Tagged: USPAP

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Suggestions for Real Appraisal Reform

As a risk management firm which has been serving real estate appraisers for over 20 years, we are in a relatively unique position in terms of offering suggestions how to improve the current residential real estate appraisal process. To offer some perspective, during our history we have had close to 20,000 appraisers as members of our risk management family and we have been actively involved in the resolution of close to 2000 claims brought against appraisers, both inside and outside of the courtroom. Furthermore, our management team has been around long enough to witness not only the most recent collapse...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / Uniform Standards of Professional Appraisal Practice

USPAP Issue 2

My Main USPAP Issue – Letter to ASB

My Main USPAP Issue – Statement Letter to the ASB The purpose of USPAP is to promote and maintain a high level of public trust in establishing requirements for appraisals and “reliable” valuations. The problems is, however, that it is subjective. Assuming one can support the conclusion or opinion; beauty is in the eye of the beholder, or in this case, the appraiser. Likewise, evaluation and selection is in the eye of the appraiser – which is why two different and reasonable and competent appraisers can reach two different, but equally credible opinions, on the same property. And that is...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / Automated Valuation Models

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When the FDIC Comes A’ Knockin’

The implosion of the real estate bubble reverberated across the American landscape.  Neither residential nor commercial markets were spared.  This implosion not only had a very palpable effect on the economy, but on the political debate of this nation as well.  That political debate—as it seems is often the case—has turned to finger-pointing.  Those fingers have now curled up into a fist, and that fist is now knocking on the doors of appraisers across the country. In the aftermath of the economic downturn, many banks were taken over by the Federal Deposit Insurance Corporation (FDIC) after their balance sheets dived...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CoreLogic Valuation Services

2014-15 USPAP Modifications 3

Appraisal Institute Discusses 2014-15 USPAP Updates

2014-15 USPAP updates In the organization’s latest YouTube video, the Appraisal Institute invited Paula Konikoff, JD, MAI, chair of the Appraisal Institute’s Professional Standards and Guidance Committee, to discuss 2014-15 USPAP updates, including the process the Appraisal Standards Board used to adopt the latest edition of USPAP, the new Report Options that will be part of the 2014-15 edition of USPAP, and other changes made that might impact appraisers. The Appraisal Standards Board adopted the 2014-15 edition of the Uniform Standards of Professional Appraisal Practice, commonly known as USPAP, in February of 2013. Beginning in early 2012, the ASB released...

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

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REALTOR® & Appraiser Interaction Under Dodd-Frank

A common complaint among REALTORS® in virtually all of Michigan is that many residential deals are failing because the home will not appraise at a value that permits the buyers to finance the purchase and close on the home. Many REALTORS® take the position that many of these properties do not appraise because the appraiser is not “geographically competent.” In other words, the appraiser is from out-of-town, unacquainted with the area in which the appraised property is located; thus, fails to learn or uncover various factors that would substantially change the valuation of the property. The question is then posed...

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

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Response to "A Wakeup Call for the Valuation Industry: Is anybody listening?"

RE: Richard Gilmore, ARA article – "A Wakeup Call for the Valuation Industry: Is Anybody Listening?" I would like to offer some comments regarding Mr. Gilmore’s article in the April 9, 2013 issue of Ag News. I also read most of the NAHB report – "A Comprehensive Blueprint For Residential Appraisal Reform" dated February 2013. I disagree with most of Mr. Gilmore’s comments regarding the NAHB report. The NAHB report lacks a realistic understanding of what is taking place in the real estate appraisal profession today. Most of what is commented on in the NAHB report has been required and/or in place for more...

AMC / American Society of Farm Managers and Rural Appraisers / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Summary of Actions Related to Proposed USPAP Changes 0

Summary of Actions Related to Proposed USPAP Changes

Potential changes and additions to USPAP On February 1, 2013, the Appraisal Standards Board (ASB) adopted modifications to the Uniform Standards of Professional Appraisal Practice (USPAP). This action was the culmination of a period of 15 months and multiple discussion drafts, requests for comments, and three exposure drafts. Written comments were received in response to each document, and oral comments were provided at each public meeting. The ASB read and carefully considered every comment, developed a work plan to address the issues brought forward, and adopted revisions for the 2014-15 edition of USPAP. 1. Revisions adopted for 2014-15 USPAP The following...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / The Appraisal Foundation

Rental Block - Fannie Mae Form 1025 4

Rental Block

Simply dumping rents into rental grid… The Fannie Mae Form 1025 is a lame document. There. I said it. You appraisers out there all know exactly what I’m talking about. Part of what makes it lame is the goofy layout of the form and what passes for education for appraisers in how to complete it properly. Too many appraisers haven’t a clue how to compare rents in a two to four unit apartment building. In many cases they simply dump rents into rental grid and magically opine that the subject rents are supported in the  market. What market is that? Actual...

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

Appraiser Complaint Forms 0

AI Advocates for Issue-Specific Appraiser Complaint Forms

The Appraisal Institute and the American Society of Farm Managers and Rural Appraisers jointly sent a letter Feb. 28 to the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Comptroller of the Currency expressing concern about the broad reach of a proposed Interagency Appraisal Complaint form. The agencies intend to provide a copy of the form to individual complainants, who, in turn, will return to the agency for information gathering and potential referral. In its letter, AI and ASFMRA expressed concern that the proposed form may not be the most effective approach and instead recommended complaint forms...

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

URAR pandoras box 0

URAR Form Ambiguities and Liabilities

Revisiting The Fannie Mae/Freddie Mac 2005 URAR Form Ambiguities and Liabilities It has been eight years since the URAR form was revised. From 2005 to mid-2008, the real estate market experienced a boom and a bust the likes of which we have never seen before, and we are finally seeing a slow recovery. Also during this period, the economic recession and poor lending practices lead to new regulations in both the appraisal and banking industries. Based on the new regulations, Fannie Mae/Freddie Mac mandated appraisers to add more information to the URAR form. As of March 2009, the Market Conditions...

Appraisal / Appraisal News / Appraisers News / Dodd-Frank Act / C&R Fees / E&O / Errors & Omissions

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