Every year the Collateral Risk Network joins together to nominate and vote on the most influential mind in the appraisal industry for the year. The winner is presented with the prestigious Valuation Visionary Award. We are pleased to announce the winner of this year's award is Jeff Bradford, founder of Bradford Technologies.
Clients & Vendors
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.
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?
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.
I have delayed my usual beginning of the year prognostication for a number of reasons. I spend a lot of time speaking to individual appraisers as well as clients of appraisers -- both lenders and AMCs. There are indeed some common threads and of course there are the looming regulatory hairballs that affect us all. I also wanted to review the responses to the Appraisal Buzz National Appraiser Survey to which, by the way, it isn't too late to respond.
I remember a time in the world, pre HVCC, when I would drive around to mortgage offices. I would stop in, introduce myself to every loan officer and staff member, hand out my business cards, and ask them to give me a try. I would repeat this pattern every week after that until they decided to give me a try. That was then and this is now...
It is with a good deal of lament that I am writing this post. I opened my email this morning to see an announcement from Appraisal Advisor (AA) stating that they that would be ceasing operation as of February 1, 2014. For those that did not know about them, they were, to my knowledge, the only source for appraisers to post reviews about working with Appraisal Management Companies (AMCs). AA also developed credit ratings based on appraiser reviews of working with each rated AMC.
Competition, in a free market, is a fierce catalyst: one that can effectively sort out the bad apples from the bunch. Capitalism works, it is simple when left unfettered and when all parties are ethical in their approach to business. It works until politicians, however well meaning they try to be, step in with a”solution”. Through the Dodd-Frank reform and the Andrew Cuomo created Home Valuation Code of Conduct that predates Dodd-Frank, congress effectively went anti-small business again.