116
You may be interested to hear what (at least one) Appraisal Management Company (AMC) thinks about the effect of low-bid appraisal ordering on quality, the topic of last issue’s News Edition (Low Bid Appraisal Ordering and Its Effect on Quality).
Read More
A recent lawsuit filed against Stearns Lending and its AMC, Trimavin, by the AMC’s former Chief Appraiser, Katherine A. Scheri, alleges that many of the practices that led to the extensive regulation of the appraisal industry are alive and well at one AMC/lender at least.
Read More
104
The question raised by many seasoned appraisers familiar with this type of ordering system is what kind of quality does such a “low-bid” appraisal ordering system produce?
Read More
Industry News Scope Creep Relief Here is Addendum Language shared by appraiser Laurie Richards. MODIFICATIONS TO A SUBMITTED ORIGINAL REPORT: The client or lender must submit in writing (e-mail is preferred) any request for additional information or modification to the appraiser. This information will be retained in the appraiser’s workfile. The appraiser recognizes that…
Read More
Readers Respond Interview: Appraiser Who Brought Down Countrywide Thank you, Mr. Lagow, for having the courage to speak up to help society. Your efforts were NOT in vain. Although mortgage work is tempting and easy at times, these type of situations force us (appraisers) to look at who we are and what is important.…
Read More
Like being in the middle of a paintball free-for-all, messy things are coming at appraisers from all sides these days. In addition to lenders trying to pin buybacks on the backs of appraisers (while seeming to ignore the wild-west underwriting practices that floated the bubble), State Boards also are bringing complaints against appraisers in…
Read More
Editor’s Note: At OREP, we see that incorrect measurements are the cause of many E&O claims. Here are some tips on staying out of trouble. How to Report Building Areas Accurately (and avoid measurement mistakes) by Mark S. Langhamer As appraisers and review appraisers, some of us have seen fellow appraisers relying on building area...…
Read More
14
Robert Murphy, Director, Property Valuation & Eligibility at Fannie Mae, says appraisers are being held to a higher standard these days, thanks to the Uniform Mortgage Data Program and Uniform Appraisal Dataset, better known as UAD. Here’s what you should know.
Read More
Editor’s Note: This is a side by side comparison of the Scope of Practice documents of several home inspector associations: AII, ASHI, NACHI, NAHI. Author Michael O’Handley offers several caveats: the comparison was completed in 2006, with the associations making minor changes since. Also, the comparison is based on O’Handley’s interpretation of the documents, which…
Read More
Working RE Fall/Winter 2013 Find these articles in the new edition of Working RE. OREP insureds and Working RE subscribers enjoy guaranteed delivery of the print magazine as part of their member benefits. • Lenders up to Old Tricks? Ex-Chief Appraiser Sues Stearns Lending • Estimating External Obsolescence • “Low Bid” Appraisal Ordering and Its…
Read More
