Tagged: GLA

Appraiser GLA vs Assessor GLA 8

Appraisers’ GLA vs Assessors’ GLA

GLA in your appraisal reports being questioned Appraisers, today (4/30/15), Freddie Mac released a document showing Warning and Fatal codes that will trigger if certain items are found in your reports sent to Freddie Mac through the Uniform Collateral Data Portal (UCDP), as of June 30, 2015. In 25 pages of codes, only 4 are ‘fatal’ and those are for items you should not be overlooking. See the PDF below and take a moment to look over the document. The very first ‘warning’ code is this one, which has two variations: FRE1001 The gross living area for the subject property ([GLA] sf)...

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

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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...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisal Quality Monitoring

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CU and Appraiser Regulation

Whether you believe Fannie Mae’s comprehensive rollout of Collateral Underwriter will finally weed out the lazy form-fillers or it will end up euthanizing the aging residential leg of the profession once and for all, is not the subject of this article. There are plenty of blogs, articles, and seminars that are wrestling with the efficacy of CU and its long-term impact. To be sure, the profession has entered the new age of big data. Residential appraisers will need to navigate regression analysis, heat maps, trend lines, oblique aerial images, and especially how to tie it all together into something meaningful. From...

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

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Other Appraisers Peer Reports

Now Appraisers Must Conform to the Opinions of Other Appraisers/Unknown Persons of Unknown Competence! Appraisers, Many of you know I scan various sources for appraiser/appraisal related info, and send out items I think are important. Well, today Collateral Underwriter (the extraordinarily SECRET process developed by FNMA and given ONLY to LENDERS for report review) started. As predicted by many appraisers, it already generated responses appraisers are forced to deal with, primarily because the reporting appraiser’s data (in the report) is different from “peer” reports. As a poster to one of the forums said:

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

Fannie Mae "CU" Scoring is a Danger for Appraisers 5

Fannie Mae “CU” Scoring is a Danger for Appraisers

Appraisers, Many know by now that the GSE’s, primarily Fannie Mae, have instituted a new ‘appraisal scoring’ procedure based on an electronic read of your reports, specifically on a SFR 1004 or the Condo 1073. Those are the only forms currently being analyzed by the CU process. On Nov. 18, 2014, FNMA released a document named “UCDP Fannie Mae Appraisal Messaging Change Notification” which you can find here. I encourage all appraisers to actually read this document … all 11 pages. When you do read this document, you will learn that your reports are being compared to your peer’s reports, and...

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

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When Does a Closet Become a Room?

When is a closet a room? In most cases, interior closets are included within the total finished square footage. But, when the closet measures 12 x 20, and does not have any heat/air ducts, is it a closet or is it really a separate unheated room? Should it be counted in the total finished square footage, or should it be included within the unfinished category? According to ANSI®, the space must be heated and cooled by a central HVAC system and a closet typically serves a specific bedroom/space. If you really look through ANSI® there is not an answer to...

American National Standards Institute / ANSI / Appraisal / Appraisal News / 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

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

Basement Homes and Appraised Values Gone Wrong 2

Basement Homes and Appraised Values Gone Wrong

95% of Appraisals on Homes with Basement or Lower Levels Have Errors, Errors that Affect the Home’s Value… In the majority of markets all across the country, it is virtually impossible to get an accurate appraisal on homes that have a basement or lower levels. That’s a pretty big claim. Can it possibly be true? Absolutely it can! And, it happens every day. No one in the real estate industry wants to bring this topic out in the open for fear the public would be outraged. Well, it’s time somebody gets mad. And for all the Realtor’s® big talk about...

Appraisal / Appraisal News / Appraisers News / NAR / National Association of Realtors

House measurement square footage 6

How Big is My House?

As a house gets older the wood begins to shrink… Do you ever get those questions? “Well ABC appraised my house last year and my house was 3,726 square feet. Why do you say it only contains 3,698 square feet?”. I have always wanted to say, well as your house gets older, the wood begins to shrink… Everyone knows of course that houses come in different sizes, shapes and that walls can be built at angles other than 90, 60 or 45 degrees, thus accurate measuring can be a challenge. When you factor in roof pitch for upstairs rooms, or...

American Measurement Standard / American National Standards Institute / AMS / ANSI / Appraisal / Appraisal News

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