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
Legislation to regulate appraiser management companies (AMCs) has been signed into law in three states (UT, AR, NM) as of this writing and is being considered in many others. Appraiser “independence” legislation also has passed in a number of states this year.
At the federal level, the Mortgage Reform and Anti-Predatory Lending Act of…
Read More
Editor’s Note: Everybody knows these are not the happiest or most lucrative times for appraisers. Here are a few things you may not know, according to our latest survey, including what the vast majority of appraisers say may be the key to higher fees. State of Industry: AMC Boycott, Hanging On and Other Issues by...…
Read More
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
Readers Respond Appraiser Last Laugh It is bad enough that if this continues there will not be many appraisers left in the country. It is economically impossible to survive. The AMCs and underwriters make demands that show they are incompetent. They treat us with no respect and we are now doing double the work for…
Read More
Financial Reform Passes: Tonic for Cynical Times by David Brauner, Editor The groundbreaking financial reform legislation signed into law in July leaves little for appraisers to complain about and in fact offers hope to a beleaguered profession. The language supports appraiser independence, addresses appraisal management companies (AMCs), further defines the concept of customary and reasonable…
Read More
Professional Marketplace Insurance, Education, Information Workers comp, auto, general liability/property and umbrella coverages are now available to you from CNA Insurance and OREP in addition to errors and omissions insurance. Competitive rates and quick, efficient online quoting are available nationwide for appraisers, agents/brokers and certain other professions. Please call or email OREP.org for a free…
Read More
Industry News FDIC: Help Wanted According to appraiser Thomas J. Inserra, MBA, MAI, SRA appraisers are adapting their practice to different markets and customers rather than lender loan origination work only and there is great opportunity if you know where to look. Speaking at the Valuation 2010 Expo, Inserra said appraisers can find abundant work,…
Read More
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
In this period of economic and social change, clients are looking for professional appraisers to answer questions that until now have not been asked. Price and timing are the hot-button issues. While many appraisers are raging against the downward pressure on fees and the increased pressure for faster turn times, I have instead begun…
Read More
