you! I’m not sure when it happened, but sometime in my lifetime the family home stopped being where you chose to live to raise your family and put down roots and became an investment asset. It seems this transformation began when investment bankers on Wall Street first realized residential mortgage lending represented a potential source of huge profits. Prior to the Great Depression, a typical mortgage loan was for 50% of the cost of a home, was interest only, was for 5 years with a balloon payment due at...

Texas AMC survey 2

Texas Appraisers and AMC 2015 Survey Report

The Texas Appraisers and Appraisal Management Company 2015 Survey Report In January and February 2015, the Texas Appraisers and Appraisal Management Survey surveyed a total of 1,421 Texas appraisers and 55 appraisal management companies doing business in the state of Texas. The questions in the survey were specifically designed to achieve the following: Clearly distinguish between the fees paid to appraisers by Appraisal Management Companies (AMCs) and fees paid by non-AMC clients for residential appraisals. Capture any difference in fees paid by property type: single family, condominium, size or square footage, or other factors. Capture the impact on fees by market area...

Oh My God, Don’t Talk to Me!!! Appraisal communication 5

Oh My God, Don’t Talk to Me!!!

Are realtors, loan officers allowed to talk to appraisers? I was amused at a phone message that was on my voice mail recently. A realtor spent 3 minutes apologizing for the phone call, explaining that she understood she was not allowed to speak to appraisers anymore for fear she might sway the appraisal process. The funniest part was that while she did tell me which file the message was regarding, she failed to leave her phone number. Are realtors, loan officers allowed to talk to appraisers? Can the appraisal be discussed? Okay. I am sorry, but has this world lost...

4

Helpful Appraisal Tips From the Seattle Chapter of the Appraisal Institute

Last Fall I had the pleasure of attending the annual conference presented by the Seattle Chapter of the Appraisal Institute. I was able to sit in on some interesting educational sessions. With all the conversation in industry surrounding CU and other initiatives directly impacting appraisers, I felt highlights from the educational sessions would be beneficial. The following information is from a presentation by Clark Dickson with HomeStreet Bank called, “Appraising for Lenders in Today’s World.” Mr. Dickson’s presentation was about appraisal quality and what it takes to have your appraisal be acceptable in today’s lending environment. He said that everything...

Virginia Enacts Law on Reasonable and Customary Fees 8

Virginia Enacts Law on Reasonable and Customary Fees

Virginia Gov. Terry McAuliffe on March 23 signed into law S.B. 1445, which requires appraisal management companies operating in the state to compensate appraisers at a reasonable and customary rate. The legislation gives the Virginia Real Estate Appraiser Board authority to take administrative action against AMCs not paying appraisers customary and reasonable fees in accordance with federal law. Prior to enactment of the legislation, Virginia law already required an appraiser engaged by an AMC to disclose as part of the appraisal report the actual fee they were paid. In 2014, the Virginia Center for Housing Research and the Virginia Tech...

11

Can’t We All Just Get Along?

You are not the boss over who does or does not do business in 'your area.' “Our investigation and the Board’s review concluded that the evidence did not reveal a violation of the Board’s laws and rules governing the practice of Real Estate Appraising. The Board has, therefore, closed the file in this matter.” That is how the most recent complaint against me ended. The ordeal began last spring. I have been called upon multiple times from my current clients to please be willing to go to a new area. It is an area with few appraisers, and there is...

Appraiser Background Check Requirements 9

Appraiser Background Check Requirements

The info below from AI’s Appraiser News OnLine is about the action taken by the AQB at their recent meeting in Seattle, WA, which I was unable to attend. It’s still unclear if “existing license holders” must undergo a background check at the time of their license renewal. Apparently that’s determined by individual states. And it’s still difficult to get all the multiple clients appraisers deal with, to accept “one” background check performed in a state or by a separate organization. So appraisers are sometimes faced with having to spend money to provide different background checks to individual clients. Frankly,...

I Did Not Quit when HVCC, UAD and CU Came Along. I Do Not Quit, Not Ever - Imagecredit Flickr - Andew Hurley 11

I Do Not Quit, Not Ever!

I Did Not Quit when HVCC, UAD and CU Came Along. I Do Not Quit, Not Ever! I do not quit. Not ever. I have a different perspective based on lifelong lessons from my father. I did not quit when a lost helmet in the last play of the season made it painful to block during high school football. That effort got me my school letter despite being 3 quarters short. It was worth the headache. I did not quit Boot Camp in 1969 when at 129 pounds and six feet, very few thought I’d make it. To this day I...

xml sitemap
blank