Appraiser Adjustment Tools

What Tools Do You Use to Support Your Appraisal Adjustments?

McKissock Survey

Excerpts: Here’s a tally of the most popular answers—tools that were either selected or written in by multiple respondents. We’ve included “paired sales/matched pair analysis” in the list as well, even though it’s a method rather than a digital or software tool, because it was mentioned by so many appraisers.

In addition to the top answers listed above, we received many other write-in responses. Other methods and tools that our survey participants said they use to support appraisal adjustments include:

    • Market knowledge/research
    • Market extraction
  • Manual sales comparison
  • Regression analysis
  • Segmented market analysis

To read more, click here

My comments: First survey for this topic I have ever seen. Very interesting. Don’t miss the appraisers’ comments!

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Frank Lloyd Wright’s Iconic Carmel-by-the-Sea House Sells for $22 Million

The 1,400-square-foot property sold for its eight-figure asking price

Excerpts: Though Frank Lloyd Wright has long been admired for his ability to artfully integrate his iconic structure’s into the natural world, you’ll only find one near the ocean: the Mrs. Clinton Walker House. Located on Carmel Point near Carmel-by-the-Sea—a celeb-favored California enclave—the one-of-a-kind home..

Della Walker—widow of Minneapolis lumber executive Clinton Walker—wrote to Wright in 1945 asking him to take on the seaside project. As a woman living alone, she noted that she hoped for privacy and protection, and “a house as enduring as the rocks but as transparent and charming as the waves and delicate as the seashore.”

To read more click here 

My comments: I have been to Carmel many times as I used to live in nearby Salinas. It is a Very Special Place.

Local appraisers told me about the street numbering: A unique characteristic of Carmel-by-the-Sea is that there are no street addresses. Properties are identified, for example, as being on the “west side of San Antonio Street, 3 houses south of 12th Avenue”. In addition to this, many owners give their homes a name. Wonder what AMCs think about that!

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Black-Owned Homes Appreciated Fastest In The Pandemic – Zillow research

Black Americans’ housing wealth has made strides, but remains well below that of the typical U.S. household

Excerpts:

The ratio between Black home values and home values overall is closing.

Black home values increased faster than home values for all other races over the course of the pandemic, giving an equity boost to Black homeowners.

Black home values appreciated 42.5% from pre-pandemic to January 2023, compared to 38.2% for overall home values and 37.8% for white home values.

Some markets saw extraordinary growth in Black home values over the pandemic. In Detroit, a market that has struggled with the lasting effects of redlining and thus is no stranger to housing inequalities, Black home values have increased 51.7% and the ratio of Black home values to home values overall has moved up nine percentage points since February 2020. Other markets in the Midwest, such as Kansas City, Chicago, Cleveland, Milwaukee and Louisville, also saw large improvements over this period to the Black home value ratio – all seeing the ratio increase at least five percentage points.

The West Coast didn’t see the same progress.

To read more about Zillow research, click here

To see the original redlining maps click here

To read more detail on Bay Area racial discrimination, click here

My comments: Good to see some positive data on Black homeownership. Near where I live, there is one of the highest patterns of racial segregation in California. Substantial redlining started in the 1950s, supported by FHA and appraisal associations. It stopped in the 1970s, but the damage was done.

My previous home had a deed restriction saying that “Negroes and Chinese” could not purchase the house. They could only be servants. This was very common in the San Francisco Bay Area. Removing them from the deeds was difficult. Passed in 2022, a new bill requires the removal of ‘racial covenants’ from California property records.Click here for the 4 ways, plus information on why I take ads, etc.

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New in the March issue of Appraisal Today

How to use less gasoline and save money with today’s high gas prices!

We all drive. Some of us drive a lot. Some use pickup trucks, and some use high-mileage cars. Gasoline is costly. You can save money by getting more miles per gallon, whatever type of vehicle you drive.

Many years ago, long before hybrids, a friend of mine won a “highest mileage” contest. How did he do it? He kept a steady low speed as possible, avoiding stopping whenever possible and accelerating very slowly.

I have always used these techniques when I am low on gas and not near a gas station. Now, I am trying to change my driving habits to do it even more because it saves so much money with current gas prices and doesn’t cost me anything except a bit of time lost.

When researching this article, I found that there were others advising this technique.

To read more about saving money on gasoline, plus 3+ years of previous issues, subscribe to the paid Appraisal Today.

If this article helped you save money when driving, it is worth the subscription price!

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If you have any comments or info on any topics, please hit the reply button!! I’m always looking for something new ;>

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Even in a Competitive Market, Here’s How Appraisers Can Grow Their Businesses

Excerpt: I believe that there are many industries and other lines of business that an appraiser can serve. The mortgage origination line of business is just one of them. I’ll point to some other opportunities in a moment, but none of them will be accessible to an appraiser who feels their only purpose is to serve the mortgage origination industry.

I don’t think of our work confined to an “appraisal industry” because I consider the business of providing valuation services, including real estate appraisal reports, to be a profession. We are not limited to providing services to a single industry, but rather are free to serve a wide range of businesses and industries, provided we can demonstrate competency and professionalism in our activities, upholding the confidence and trust required of the profession.

Trust and confidence are key to appraiser success and they have to be earned.

To read more, click here

My comments: Some interesting ideas from a 30 year appraiser.

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What to Do When You’re Looking for Something to Do – Fix Your Templates!!

By Craig Capilla,Attorney

Excerpts: Ask yourself when you last read through the boilerplate language in your report template. I mean really read it, line by line, word by word. The answer might surprise you.

Well, I can tell you based on the reports that come across my desk that the answer won’t have been recent.

I’m writing this in the year 2023 but still receiving reports invoking the departure rule. Dated boilerplate language is everywhere I turn. Inconsistent and contradicting language abounds. Addenda attesting to the validity and acceptability of digital signatures is still prevalent.

And if you understand a semi-competent attorney can start to pick and prod at those kinds of inconsistencies to make the listener question your competency, wait until I tell you what they can do with a zoning classification that hasn’t been used in 15 or more years, or competing statements about the intended use of the appraisal.

The language that exists in your own report is probably the first place you should turn to tighten up your practice and reduce your risk.

To read more, click here

My comments: Read this article for more practical ideas while business is slow. This applies to both lender and non-lender appraisals. Very easy to do. Definitely good suggestions. I have seen some of the above in recent lender appraisals.

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White House Replica in Indiana Listed for $8.4 Million

Excerpt: Designed to replicate 1600 Pennsylvania Ave. in Washington, DC, this White House–inspired home boasts an eye-popping 33,547 square feet of living space.

The five-bedroom mansion sits on a spectacular 45-acre lot. A two-story entry features double curved staircases and ornate columns. There are six fireplaces, a billiard room, two offices, a media room, and a vault with a wine cellar.

The property also comes with an 11,000-square-foot space that could be turned into a car museum, indoor event center, or recreational sports area. There are also four horse barns with living quarters, a riding arena, a guesthouse, and garages for up to 26 cars.

To read more and see lots of photos, click here

Scroll down the page to the Number 1 listing. To see the MLS for the property, click on the address

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HOW TO USE THE NUMBERS BELOW. Appraisals are ordered after the loan application. These numbers tell you the future for the next few weeks. For more information on how they are compiled, click here.>www.appraisaltoday.com/order Or call 510-865-8041, MTW, 7 AM to noon, Pacific time.

My comments: Rates are going up and down. Some appraisers are very busy, and others have little work. Varies widely around the country.

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Mortgage applications decreased 5.7 percent from one week earlier

Mortgage applications decreased 5.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 24, 2023.

The Market Composite Index, a measure of mortgage loan application volume, decreased 5.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4 percent compared with the previous week. The Refinance Index decreased 6 percent from the previous week and was 74 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 6 percent from one week earlier. The unadjusted Purchase Index decreased 3 percent compared with the previous week and was 44 percent lower than the same week one year ago.

“The 30-year fixed rate increased to 6.71 percent last week, the highest rate since November 2022, which drove a 6 percent drop in applications. After a brief revival in application activity in January when mortgage rates dropped to 6.2 percent, there has now been three straight weeks of declines in applications as mortgage rates have jumped 50 basis points over the past month,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Data on inflation, employment, and economic activity have signaled that inflation may not be cooling as quickly as anticipated, which continues to put upward pressure on rates.”

Added Kan, “Both purchase and refinance applications declined last week, with purchase index at a 28-year low for a second consecutive week. Purchase applications were 44 percent lower than a year ago, as homebuyers again retreat to the sidelines as higher rates crimp affordability. Refinance applications account for less than a third of all applications and remained more than 70 percent behind last year’s pace, as a majority of homeowners are already locked into lower rates.”

The refinance share of mortgage activity decreased to 31.8 percent of total applications from 32.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8.1 percent of total applications.

The FHA share of total applications remained unchanged at 12.1 percent from the week prior. The VA share of total applications decreased to 11.6 percent from 12.0 percent the week prior. The USDA share of total applications decreased to 0.5 percent from 0.6 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.71 percent from 6.62 percent, with points increasing to 0.77 from0.75 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $726,200)remained at 6.44 percent, with points decreasing to 0.49 from 0.53 (including the origination fee) for 80 percent LTV loans. The effective rate remained the same from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 6.45 percent from 6.39 percent, with points increasing to 1.19 from 1.16 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 6.13 percent from 5.98 percent, with points remaining at 0.93 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 5.73 percent from 5.66 percent, with points decreasing to 0.86 from 0.97 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, and thrifts. Base period and value for all indexes is March 16, 1990=100.

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Ann O’Rourke, MAI, SRA, MBA
Appraiser and Publisher Appraisal Today

1826 Clement Ave. Suite 203 Alameda, CA 94501

Phone 510-865-8041

Email  ann@appraisaltoday.com

www.appraisaltoday.com

What is Your Appraiser Level? Why Does It Make a Difference?

What Level Appraiser Are You?

Beginner, Intermediate, or Pro?

By McKissock

Excerpts: How do we measure ourselves?

What is the mark of an appraiser who is at the top of his or her “game”? Is it the letters behind the name (MAI, SRA, etc.)?

The key is not the letters but the competency or skill. For example, are you competent to prepare an entire appraisal from start to finish? You might answer, “Absolutely!” But what if the appraisal form was completely blank with no boilerplate text? Do you still feel the same level of assuredness? What if you could not use the URAR form at all, but still had to produce an appraisal report that could stand up in court? Are your legs shaking? These questions help us to start to gauge our current level.

A Level 1 appraiser checks boxes. A Level 2 appraiser adds explanations, graphs, and charts to those boxes. And a Level 3 appraiser knows how to think outside the checkboxes altogether. A pro-level appraiser may use a form. However, she is not bound by it; she can prepare a narrative report if it is needed or preferred. In addition, he understands the principles of USPAP and never stops improving his craft.

To read more good ideas, click here

My comments: Most appraisers are not busy. Now is the time to increase your appraisal skill level. There are AMCs who want appraisers to do the “tough ones,” not just those with the lowest fees. They will pay good fees. Non-lender appraisals, with higher fees, also require a higher skill level.

Appraisal Errors from Reviewers and State Boards

Appraisal Business Tips 

Humor for Appraisers

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NOTE: Please scroll down to read the other topics in this long blog post – Bias, Cost cutting, slow business, unusual homes, mortgage origination stats, etc.

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What Appraisers Wish Real Estate Agents Understood

What Appraisers Wish Real Estate Agents Understood

McKissock Survey

Question: “What’s one thing you wish real estate agents knew about the appraisal process?

Top 10 most common answers

  1. The appraisal process is complex and takes time
  2. Appraisers do not assign value
  3. Appraisers are unbiased and must follow guidelines
  4. Appraisers need their input and cooperation
  5. How to select appropriate sales comps
  6. The importance of providing accurate and detailed info in their listings
  7. How to determine correct GLA (gross living area)
  8. How renovations and upgrades affect value
  9. How to prepare for the appraisal appointment
  10. FHA/VA/USDA guidelines

To read all the appraiser comments, click here

My comments: The appraiser comments are worth reading. I will always remember when, many years ago, a top local real estate agent asked me why I was driving around taking photos of homes. Of course, most people confuse real estate agents with appraisers. We have done a very poor job of telling the general public what we do and that we are are objective and unbiased. We need a good Appraiser PR Campaign!

Appraisal Business Tips 

Humor for Appraisers

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NOTE: Please scroll down to read the other topics in this long blog post on AMC layoffs, adjustments, your business voicemail, unusual homes, mortgage origination stats, etc.

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AMC Alleged Violations of Appraiser Independence Requirements

Fastapp AMC Alleged Violations of AIR (Appraiser Independence Requirements)

Excerpts: The following court documents in the case Naftali Horowitz v. xxx, Fastapp AMC founder v. Fastapp AMC president, confirm what appraisers have been saying all along, that if you want high-volume AMC work, you have to lower your fees to 1980’s level, have 24 hour turn times, and, above all, be a number hitter.

Horowitz claimed that Andrews engaged in conduct constituting potential violations of the Appraiser Independence Requirements under the Dodd-Frank Act of 2010 (“Dodd-Frank Act”), including unlawfully seeking to influence an appraiser to encourage a targeted value to facilitate the making or pricing of the transaction in violation of 15 U.S.C. § 1639e(b)(3).

… it began to become apparent to Andrews that Horowitz was not complying with appraisal independence standards. Instead, Horowitz would personally select one of a small number of his preferred appraisers for any given appraisal request… It thus became apparent to Andrews that Horowitz was engaged in a widespread scheme in violation of federal law by assigning appraisals to appraisers who would appraise values at requested values in exchange for order flow.

To read more plus over 50 appraiser comments, click here

My comment: Copies of the emails tell the story of “cooperative” appraisers getting most of the assignments. Very similar to the old mortgage broker days. A primary reason for Dodd-Frank.

AMC Fined for Appraisal Order Blast Violation

Appraisal Business Tips 

Humor for Appraisers

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Appraisal Profession Dying?

Bringing More People Into a Dying Profession?

By Dave Towne, Jan. 23, 2023

My comment: This only applies to residential lending appraisals, of course. My non-lender appraisals have changed very little with few, if any new “requirements”. I determine the Scope of Work.

Excerpts: Some people want to bring more people (primarily of color, which is great) into a dying profession. But the profession is being killed off by (mostly white!) people who think technology is the golden spoon to accurate valuations.

PAREA is being touted as the savior and the best appropriate way to get new people into this profession, especially people of color. Really? Let’s see. The education providers currently writing the PAREA courses have been indicating that the course cost will be up to 5 figures, roughly $10,000 or possibly more. That’s an outlay of significant cash BEFORE actually connecting with an appraiser who will put the PAREA-educated appraiser to work.

To read more, plus over 60 appraiser comments, click here

My comments: This only applies to residential lending appraisals, of course. My non-lender appraisals have changed very little with few, if any new “requirements”. I determine the Scope of Work.

I definitely prefer “profession” to “business”. I have always been a professional appraiser. I quit doing residential lender appraisals in 2005. I had good clients but did not like the dramatic volume changes. It has gotten very bad since AMCs took over.

Appraisal Business Tips 

Humor for Appraisers

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FHA Handbook 4000.1 Appraisal Changes

FHA Handbook 4000.1 Appraisal Changes

By Dan Bradley

Excerpts: On January 18, 2023, HUD issued an announcement regarding revisions made to Handbook 4000.1. According to the announcement, the revisions included “enhancements and revisions to existing guidelines and various technical edits.”

The most significant of these revisions was the elimination of the requirement to include the 1004MC form as an attachment to the appraisal report.

Changes to the Handbook also include several other minor, but nevertheless meaningful, edits and clarifications to FHA appraisal requirements, including:

Under “Attic Observation Requirements,” a clarification was made regarding the appraiser’s obligation to “safely” access the attic. The language requiring a minimum “head and shoulders” access into the attic was deleted.

Under “Crawl Space Observation Requirements,” significant revisions were made, including removal of a bullet point list of MPR/MPS criteria for the crawl space. Also, language requiring a minimum “head and shoulders” access into the crawl space was deleted.

The changes outlined in the Handbook may be implemented immediately but must be implemented for FHA cases assigned on or after April 18, 2023.

To read more, click here

My comments: Many thanks to McKissock for telling us what we need to know. Includes a link to the “redline” version of 4000.1 so you can skip over most of it. Scroll down to “Updates, Revisions, Notifications” to get the redline versions.

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Revised FHA Handbook 4000.1 effective 9/14/15. Are you ready for the changes? Get the facts!!

Appraisal Business Tips 

Humor for Appraisers

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Top Ten Reasons Why It Is Great to be an Appraiser!

Top Ten Reasons Why It Is Great to be an Appraiser!

10. Dazzle your friends with your knowledge of external obsolescence.

9. The wonderful world of rats, bats, and spiders.

8. Be a part of the profession blamed for the collapse of the savings and loan industry.

7. See places in people’s houses that usually require a search warrant to access.

6. Arouse the suspicion of an entire neighborhood when inspecting comparable sales.

5. Chance to really irritate annoying real estate salespeople.

4. Walk around holding a clipboard just like “Skip” down at the Jiffy Lube.

3. Spend hours writing volumes of supporting documentation to justify the market value of a property you already decided on when you pulled into the driveway.

2. See that some people really do hang those black velveteen pictures of Elvis on their living room walls.

1. Be one of a handful of people who know that USPAP is not a medical term.

Many thanks to reader Joe Ibach, MAI, for this great list! He doesn’t know the source…seems like it is one of those email/send/resends now floating around the Internet!

Appraisal Business Tips 

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Appraiser Scam – Be Careful!

Appraiser Scam – Be Careful!

Posted Jan 5 on National Appraisers Forum. This was also posted in the 100% Appraisers group on FaceBook as happening to others.

“Last week, I received a text from “Master Chief Robert Roy” requesting an appraisal for a cash purchase. I thought it was odd that he was addressing himself by his rank as I do work for the VA and no service member has ever done that in my experience. Also my daughter’s boyfriend, a West Point graduate, was visiting at the time and he also thought it was odd too. I looked him up on line and saw that he was a Navy Seal and a public speaker. I addressed him as Sir in our texts out of respect.“

“He requested that I inspect the property 1/5/2023 as the inspector would be there at the same time. My fee was $775 however sent me a $1950 cashier’s check via Fed Ex the next day. He stated that his assistant mistakenly included the inspector’s fee and would I please pay the inspector the $1175 balance. (That seemed high for an inspector….) “

One of the responses:

“Sorry this happened to you. I posted about this about a month ago. Same guy. Because it seemed so odd, I didn’t respond to him and instead called the listing agent directly. He said I was the 4th female appraiser to call him about this in 24 hours. He had reported it all to the police. I never responded to the dude, as it is obviously a scam or worse. When I researched the name he was using, I found that person to be deceased. “

My comments: When appraisers are very slow, it is very hard to turn down an appraisal. Savvy scammers may know about this. Beware!!

1-12-17 Newz .New scam: owners pose as renters, 21 day turn times

Appraisal Business Tips 

Humor for Appraisers

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NOTE: Please scroll down to read the other topics in this long blog post on all cash sales, bad bank, FHFA/Fannie, speaking at real estate agent meetings, unusual homes, mortgage origination stats, etc.

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VA Required to Encourage Hybrid Appraisals

  • VA Required to Encourage Hybrids – Senate Passes HR 7735

    By Dave Towne December 21, 2022

    Excerpts: The U.S. Senate has announced the passage of HR 7735, the Improving Access to the VA Home Loan Benefit Act of 2022.

    Under the terms of HR 7735, sponsored by Sen. Dan Sullivan and Rep. Mike Bost, the VA will be required to:

    • Issue certification requirements for appraisers;
    • Execute minimum property requirements;
    • Review the process for selecting and reviewing comparable sales;
    • Implement quality control processes;
    • Establish the Assisted Appraisal Processing Program; and
    • Establish the use of waivers or other alternatives to existing appraisal processes.

    This is not yet ‘law,’ but likely will be in the not too distant future. Has passed House and Senate. Needs Biden’s signature.

    To read more, click here

    My comments: Read the appraisers’ comments. The law is not surprising. The mortgage industry has been wanting this for a long time. I still recommend VA to appraisers as they are the only mortgage organization that wants to help the borrower instead of making as much money as possible

Where VA loans are soaring. Are you doing VA appraisals?

Appraisal Business Tips 

Humor for Appraisers

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NOTE: Please scroll down to read the other topics in this long blog post Bad appraisers, 2023 forecast, unusual homes, mortgage origination stats, etc.

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Appraisal Risk and Modernization

Industry Insider Insight on Risk and Modernization

Excerpts: The Collateral Risk Network (CRN) met in Sarasota on December 6th to discuss a variety of issues ranging from appraisal turn times to Fannie Mae’s economic outlook for 2023. Bill Rayburn gave a rousing and lively explanation of exactly what quality means in valuation at a recent meeting. Lenders want a compliant document that allows the loan package to be sold as quickly as possible, while investors want an appraisal that allows for securitization or resale to another downstream buyer.

Appraisers were encouraged to provide convenience as one aspect of quality. His figures show there is a holding cost of $200 per day on an unclosed loan and this hinges on the appraisal which is the last thing in the critical path to closing. He suggested we redefine quality to include a time element.

Joe Minnich, a condo risk consultant, spoke on how loans secured by an individual unit in a condominium project have greater risk than found in typical SFR lending. Lenders must address the various layers of risk to ensure that the loan is of saleable quality and the likelihood the borrower can/will repay the loan.

To read more, click here

My comments: Bill Rayburn, Chairman, and CEO at mTrade, is an excellent speaker and very savvy. I have known him for many years. FYI, CRN (Collateral Risk Network) was set up for AMCs and lenders. It was “closed” to appraisers for a while but is open now. Worth attending.

Fannie New Appraisal Form Modernization

Appraisal Business Tips 

Humor for Appraisers

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NOTE: Please scroll down to read the other topics in this long blog post on Fannie December newsletter, estate appraisals real estate market, unusual homes, mortgage origination stats, etc.

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