1
Editor’s Note: The bankruptcy earlier this year of the appraisal management company (AMC) ESA left millions in unpaid fees to appraisers, agents and brokers, who now are trying to collect from Chase, the bank who hired the AMC. What happens will have far-reaching effects on the appraiser-AMC relationship and the industry. Chase Denies Responsibility for…
Read More
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.
Read More
Taking Care of (Your) Business by David Brauner, Editor Two files sitting on my desk and several other stories this issue speak to why the success or failure of your business in today’s world depends on knowing who you work for and who you work with, as much anything else. One file concerns an appraiser...…
Read More
Live and Learn Complaints, Errors, Actions Blue Grass Missteps Larry Disney, Executive Director, Kentucky Real Estate Appraisers Board says that approximately 95 percent of all Kentucky complaints are real property appraisal assignments of one-four unit properties. He says the reasons for complaints vary but the most frequent violations are one of the following. * Not...…
Read More
Cautionary Tale! Keeping Track of Work Files Recently, an appraiser was the subject of disciplinary action by his State Board. The violation cited was “failing to produce records for an assignment under review.” If you maintain work files for five years, as per USPAP, and figure you can stop reading because it could never happen...…
Read More
“Comp” Checks: Turning Requests into Orders “Please check the comps first and call me immediately if the value is not there.” Sound familiar? Or the mortgage broker who calls from parts unknown asking: “Do you check comps first? I don’t want my borrower to pay for an appraisal they can’t use.” Just as lender pressure...…
Read More
Raising the Scope: New Role of Scope-of-Work By Sean Heath Ah, the law of unintended consequences. As defined, it means that the actions of people—especially governments—always have effects that are unanticipated or unintended. The Appraisal Standards Board (ASB), through their annual edits and amendments, has tried to make the Uniform Standards of Professional Appraisal Practice...…
Read More
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...…
Read More
Survival 101: Getting Ahead without Going Along By Tim Cullen, IFAS Why are so many appraisers angry and bitter? First, we appraisers are designated to be the only disinterested party in a real estate transaction. We function as the eyes and ears of lenders, or as some say, as the “gatekeepers” in the real estate...…
Read More
Appraiser Cleans House By Christie M. Bond I own and operate a two-appraiser firm in a small, under-served town in West Michigan. I have worked very hard to build a good reputation for my firm and myself. Fed up, burned out and tired of the day-to-day struggle to maintain that reputation and keep a steady cash flow, I have decided to take drastic measures with my current and future clients…. I fired them all. After six years in...…
Read More
