Appraiser News - Appraiser Income

16th May 2012

Coalition of Arizona Appraisers joins American Guild of Appraisers

SCOTTSDALE, Ariz., May 15, 2012 /PRNewswire-USNewswire/ — The American Guild of Appraisers (AGA) today announced that the Coalition of Arizona Appraisers (CoAA) has voted to affiliate their organization with the American Guild of Appraisers.

In a meeting held in Scottsdale, Arizona on May 8, 2012, a quorum of the Coalition of Arizona Appraisers met with leaders from the AGA and Office and Professional Employees International Union (OPEIU) and finalized the affiliation. “The issues that face us as individual appraisers today reach far beyond our individual states; to think anything less would be naive,” said John Dingeman, vice president of CoAA.

…continue reading the rest of this post: Coalition of Arizona Appraisers joins American Guild of Appraisers

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9th May 2012

Appraisals Can Offer Valuable Reality Checks for Sellers

Chris Connors, SRA, of the Appraisal Institute’s Washington D.C. Metropolitan Area Chapter, was featured May 2 in The Washington Post, the nation’s 8th largest newspaper, in a consumer-focused article on whether sellers should obtain a professional appraisal before putting a house on the market.

The story reached a potential audience of more than 8.2 million subscribers and unique monthly online visitors.

Sellers and agents may not always agree on market price, so a full professional appraisal can be an important reality check for the seller. The article noted that Connors had finished an appraisal on a house where the seller previously had interviewed two real estate agents. The first agent suggested an asking price around $800,000; the second one recommended a price closer to $1.1 million.

“The seller was quite angry with me when my report supported the first estimate, and I told him the other guy just wanted to get the listing.” Connors said.

Also featured in national media coverage this past week were Eric Haims, MAI, and Daniel Aarons, Associate member, in Real Estate Weekly; Mark Linné, MAI, SRA, on FoxBusiness.com; and Joni Pilgrim, Affiliate member, in National Mortgage Professional Magazine.

These stories are among the recent media coverage included in the “AI in the News” feature on the members-only section of the Appraisal Institute website.

Appraisal Institute members appearing recently in local media coverage include Paul Carter, MAI, SRA, and Michael Clapp, MAI, Winston-Salem (N.C.) Journal; Steven Berg, MAI, SRA, Foster’s Daily Democrat, Portsmouth (N.H.) Herald and Chicago Tribune; John Brown, MAI, Eugene (Ore.) Register-Guard; Thomas Dehn, SRA, Stuart (Fla.) News; Kevin Talbott, SRA, Key West (Fla.) Citizen; Ed Morse, MAI, Spokesman-Review (Spokane, Wash.); Darrel Standard, Associate member, Beatrice (Neb.) Daily Sun; Mark Kenney, MAI, Lower Hudson Valley (N.Y.) Journal News; Claud Clark, Associate member, Mobile (Ala.) Press-Register; Cindy Carroll, SRA, Marco (Fla.) Eagle; Randolph Glennon, MAI, Mainebiz.com; Gary Crabtree, SRA, KGET-17 (NBC) and KBAK-29 (CBS), Bakersfield, Calif.; and Richard Hagar, SRA, KPLU-FM 88.5 (Seattle).

See the latest media coverage about the real estate valuation profession, the Appraisal Institute and its members. Media coverage at “AI in the News,” found on the member log-in page of the Appraisal Institute’s website, is updated daily and also includes the latest news releases from the Appraisal Institute.

Original Article : http://www.appraisalinstitute.org/ano/newsletter/DisplayNwsLtrArticle.aspx?volume=13&numbr=9/10&id=17818

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9th May 2012

Who is the blame for the Mortgage Meltdown?

Fed: Excessive Optimism

A report released May 2 from the Federal Reserve Bank of Boston contends that the mortgage meltdown was more the result of “overly optimistic beliefs” than extensive negligence among mortgage originators and investors.

According to the report, part of what led to the housing market crash was widespread euphoria over rising home prices among banks, investors and homeowners — all who underestimated growing risks.

The report also noted that borrowers overextended themselves to buy the largest houses they could afford, believing that prices would continue to climb. “Rising house prices generate large capital gains for home purchasers,” the report noted. “They also raise the value of the collateral backing mortgages, and thus reduce or eliminate credit losses for lenders.”

The report further contended that adjustable-rate mortgages were not responsible for increased mortgage defaults, noting that ARMs originated in 2006 had a much higher delinquency rate than those originated in 2005 despite a less severe payment shock. Additionally, data showed that 84 percent of delinquent borrowers who ended up in foreclosure had missed payments that were equal to what they were paying at mortgage origination.

The report called the foreclosure crisis “a consequence of distorted beliefs rather than distorted incentives.” The report also noted “a collective mania about house prices, rather than individual malfeasance on the part of mortgage industry insiders, may be the best explanation for why the foreclosure crisis occurred.”

Read the complete Fed report.

Original Story: http://www.appraisalinstitute.org/ano/newsletter/DisplayNwsLtrArticle.aspx?volume=13&numbr=9/10&id=17866

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9th May 2012

CoreLogic is going… going… GONE 09/30

CoreLogic announced May 8 that it will close its CoreLogic Valuation Services business unit, the firm’s appraisal management company based in Danvers, Mass. All business operations at the AMC will be discontinued on or before Sept. 30.

The company said its decision will not impact any joint-venture appraisal businesses.

“We do not anticipate any immediate impact to our appraiser panel,” CoreLogic announced. “In the short-run, as we begin to transition to our new business model, we will continue to accept appraisal orders from our customers and will focus on completing all outstanding orders in a timely manner.” The company said that currently there are no changes in the way panel members receive, complete or submit appraisal orders.

“Our appraiser panel is critical to our success as a business, and we remain committed to our partnership with each of our panel members,” the company stated.

CoreLogic said that additional information would be announced in the near future.

original story:
http://www.appraisalinstitute.org/ano/newsletter/DisplayNwsLtrArticle.aspx?volume=13&numbr=9/10&id=17869

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7th May 2012

Webinar: Building Your Business and Gaining Clients

I will be presenting a Webinar with WorkingRE / OREP tomorrow. Please check it out and sign up if interested!

~ Bryan

Webinar: Building Your Business and Gaining Clients

– “Thanks for all of the tips. I found this very valuable.” – Patrick Jones

– “We learned so much on Tuesday, we decided to come today and bring our office manager.” – Lu Waara

Want to learn proven marketing techniques that’ll get you higher paying work? You don’t have to be trapped doing only lender and AMC work, learn to diversify your business today! In Building Business and Gaining Clients, Bryan Knowlton to will explain how to branch out into estate work, bankruptcy work, legal work, and more! Creating a good marketing plan and building your online presence are both skills that Bryan has perfected for years! Let him show you what works for him.

In this Webinar, Bryan will share his expertise on the following topics:

*Getting more Non-AMC work: Estate, Divorce, Date of Death, Bankruptcy, Tax Re-Assessment, Private Lenders, Credit Unions
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* Local Search Techniques to Grow Your Business
* How to Market to Attorneys
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* Marketing to RE Brokers and Agents- setting sales prices, FSBO
* Is being ‘Licensed’ enough these days?
* How to Find Clients Seeking Appraisal Services Online
* Creating a Mailing List, Simple Post Cards, Inexpensive Business
Cards, Inexpensive Websites
* Q&A

Date: May 8th, 10-11 a.m. PST

Price per Webinar:
Regular Price: $39

OREP Member Price: $29 (OREP Insureds, Affiliate Members, or Working RE Paying Subscribers) ***If you qualify for a discount, click here.

As soon as you sign up and send payment, you will be emailed an official invitation to the webinar where you can reserve your seat. Attendance is limited to the first 100 registrants per segment, so don’t delay!

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9th April 2012

ASA & NAIFA concerned about Good Faith Estimate (GFE)

This past February, the American Society of Appraisers and the National Association of Independent Fee Appraisers (NAIFA) contacted the Consumer Financial Protection Bureau to explain the importance of itemizing the separate fees collected in the appraisal process for the prototype Good Faith Estimate (GFE) and settlement forms.

The CFPB continues to test different variations of the forms, the ASA and NAIFA sent another letter to reiterate the importance of separating the AMC fees from what is paid to the appraiser.

read the letter here:
March 30: Read the NAIFA and ASA Follow-Up Letter to CFPB Re: Disclosure of AMC Fee on Revised GFE/Settlement Form

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14th March 2012

Implementing the Dodd-Frank Act

Implementing the Dodd-Frank Act: The Federal Reserve Board’s Role
The Federal Reserve Board is responsible for implementing numerous provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act” or “DFA”), sometimes in conjunction with other government agencies. Listed below are the implementation initiatives recently completed by the Board, as well as several of the most significant initiatives that the Board expects to address over the next few months. Timeframes for upcoming initiatives are estimates and may be adjusted.

Initiatives Completed
Initiatives Planned: January to March 2012
Initiatives Planned: April to June 2012
Dodd-Frank Act: Statutory Dates For Actions
Initiatives Planned: April to June 2012

“Financial Company” Definition
The Board expects to request comment on a re-proposed rule to establish the standards for determining when a company is predominantly engaged in financial activities and qualifies as a “financial company.” (DFA Section 102(a)(6))

Real Estate Appraisal Requirements
The Board, along with other Federal regulatory agencies, expects to: (1) request comment on a proposed rule to implement appraisal requirements for higher-risk mortgages, and (2) issue final rules restricting acts and practices to ensure appraisal independence and to require reasonable and customary fees for independent appraisals. (DFA Sections 1471, 1472)

Real Estate Appraisal Management Company Registration and Reporting
The Board, along with other Federal regulatory agencies, expects to request comment on a proposed rule to establish minimum requirements for registration and reporting of appraisal management companies. (DFA Section 1473)

Residential Mortgage Appraisal Portability
The Board, along with other Federal regulatory agencies, expects to request comment on a proposed rule on residential mortgage appraisal portability requirements. (DFA Section 1472)

Real Estate Appraisal Automated Valuation Models
The Board, along with other Federal regulatory agencies, expects to request comment on a proposed rule to implement quality controls for real estate appraisal automated valuation models. (DFA Section 1473)

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29th February 2012

AGA Petitions Federal Reserve, CFPB

On Capitol Hill, the American Guild of Appraisers (AGA) is petitioning the Federal Reserve Board and the Consumer Financial Protection Bureau to overturn a recently adopted rule that stands in opposition to regulations contained in the Dodd-Frank Act.

The AGA wrote the organization’s plea based on the assertion that the Fed’s new rule poses a threat to “the viability of professional appraisal practice and undermines the legitimacy of real estate appraisals.”

The legislation in question was put in place last year by the Fed, and the regulation allows appraisal management companies (AMCs) to cut fees for appraisers. In its petition, the AGA stated that AMCs control up to 80 percent of the appraisal market and that, by allowing such companies to pay appraisers only a fraction of customary and reasonable fees, the law makes it possible for AMCs to offer fees that are nearly 50 percent below prevailing appraisal rates.

…continue reading the rest of this post: AGA Petitions Federal Reserve, CFPB

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25th January 2012

AGA uses law firm to request documents related to Customary and Reasonable Fees

WASHINGTON, Jan. 23, 2012 – [List of AMCs] On behalf of the American Guild of Appraisers, today the law firm Garvey Schubert Barer filed a request with the Federal Reserve Board under the Freedom of Information Act seeking a wide variety of documents related to the regulations on customary and reasonable compensation of fee appraisers that were issued by the Board in October 2011.

In announcing this action, Guild President Peter Vidi said, “It is clear that appraisal management companies have interpreted rules issued by the Fed as permitting practices that result in real estate appraisers being compensated at levels that are far below ‘reasonable and customary fees’ as required in the Dodd Frank Law. We want to learn whether the Fed intended this result and if so why.”

…continue reading the rest of this post: AGA uses law firm to request documents related to Customary and Reasonable Fees

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24th January 2012

Service Link is looking for Appraisers – Especially LA County

Backed by Fidelity National Title. ServiceLink offers a complete suite of valuation solutions to determine true real estate value and qualify collateral risk. Our extensive knowledge and experience, combined with our proven processes and serve first approach, are what differentiates ServiceLink in the mortgage services industry. We exceed our organization goals in providing quality valuation services that improve the lender’s cycle time and reduce operating costs, while mitigating risk and providing the borrower with an enhanced experience.

PHONE #: 800-777-8759

CONTACT: nita.white@servicelinkfnf.com
COMPANY WEBSITE: www.servicelinkfnf.com
SERVICE AREAS: CALIFORNIA WITH AN EMPHASIS ON LA COUNTY

We are a National AMC, however, we really need appraisers in S. Cal, especially LA County.

Nita White
Director Of Vendor Management/California

—————————————————————–
ServiceLink, FNF’s National Lender Platform
560 E. Hospitality Lane | San Bernardino, CA 92408
(800) 777-8759 x85607 (office) | (909) 743-9219 (cell)
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nita.white@servicelinkfnf.com

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