Tagged: ROV

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

CU Robot Keeps Score on Appraisers 51

Collateral Underwriter Crumbles

CU Robot Keeps Score on Appraisers Appraisers, No, this is not about “cuukie” crumbles. It’s about what the Fannie Mae Collateral Underwriter (CU) process is finding in far too many appraisal reports. A few days ago, I had an opportunity to speak with someone on the ‘inside’ of Fannie Mae. The discussion evolved to “what are the most serious items the CU process is finding in appraisals?” The CU process, which became effective January 26, 2015, is a giant electronic robot collecting tons of specific data from submitted appraisals to FNMA. This data can then be tied directly to the...

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

Income Affected by Low Fees - Let's Talk Fees 50

Let’s Talk Fees

How different fees can affect an appraiser’s income. OK, before you lob spears and bricks my way, we can. This is not a ‘public event’ filled with associates in an open meeting setting. In places like that, the FTC takes dim view of any fee discussion, fearing price fixing and collusion. But privately, fees can be discussed among peers, with no agreement that any certain, mandated fee be charged by everyone. The gubmint can’t stop you from talking with an associate. For weeks and months, appraisers across many of the forums I read have been discussing the need for appraisers...

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

Market Action and Reaction 5

Market Action and Reaction

I believe it is time that we take a practical look at what a subject’s market is… Drawing on part of my heritage, the Native American Cherokee part, “Many Moons Ago” when I was employed as a Management Consultant/District Director for a Century 21 Franchisor, one of the challenges that I faced in dealing with over 50 separate brokerages was helping these often small brokerages define their markets. There was a theory that someone had come up with that it was about a 3 mile radius around their office. Well, in some cases that would have put some markets in...

1004MC / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

The 1004D for Disaster Inspections 8

The 1004D for Disaster Inspections – Advice

When Disaster Happens… Appraisers, The phrase “disasters happen” is, unfortunately, all too common. Fires, floods, vehicle accidents, wind storms, hurricanes, tornadoes are all factors that can affect real property. When a local disaster happens, and is officially declared, lenders often ask appraisers to observe the current condition of their mortgaged properties. The assignment date may be days, weeks or months after the declared disaster. The hiccups, hang-ups and head scratching occurs when the lender or AMC asks for a ‘Disaster Inspection Condition Report’ to be done on the wonderful 1004D form. Something it is not designed to do. And this...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice

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

College Degree Requirement is Flawed - AppraisersBlogs 51

College Degree Requirement is Flawed

Why the 4-year college degree requirement is flawed and how to make the requirement work? Many, many years ago, my local college offered appraisal classes. You could take a couple classes, go take the state test and start knocking on doors. New people didn’t need a mentor. And new people learned by trial and error. It probably wasn’t the best way to do things. But it did allow for new people to freely get into the profession without a bunch of hurdles to overcome. Times have changed. Today, new people have to have a 4-year college degree in anything first,...

Appraisal / Appraisal News / Appraisers News / Trending

Valuing the Contribution of Solar Panels 39

Valuing the Contribution of Solar Panels

How to value the appraised property with solar panels Appraisers, Valuing the contribution of solar panels on homes has become one of the trickiest aspects of our work over the past decade. Attached is a very well written 45 page report that will help all appraisers better understand this issue, and perhaps lead you in the right direction when you encounter homes with solar panels. I strongly recommend that you print a copy for your library. Oh, and actually read it! The basis of the report is how to value the appraised property with solar panels, when no comps have...

Appraisal / Appraisal News / Appraisers News / Trending

AMC's “My Way or the Highway” Attitude 47

AMC’s “My Way or the Highway” Attitude

Apparent appraiser abuse by AMC’s… As Chairman of the American Guild of Appraisers (AGA) National Appraiser Peer Review Committee, I have had the opportunity to see and hear directly about many cases involving alleged, as well as apparent appraiser abuse by AMC’s. These cases ranged geographically from California, Arizona, Michigan, Illinois, Florida, North Carolina, Louisiana, New Jersey, Virginia, New York, Maryland, and District of Columbia. As a QC consultant to a smaller appraiser owned AMC, I have also seen low fee spreadsheets from a variety of lenders that had 90% listed at the SAME APPRAISER fees: $495.00 (which INCLUDED the AMC...

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

27

Appraisal Fees ARE Being Manipulated

Gas prices in California were $4.25 to $4.50 when oil was last at $100 a barrel. A week ago they were $50+/- a barrel and our pump prices were still over $4.00 a gallon. We are told ‘environmental’ mandated blended methanol is the cause of the $1.30 higher pricing than anywhere else in the Continental US. When those environmental laws were being passed we were told they’d only add from $0.05 to MAX of $0.15 per gallon-NOT $1.30 or 43% more! We KNOW that California politicians have also very recently heavily increased gas taxes in their never ending war against internal combustion....

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

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