Tagged: rural

Comments Needed for Proposed Rule to Amend Appraisal Requirements 8

Comments Needed on Appraisal Requirement

The OCC, Board, and FDIC (collectively, the agencies) are inviting comment on a proposed rule to amend the agencies’ regulations requiring appraisals for certain real estate-related transactions. The proposed rule would increase the threshold level at or below which appraisals would not be required for residential real estate-related transactions from $250,000 to $400,000. Consistent with the requirement for other transactions that fall below applicable thresholds, regulated institutions would be required to obtain an evaluation of the real property collateral that is consistent with safe and sound banking practices. The proposed rule would make conforming changes to add transactions secured by...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / FDIC / Political Action

FNMA Rural High-needs Appraisal Waiver 18

FNMA Rural High-needs Appraisal Waiver

…which counties in the US qualify for this kind of FNMA rural high-needs appraisal waiver… Appraisers, you may not be affected by this new FNMA waiver process. Then again, if you service certain ‘poverty’ counties in the US, you may. A surprise to me… Kings County, New York [Brooklyn], is one such county. It probably would be in your best interest to examine this blog, and then click on the map link within the article. The map will show which counties in the US qualify for this kind of FNMA rural high-needs appraisal waiver. Once the map opens, you can...

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

Stand Your Ground in Protecting Your Business! 43

Stand Your Ground!

Many states have laws in place that allow citizens to protect themselves and their property without prosecution. In the appraisal profession, you must also stand your ground to protect their business. Social Media is a quick and easy way to communicate. Recently there have been numerous appraisers reaching out and sharing trouble getting paid from some Appraisal Management Companies. Some are claiming they are long time clients with no issues in the past. This is wake up call for all appraisers to pay attention to the economic and financial side of your business. Volume is slowing as school starts and the...

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

Nationwide Appraiser Count - The Number Game - Appraisers Blogs 16

Nationwide Appraiser Count vs. Fake News

12 Year Trend: Active Appraiser Credentials… We often hear about the ‘shortage’ of appraisers in the US. This is fake news promulgated by a number of AMC’s who cannot find enough appraisers to do their assignments – largely because the AMC won’t pay the appraiser an appropriate fee for service, or other issues. John Brenan, Director of Appraisal Issues for The Appraisal Foundation, gave a presentation at the Washington State association of appraisers conference on Aug. 16. He showed this slide during his presentation: Note that these are CREDENTIALS… the licenses granted by the individual states, which are then reported to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

No Numerical Shortage of Appraisers in North Dakota - AppraisersBlogs 11

Nonexistent Shortage of Appraisers

…there is a shortage of appraisers willing to work for sub-par fees and unrealistic turn around times… The American Guild of Appraisers has already heard from many of our North Dakota and nearby states members on the above request. The most recurrent complaint is that there is no numerical shortage of appraisers in North Dakota (approximately 300+-) as well as adjacent states appraisers that regularly cross over to serve client needs there (another 30 to 40+-). What I am told is that there is a shortage of appraisers willing to work for sub-par fees and unrealistic turn around times! There...

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

Comparable property CHARACTERISTICS 2

Comparable property CHARACTERISTICS

What are the CHARACTERISTICS to consider? Appraisers, In over 17 years in this business, I’ve seen hundreds of properties. My service area encompasses urban through rural properties in an area 40 to 100+ miles distant from the largest metropolitan area in the state. Each appraisal assignment and subject property I do is different from one day to the next. Because of this diverse experience, and some of the essays I write, I am often contacted by other appraisers across the country to discuss report situations that are challenging, complex and questionable. Such was the case recently. A technical review appraiser...

Appraisal / Appraisal News / Appraisers News / Collateral Underwriter / CU / Fannie Mae - Freddie Mac

Waiving Appraisals, Lowering Appraisal Standards, & Raising De Minimis... 13

Waiving Appraisals & Lowering Appraisal Standards

Freddie getting aggressive in waiving appraisals & promoting appraisal free mortgages… Appraisers, Yes, I have a ‘dog in the fight’ with this article, as I have been an Appraisal Institute member since 2003 (along with other association memberships since). But this article provides explanations about changes to the appraisal process I have not seen elsewhere. Excerpt from “Dodd-Frank rollback weakens appraisal standards“ They started to evaluate whether they wanted to raise that appraisal threshold level from $250,000 to some figure… They left it untouched at $250,000 for residential, but they have increased the commercial real estate appraisal threshold level just in the...

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

FHFA Working Paper Credibility Questioned by AGA 10

Working Paper Credibility Questioned

NO REAL ESTATE APPRAISER IN THE COUNTRY IS ALLOWED TO MISS THE MARK BY 7.8% WITHOUT RISKING LOSS OF LICENSE! The Working Paper demonstrates more than anything else, that given an 8-hour work day the computer will take 6 full working days (1.2 working weeks) to arrive at a result that is at best 7.8% error prone. Office of the Director, Honorable Melvin Watt Federal Housing Finance Agency… Dear Sir(s) The American Guild of Appraisers is a Guild within the more than 12 1/2 million members, retirees and family members of our parent union OPEIU, AFL/CIO. In addition to representing...

AGA / AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

Appraisal Thresholds Raised $500K. How Long Before Its Raised for SFR? 12

Appraisal Thresholds Bordello

Anyone wants to place a wager on how long before appraisal thresholds are raised for SFR? Retirement, with a part-time job working as a bouncer at a bordello in the Nevada desert is beginning to look appealing. Activity there is similar to what appraisers are experiencing these days. From the article: “The FDIC board of directors today (Mar. 20, 2018) approved a final rule to raise the appraisal thresholds for commercial real estate transactions from $250,000 to $500,000…” While the individual 1-4 unit investment properties are being kept at $250,000, would anyone like to place a wager on how long...

Appraisal / Appraisal News / Appraisers News

Rural Areas Appraisal Waiver Threatening Appraisers & Bad for America! 34

Another Threat Looming

Senate Bill raising de minimus value to $400,000 will also waive appraisals in certain situations in rural areas Folks, while the TriStar Bank appraisal waiver issue is important for appraisers, there is another insidious threat looming: Senate Bill 2155 passed the Senate this week, and is now in the hands of the House of Representatives. That bill, if fully ratified as it stands, and is signed by the President, will undercut the need for appraisals in two ways: the current de minimus value of $250,000 is raised to $400,000, which means lenders can use non-appraiser evaluations to establish property value for...

Appraisal / Appraisal News / Appraisers News / Political Action / Trending

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