Real Estate Appraisers Business Toolbox

IMPORTANT USPAP CHANGES EFFECTIVE JANUARY 1, 2010 As a reminder, the 2010-11 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) becomes effective on January 1, 2010 .  Therefore, we want to take this opportunity to strongly encourage all appraisers to review the Appraisal Standards Board’s 2009 Summary of Actions document, which can be downloaded from our website by clicking on the following link: http://www.appraisalfoundation.org/s_appraisal/bin.asp?CID=3&DID=1359&DOC=FILE.PDF . We also wish to highlight one particular revision to USPAP that will affect each assignment starting in 2010.  As stated on pages 3 and 4 of the above-referenced document, appraisers will be required to disclose to their ... Read Full Story

HOME APPRAISER GONE WILD Allegations are surfacing about what seems to HSK like a predatory and vindictive individual has been causing havoc for home owners in Los Angeles especially on the Westside where high-end real estate is the norm. Appraiser Kevin Masterson who is employed by J. Conrad and Associates is often accused of performing assembly line appraisals often using only computer driven models of comparables. This might not have been so problematic  had the models not been grossly OUT-DATED. Rather than utilizing updated methods, and accounting for upgrades, replacement cost and the like which have been standard operating procedures in real estate appraisals ... Read Full Story

The Home Valuation Code of Conduct (HVCC) is already having a negative impact on California real estate and mortgage transactions. This recent article in the LA Times tells a better story about how HVCC is hurting mortgage brokers, real estate agents, appraisers, and consumers. Your voice needs to be heard - please take the time to sign the Petition to Remove the HVCC Quick History After an investigation by New York Attorney General, Andrew Cuomo, into Fannie Mae and Freddie Mac Appraisal practices, the agencies agreed to adopt new changes to how appraisals are processed in the mortgage industry in exchange for an end ... Read Full Story

It's reassuring to know that there are other Appraisers out there who see HVCC for what it is.  If it is not overturned, it's going to make matters worst, where lender pressuring is concerned, and that's just the start.  If anybody cares, please contact your Senators today.  Signing that petition was not nearly enough.  We need the help of other Real Estate Professionals, to make some noise. Via Curtis Harris, BS, CGREA, REB (The Harris Company REA/C) : More Lies From the Appraisal Institute “Yesterday, Thursday, appraisers may have had 50 or 60 clients that they could deal with, so if they were getting undue pressure from ... Read Full Story

Home Valuation Code of Conduct: Action Needed! Our friends in Congress are at it again. Background: 1) The HVCC negatively affects consumers and the already fragile economy. As it stands today, the HVCC will take effect on May 1, 2009, and this rule states that GSEs will no longer purchase loans from lenders “accepting appraisal reports completed by an appraiser selected, retained, or compensated in any manner by any third party.” It overwhelmingly impacts small lending institutions and independent appraisers to the detriment of consumers. a) Consumers will have to pay more for their appraisals to have them completed by AMCs. b) The exclusive ... Read Full Story