The OCC, FRB, FDIC, OTS, and NCUA (the Agencies), has requested comment on the proposed Interagency Appraisal and Evaluation Guidelines (proposed Guidelines).
The proposed Guidelines, which would supersede the 1994 Interagency Appraisal and Evaluation Guidelines (1994 Guidelines), reflect revisions to the Uniform Standards of Professional Appraisal Practice (USPAP) and the evolution of collateral valuation practices, [...]
Just a quick heads up about a change to the guidelines for the FHA 95% loan to value cash out refinance program effective for all case numbers issued after January 1, 2009. This change does not apply to the standard 85% loan to value program.
The guidelines already included additional requirements that many loan officers [...]
I have been developing a workshop on the 1004MC and as I work through the process, every day is one of discovery. Despite having read 08-30 and the FAQ’s, along with the existing appraisal guidelines, I am not certain that I have all of the answers, but I do have more than a few questions and [...]
The Appraisal Institute has released a document listing the applicable laws regarding Broker Price Opinions. The list covers every state and breaks the states into three general categories: Unlimited Authority, Limited Authority and Broad Authority.
Here is a link to the list: Download BPO_State_Laws
Go to Source
Washington, DC – Federal Housing Finance Agency (FHFA) Director James B. Lockhart announced that Fannie Mae and Freddie Mac will implement a revised Home Valuation Code of Conduct (Code) effective May 1, 2009. The Code is based on an agreement between the Enterprises, the New York State Attorney General Andrew Cuomo and FHFA to improve [...]
Santa gets firsthand look at consumer cutbacks
By Adrian Sainz
Robert Ecker was bored with retirement, so he went back to work as a housing appraiser in Stockton, Calif. He trained four other appraisers during the real estate boom — all of them are now out of the business.
”Since the real estate market closed [...]
This is part 1 of a series regarding appraisal devaluation.
The appraisal industry as of late has dealt with many issues that are resulting in the de-valuation of the industry. Management companies, data companies, and others have had little problem with stepping in and twisting appraiser’s arms behind their backs. Appraisal fees are no longer [...]
About the author: Gretchen Gary is a real estate professional who specializes in the Cost Approach. From 2003 to 2006, she published articles warning about the pending housing market crash, and promoted the Cost Approach as a quality control for property valuations.
Industry Spotlight: The New Cost Approach By Gretchen Gary
Years of unrestrained lending practice [...]
In parts one and two of “First Impressions of the 1004MC”, we identified the challenges presented by the new form. While its purpose is “to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood”, the “unintended consequences” may (in all likelihood), provide the opposite. [...]
The Appraisal Standards Board (ASB) has issued their November 2008 USPAP Q&A -
Download November 2008 USPAP QA.pdf
Question: Does registration of a copyright on an appraisal report with the U.S. Copyright Office violate the confidentiality provisions of USPAP? [The response MIGHT surprise you!]
Question: I often perform real property appraisal assignments that include not only [...]
