11th January 2012

ASA, NAIFA, AI, ASFMRA File Comments with Federal Reserve on Appraiser Independence; Seek Critical Change Regarding Customary and Reasonable Fees

On December 27, the American Society of Appraisers, together with the National Association of Independent Fee Appraisers (NAIFA), the Appraisal Institute (AI) and the American Society of Farm Managers and Rural Appraisers (ASFMRA), filed reply comments with the Federal Reserve regarding its proposed Appraiser Independence Interim Final Regulations. Of utmost importance to ASA and our partners was concern over the potential for “the consideration of fees paid by AMCs when adhering to the first presumption of compliance with the customary and reasonable fee regulations,” which uses a series of factors in determining whether the fee paid to an appraiser is appropriate under the law and regulations. This concern arose from commentary provided by the Fed in its Interim Rule which stated that determining whether an appraisal fee is customary and reasonable, “does not require that a creditor use third-party information that excludes appraisals ordered by AMCs.”

Also addressed in the letter was the appropriateness of safe harbors for reliance upon third-party fee studies and surveys which rely on generally accepted survey methodologies, and a recommendation that the Fed, using its RESPA authority, require separate disclosure of appraisal fees and AMC fees in this or a subsequent rulemaking as a matter of consumer protection and to further ensure that appraisers receive customary and reasonable fees. The letter also directly addresses over a dozen questions raised by the Fed as part of the rulemaking process on a variety of issues, from the extension of conflicts of interest prohibitions to AVMs, to outcome-based appraiser compensation, to the consideration of professional designations as part of a determination of the reasonableness of fees.


posted in Dodd-Frank C&R Topics | 3 Comments

2nd January 2012

Happy New Year! Now update your templates 2012 USPAP changes

The 2012 USPAP contains changes critical for the appraiser.

1. Certification 2-03. Appraiser must disclose whether or not they have provided prior services on a property being appraised in the last 36 months from a possible Effective Date of Value. This requirement is stated in Certification in SR 2-3 and can be found on page 29 in the 2012- USPAP manual. Appraiser must disclose if they have a current or prospective interest in the property or parties to the transaction.

2. The 2012 USPAP requires appraiser to include the Exposure time statement in the report. Read USPAP 2012 on this and refer to Exposure Time definition.

Definitions and comments:

EXPOSURE TIME: estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.

The Exposure time is a retrospective opinion based on an analysis of past events assuming a competitive and open market.

“I have performed no (or the specified) other services, as an appraiser or in any other capacity, regarding the property that is the subject of the work under review within the three-year period immediately preceding acceptance of this assignment.

These changes should make your appraisal reports USPAP 2012 compliant.

Special thanks to appraisaltoday.com for this reminder!

Happy Appraising to all of you in 2012!!!!

~ Bryan

posted in Appraiser News | 0 Comments

26th January 2011

The Busy Appraiser Podcast #4 – DataMaster

In this episode I talk about a super time saving piece of software that I have been using. It has been about a month and I am loving it! It cuts a ton of time off my appraisal report typing by putting in all my subject and comparable information as well as helping to complete the 1004MC and REO Addendum.

There are so many ways to customize DataMaster to fill out your appraisal reports. You can read all about it at http://datamasterusa.com/. There is a free trial, so make sure you sign up and at least give it a try.

…continue reading the rest of this post: The Busy Appraiser Podcast #4 – DataMaster

posted in Podcasts, The Busy Appraiser Podcast | 3 Comments

10th January 2011

Real Estate Appraiser – Video Marketing As a Local Trust Agent

The two effective and successful marketing tools which are introduced in the year 2010 that the Real Estate Appraisers can enjoy the benefit of are Video Marketing and Becoming Trust Agent for Your Local Housing Market! Video Marketing has been quite effective and has shown positive results on almost all the businesses. It has created a great impact on the people. For instance, the “United Breaks Guitars” video was viewed for 6,987,422 till date. Most of the locals are searching for a reliable “Trust Agent” who will help them know about the changing housing market conditions as it is the largest part of your investments. Moreover, they find video much interesting.

…continue reading the rest of this post: Real Estate Appraiser – Video Marketing As a Local Trust Agent

posted in Appraiser News | 0 Comments

10th January 2011

Real Estate Appraiser Tips

Marketing your products and services on the internet is an effective way to promote your business. These days almost every developed and developing country has the knowledge of internet and computer. Everyone knows that internet is the best source of information, no matter what the client is searching for. The client has to just type the right keyword to get the essential and the entire information about the products and the services. If you are capable enough to fulfill their requirements, they will surely turn to you for your products and services. Here are a few tips by which the real estate appraiser can promote its services:

…continue reading the rest of this post: Real Estate Appraiser Tips

posted in Appraiser News | 0 Comments

19th December 2010

Hiring a Licensed Home Appraiser


Part of the home buying process might include ordering an official appraisal to help place an appropriate worth on the property you are thinking of buying. The property appraisal will be conducted by a licensed appraiser in your area.

…continue reading the rest of this post: Hiring a Licensed Home Appraiser

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