Professional Marketplace Insurance, Education, Information Workers comp, auto, general liability/property and umbrella coverages are now available to you from CNA Insurance and OREP in addition to errors and omissions insurance. Competitive rates and quick, efficient online quoting are available nationwide for appraisers, agents/brokers and certain other professions. Please call or email OREP.org for a free…
Read More
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…
Read More
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…
Read More
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?…
Read More
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…
Read More
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…
Read More
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]…
Read More
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…
Read More
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...…
Read More
The Dodd-Frank Wall Street Reform and Consumer Protection Act includes a section referred to as the Mortgage Reform and Anti-Predatory Lending Act in Title XIV. The appraisal activities provisions are located within Subtitle F, which includes the following highlights:
Sub prime mortgages will require written appraisal reports by state-licensed appraisers, including an…
Read More
