Tag Archives: appraisal

FNC study shows appraiser due diligence in the process of developing a market value opinion

Last month, the Appraisal Institute released “Guide Note 12: Analyzing Market Trends,” a resource designed to give AI members an analytical framework for studying market trends while developing a market value opinion on a property. The Guide Note is particularly concerned with challenges faced by appraisers when market conditions are rapidly changing, as demonstrated by recent boom and bust cycles of the U.S. housing market. In slower markets like today’s… Continue reading

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FNC’s Kathy Coon reports on NYPTI Mortgage Fraud Forum IV

FNC’s Chief Appraiser Kathy Coon recently spoke about appraisal fraud at the New York Prosecutors Training Institute’s Mortgage Fraud Forum IV in Albany and Brooklyn.

Kathy reports that the forum’s attendees (all very committed to pursuing and prosecuting mortgage fraud) included prosecutors, the New York State Banking Department’s criminal investigators, and representatives from government agencies and several divisions of law enforcement.

In her speech, Kathy discussed… Continue reading

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Tech Thursday: Putting the App in Appraisal

Coester Appraisals‘ new smartphone app, available for free later this year, is part of the company’s strategic plan to bring new technology to the appraisal process.

Coester’s plan, according to company president John Coester, will help blend traditional manual appraisal practices with forward-thinking technology.

“I’ve always thought that most people in the appraisal business take (appraising) as ‘doing appraisals’ and not as a real business,” he told me… Continue reading

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Coester Appraisal Group to Offer App

From MortgageOrb.com:

Coester Appraisal Group, a Rockville, Md.-based appraisal management company, has announced plans to offer the appraisal industry’s first smart-phone application. The application, which is currently in beta testing, will connect Coester Appraisal Group with staff, contracted appraisers and its lender and broker clients.

According to the company, the new application is in HTML5 format, which is designed to make it compatible with multiple operating systems… Continue reading

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Do Home Prices in Hard Markets Misrepresent Property Values?

A study released by mortgage technology company FNC, Inc. indicates the importance of an accurate appraisal in representing the true value of residential property—something often misrepresented in a privately negotiated sales price.

“When fundamental market inefficiencies – high transaction costs, low information transparency and low liquidity, combined with substantial asset heterogeneity – commonly underlie real estate transactions, it’s easy to understand why privately-negotiated prices can often misrepresent a property’s true… Continue reading

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Where is 123 Main Street, Unit 1A?

First a little background…

FNC’s data and analytic products are fueled by our National Collateral Database™ (NCD), a robust collection of property information shared with us by our lender clients and appraiser customers. The foundation of the NCD is comprised of addresses of properties nationwide, gathered from the county assessors in almost every U.S. county. FNC products depend on the value of collateral, also known as parcels or properties… Continue reading

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FNC Data Contradicts NAR Survey

Nearly 40% of Realtors surveyed by the National Association of Realtors blame low appraisals for cancellations or delays of pending sales. But a new FNC research report, supported by real-time appraisal data, shows that more than 60% of these appraisals exceeded pre-closing contract prices. On average, appraisal value was 1.7% higher than contract price.

This information seems to confirm that residential real estate appraisers are taking great care to study… Continue reading

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Tech Thursday: Using Foursquare to Stand Out from the Appraiser Crowd

Last week’s Tech Thursday discussion with Ryan Lundquist (@SacAppraiser) led me to another tech-loving appraiser, Tom Millie (@AssetAppraiser).

Tom Millie, of Efficient Appraisals in Omaha, has worked as a real estate appraiser for 10 years and uses social media to stand out from the valuation crowd. “I find that I’m one of the few in my industry who use social media regularly,” he says. In the field… Continue reading

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Does the Home Valuation Code of Conduct Have a Future?

The original March 2008 agreements between the Attorney General of New York, the Office of Federal Housing Enterprise Oversight (now the Federal Housing Finance Agency) and Fannie Mae and Freddie Mac that established the Home Valuation Code of Conduct will expire in November 2010 (originally July 2010). After that, Fannie Mae and Freddie Mac are no longer obligated to maintain the HVCC.

In addition, the Dodd-Frank Wall Street Reform… Continue reading

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