As I talk with appraisers across the country, I’ve heard there is a slow-down in some areas now (although others report they are as busy as ever). We can choose to think negatively about a slow time, or we can see the slow time as an opportunity to market, market, market.
In today’s, post mortgage apocalypse, market one would assume that the most important part of an appraisal is the accuracy of the estimate of value. By virtue of the data being utilized, its uniformity in how it is presented, the crackdown on form-filling number pushing appraisers, and all the tools we have at our disposal, estimates of value should be more and more accurate every day.
It's the beginning of a new year, and with that it's time for the Annual National Appraiser Survey. We hear from appraisers throughout the year in comments to articles and interviews in Appraisal Buzz, on our blog and also in discussions on the Buzz Forum. We just want to affirm that we are indeed listening. So take a load off and let us know what are the most important issues to you.
We will share results of the survey on the Appraisal Buzz website as soon as the results are compiled. Thank you in advance for a being a loyal Appraisal Buzz subscriber.
Wow, I am just recovering from my trip to Las Vegas to present at our Third Party Oversight Summit, along with Tony Pistilli at Axios, Peter Christensen of LIA Liability Insurance Administrators and Helge Hukari of Clear Capital. In spite of some crazy weather we had a packed house and actually oversold this event. Based upon our strong registrations and positive feedback we will be organizing a whole series on compliance next year. I wanted to take some time to let everyone know what was discussed at this event.
Computer-Aided Appraising. The phrase sounds like another description for an appraiser assisted AVM, but it's not. "Computer-aided" is a common phrase that is found in other industries and professions, but it's not something you hear in the appraisal industry.
Those who have attended my workshops have noticed that I carry a peculiar object with me when I teach… a three-legged stool. It is a physical reminder of a concept I share regarding business.
We hear from so many of our subscribers about the contentious relationship appraisers have with Loan Underwriters. We thought it would be a good idea to try and get into the mind of the Underwriter with a live webinar so that our subscribers can ask anything they ever wanted to know about the loan process from the underwriter's perspective. We were able to chat with Marianne Nover, VP - Valuation Officer for Frisco Lender Services, LLC., who will be leading the discussion on this topic during the webinar on Wednesday November 13th.
In the past two years over four AMCs have closed their doors and left appraisers unpaid. Some AMCs have done this in a very deceptive manner while others closed due to legitimate cash flow issues. When an AMCs continues to order appraisals knowing that they will not be able to pay for the work completed this should be looked at as a criminal act. My firm in Chicago has experienced this misfortune multiple times. In some instances we were able to get paid by the lender that engaged the AMC and other times it was a loss for the company.
I read with interest an article in American Banker a week ago written by Clifford Rossi. The article can be found HERE. I spoke to Dr. Rossi briefly last week to inquire of his background. We had a fascinating, albeit brief conversation with a promise to meet up in person in Washington DC in a few weeks.
1903 to Present - Part 1
This is the first in a series of articles on property valuation theory and practice from 1903 to the present. Land economics developed as a discipline in the early part of the 20th century because the United States was rapidly urbanizing and homeownership rates and mortgage debt levels were increasing.