Tagged: USPAP

August 4, 2011

Appraiser’s Response to LandSafe Appraisal

Appraiser’s Response to LandSafe Appraisal Services Agreement In April of 2011, LandSafe Appraisal Services, a wholly owned subsidiary of Bank of America, released its “Appraisal Services Agreement” which included, among others, indemnifications of LandSafe Appraisal Services against any liability, and loss of intellectual rights. Many appraisers stood firm and refused to sign the agreement. Heather Fox, a Certified Residential Appraiser in Virginia, CEO of Cross Country Appraisal Inc. and President Elect of VaCAP, responded to LandSafe Appraisal Services with this letter: To: Landsafe Vendor Panel Management Team I will not be signing the appraiser agreement. I have known I would...

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

May 16, 2011

AARO Letter to FHFA Regarding UAD

AARO concerned about potential problems or complications with enforcement resulting from UAD May 11, 2011 Mr. Alfred M. Pollard General Counsel Federal Housing Finance Agency Dear Mr. Pollard: On behalf of the Executive Committee (EC) of the Association of Appraiser Regulatory Officials (AARO) it is my pleasure to take this opportunity to express our appreciation to you individually, the FHFA, Mr. Robert Murphy of Fannie Mae, and Mr. Mark Simpson of Freddie Mac for affording representatives of AARO the opportunity to attend a “train the trainer” seminar introducing the “Uniform Appraisal Dataset” (UAD) in Washington, DC on March 7, 2011. During...

AARO / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB

May 2, 2011

ASB Letter to FHFA Regarding Uniform Appraisal Dataset

Serious concern over misapplication and misinterpretation of Uniform Appraisal Dataset requirements April 29, 2011 Alfred M. Pollard General Counsel Federal Housing Finance Agency… Re: Uniform Appraisal Dataset Dear Mr. Pollard: Thank you for the opportunity to meet with you and representatives from the Federal Housing Finance Agency, Fannie Mae, and Freddie Mac on February 17, 2011 and March 10, 2011 to discuss the Uniform Mortgage Data Processing (UMDP) initiative and the Uniform Appraisal Dataset (UAD). We applaud your efforts to bring about more consistent appraisal reporting. However, in light of our discussions and further examination of the publicly available documents...

Appraisal News / Appraisal Organizations / Appraisers News / ASB / Fannie Mae - Freddie Mac / The Appraisal Foundation

April 27, 2011

Bills Prohibiting Use of Distressed Sales as Comparables Die

Proposed legislation in Illinois, Maryland, Missouri and Nevada seeking to prohibit use of foreclosures and short sales as comparables in developing opinions of residential real estate value appears to have failed. Two bills missed procedural deadlines, one has been amended and the other was withdrawn by its sponsor. Appraisal Institute chapters in all four states played key roles in defeating the bills, which would have resulted in each state’s legislative body dictating the real estate valuation process. The Nevada bill missed a procedural deadline for passage and is dead for this session. In testimony prepared for an April 1 hearing...

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

March 1, 2011

The Dawn of a New Era in Appraising

A new frontier in appraising is upon us… Approximately 30 years ago the automobile industry began to introduce computers into cars and since that time they have never been the same. What was once considered a rather simple procedure – tuning up your engine or even changing the spark plugs – has become an almost impossible project for anyone, except the highly trained automobile technician. Today nearly every aspect of your car is aided or controlled in some manner by a computer. Digital radios with CD players, climate control systems, cruise control and pollution control devices are just a few...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Software / Appraisal Technology