Appraiser Kim L. Herzfeldt is mad as hell at being stiffed by AppraiserLoft and by the lender’s refusal to redress the loss. His course of action offers hope and possible precedence for every appraiser who is owed money by an Appraisal Management Company (AMC).
“It felt like your best friend stealing your daughter’s college fund,” says…
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Wells Fargo Paying JVI Bad Debt By Isaac Peck, Associate Editor Appraisers getting stiffed by appraisal management companies (AMCs), that either declare bankruptcy or simply fail to pay, remains a hot-button issue for the industry. As many appraisers are reporting on OREP/Working RE’s AMC Rater blog, JVI Solutions is the latest AMC to leave appraisers…
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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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Editor’s Note: Andy Anderson looks around and ahead toward fixing a now broken appraisal profession. Customary and Reasonable Assignments By Andy Anderson The appraisal profession was not broken. Just like other professions, there were (and are) some bad actors, but appraising was not broken and should have been allowed to do its job correctly. That is not…
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Editor’s Note: In this opinion piece, appraiser Andy Anderson expresses what many of his colleagues are thinking about the upcoming UMDP requirements. UMDP/UAD: Road to Ruin? By Andy Anderson The Uniform Mortgage Data Program (UMDP) is mandated by Fannie Mae and Freddie Mac (GSEs) under the direction of their federal regulator, the Federal Housing Finance…
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Mobile Appraising: Saving Both Time and Money By Dustin Harris, “The Appraiser Coach” Appraisers who are truly ‘mobile’ are using laser measurers, tablet PCs or smartphones, and software to upload reports remotely to the office to be more competitive- to save time and money. As I travel the country mentoring various appraisal business owners, I…
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E&O Insurance: Prices Drop Time to Shop by David Brauner, Senior Insurance Broker at OREP.org Instead of the now familiar direction to “shop ‘till you drop,” current insurance conditions suggest instead that inspectors should shop because they’ve dropped. We’re talking about rates for errors and omissions insurance of course. The market has softened (prices dropped)…
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Press Releases DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency [Docket No. 07-xx] BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM [Docket No. OP-xxxx] FEDERAL DEPOSIT INSURANCE CORPORATION DEPARTMENT OF THE TREASURY Office of Thrift Supervision [No. 2007-xx] NATIONAL CREDIT UNION ADMINISTRATION Proposed Statement on Subprime Mortgage Lending AGENCIES: Office of the…
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Explanation of HOEPA Loan Attribute to a staffer for Congressman Miller The term “predatory lending” encompasses a variety of practices. Oftentimes homeowners in certain communities, particularly the elderly and minorities, are targeted with offers of high-cost, home-secured credit. The loans carry high up-front fees and may be based on the homeowners’ equity in their homes,…
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Turning Tide? Appraiser Independence Legislation * Mortgage Reform and Anti-Predatory Lending Act * CRS report on H.R. 3915 * Explanation of HOEPA loans * H.R. 1852: Expanding American Homeownership Act Still Pending in Congress * The Homeownership Preservation and Protection Act of 2007 * H.R. 1723: Fair FHA Appraisal Act, or visit http://www.opencongress.org/bill/110-h1723/show * H.R.…
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