IndyMac – What Goes Around Comes Around By David Brauner, WRE Editor Not to kick a fella when he’s down, but following the collapse of IndyMac Bank last week, we received an email from a “blacklisted” appraiser that got us thinking. This appraiser, who wishes to remain anonymous, is one of several who told us…
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Teaching Your Clients Well At a recent industry show in Las Vegas (Valuation 2007), one speaker suggested that appraisers facing pressure may try “educating” their lender-clients about the rules, just in case they don’t know. You may be surprised by what is set in stone. One document that can be used for this purpose is…
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Fannie’s New Forms: Something To Talk About The latest version of the new Fannie Forms are set to go into use soon. These forms for appraising single-family residential and small income-producing properties have some very disturbing and questionable requirements within the certification pages. One of the biggest concerns for appraisers is items #21. If you…
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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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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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Editor’s Note: Author Beverly Bayer, SRA says that lenders, fed up with shoddy appraisals, are laying traps for unsuspecting appraisers. Fannie Mae has said as much, indicating that one of goals with the new forms is to make appraisers more accountable for their work. In this story, Bayer exposes several “gotcha” traps designed to snare…
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Fannie offers Cert #23 “Fix” By David Brauner, Editor WRE Just days after the new forms took effect and in the midst of widespread confusion and fear among appraisers nationwide regarding their increasing liability and responsibility under the new forms, and especially Cert. #23 (Intended User), Fannie Mae’s Mark Simpson, speaking to appraisers at Valuation...…
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Editor’s Note: Here is some food for thought from regular contributor and Mobile Appraising Training Package author, Dustin Harris. His suggestion makes sense from a valuation perspective and also might release some of the pressure on appraisers to “hit the number.” The OREP/WRE Appraiser Independence Survey has over 1,000 respondents and hundreds of comments. We…
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Comp Checks: Shifting Liability to Appraisers By Steven R. Smith, MSREA, MAI, SRA In case you are not aware, a loan can be funded under desktop underwriting guidelines with as little as a list of sales. So why all the comp check requests by mortgage brokers if in many cases they already have all they...…
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Business for residential appraisers started slowing down in mid-2003. While your competitors are still reacting to short term increases and declines in business, now is the time to plan for the future.
The residential lender business is notoriously volatile, with wide swings in demand. You can keep a steadier flow of business by diversifying your lender…
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