Common Myths About Appraisals in the Home Buying Process

Wednesday, March 26, 2014

At The Appraisal Foundation, we often encounter misperceptions about the role of appraisals in the home buying process. From first time homebuyers to seasoned real estate professionals, there is often confusion about the purpose of an appraisal, how it is ordered and carried out, and what type of communication is allowed with appraisers. Dispelling these misunderstandings is critical to educating borrowers, lenders, real estate brokers, and homebuilders on the central role of appraisals in the mortgage process.

Five Ways to Increase Appraisal Business in a 'Slow' Refinance Market

Monday, March 24, 2014

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!

Allterra Group LLC Launches New Corporate Web Site

Monday, March 17, 2014

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.

Loud and Clear

Wednesday, March 12, 2014

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.

Customary & Reasonable

Wednesday, March 5, 2014

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.

FHA Appraisals and Reporting Requirements

Monday, March 3, 2014

The Appraisal Buzz recently caught up with Peter Gillispie and Craig Julian to discuss their upcoming continuing education class, "FHA Appraisals and Reporting Requirements". This one day class will be held Monday, May 12th in Annapolis, MD. We knew our readers would like to know a little more about the instructors and the class itself so we thought we would share their answers.

Buzz: Thank you for joining us Pete and Craig, could you tell us a little about your history in the appraisal industry.

Can Residential Appraisal Costs and Delivery Times be Reduced by 50%?

Thursday, February 27, 2014

Post No. 38 - If you are a Canadian residential appraiser, hopefully you will comment on this post and explain how appraisals are done 50% cheaper and in half the time of American appraisals.

"Average turnaround time of appraisals in Canada is 2.5 days, while in the US it is double that. And an appraisal in the US is also twice the price as in Canada."

While surfing the web I came across that quote from the article with the link below:

Interview with Robert T. Murphy of Fannie Mae

Monday, February 24, 2014

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.