Congress, recognizing that quality reports are dependent on paying appraisers “fairly,” wrote a customary and reasonable fee provision into Dodd-Frank, and going further, stipulated that any independent studies to determine such fees should specifically not take into consideration fees paid by appraisal management companies (AMCs), suggesting their acknowledgment that AMC fees are artificially low.
The Interim…
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I was reading the Working RE survey results and have a few thoughts outside of the survey questions. The story states that many appraisers have gotten out of the profession due to lack of business. I'm curious why they have a lack of business.
I'm currently a Certified Residential Appraiser. I've been doing appraisal work for…
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State Watch: Regulating AMCs By Mike Antoniak When the Home Valuation Code of Conduct (HVCC) became law May 1, 2009 it had unintended but far-reaching consequences for professional appraisers. “The HVCC, and its perceived need for financial institutions to separate the origination and the appraisal ordering function to preserve appraiser independence, resulted in an explosion...…
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As implementation of Dodd-Frank takes effect, the Federal Reserve Board shed light regarding the implementation of the customary and reasonable fee provision of the legislation.
The Federal Reserve Board, tasked with implementing the landmark Dodd-Frank Financial Reform legislation passed last year, laid out its guidance in the “Interim Final Rule” (IFR) published in October 2010 (find…
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To most appraisers this story is familiar: “I have been working with an AMC who shall remain nameless,” says Vrej Avedissian. “Having accepted a few assignments from them and dealing with their constant emails and phone calls regarding the status of each report, which borders on harassment, when it comes time to pay, it is…
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You can have the latest map program, aerials and any other special effects to make your report look as attractive and professional as possible but if you choose the wrong comparables, your result will be the worst appraisal report possible. This article shows the best way to choose comps, especially when sales of properties are…
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When are requests for additional comps and other items a legitimate part of underwriting and when are they a not-so-subtle attempt to influence value? That is a question many appraisers are asking lately. At stake are many things, including whether consumers are really better off after all.
The Home Valuation Code of Conduct (HVCC), with its…
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Editor’s Note: Despite getting the short end of the stick, appraisers have stood up, fought back and made progress since the Home Valuation Code of Conduct (HVCC) was imposed on the profession over two years ago. And the final story is not written yet. Why Appraisers Should Pat Themselves on Back By David Brauner, Editor...…
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Would any American go to a football game in a league where the referees are legally allowed to be advocates for one of the teams? Football is only successful if its referees are viewed as being fair and non-advocates. They may miss a few calls, but overall, they are viewed as fair. …
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Whoever believes the days of value and other forms of pressure are behind appraisers, thanks to the Home Valuation Code of Conduct (HVCC) and its focus on appraiser independence, ought to talk to appraiser David Smith in San Diego- if they do they’ll get an earful.
Appraiser abuse is apparently alive and well but the good…
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