The Appraisal Buzz recently had a chance to speak with Robert T. Murphy of Fannie Mae and ask him a few questions. He is the Director of Property Valuation & Eligibility at Fannie Mae and an influential leader in the appraisal industry. We wanted to speak to him about their recently released Lender Letter and find out how it affects appraisers. Below are some of his responses.
This year's Valuation Expo will be the 15th anniversary of the conference. We thought a fun way to give back would be to offer Buzz subscribers a chance to win a free pass. We know how creative our readers are so we have come up with a series of contests that we would love your participation in. We have three separate contests for you to enter and you could win a free pass to this year's conference. Please review all contest rules before sending in your submission.
I have delayed my usual beginning of the year prognostication for a number of reasons. I spend a lot of time speaking to individual appraisers as well as clients of appraisers -- both lenders and AMCs. There are indeed some common threads and of course there are the looming regulatory hairballs that affect us all. I also wanted to review the responses to the Appraisal Buzz National Appraiser Survey to which, by the way, it isn't too late to respond.
I remember a time in the world, pre HVCC, when I would drive around to mortgage offices. I would stop in, introduce myself to every loan officer and staff member, hand out my business cards, and ask them to give me a try. I would repeat this pattern every week after that until they decided to give me a try. That was then and this is now...
On February 26th, Allterra Group is hosting a special webinar on alternative valuation and its usefulness in the appraisal industry. The Webinar will be moderated by John McIntyre and presented by Tony Pistilli of Axios Valuation Solutions and Greg Stephens of Metro-West Appraisal Co., LLC. This will be a great opportunity for appraisers to learn more about how alternative valuation affects their appraisal business. We were lucky enough to be able to ask the presenters a few questions about the upcoming webinar here's what they had to say.
Remember the good old days? Like me, you probably worked for multiple banks and local lenders. You had a steady volume of appraisal work coming in and got paid well for what you did. A typical appraisal consisted of three or four comparables, there was no MC Addendum, and revision requests were few and actually pertinent to the assignment. Ahhh, that was the life!
Some time ago, while teaching in Knoxville, Tenn. and having another sleepless night, I fired up the laptop and was surprised to see an email from a former student with a subject line reflecting an urgent need for help. I have included the message below but have changed the names.
From: Jane Doe
Subject: Need help please!
It has been almost three years since the Uniform Appraisal Dataset (UAD) was formally announced by Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac. The first version of Appendix D outlining field-specific standardization requirements was dated February 11, 2011. This guide detailed specific formats and responses for certain fields of the four major residential appraisal report forms.
Over the past few weeks, we've released a couple examples from our book "Real Estate Appraisal Practice: A Collection of Examples" (www.appraisalpracticebook.com) which showcases examples of real world quantitative solutions to unique and common appraisal problems. In the first two postings, we showed both a cost- and a rent-based method for supporting an office finish adjustment for industrial properties in a sales comparison approach.
It is with a good deal of lament that I am writing this post. I opened my email this morning to see an announcement from Appraisal Advisor (AA) stating that they that would be ceasing operation as of February 1, 2014. For those that did not know about them, they were, to my knowledge, the only source for appraisers to post reviews about working with Appraisal Management Companies (AMCs). AA also developed credit ratings based on appraiser reviews of working with each rated AMC.