Editor’s Note: In the wake of these turbulent times, the tide is turning for appraisers. Lenders and regulators finally seem to understand the necessity for accurate and independent appraisals; lenders and Wall Street are demanding valuation accuracy, and as we see in this story, regulators nationwide have proposed and/or passed a flood of legislation to...…
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Moving out of Residential Lending Work By David Brauner, Editor Cheryl Kunzler, SRA, began transitioning out of residential loan work two years ago for the usual reasons: she was fed up with lender pressure to hit values and to meet turn times that do not permit thorough reporting. What she feels after making the leap,…
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Editor’s Note: In our cover story last issue, “AVM Tango! Man or Machine?” we reported that as a result of our AVM questions, Appraisal Standards Board (ASB) Chair Greg Accetta indicated further clarification would be forthcoming. Here is a statement issued by the Appraisal Foundation in June 2007 (www.appraisalfoundation.org). Are AVMs Appraisals? Appraisal Standards Board...…
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Editor’s Note: Here is a question (and answer), concerning the proper intended user statement when the form and intended use conflict with one another. Scope of Work: Q&A by David Braun, MAI, SRA Risks of Changing Intended User Statements (Question from Howard Goheen, Phoenix Appraisal Service) “Dear David (Braun)…We’ve worked hard to get up to...…
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How Lenders Think By Calvin Moye, SRA, GRI This is first in a series of questions and answers from Calvin Moye, SRA, GRI. The questions in this series come from bankers and examiners seeking Mr. Moye’s expert advice. Moye, an expert in banking practices, explains the importance of the information this way: “Many residential appraisers...…
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Profile: Making $300,000 a Year Appraising by David Brauner, Editor When it comes to success, your parents were right; there’s no substitute for hard work and a positive attitude. Those looking for a secret formula will be frustrated by what appraiser John Ugrotzi says about his own success; when asked how he consistently earns $300,000…
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Appraisers Fighting Back! by David Brauner, Editor The good news this issue is that there is plenty of good news to report on issues important to appraisers: curtailing mortgage fraud, limiting broker price opinions, putting the breaks on data mining of appraisal reports, understanding and combating blacklisting, supporting appraiser independence. The common theme is that…
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Industry News – Volume 17 States Fighting Back Ohio Attorney General Marc Dann has filed a lawsuit against 10 mortgage firms under the state’s new predatory lending law. The firms are being accused of influencing appraisers to “puff up” their property appraisals above market value. This has resulted in buyers owing more than the property’s…
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Editor’s Note: The following Q&A with MARI results from its name coming up again and again as the source of complaints against appraisers. The responses are from Merle Sharick, Vice President – National Manager of Business Development, Mortgage Asset Research Institute (MARI), a ChoicePoint company. Mr. Sharick has been at MARI for four years, after...…
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Editor’s Note: You can find the class action, filed by a group of appraisers against FNC, Inc., at the bottom of this page. Federal Suit Alleges Misuse of Appraisers’ Data by FNC by David Brauner, Editor In a federal class action, a group of appraisers from across the country has filed a complaint against FNC,...…
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