In the wake of the GAO study, stake holders, including several appraisal organizations, have submitted comments to Congress. A joint letter from American Society of Appraisers, American Society of Farm Managers and Rural Appraisers, Appraisal Institute and National Association of Realtors writes: “With a patchwork of state laws and ineffective federal oversight allowing for only…
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Appraisers: Doing the Bump “Bump Logic” and Why It’s in Your Future This is why you may be doing the “bump” in the near future, even if you don’t dance. “Bump Logic,” as explained at the recent Predictive Methods Conference (hosted by Veros Software), is the process of selecting the appropriate valuation method for a...…
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Title XI FIRREA: Finding the Framer’s Intent Buying a Lake in Arizona According to Doug Barnard, Title XI and appraiser licensing were a direct result of the savings and loan bailout in the early 1980s that cost taxpayers over $3 billion. The Subcommittee of Government Operations, Commerce, Consumer and Monetary Affairs held hearings all across...…
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Editor’s Note: Support the in-depth and balanced reporting that your important industry deserves with a paid subscription to Working RE. Subscribe today ($30 annual) to guarantee delivery of Working RE and receive hundreds of dollars in discounts on education and other services! Special Edition: Appraisal Industry: A House Divided? AARO Mud fight, Run Away State...…
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They say a word to wise is sufficient - let’s hope so.
Of all the stories in the premier issue of Working RE, appraisers were most passionate in their response to 2006: Cleaning Up the Lending Mess. The story, written by long-time appraiser Stewart Heller, is set in the future but based on his very real…
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Fighting Back By Sam E. Blackburn Client pressure, especially from mortgage brokers, continues to be a serious problem for appraisers. Lender pressure will continue to be a problem until Congress enacts predatory lending legislation to prohibit unethical conduct. As long as lenders and brokers control who receives appraisal assignments and can act with little fear...…
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One on One with the Appraisal Foundation Exclusive Interview The following is the first in a series of question and answers with The Appraisal Foundation (TAF) on behalf of licensed real estate appraisers nationwide. TAF is charged with establishing uniform minimum appraiser qualifications and Uniform Standards of Professional Practice (USPAP). Working RE: Many state appraisal...…
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Editor’s Note: The following three stories (Truth or Consequences) shed some light on what it means to be a working appraiser today. You are invited to draw your own conclusions about what may be wrong with the industry and what you can do to help fix it. Please forward your stories to dbrauner@workingre.com.(Thanks to the...…
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A move is underfoot to change the appraisal regulatory system. The first shot across the bow was fired by the Georgia Board, which is calling for the elimination of the Appraisal Subcommittee (ASC), among other things, and a shift from federal control to the states. Two respected appraisers, Frank Gregoire and George Hatch, take a…
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“If men were virtuous, there would be no need of government at all.” Thomas Jefferson 2006: Cleaning Up the Lending Mess By Stewart Heller The following is a summary of notes taken from the official audio recording of the sworn testimony of a chief appraiser of a major mortgage lender. The chief appraiser appeared before...…
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