I have an unique point of view within the appraisal industry. I am constantly interacting with appraisers all across this country via email, telephone, Skype, webinar, snail mail, conferences, [breath] and workshops. I guess you could say I have my finger on the pulse of appraisers. In a very real way, I 'feel the pain' they are currently feeling because I hear it from multiple sources. Right now, most are feeling a bit of a pinch. Okay, that was an understatement. Appraisers I interact with have reported a decrease in business from 10% to as much as 40% in the past three months!
Too often we receive complaints from Buzz subscribers who say no one is standing up for appraisers in the battle over Customary & Reasonable Fees. Well, we are excited to tell you that someone has emerged who is trying to do something to combat unreasonable fees.
When you get a call and you see it’s the state’s real estate investigations department, for most of us I’m sure, it’s the last call you want to see coming in. Markets have made such large swings, rules and regulations have changed so much. It leaves even the best appraiser wondering which report will come back to bite us one day. So many states are understaffed and underfunded, it may take years to work through all of the complaints. With no one at the wheel, sadly there are complaints on the books with good appraiser’s right next to the bad ones.
I am truly excited about this announcement. We have been guilty of "the cobbler’s children need new shoes". At Allterra Group we support multiple websites—Appraisal Buzz, Valuation Expo, Collateral Risk Network and soon Allterra Online. Each of our lines of business has been well branded yet our corporate site was admittedly neglected. All of that has changed as of today.
We hear you loud and clear. Most of the emails and feedback we receive at the Appraisal Buzz are about customary and reasonable fees. We completely understand.
That is why we have created a FREE T-Shirt for everyone who registers for Valuation Expo before May 1st. This T-Shirt takes a humorous look at this very important industry issue. While we don't recommend you wear it on appointments, we do think it will be a conversation starter amongst your peers.
Conventional wisdom states the three most important things in real estate are: location, location, location. This wisdom is especially true today since market fundamentals and local conditions vary greatly across the US. Thus, not surprisingly, the answer depends on location.
Customary & Reasonable fees were all the buzz back in 2010. Then the conversations subsided. Appraisers had a whirlwind of refinance activity to distract them for a while. When interest rates ticked up, volume plummeted. Now every dollar counts more than ever. The sting is especially painful when volume has dropped precipitously and fees were cut simultaneously. That spells double trouble.
With the signing of the Financial Regulatory Reform Bill on July 21, 2010, also known as Dodd Frank, there were significant changes that affected the appraisal community.
Technology is constantly growing and improving to help the appraisal industry keep up with the world around it. a la mode recently released a new mobile app to help appraisers eliminate common delays. We were lucky enough to catch up with Jennifer Miller of a la mode to find out more about this new mobile app.
Buzz: Jennifer, can you tell our readers a little bit about your career history leading up to your current position?
If you haven't checked out the new HousingRisk.org yet you really should. We thought we would highlight one of the recent posts by Ed Pinto of AEI. To read the article in its entirety you can find it HERE.
AEI experts report on risk ratings for federal agency mortgages securitized in January 2014, review trends for the NMRI series, and for the first time, release state-level Mortgage Risk Indices.
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.