Today, I am grateful for a career which allows me so much freedom. I get to choose my own hours, and I have a lot of control over how busy I want to be. When my children have a piano recital, a gym practice, or a science fair in the middle of the day, I do not have to grovel to a boss to get permission or take a pay cut to attend. If I want to take one (or more) of my kids with me to work, I do not have to wait for "Take Your Kid to Work Day" to do it.
Twenty Seven (27) years ago "A Matched Pairs Analysis Program in Compliance with FHLBB Memorandum R41B/C" article was published in the January 1987 edition of the Appraisal Journal.
The article topic: Regression modeling applicable to the direct sales comparison approach for matched pair sale analysis to comply with the FHLBB memorandum regarding communicating a self-contained analysis in an appraisal report.
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.
The Great Collateral Underwriter Caper
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.
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.