FHA appraiser William R. Pruett, SRA has a problem that we're sure you can relate to.
Pruett, appraising 12 years, five in West Des Moines, Iowa, knows what a "customary and reasonable" fee is for an FHA 1040 in his market and so does everyone else, he says, except the large national bank and its in-house…
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Given the fierce efforts to keep HVCC alive, it makes you wonder if AMC interests know something the rest of us don’t.
As federal legislation that would end the Home Valuation Code of Conduct (HVCC) moves closer to reality, appraisal management company (AMC) interests are blitzing the media with their message that overturning HVCC means a…
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Editor’s Note: This story is reprinted for Working RE Online, Home Inspector’s Edition. To opt-in please email subscription@workingre.com with “Home Inspector’s Online Edition” in the subject. Inspectors-Appraisers: Line Blurring? by David Brauner, Editor In a recent Working RE story, Appraiser: I’m No Home Inspector (WorkingRE.com, Library, Issue 24), appraiser Tony Bamert says he is asked…
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Historically, the relocation industry has been challenged by such environmental issues as UFFI (urea formaldehyde foam insulation), asbestos, radon gas, synthetic stucco, and black mold. Currently, the industry is challenged economically by an oversupply of homes, decreasing home prices, a credit crisis, an unstable stock market, record foreclosures, and a global recession. What is next?…
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Having good relationships with a handful of appraisal management companies (AMCs) that are great to work for- they pay fairly and on time, don’t pressure for turn times or value- is only part of Montero’s secret to success (find AMC list below).
First, here’s how Montero is different from most appraisers, according to the HVCC Talkback…
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When sales activity has diminished, as is the case in today’s market, appraisers have a much smaller pool of comparable transactions available to them. Such times require that appraisers give greater scrutiny to transactions that have traditionally been discarded.
Here’s why and how appraisers are reconsidering foreclosures, short sales and listings in an upside down market.
Foreclosures
A…
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FHA Appraising: Testing Your Knowledge by Lore DeAstra, MBA, SRA, CDEI, ACB In a desperate attempt to recapture market share from FHA, Freddie Mac’s Primary Mortgage Market Survey in June, 2010 was approximately: 4.6 percent for 30-year fixed rate mortgages (FRM); 4 percent for 15-year FRM and 3.8 percent for 5/1-year adjustable rate mortgages. [1]…
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Your workfile is just as important as your appraisal report. Just ask any lender, appraisal management company, client, or worse, your state’s investigator. The workfile is the backbone of your report. It supports everything in your appraisal report.
Your workfile for an appraisal of a single family residence or a condominium unit should contain a minimum…
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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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