Legislation to regulate appraiser management companies (AMCs) has been signed into law in three states (UT, AR, NM) as of this writing and is being considered in many others. Appraiser “independence” legislation also has passed in a number of states this year.
At the federal level, the Mortgage Reform and Anti-Predatory Lending Act of…
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Editor’s Note: Everybody knows these are not the happiest or most lucrative times for appraisers. Here are a few things you may not know, according to our latest survey, including what the vast majority of appraisers say may be the key to higher fees. State of Industry: AMC Boycott, Hanging On and Other Issues by...…
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The Dodd-Frank Wall Street Reform and Consumer Protection Act includes a section referred to as the Mortgage Reform and Anti-Predatory Lending Act in Title XIV. The appraisal activities provisions are located within Subtitle F, which includes the following highlights:
Sub prime mortgages will require written appraisal reports by state-licensed appraisers, including an…
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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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I was reading the Working RE survey results and have a few thoughts outside of the survey questions. The story states that many appraisers have gotten out of the profession due to lack of business. I'm curious why they have a lack of business.
I'm currently a Certified Residential Appraiser. I've been doing appraisal work for…
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State Watch: Regulating AMCs By Mike Antoniak When the Home Valuation Code of Conduct (HVCC) became law May 1, 2009 it had unintended but far-reaching consequences for professional appraisers. “The HVCC, and its perceived need for financial institutions to separate the origination and the appraisal ordering function to preserve appraiser independence, resulted in an explosion...…
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Trying to catch the ear of your state legislators? Consider joining a coalition of like-minded appraisers if your state has one; if none exists, start talking up the idea and get things rolling to launch a statewide coalition.
“There’s strength in numbers,” observes residential appraiser Michael Brunson, president of the Coalition of Appraisers in Nevada (CAN)…
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To most appraisers this story is familiar: “I have been working with an AMC who shall remain nameless,” says Vrej Avedissian. “Having accepted a few assignments from them and dealing with their constant emails and phone calls regarding the status of each report, which borders on harassment, when it comes time to pay, it is…
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When are requests for additional comps and other items a legitimate part of underwriting and when are they a not-so-subtle attempt to influence value? That is a question many appraisers are asking lately. At stake are many things, including whether consumers are really better off after all.
The Home Valuation Code of Conduct (HVCC), with its…
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Editor’s Note: Despite getting the short end of the stick, appraisers have stood up, fought back and made progress since the Home Valuation Code of Conduct (HVCC) was imposed on the profession over two years ago. And the final story is not written yet. Why Appraisers Should Pat Themselves on Back By David Brauner, Editor...…
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