value

New Niche: Understanding Replacement Cost

Editor’s Note: At a recent conference, Fannie Mae’s Mark Simpson, Director Property Standards, Single-Family Credit, shared how insurance industry changes offer appraisers a new opportunity to provide lenders with an additional service: replacement cost data. The data is used to determine an appropriate level of hazard insurance for Fannie loans. Fannie requires hazard insurance that… Read More

Why Value is Not an Exact Number

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Editor’s Note: Here is some food for thought from regular contributor and Mobile Appraising Training Package author, Dustin Harris. His suggestion makes sense from a valuation perspective and also might release some of the pressure on appraisers to “hit the number.” The OREP/WRE Appraiser Independence Survey has over 1,000 respondents and hundreds of comments. We… Read More

“Comp” Checks: Turning Requests into Orders

“Comp” Checks: Turning Requests into Orders “Please check the comps first and call me immediately if the value is not there.” Sound familiar? Or the mortgage broker who calls from parts unknown asking: “Do you check comps first? I don’t want my borrower to pay for an appraisal they can’t use.”  Just as lender pressure… Read More

Liability Landmines – Appraisers Beware

Editor’s Note: In this installment of Valuation Issues and Answers, John Lifflander, ASA discusses how to avoid problems in the new world of bailouts, tax credits and, as he points out, business as usual. Liability Landmines– Appraisers Beware By John Lifflander, ASA The current economic crisis was largely precipitated by loose credit and loose lending… Read More