Author Archives: Steve Costello

News from the Appraisal Institute Northern California Chapter Annual Spring Conference

In March, I once again traveled to Modesto, Calif., and attended the Annual Spring Conference of the Appraisal Institute’s Northern California Chapter. This month, I will share some useful and interesting information from the presentations. The conference focuses on the California market, but many of the presenters also covered topics related to the national market.

The first session was “State of the Appraisal Profession;” the speaker was Lance Coyle… Continue reading

Posted in Appraisal Institute, Appraising, Mortgage | Leave a comment

AppraisalPort Weekly Poll Analysis

appraisalport

This month, I featured three recent polls that were very popular. The first one asked a key question for most appraisers: “I think the business environment for appraisers in 2014 is going to be …” This poll collected a total of 5,460 responses and the top answer was, “About the same as 2013” receiving 35 percent of the vote… Continue reading

Posted in Appraising | Leave a comment

AppraisalPort Poll Analysis: Appraiser Shortage

I have three AppraisalPort polls to discuss that are all related to a possible future shortage of appraisers. First, we asked, “With few new people currently entering the appraisal profession, do you foresee a shortage of appraisers at some point?” This was a popular poll with a total of 5,698 responses. The top answer with nearly 47% of the vote was, “Yes, in the next few years.” An additional… Continue reading

Posted in Appraising | Comments Off

Appraisal Guidelines from Residential Chief Policy Roundtable

In the August edition of the AppraisalPort newsletter, I reported on some of the general information covered at the National AI Connect Conference in Indianapolis, July 23-25, 2013. This was a great conference, covering a wide range of topics. This month, I want to pass on some information covered in one of the breakout sessions for residential appraisers.

The session was titled, “Residential Chief Policy Roundtable” and included… Continue reading

Posted in Appraising, General | Comments Off

More Uniform Collateral Data Portal (UCDP) Hard Stops Are Coming

In the June 2013 issue of the AppraisalPort Newsletter, we covered the first set of UCDP hard stops that Fannie Mae and Freddie Mac issued. On Aug. 27, 2013, both agencies issued joint releases regarding updates to the UCDP Portal, specifically referring to the next wave of Uniform Appraisal Dataset (UAD) edits that will convert from a “warning status” to “fatal error” that will cause a “hard stop” on the… Continue reading

Posted in Appraising, Valuation | Comments Off

How to Avoid the New UCDP Hard Stops

At this point almost every appraiser is at least aware of the Uniform Appraisal Dataset (UAD) appraisal requirements, if not an expert on them. But remember, the UAD requirements you deal with every day are only one part of the entire Uniform Mortgage Data Program (UMDP) that has been set up by the government-sponsored agencies (GSEs) Fannie Mae and Freddie Mac. A key part of the UMDP is the requirement… Continue reading

Posted in Appraisal Institute, FNC, Valuation | Comments Off

AppraisalPort Weekly Poll Analysis: Property Data

property data

This month, I want to first discuss a couple of AppraisalPort polls dealing with property data. First we asked, “How would you feel about your client sending you detailed information about the subject property and possible comps as part of the assignment?”

We had 5,224 responses and almost as many emails. This one really seemed… Continue reading

Posted in Appraising | Comments Off

Appraisal Institute Northern CA Chapter Annual Spring Conference

On the last Monday in March in Modesto, CA, I attended the Annual Spring Conference of the Appraisal Institute’s Northern California Chapter. This month, I want to share some very useful information from one of the presentations that concerned both the national and California markets.

The presentation was given by Mr. Loren Gonella, who runs Coldwell Banker Gonella Realty in Merced, CA. I was impressed with Gonella’s extensive… Continue reading

Posted in Appraisal Institute | Comments Off

AppraisalPort Poll Analysis – Source of Work

As we all know, the housing market has been going through some major changes over the past years. As the market changes, so does the source of many appraisal assignments. This month we ran some polls to see how much work is generated from both refinance activity and foreclosure activity. The first poll asked, “How much of your work comes from refinance activity?” and received a total of 5,404… Continue reading

Posted in Appraising | Comments Off

Final Rules Issued by the Consumer Financial Protection Bureau: Part Two

cfpb

The second final rule that the CFPB will implement is referred to as “Disclosure and Delivery Requirements for Copies of Appraisals and Other Written Valuations” and amends Regulation B (Equal Credit Opportunity Act). In general, this new rule amends the current Regulation B rules about providing appraisals to applicants/borrowers as required by the Dodd-Frank Act. This revision to Regulation… Continue reading

Posted in General | Comments Off