Expectations have changed considerably over the past few years. An appraiser who was considered to be the best and at the top of their game a few years ago can find themselves lost and confused in today’s market. Clients want more information and they want it in less time and sometimes for less money. Learning…
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When it comes to fair fees, if you’re waiting for government help, you may be waiting a long time. The issue over customary and reasonable fees (CRF) for appraisers under Dodd-Frank is far from settled. For now, when it comes to earning fair fees, you may be your own best friend.
As most know by now,…
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Whether testifying as an expert witness on someone’s behalf or in defense of your own appraisal before a state licensing board or judge, your keys for success are the same.
Depositions
Testimony in a deposition is recorded by a court reporter and is part of the official transcript. It is, therefore, as important as testimony at trial.…
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Congress, recognizing that quality reports are dependent on paying appraisers “fairly,” wrote a customary and reasonable fee provision into Dodd-Frank, and going further, stipulated that any independent studies to determine such fees should specifically not take into consideration fees paid by appraisal management companies (AMCs), suggesting their acknowledgment that AMC fees are artificially low.
The Interim…
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Readers Respond Customary and Reasonable Fees I do not understand how the AMC can take their fee out of my normal fee. I used to charge $400-$450 and now make $200-$250 and cannot afford to live. Why did I have to take a 40-50 percent pay cut? I am forced to work for the AMC…
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Magic Johnson Said That I’m a little amazed at how fast the last 10 years have flown: 2011 marks year 10 for Working RE Magazine and OREP.org. Thank you. In this time, here’s what I’ve learned about business: put the customer first; do what you say and say what you do; under promise and over…
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Professional Marketplace Insurance, Education, Information Appraisers E&O: $455 (minimum premium certain sates)> Appraisers enjoy same-day E&O insurance coverage (most cases) with an A++ carrier and other benefits through OREP. Instant financing is available. 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…
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Industry News Uniform Appraisal Dataset (UAD): Free Webinars Most know by now that, in a “quest to improve loan quality through more robust and uniform data,” Fannie Mae and Freddie Mac are introducing a new “language” called the Uniform Appraisal Dataset (UAD). The GSE’s are providing specific and mandatory guidance on how to fill out the…
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Like most real estate appraisal boards, Florida’s Board publishes an annual summary of the cases it finalizes against its appraisers. Florida’s Real Estate Appraisal Board (FREAB) does not intend these summaries to be lengthy analyses of “what went wrong” or something law students might study for insight. They are merely summaries of the charges the…
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While many appraisers are still struggling along doing appraisals for lenders and AMCs, some are branching out into other areas within the appraisal field, such as reviewing appraisals for lenders and appraising for estate purposes and divorces. Notably, one area that has not been widely explored is forensic appraisal, i.e. providing attorneys expert appraisal advice…
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