Tagged: NAR

October 19, 2012

NAR on Low Valuation in Home Appraisals

WASHINGTON (October 10, 2012) – The real estate market is recovering but still faces hurdles, notably from tight mortgage credit, but problems with a sizeable share of real estate appraisals also are holding back home sales, according to survey findings by the National Association of Realtors®. Most appraisers are competent and provide good valuations that are compliant with the Uniform Standards of Professional Appraisal Practice. However, appraisals generally lag market conditions and some changes to the appraisal process have been causing problems in recent years, including the use of out-of-area valuators without local expertise or full access to local data,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

June 28, 2012

Statement of Frank Gregoire (NAR) Before Appraisal Oversight Hearing

NAR believes that lenders should be prohibited from retaining the services of an AMC where the lender maintains any level of ownership. Frank Gregoire‘s written testimony to the United States House of Representatives Committee on Financial Services Subcommittee on Insurance, Housing and Community Opportunity before the Appraisal Oversight Hearing … APPRAISAL ISSUES AND CHALLENGES There are a myriad of circumstances and issues working to hinder the recovery of the nation’s housing market. Among them, and often overlooked, are those related to the credible valuation of real property. A credible valuation provided by a licensed or certified professional 1) ensures the...

1004MC / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

June 27, 2012

Hearing on Appraisal Oversight: Impact on Consumers

“Appraisal Oversight: The Regulatory Impact on Consumers and Businesses” Hearing Frank Gregoire, a a state-certified residential appraiser in Florida, will testify on behalf of the National Association of REALTORS® (NAR) before the House Financial Services Committee’s Insurance, Housing and Community Opportunity Subcommittee on Thursday, June 28th. The hearing will focus on the appraisal industry and regulations impacting consumers and businesses. Mr. Gregoire holds the RAA Designation, is a two-time Chair of NAR’s Appraisal Committee, and has been active in NAR’s public policy committees since the early 1990s. Mr. Gregoire is on Panel II of the hearing. WITNESS LIST Panel I...

AARO / AI / American Society of Appraisers / Appraisal / Appraisal Institute / Appraisal News

April 12, 2012

TAF Response RE Gag Rule

TAF Response to Columbia Institute eVIP Appraisal News April 6, 2012, Mr. George Harrison, The Columbia Institute Dear Mr. Harrison: This is regarding an item that appeared in the “Ask George” column in the April 2 edition of eVIP Appraisal News. The question and answer relates to Appraisal Sponsors of The Appraisal Foundation apparently being under some type of constraint regarding freedom of expression. You have made a similar claim in a previous column and we thought that it was time to correct the record. You state that “The Appraisal Foundation has a restriction clause – gag rule – in its...

AI / American Society of Appraisers / APB / Appraisal / Appraisal Institute / Appraisal News

February 28, 2012

Time for an Appraiser Union?

Much talk has occurred lately on a variety of injustices incurred by appraisers through scope-creep, indemnification clauses, decreasing number of appraisers, lawsuit volume increases, and the like. Naturally, there are a whole lotta unhappy appraisers out there. Surely, there are many things to be concerned with, but there is a greater fear that overrides all other issues; the fear that there ain’t a dang thing we can do about it. The lack of ability to make changes to those things we view as wrong is a debilitating feeling. As small business owners, we are used to getting things done our...

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

February 22, 2012

NAR Adopts Broader Valuation Policy

The National Associaiton of REALTORS® (NAR) continues its holistic approach to valuing real property with the adoption of its Responsible Valuation Policy. The document is the culmination of NAR’s efforts to consider all methods of valuing real property. NAR previously hosted two valuation summits and two working groups were convened. Members from across NAR’s policy structure had input in the document and included representation from the Professional Standards, Real Property Valuation/Appraisal, Federal Housing Policy, Conventional Finance and Lending, Commercial, and Business Issues Committees. Input was also provided by RPR. The document will serve as the foundation for NAR’s policy position...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / NAR

January 30, 2012

On Appraisals, Should You Follow The Money? Asks Kenneth Harney

Follow the Money Some appraisers are being paid less than half the fee, while the balance flows to an appraisal management company. Washington – The new Consumer Financial Protection Bureau is working on a real estate issue that gets to the core of the agency’s purpose: Bringing clarity and better disclosures about the often opaque and costly fees that homebuyers, sellers and refinancers are hit with at closings. One of the disclosures now under review might surprise you: appraisal charges. Why do they need clarifying? Doesn’t just about everybody who applies for a mortgage, whether it’s to buy a house...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Dodd-Frank Act / C&R Fees

October 24, 2011

No Appraisal Required Under New HARP

Today the Federal Housing Finance Agency (FHFA) announced changes to the Home Affordable Refinance Program (HARP) to “attract more eligible borrowers who can benefit from refinancing their home mortgage.” The announcement was made in conjunction with the government sponsored enterprises (GSE), Fannie Mae and Freddie Mac. HARP will now allow borrowers to refinance even if they are underwater. According to the Wall Street Journal, only 894,000 borrowers have used HARP, of which 70,000 were underwater. FHFA announced several enhancements to HARP, including eliminating the appraisal requirement. The appraisal is no longer required if a reliable automated valuation model (AVM) estimate...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Fannie Mae - Freddie Mac

Home appraisers slapped in the face by NAR

October 7, 2011

Another NAR Slap in the Face of Home Appraisers

We need to combat NAR negative stereotype and flood the various media outlets continually to discuss why home appraisers are not bound by the ‘sale price’ of a property. Appraisers, The National Association of Realtors has put out another news release extolling the increase in August home sales, while still BLAMING you. This is a common theme of theirs. Excerpts of the release found in the e-newsletter marketwire on marketwatch.com 9/21/2011: Existing-home sales increased in August, even with ongoing tight credit and appraisal problems, along with regional disruptions created by Hurricane Irene, according to the National Association of Realtors(R). Monthly...

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

August 25, 2011

What’s Wrong with Most Indemnification Clauses in AMC Contractor Agreements?

Objectionable indemnification clauses purport to shift 100% of the liability to individual appraisers… AMC independent contractor agreements are now receiving more attention. A key issue that many appraisers and regulators have focused on is that many AMC contractor agreements use very one-sided indemnification clauses to attempt to shift financial liability for the appraisals the AMCs manage to individual appraisers. NAR recently wrote to federal regulators expressing serious concern that such AMC clauses are interfering with appraiser independence and hurting appraisal accuracy and quality — i.e, if appraisers fear being sacked with unbearable liability based on an appraisal later being deemed...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / E&O