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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Readers Respond AMCs/Customary and Reasonable Fees WRE has received many hundreds if not thousands of comments from appraisers posted to its surveys and blogs, with many also emailing us directly discussing AMCs, customary and reasonable fees and the state of the industry. These are representative of many. – Editor This AMC is complaining about a…
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Appraiser Reality: Absurd, Isn’t it? Driving to work early this morning I passed a scene familiar to most of us: a small group of laborers pouring cement for a neighbor’s new driveway. As I noted the contractor driving up in his new F-150 truck, I wondered if the powers that be in Washington D.C. or…
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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 GAO Report on Appraising Released The long-awaited report on appraising by the Government Accountability Office was released to the public in July, in accordance with Dodd-Frank. Many of the issues familiar to appraisers are acknowledged in the report but many appraisers are asking: now what? You can find the report here. UMDP/UAD: Road…
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Readers Respond Customary and Reasonable Fees In the last 10 days I’ve been approached by no less than three new AMCs with orders they had for me. All three of them were readily willing to pay be $315 which, while still below the $400+ full fee for my market, is a positive development. Even more…
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Fear of Fear Itself By David Brauner, Editor I heard this statement recently in connection with the phycology that sometimes drives the stock market: there is nothing to fear but the fear of fear itself. For stock traders, it means rushing to sell- regardless of the actual economic data- out of fear that others might…
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Professional Marketplace Insurance, Education, Information 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 Note: Rates vary by state. Commercial rates are slightly higher. Please call or visit www.orep.org for more (888-347-5273). A standard deductible of $500 per claim/$1,000 aggregate is included…
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Industry News FNC Data Mining Lawsuit Settles Quietly According to the attorneys bringing suit on behalf of a group of appraisers against FNC/AppraisalPort for alleged false advertising and data mining, the suit has settled quietly and its terms prohibit them from comment. As you may recall, a group of appraisers accused FNC of “intentional misrepresentation,…
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Readers Respond Choosing Comps I have been fortunate to be an appraiser for 21 years. I still like being an appraiser. Judging from your articles you do also. First I want to thank you for your articles in Working RE. I find them helpful. So today I need a little help. I am fighting with an underwriter regarding…
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