So, here's the situation; you are appraising a unique property in a limited area with few sales. You inspect the subject on Wednesday and finally get to the write up on Friday morning. As you are searching the neighborhood for sales, you notice a fairly comparable home that sold on the same street. It happens to be the very best comparable you have. The problem? It sold on Thursday…the day after the inspection date. Bummer! But, can you still use it?
Our team at Appraisal Buzz, and I, are really excited to announce the launch of an Appraisal Buzz magazine. Yes, you heard that right. We are going to engineer some backwards technology and publish our first ever print magazine next Spring. We've gone retro with an old fashioned, glossy magazine delivered to your mailbox.
It seems all anyone in the industry is talking about recently is the announcement of Fannie Mae's appraisal review tool Collateral Underwriter (CU). Appraisers want to know how this will affect their past appraisals and what it will mean for their appraisals in the future. Who has rights to the data and who will be able to view it? Richard deVerdier, president of ICAP, recently sent out a letter to appraisers including a pettition to for them to sign. Take a moment to read his letter and sign the petition.
The appraisal industry is changing.... again. Since the mortgage meltdown we've seen knee jerk legislation like HVCC and the massively opaque Dodd-Frank bill.
Just like the S&L crisis which brought us appraiser licensing and the USPAP, appraisers seem to always end up being on the wrong side of these issues.
We always hear from our subscribers that no one is listening and you aren't being heard. Well there is one person who is using his voice to make sure appraiser issues are being talked about. Phil Crawford hosts a weekly radio show, "Voice of Appraisal" designed specifically for appraisers. His no-nonsense approach to issues in the industry creates a cutting edge program that provides insight into the profession that is rarely heard. We were able to get in touch with him and ask him a few questions about the industry as he sees it.
The Great Collateral Underwriter Caper
In the midst of the Mortgage Bankers Association Annual Conference, Fannie Mae announced on October 20th it will make available to sellers its proprietary appraisal review tool, Collateral Underwriter™ (CU). According to the press release, the tool will be available on appraisals submitted to the Uniform Collateral Data Portal (UCDP) and its results will be included in the response from UCDP beginning in early 2015. The release describes the move as "allowing lenders to compare appraisals against Fannie Mae's database of appraisal and market data.
Recently there was a meeting of several representatives of independent state professional appraiser organizations. The meeting in Chicago included members from 16 different states. We caught up with one of the members Charlie Gress, President of the Ohio Coalition of Appraiser Professionals, to ask him a few questions about this meeting.
Buzz: Thank you for speaking with us Charlie, most of our readers have read your articles before but for those that haven't give us a quick bio about your history in the industry.
The Appraisal Institute in August announced to global users of real estate valuation services the availability of its Standards of Valuation Practice. The SVP can serve as an alternative for valuation professionals where national or other standards are not required.
This is a huge step forward for the real estate valuation profession. The Standards of Valuation Practice will provide a high-quality, straight-forward option for appraisers that is principles-based and not rules-based.
We need to hear from appraisers! Its time for a new edition of the National Appraiser Survey. Last year we had almost 2250 appraisers respond to our survey. If you missed the results you can download them for free HERE. Your responses are important to all stakeholders. In order to be heard, you need to make your voice louder. The Appraisal Buzz is the most widely distributed valuation publication. Your opinions matter.