With most of the nation covered in ice and frigid temperatures, we know a lot of you have started daydreaming about Summer and warm weather already. We have too, and we wanted to fill you in on some of the great reasons to attend Valuation Expo 2014 in Las Vegas this Summer. Valuation Expo is the biggest appraisal industry conference and is celebrating its 15th Anniversary. Here are some of the reasons you won’t want to miss out!
Editors Note: Starting with this issue, FHA Watch has been renamed Housing Risk Watch. Housing Risk Watch will cover all facets of housing risk, with a primary focus on government-sponsored risk, including the FHA. You can read the full issue HERE and keep up to date with all of his latest articles HERE.
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.
Changes in 2014 make it a pivotal year in appraising. Lender compliance emanating from the Dodd Frank Act will impact appraisal function considerably. How appraisals will be assigned, how they will be delivered and how they will be reviewed is changing both for lenders and appraisers. The answers to these "how" questions are emerging through technology innovation and the collaborative efforts of leaders in both the financial institution and appraiser communities who are seeking effective solutions.
Editors Note: Last Month's FHA Watch was the final FHA watch in last year's series by Ed Pinto. You can read the full issue HERE and keep up to date with all of his latest articles HERE. Starting in this January, the FHA Watch will become Housing Risk Watch, with FHA Watch becoming a quarterly feature.
Too many times we appraisers, especially the single person shops, get "tunnel vision" because we have no contact with our peers in the appraisal profession. We just keep plodding along in our everyday life doing the same thing, but even worse, thinking the same way. We get no external input to help us in our everyday appraiser life. What this does is makes us stagnant and our abilities to do our jobs as appraisers can become severely diminished. I learned this the hard way with my single man shop.
We work in an interesting industry where, unless you do a majority of non-lender work, most of our human interactions do not occur with our actual clients. Instead, we communicate with the AMC and lenders through email and web-portals. Most appraisers spend a majority of their work time either in front of a computer, traveling, or inspecting homes. Typically, the only portion of that formula which includes human connection is with the home owner(s).
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.