In 1994 Fannie Mae formally introduced environmental due diligence to the appraisal industry- so what has changed?
The Appraisal Journal (January 1995), published by the Appraisal Institute, included an article that reviewed what was then new environmental reporting requirements put in place by Fannie Mae and the new Uniform Residential Appraisal Report (URAR) form (effective January…
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You receive a call from a lender or an appraisal management company (AMC) who wants to talk to you about an appraisal assignment you recently completed for them. The call usually comes from the quality control department at the post closing stage of the loan. They start questioning you on your line item adjustments. …
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Blacklisting with a Twist By Isaac Peck Last issue Working RE reported on an appraiser who was given a tough choice by Chase Bank: violate USPAP by discussing an appraisal with them – an entity other than the client, or face blacklisting (Lender’s Choice- Summer 2012). This time, Chase is offering a third option to...…
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Appraisers & Gramm-Leach-Bliley By Pat Butler Most appraisers have heard of Gramm-Leach-Bliley (Privacy Act) but few understand their obligations under the Act. Appraisers have disclosure obligations under Gramm-Leach-Bliley (GBL) when they are hired directly by a consumer to conduct an appraisal. Compliance means disclosing to the client whether any of their nonpublic personal information will...…
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Editor’s Note: This is an actual claims rebuttal letter sent to opposing counsel, written by a claims adjuster on behalf of an insured. The names have been changed. Disclaimer: This article is written from an insurance perspective and is meant to be used for informational purposes only. It is not the intent of this article…
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Editor’s Note: In this story, USPAP instructor Bryan Reynolds offers some solid advice on making the best of what can be a difficult situation: dealing with an attorney and going to court.
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Editor’s Note: There are good reasons for reporting claims and incidents when they happen. Here is vital information, that even seasoned inspectors may not know, that can save you anxiety, money and maybe even your business. If you’re an appraiser, much of this story pertains to you as well
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My first commandment for appraisers is: Know the truth and let the truth set you free. In this context, it means that you are in control of both the appraisal development and reporting. Therefore, let no person coerce, threaten or influence your objectivity, impartiality, or independence.
After that, and based on my 10 years’ experience as…
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Editor’s Note: With declining values come lawsuits and complaints. Somebody has filed a complaint against you with your state’s appraisal board. Now what do you do? Tim Andersen, MAI gives you some suggestions.
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The new normal for too many appraisers these days is being banished to a “do not use” list by a lender, without any opportunity for rebuttal or even knowing why. Now here’s a new twist: at least one large lender is giving appraisers the chance to rebut a questionable review- the problem is that doing…
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