Tagged: REO

FHA Appraisal - Commonly Noted Deficiencies 3

Commonly Noted Deficiencies

Completing Today’s FHA Appraisal – Commonly Noted Deficiencies The last one ‘sold out’ quickly. Register today if you want to take this training: August 12, 2021 | 10:00 AM – 12:00 PM (Mountain) This training covers FHA appraisal requirements, including FHA appraisal protocol and policy as outlined in FHA’s Single Family Housing Policy Handbook 4000.1, the Appraisal Report and Data Delivery Guide (ARDDG), and relevant Mortgagee Letters. The training addresses common deficiencies noted in appraisal reviews performed by HUD staff appraisers for FHA forward mortgages, Home Equity Conversion Mortgages (HECM) and Real Estate Owned (REO) properties to determine areas of...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

Is an Appraisal Report Considered Intellectual Property? - Appraisers Blogs 8

Are Reports Intellectual Property?

Recently one of my Mastermind students asked about Intellectual Property. He told me that he’d had an associate leave his firm to go solo. Later, he was reading one of his former-associate’s reports and found the now-independent associate’s reports looked a lot like his in format, and even language. My student asked me if this was wrong. Well, I’m not a lawyer, but there are some sound issues to consider here. If you write something, if you are its author, it is your intellectual property. You can either trademark it (like a logo), or copyright it (like a novel). We...

Appraisal / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP

USPAP or Not Mueller REO report 36

Mueller REO Hybrid Appraisal Report

Another Mueller Report has surfaced. The report is a Mueller REO Hybrid Appraisal Report and it was given to an appraiser as a sample. This one raises more questions than the last one! The photos from the property inspection do not tell the appraiser one thing. The photos are dark and the repairs the inspector states are needed, simply are not seen in the photos. It begs the question, does the appraiser have adequate information to complete a credible appraisal? Now take a look at the Mueller REO Hybrid Appraisal report. Pull up the report and follow along. Some things have...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

AMCs Property Inspectors Denied Minimum Wage - Class Action Cases 11

Class Action Against AMCs on the Horizon

Property inspectors suing ServiceLink to obtain minimum wage… Peter Christensen wrote another article on LinkedIn about wages being paid by lenders and AMCs. This one should get your attention as it is from Independent Contractors suing an AMC. This will set a precedent and start a chain reaction. In a nut shell, property inspectors are suing ServiceLink for work performed to obtain minimum wage. Yes, you read that correctly, minimum wage. According to the article, property inspectors receive between $3 and $5 for each assignment. The article does not specify the specific service the property inspectors perform, but think bifurcated or...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Decisions, Decisions, Decisions…. The Balance Between Art and Science 2

Decisions, Decisions, Decisions….

Each and every day we make decisions. Sometimes we base our decisions on sound, unbiased information, other times we may base our decisions on no information what so ever and are solely based on our opinions and perception. Right or wrong, we make a decision. Appraisers utilize sound unbiased information as well as our opinions and perceptions to complete appraisals. Markets are always changing and often historical data only represents just that, historical information. Historical data does not consider what is happening currently or what has been proposed for the future; both of which play an important role in how the...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Fannie Mae - Freddie Mac / NAR

ClearVal Value IS So ClearCut - What IS a “ClearVal Appraisal” 162

What IS a “ClearVal Appraisal”?

Clear Capital ClearVal… Value Not So ClearCut… I’ve finally had an opportunity to read a hybrid ‘appraisal’ start to finish. All may read the unedited, non-redacted version in all its glory… or infamy, as the case may be. Please click here (report also embedded below) and read it first. I’ll wait right here. Finished? Great. One thing is clear. It is not an appraisal by any current accepted definition that I am familiar with. Ironically, there is also very little that is clear as far as support for the opined values is concerned. (I’m old fashioned and think it should...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

ACI Sky Causing Distress for Appraisers 49

ACI Sky Causing Distress for Appraisers

Are you giving in to ACI Sky? An appraiser who will remain anonymous tells us… “within the last week, I have had two issue of concerns with “UAD” compliance and ACI Sky Delivery ( I can hardly write that; as, it is a significant source of stress when I have to deal with it). I have tried to submit reports, with issues that prevented the upload (no surprise with “Sky”). The first involved the 1004MC form. The comparables that were available for the subject were extremely minimal – something like 4-6. The last period only included 1 comparable (no valid...

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

Appraiser’s Response to LRES Order Blast 80

Appraiser’s Response to LRES Order Blast

LRES Standard Interior Appraisal Request? Your special requirements and micromanagement of the appraisal process dictate that I charge a fee commensurate with the additional, but typically unnecessary work needed to produce credible results. You are the potential client (agent), so that that is your prerogative and it would be my pleasure to accommodate you as long as appropriate compensation is provided. Respectfully, there is little about your appraisal request that is “standard”. Please explain briefly what you consider to be a ‘standard interior appraisal’. That definition does not appear in The Appraisal Institute’s Dictionary of Real Estate Appraisal. To be...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Desirable - banned Fannie Mae words 10

Desirable, Rite or Rong?

Desirable, banned or permitted? I was caught up in a minor ‘dispute’ last week when a review appraiser wacked my knuckles when I described a ‘neighborhood’ as being “Desirable.” My original message was re-distributed on various forums and I’ve tried to read all comments to see how I might learn from this episode. Lots of appraisers offered their input. Some supportive and positive, some cautionary, and some who believe much of what we have to deal with is pretty trivial. “Banned words” were originally identified in the Fair Housing Act law many years ago (not the EEOC law as I...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

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Free FHA Webinar on Most Common Appraisal Deficiencies

On September 18, 2014, the Federal Housing Administration (FHA) is offering a 120-minute webinar on Most Common Appraisal Deficiencies. This session will provide an update and overview of FHA Single Family mortgage insurance appraisal requirements. It will address the most common appraisal questions and appraisal deficiencies. Property inspection requirements, appraisal validity period, case numbers, REO, manufactured homes, well and septic, attic and crawl spaces, lead-based paint, termite

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

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