USPAP

FNC-Appraiser Firestorm (Again)

FNC, Inc. is once again at the center of a firestorm in the appraisal world– this time over a user agreement that appraisers fear signs away their E&O insurance coverage. Appraisers are required to authorize the agreement if they want to continue working with many of the nation’s largest lenders via AppraisalPort. While the agreement… Read More

Altered Appraisal Reports

Now you see it, now you don’t: that’s what appraisers are saying about data that is disappearing or changing after a report leaves their desktop. Here’s what is happening and why, according to appraisers, vendors and other industry insiders. A certified appraiser, who wishes to remain anonymous fearing blacklisting, recently contacted her errors and omissions insurance… Read More

Green Appraising

The good news for appraisers is that while you weather the current economy you can position yourself to be a highly qualified and credentialed “green” appraiser without significant capital or time expenditures. The result is a competitive advantage, compliance with USPAP’s Competency Rule and new sources of work. Many of you remember the excesses that characterized… Read More

Appraising for Non-Lenders

In order to continue in this profession with a decent income, residential appraisers have to begin looking for additional clients outside of the lending industry. Non-lending clients are attorneys, accountants, agents, homeowners and insurance companies (for insurable value), among others. Attorneys need appraisals for marital assets for divorces; accountants need appraisals for estate purposes (retrospective market… Read More

What’s in Your Workfile?

Your workfile is just as important as your appraisal report. Just ask any lender, appraisal management company, client, or worse, your state’s investigator. The workfile is the backbone of your report. It supports everything in your appraisal report. Your workfile for an appraisal of a single family residence or a condominium unit should contain a minimum… Read More

Appraiser Game Changer: Financial Reform Bill Passes (Bye-Bye HVCC)

The Dodd-Frank Wall Street Reform and Consumer Protection Act includes a section referred to as the Mortgage Reform and Anti-Predatory Lending Act in Title XIV. The appraisal activities provisions are located within Subtitle F, which includes the following highlights: Sub prime mortgages will require written appraisal reports by state-licensed appraisers, including an… Read More

Non-Permitted Buildings

A common issue in residential appraising is construction which has not been issued an appropriate building permit by the jurisdictional authority. Here’s how to handle this sometimes difficult situation. Examples of this issue include: additions and detached guesthouses; and garages that have been modified for use as a living area. One needs only to peruse online… Read More