Tagged: comparable sales

4

What’s Going on With Fannie Mae’s Collateral Underwriter?

The recent announcement that Fannie Mae will expose its sellers to the Collateral Underwriter™ (CU™) appraisal review tool has appraisers wondering if the process will affect their current and future appraisals and even present problems for past appraisals. Well, from the appraiser perspective, the short answer is you probably won’t notice much difference when this change takes place in January 2015. Fannie Mae’s Collateral Underwriter appraisal review process is not a new concept. This is the same tool that Fannie Mae has been using internally to review appraisals submitted to the Uniform Collateral Data Portal® (UCDP®). Receiving the appraisals as...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

5

Do Associates Need to Be Licensed to Take Comp Photos?

Do Associates Need to Be Licensed to Take Photos for a Property Inspection? I received a great question in my email the other day: I am writing on behalf of one of our appraisal managers who is a certified in Illinois. He wants to send one of his associates only to take the photos for a property inspection, but the associate is unlicensed. Is he authorized to do so, or would the associate need a temporary license of some kind? In some states this is considered clerical work, and some states are considered volunteer states, so a license is not required as long as the certified appraiser clarifies in the report who took the...

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

10

Working for an AMC? How Exciting!

Can You Tell I’m Excited about working for an Appraisal Management Company? Today I received a notice telling me my best customer was changing over to an AMC for all their appraisal ordering. I have worked for this company for many years and have always enjoyed a great relationship. Today that ended. I can longer talk to any person at the bank. In my application to continue working for this company I have worked with for so long, I have to provide sample reports, a resume, three business references, license info, info about CE classes I have taken. I have...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

5

Adjustments – Your Opinion Doesn’t Count

Regulations state that appraisal adjustments cannot be based upon an appraiser’s opinion. According to federal and state law, adjustments must be based on support and evidence- proof if you will, and an appraiser’s opinion is not considered to be “support.” Many appraisers have failed to support their adjustments and as a result have had their licenses revoked, penalties assessed and lawsuits lost, all because the they failed to understand a single but important requirement. Think about your appraisals. Are the adjustments based on your opinion or do you have proof of the adjustment in your workfile? Then one day I...

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

10

Drive By Comp Pictures and Appraisers Safety

Rethinking Drive By Comp Pictures I posted the following true (and scary) experience on Facebook a few days ago: “I just had to file a police report. I was taking a picture of a house from the street for a drive-by pre-foreclosure. The owner ran out of the home and stood in front of my car. He demanded to know what I was doing. He walked around to the driver’s window, and I calmly explained to him that I was taking a picture for the bank. He got very verbally abusive and demanded to know why. I told him it was...

Appraisal / Appraisal News / Appraisal Technology / Appraisers News

There are no reported sales! Now what? 2

There are no reported sales! Now what?

How many times have we, as reviewers, heard the following: “But there aren’t any sales within the subject’s development.” Or, “But the subject is the finest house in its development.” Of course there are rare instances when this is true; however, even in the instance where there are no sales that have taken place in the subject’s development within the last 12 months, the appraiser should be able to show sales at some previous point in time if the development is not newly developed. New construction appraisals will be a topic for a future post, but for the sake of...

Appraisal / Appraisal News / Appraisers News

Alliance Allows San Diego-Based Property Data Service to Offer E&O Coverage at No Additional Cost to Qualified Residential Appraisers 0

E&O Coverage at No Additional Cost

Alliance Allows San Diego-Based Property Data Service to Offer E&O Coverage at No Additional Cost to Qualified Residential Appraisers SAN DIEGO, CALIF. (July 28, 2014) – National Data Collective (NDC), a San Diego-based property data company serving real estate professionals, announced today that it has formed a strategic alliance with CRES Insurance, LLC, a leader in protecting the real estate industry with risk management services and insurance solutions. NDC offers a subscription-based data service to appraisers, providing access to a database of full property profiles, assessor records, deed history and comp reports for more than 130 million properties nationwide. NDC has joined...

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

USPAP violations 2

Commonly Encountered USPAP Violations

USPAP Violations… This is a list of USPAP violations most commonly encountered by the Texas Appraiser Licensing & Certification Board’s staff appraiser-investigators when investigating complaints filed with the Board. This list of violations is given for informational purposes only and does not constitute legal advice or instructions on how to properly comply with USPAP or properly complete an appraisal assignment. Most Commonly Encountered USPAP Violations: Sales Comparison Selection of Comparable Properties. Failing to select and/or support the selection of comparable sales using recognized methods and techniques. Examples include: Leaving the subject’s neighborhood when sales data is readily available in the immediate neighborhood; Searching by...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Real Estate Owned / REO

Appraisal USPAP Definition 0

Illinois Considers Bill to Clarify BPOs, CMAs

When and how BPOs and CMAs may be performed by brokers & managing brokers Legislation that would clarify several aspects of an Illinois law governing broker price opinions and comparative market analysis has passed the state legislature and currently is under consideration by Gov. Pat Quinn, the Appraisal Institute reported July 23. SB 3044 adds definitions of both BPOs and CMAs to the state’s Real Estate Appraiser Licensing Act and its Real Estate Licensing Act, and clarifies when and how BPOs and CMAs may be performed by brokers and managing brokers. The bill was sent to Quinn June 27, and...

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

You Need This In Your Reports 6

You Need This In Your Reports

Please consider utilizing the following statements in your reports… In my years of appraising, I have had had to argue with many Lenders, Attorneys, and general pains in the butt. What many of us have found is that when Banks screw up, they come knocking at your door. What we need to do as appraisers is to state the separation of Lending liability to appraisal liability. Please consider utilizing the following statements in your reports after your statements of intended users that is required in your reports. I have been using this for years in my reports as it returns...

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

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