Who Owns the Data? By David Brauner, Editor Here’s a riddle: what do the following have in common: copyrighting appraisals, the Intended User/Intended Use provision in USPAP, Item 21 on the Fannie Mae form, data mining and the FNC lawsuit, automated appraisals (AMVs), and perhaps, the future of appraising? Apparently, they have everything in common....…
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Fannie’s New Forms: Something To Talk About The latest version of the new Fannie Forms are set to go into use soon. These forms for appraising single-family residential and small income-producing properties have some very disturbing and questionable requirements within the certification pages. One of the biggest concerns for appraisers is items #21. If you…
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Editor’s Note: Here is a question (and answer), concerning the proper intended user statement when the form and intended use conflict with one another. Scope of Work: Q&A by David Braun, MAI, SRA Risks of Changing Intended User Statements (Question from Howard Goheen, Phoenix Appraisal Service) “Dear David (Braun)…We’ve worked hard to get up to...…
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Lower-Liability Appraising by David Brauner, Editor According to John Harris, appraising machinery and equipment is USPAP-compliant appraisal work that offers more opportunity and less liability than appraising real property. “The clients for these appraisals are not mortgage brokers/lenders, so the first thing our graduates tell us is that they are so happy to be doing…
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Editor’s Note: Author Beverly Bayer, SRA says that lenders, fed up with shoddy appraisals, are laying traps for unsuspecting appraisers. Fannie Mae has said as much, indicating that one of goals with the new forms is to make appraisers more accountable for their work. In this story, Bayer exposes several “gotcha” traps designed to snare…
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Fannie offers Cert #23 “Fix” By David Brauner, Editor WRE Just days after the new forms took effect and in the midst of widespread confusion and fear among appraisers nationwide regarding their increasing liability and responsibility under the new forms, and especially Cert. #23 (Intended User), Fannie Mae’s Mark Simpson, speaking to appraisers at Valuation...…
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Ever since the new Fannie Forms hit the light of day, appraisers have had issues with it; particularly Items #21 and #23. Below is clarification from the Appraisal Standards Board of The Appraisal Foundation on Item #23. For one appraiser’s concerns regarding Item #21, please see Something to Talk About: Fannie's New Forms.
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Cost Approach Why Sidestepping it Can be Costly By Gretchen Gary and Richard Vishanoff “I don’t like using the cost approach. It’s too time consuming. Market-based appraisals are always more reliable. Besides, I’m not required to include the cost approach in my appraisals. It’s not relevant anymore.” Sound familiar? If you’re skipping the cost approach,...…
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Fannie’s New Forms: Jury Out / Reviews In Editor’s Note: Perhaps the biggest recent news for appraisers is that Fannie Mae has released new test forms for use and review by lenders and appraisers (see sidebar). Fannie’s stated focus is “To provide lenders with a property valuation process that will enable them to more efficiently...…
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Fitch, Fannie and Fraud: Conference Roundup WRE hit the road to bring you the latest from several important industry gatherings (see insert). With many practitioners working from home offices, these conferences help us all stay connected and up to speed. The issues that emerged this year are familiar but include some new twists: AVMs, fraud,...…
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