Professional Marketplace Insurance, Education, Information Individual Appraiser E&O Rates Per Claim/Annual Aggregate Most States $1,000,000 / $2,000,000 $650.00 $500,000 / $1,000,000 $573.00 $300,000 / $600,000 $501.00 Please Note: Rates vary by state. Commercial rates are slightly higher. Please call or visit www.orep.org for more (888-347-5273). A standard deductible of $500 per claim/$1,000 aggregate is included…
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Industry News Editor’s Note: Last issue we reported on an important Congressional hearing on the appraisal profession. The following are the Top Ten Appraisal Reform Recommendations [NCRC] as presented at the hearing by David Berenbaum, Chief Program Officer, National Community Reinvestment Coalition. In conclusion, I reiterate that the time has come for members of Congress,…
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Editor’s Note: Making lemonade from lemons (a negative review)? Yes, appraiser Andy Anderson says you can turn a negative review into an effective sales tool. He explains below, which is excerpted from his webinar Dealing with a Negative Reviews. Dealing with Negative Reviews By David Brauner, Editor How do you turn a negative review into...…
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If you are appraising an environmentally contaminated property, you may need to consider more than just the cost of remediation (cost to cure). The property may suffer from stigma associated with the contamination. Stigmatized properties can take months and even years to recover from a blighted image.
The Uniform Standards of Professional Appraisal (USPAP) describe stigma…
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Blacklisting with a Twist By Isaac Peck Last issue Working RE reported on an appraiser who was given a tough choice by Chase Bank: violate USPAP by discussing an appraisal with them – an entity other than the client, or face blacklisting (Lender’s Choice- Summer 2012). This time, Chase is offering a third option to...…
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Editor’s Note: Lawmakers got an ear full from appraisers at a June hearing in Washington. D.C. This time, it appears Congress is listening. Appraisers Talk, Congress Listens by David Brauner and Isaac Peck After the Congressional hearing in June, rest assured that Capitol Hill is well aware of appraisal industry issues, including customary and reasonable...…
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Editor’s Note: According to George Mann, there is lot of work appraisers can not engage because of a USPAP restriction- unless you live in one of three states. Appraiser Evaluations– Why Not? by: George R. Mann, MAI, SRA, MRICS I have worked at or with several top 20 banks and estimate that the annual volume...…
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Readers Respond How Well Do You Know Your Rights Very informative article. In addition to keeping a copy of any request for changes or alterations in file, I also copy and paste their request directly into my report. This has made some Underwriters very uncomfortable and requests for changes have dropped dramatically. Lender’s Choice: Violate…
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From the Publisher OREP/Working RE Webinar Series This is one of my favorite expressions: “You don’t know what you don’t know!” Amen to that. We learn from others and if we don’t, we may never realize what we don’t know. In this competitive business environment, that means everything. Many of you work solo with little…
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Editor’s Note: Appraisers are well aware that their professional feet are held to the fire regarding USPAP: to know it, understand it and follow it. So what happens when a lender decides they don’t agree with the document and punishes an appraiser for only trying to abide by its guidance? So far, not much. Chase…
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