Industry News Financial Reform Financial Reform legislation (Dodd Frank) signed into law in July is the most important to the profession since FIRREA (Financial Institutions Reform Recovery and Enforcement Act of 1989), the landmark legislation passed in the wake of the Savings and Loan Crisis which created licensing for appraisers. Find the appraisal related text…
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Industry News FDIC: Help Wanted According to appraiser Thomas J. Inserra, MBA, MAI, SRA appraisers are adapting their practice to different markets and customers rather than lender loan origination work only and there is great opportunity if you know where to look. Speaking at the Valuation 2010 Expo, Inserra said appraisers can find abundant work,…
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Industry News Uniform Appraisal Dataset (UAD): Free Webinars Most know by now that, in a “quest to improve loan quality through more robust and uniform data,” Fannie Mae and Freddie Mac are introducing a new “language” called the Uniform Appraisal Dataset (UAD). The GSE’s are providing specific and mandatory guidance on how to fill out the…
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Industry News GAO Report on Appraising Released The long-awaited report on appraising by the Government Accountability Office was released to the public in July, in accordance with Dodd-Frank. Many of the issues familiar to appraisers are acknowledged in the report but many appraisers are asking: now what? You can find the report here. UMDP/UAD: Road…
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Industry News FNC Data Mining Lawsuit Settles Quietly According to the attorneys bringing suit on behalf of a group of appraisers against FNC/AppraisalPort for alleged false advertising and data mining, the suit has settled quietly and its terms prohibit them from comment. As you may recall, a group of appraisers accused FNC of “intentional misrepresentation,…
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Industry News Lender Makes Good on AppraiserLoft Bad Debt The argument is unsettled to what degree lenders are responsible for the agents they hire to administrate valuation services- appraisal management companies (AMCs). The case of the AMC AppraiserLoft kicked off a heated debate when it closed its doors last year, leaving an estimated $3 million…
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Industry News Editor’s Note: Last issue we reported on an important Congressional hearing on the appraisal profession. The following are the Top Ten Appraisal Reform Recommendations [NCRC] as presented at the hearing by David Berenbaum, Chief Program Officer, National Community Reinvestment Coalition. In conclusion, I reiterate that the time has come for members of Congress,…
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Industry News When Do Comps Requests Cross the Line? The following Q&A comes from attendees to the webinar The Top 5 Questions Asked of an Appraiser and How to answer presented by Richard Hagar, SRA. (For more, visit WorkingRE.com, Webinars.) Question: Hi Richard. I took part in your webinar last week on the Top 5…
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