8th May 2018

FHFA Working Paper Compares AMC, Non-AMC Appraisals

The FHFA has released a new paper, authored by Jessica Shui and Shriya Murthy, that examines how appraisals conducted by appraisal management companies compare to those conducted by lenders themselves. What’s the verdict? According to the FHFA paper, “the results indicate no clear evidence of any systematic quality differences between appraisals associated and unassociated with AMCs.” In other words, the FHFA data suggests that the appraisal results provided by AMCs are statistically very similar to those provided by lenders working without a middleman. …continue reading the rest of this post: FHFA Working Paper Compares AMC, Non-AMC Appraisals

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7th May 2018

The Appraisal Subcommittee Denies Bank’s Request for Appraisal Waiver

The Appraisal Subcommittee unanimously rejected a temporary waiver request from TriStar Bank of Dickson, Tennessee, during a special meeting April 23 in Washington. The Appraisal Institute led industry efforts opposing the bank’s request for a waiver of certification requirements, which would have allowed appraisals to be completed by non-certified appraisers. …continue reading the rest of this post: The Appraisal Subcommittee Denies Bank’s Request for Appraisal Waiver

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5th May 2018

Appraisals are not required for commercial real estate transactions from $250,000 to $500,000

Federal Agencies Approve Rule Doubling Appraisal Threshold for CRE

The Federal Deposit Insurance Corporation on March 20 approved a final rule that will double the appraisal threshold for commercial real estate transactions. The Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System are expected to adopt the rule soon.

The federal banking regulatory agencies maintained the $250,000 threshold level for one- to four-unit single family residential loans. They also maintained the $1 million threshold level for business (owner occupied commercial real estate) loans. …continue reading the rest of this post: Appraisals are not required for commercial real estate transactions from $250,000 to $500,000

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1st May 2018

Transitioning Into Non-Lender Work

Seasoned appraiser Philip G. Spool discusses the differences between working for AMCs and lenders compared to working for non-lenders.

Editor’s Note: The current edition of Working RE is in the mail. OREP E&O insureds enjoy it free!

Transitioning Into Non-Lender Work

By Phil Spool, ASA

I am fortunate that all of my appraisal work is for non-lenders. I gave up assignments for lenders around 10 years ago and have never looked back. I would say the bulk of my appraisal assignments are from sellers, buyers, Realtors®, attorneys (usually for litigation) and accountants (usually for estate planning).

…continue reading the rest of this post: Transitioning Into Non-Lender Work

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