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Current Issue
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HVCC/AMCs-
Change Equals Opportunity
•1004MC:
Getting up to Speed with Fannie's New Form
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How to
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March 18, 2009 Vol. 167 |
Award Winner • Publication Excellence |
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You are receiving
WRE Online because you
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New: Comment on this
story at Working RE’s new
Appraiser Talkback blog.
Also, now take the
Appraiser Talkback Survey.
New
Working RE: HVCC, Increasing Residential Income, Altered
Reports, Fannie’s 1004MC
By
David Brauner, WRE Editor
As you
can see by the fresh cover art, the new issue of Working
RE is published and in the mail to you. You can read it
now via our free interactive digital edition by clicking the
cover image (left).
If you
find the digital edition works for you, you can opt out
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and deliver the magazine; forests, fossil fuels and other
energy sources; our air and water. If you’d like to keep
receiving print, that’s fine too.
As the
implementation date of the Home Valuation Code of Conduct (HVCC)
fast approaches, appraisers are uneasy about the coming
changes. In HVCC/AMCs- Change Equals Opportunity,
appraiser and AMC founder Paul E. Chandler, MAI offers an
insider’s view of these entities and offers ideas for making
AMCs work for you.
In
another story, appraiser David Braun, MAI, explains how to
get up to speed with the new 1004MC form from Fannie Mae,
and in How to Increase your Residential Income,
Philip Spool, ASA, explains how he increased his business by
switching his practice to residential work from
commercial. You’ll find these stories and much more in the
new issue.
(story continues below) |
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Reality Bites: HVCC
Appraiser Talk Back Blog and Survey
Changes wrought by
the HVCC will be considerable– assuming the National
Association of Mortgage Brokers doesn’t stomp it out under
its mighty boot (see
Appraiser’s Inside Report: Mortgage Broker’s File Suit to
Stop HVCC, Workingre.com, Premium Content).
Here’s what we’ve heard over
the last few months from appraisers: many seasoned
professionals say they are considering leaving the
profession. Ironically, it’s not the bad economy but the
downward pressure on fees that has them most discouraged.
Business is picking up for many this year but fees are not.
At $200 or less for a full appraisal, some say they can not
make a living. Others put time and money into being an
“expert” but wonder why, when price, not quality, is the
main consideration of AMCs in appraiser selection.
Meanwhile, many appraisers make a very good living working
with AMCs and have for years, providing quality work and
good service. The AMCs we talk to say that quality and
service do matter, along with price.
(story continues below) |
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(story continues)
BPOs and
AVMs continue to skim off work, even when their use is
illegal or imprudent. Some appraisers do a straightforward
hourly wage analysis and shake their heads, given the
liability, pressure and expenses associated with appraising:
gas, education, software, insurance, etc. One veteran of 14
years, a Certified Appraiser, told me that at $200 per
(full) appraisal, the person who cleans his house makes more
per hour- and it’s a cash business. Another said
surrendering his license and doing desktop broker price
opinions (BPOs) will bring a higher hourly wage and better
quality of life.
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Brauner Calif. Insurance License: 0C89873 |
Appraiser Sue Hoell says, “AMCs managing the ordering and
reviewing of appraisals presents a serious challenge for
professional appraisers.
It's sort of like health insurance companies telling doctors
and patients what medical procedures
are allowed, how to do them, and how much the doctor will be
paid.”
What do you say? Visit the new HVCC Appraiser Talkback
Blog at OREP.org or WorkingRE.com and be heard. Express
what you’re thinking and experiencing in the blog and in the
new Appraiser Talkback
Survey
about working with AMCs, your future, the new
1004MC and more. Questions include: Do low fee (AMC)
appraisals result in a product that is less reliable for the
end user compared to a report where adequate fees had been
paid? Click
here to take the survey now.
The results will be published in Working RE.
Enjoy the new issue!
New: Comment on this
story and other online editions at Working RE’s new
Appraiser Talkback blog.
If you have questions, please email
subscription@workingre.com.
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