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Category Archives: Appraisal Institute
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
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.
Last month I mentioned that I attended the Appraisal Institute’s national conference in San Diego on Aug. 1-3. This month I will cover some interesting highlights from the panel discussion on Effective Collateral Risk Management. The panel moderator was Leland Trice, Principal, The Trice Group. The panel consisted of Danny Wiley, VP, Staff Appraiser Manager, LSI; Rick Foos, President, Foos & Associates; Ernie Durbin, Director of Valuation Technologies, Valuation Vision… Continue reading
On April 4, 2012, the Appraisal Institute sponsored a two-hour webinar, “UAD Aftereffects: Are You Really UAD Compliant?” I attended this webinar to bring you some of the important highlights. The knowledgeable speakers included: Robert Murphy, Director of Property Valuation and Eligibility at Fannie Mae; Steven Feyerick SRA, Director of Collateral Policy at Freddie Mac; AJ Jackson, Vice President and District Manager of LandSafe Appraisal Services; and Dawn M… Continue reading
Pop Quiz: Do you know the three UAD ratings to describe the overall effect on value and marketability of the view factors associated with the subject property? The answer is after the break.**
Sept. 1, 2011, is a date residential appraisers do not need to mark on our calendars. We have had it embedded in our minds for at least the past 7 months. Sept. 1 usually brings to… Continue reading
I’ve been closely associated with the real estate appraisal industry for more than 20 years. I’m not an appraiser but I’ve been connected to and know many appraisers as co-workers, associates, clients, and/or friends. I’ve watched this relatively small, close-knit community survive major changes in the market and industry, and still maintain thriving businesses. Appraisers seem to have limitless hope; they are dedicated to the profession and seem to truly… Continue reading
Although appraisers and underwriters have different roles in mortgage lending, their responsibilities are interrelated. Common goals focus on making certain that appraisal reports are well documented and the valuations are supported. Reviewers, quality control personnel, real estate brokers and agents also share these goals.
This past summer I took a continuing education seminar through the Appraisal Institute entitled, “Whatever Happened to Quality Assurance in Residential Appraisals: Avoiding Risky Appraisals and… Continue reading
As if the real estate market wasn’t facing enough pitfalls, the process of flushing the foreclosures through the system has created a new challenge–a legal one. All 50 states’ attorneys general are suing or requesting servicers to stop foreclosing because of their practices. This behavior has damaging implications on the recovery of the real estate and mortgage industry.
Falling home prices and record defaults caused enormous problems within the foreclosure… Continue reading