Tagged: Uniform Standards of Professional Appraisal Practice

Analyzing market trends 0

AI Helps Appraisers Analyze Real Estate Market Trends

Analyzing of market trends The nation’s largest professional association of real estate appraisers published guidance June 4 to help appraisers analyze market trends. The Appraisal Institute’s “Guide Note 12: Analyzing Market Trends” addresses to what extent appraisers are responsible for recognizing changes in market conditions, and what steps appraisers must take to ensure due diligence is done regarding the analysis of market trends. The Guide Note states, “Analyzing current and anticipated market conditions is more complicated – and more critical – when a market is rapidly changing, either upward or downward.” Adequate market analysis must be completed before highest and...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

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June 30th Is Fast Approaching

Have you taken your 2012-2013 National USPAP Update yet? Section 1455.160: (Paraphrased) A real estate appraiser must complete the 7-hour National USPAP Update Course or its equivalent within 6 months after the effective date of USPAP. Those real estate appraisers issued a license more than 6 months after the effective date of USPAP shall complete the 7-hour National USPAP Update Course within 6 months after licensure. This has been Illinois law since January 20, 2011 which means that it was meant to begin with the 2012-2013 release of USPAP. I get a lot of appraisers who say the following: “But,...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / IDFPR / Illinois Department of Financial & Professional Regulation

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Cert 22 With a Twist

I’ve written about this before but it’s well worth repeating. Please keep in mind, this is and has been the position of the Illinois board. If you appraise a property for Client A, and two years later, Client B wants you defend your report, you’re not required to answer their queries about the report created for Client A. What if Client B threatens to blacklist you for not cooperating in the review? When does the client relationship end with Client A? USPAP states: An appraiser must protect the confidential nature of the appraiser-client relationship. That seems clear enough. So, who...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / IDFPR / Illinois Department of Financial & Professional Regulation

Petition Opposing Coercive and Abusive Behavior of Chase Bank and Other Lenders Against Appraisers 8

Petition Opposing Coercive & Abusive Behavior Against Appraisers

Petition Opposing Coercive and Abusive Behavior of Chase Bank and Other Lenders Against Appraisers Please consider signing the online petition launched by John Dingeman opposing the coercive and abusive behavior of Chase Bank and other lenders against appraisers. Stop Intimidating, Threatening, and Bullying Appraisers Chase Mortgage Banking, like other financial institutions have come into possession of appraisals where a loan has been assigned or sold to them. If Chase had any issues with these appraisals during the underwriting process when the loans were written, they would have asked the appraiser’s “Client” for clarification, explanations, and/or corrections. With every foreclosure, Chase...

Appraisal / Appraisal News / Appraisers News / Petition / Political Action / Uniform Standards of Professional Appraisal Practice

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Memo to KY AMCs

Memorandum to Kentucky Registered AMCs Regarding Appraiser Independence, Objectivity, and Impartiality From: Larry Disney, To: Kentucky Registered Appraisal Management Companies and Credentialed Appraisers, Date: March 29, 2012 Subject: Appraiser Independence, Objectivity, and Impartiality The Kentucky Real Estate Appraisers Board staff has received calls from Kentucky credentialed appraisers in the past two weeks concerning the following issue that is being propagated by Appraisal Management Companies: When appraising one unit residential properties and reporting the results of the appraisal development using a 1004 Fannie Mae form, the appraisers are told that if the cost approach is developed and reported, regardless of reasoning,...

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

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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

Proposed Amendments to the Sentencing Guidelines in Mortgage Fraud Cases 1

Sentencing Guidelines Proposal

Proposed Amendments to the Sentencing Guidelines Speaking at a March 14 hearing in Washington, D.C., the Appraisal Institute urged a federal judicial agency to require the use of real estate appraisals when calculating loss in mortgage fraud cases. In prepared written testimony, Appraisal Institute President Sara W. Stephens, MAI, told the U.S. Sentencing Commission, “We believe the Commission should adopt a special rule for determining the fair market value of real property if the mortgaged property has not been disposed of by the time of the sentencing. However, this rule should require use of real estate appraisals prepared by qualified...

AI / American Society of Farm Managers and Rural Appraisers / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

For Clarity Sake 0

For Clarity Sake

Once again I find myself harping on the original intent of USPAP. The purpose of the Uniform Standards of Professional Appraisal Practice (USPAP) is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. It is essential that appraisers develop and communicate their analyses, opinions and conclusions to intended users of their services in a manner that is meaningful and not misleading. (quoted from the Preamble of USPAP). Why is it then that GSE’s can then dictate forms, like the MC Addendum (or affectionately known as the Market “Confusion” Addendum)? Of course...

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

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Making Sense of Marketing Time and Exposure Time

Marketing Time Strangely enough, USPAP 2012-2013 does not include a definition of Marketing Time. Marketing Time is only addressed in the Advisory Opinions (AO 7) and the Advise from the ASB is that reasonable marketing time is an opinion of the amount of time that might take to sell a property interest at the concluded market value during the period immediately after the effective date of an appraisal. Exposure Time USPAP requires an opinion of exposure time, not marketing time, when the purpose of the appraisal is to estimate market value. USPAP 2012-2013 defines Exposure Time as the estimated length...

1004MC / Appraisal / Appraisal News / Appraisal Organizations / ASB / The Appraisal Standards Board

Developing and Reporting Exposure Time 0

Developing and Reporting Exposure Time

Did you know that the 2012 USPAP has a new development and reporting requirement? Effective January 1, 2012; when exposure time is a component of the definition for the value opinion being developed, the appraiser must also develop and state in the report an opinion of reasonable exposure time linked to that value opinion. The following is the exact language in the USPAP; DEFINITIONS Exposure Time: estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ICAP / Illinois Coalition of Appraisal Professionals

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