Appraisal News and Business Tips

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

Excerpt:
With features including no required down payment or minimum credit score, the Department of Veterans Affairs mortgage guarantee program is a popular home finance choice for servicemembers and lenders alike. That trend continues in 2015, when 14 markets had more than $1 billion in VA mortgage lending during the first half of the year, compared to just five during the same time in 2014. From the Capitol region to Southern California – and many places in between – here’s a look at the top 10 markets for VA mortgage lending. The data, from RealtyTrac, is based on metropolitan statistical areas ranked by total VA originations during the first half of 2015, along with the year-over-year increase for that market.

My comment: Still not doing VA appraisals? They are the only client I know that has stated fees and no big hassles, scope creep, etc. I have an article on how to get on the VA panel, the plusses and minuses, etc. I spent a lot of time interviewing VA employees and fee appraisers. “VA is looking for fee appraisers! C/R fees and no AMCs!!” Read this article before applying for the panel or to find out why you can’t seem to get on the panel.It is in the June 2014 issue of Appraisal Today, available free to all paid subscribers.

From this week’s MBA loan volume report:

The FHA share of total applications is 13.7. The VA share of total applications is 10.8 percent . I have no idea why so many appraisers don’t want to work for VA but do FHA appraisals with the considerable inspection requirements!!

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ID badges for appraisers? A controversial topic

 

Excerpts:
Appraisers are not required to provide identification (in California), even a driver’s license, when they come to a house, do not always look the part and can cause alarm if not expected. One Orange County company says that is a problem.

Six months ago, Mission Viejo-based Comergence rolled out something the appraisal industry has never had – shiny ID badges.

Since the service started, just 22 of roughly 300 appraisers in San Diego County have signed up and the head of local industry group, the Appraisal Institute, says she thinks she knows why.

“A badge doesn’t identify you any differently than a business card does,” local Appraisal Institute president Susan Merrick said. “It’s pretty much typical operating procedure to give a business card when you go to the door… From a residential standpoint, it’s totally useless as far as I’m concerned.”

The state Bureau of Real Estate Appraisers says there is no law requiring appraisers to carry identification and has no opinion on Comergence.

Bureau head Jim Martin said he is not aware of any recent occurrences, at least in the last two years, of someone posing as an appraiser.
A San Diego commercial appraiser with 30 years experience, Gary Rasmuson, has pushed for a badge for the industry for years and even created his own.

My comments: This is controversial among appraisers. Many years ago, the chief appraiser for a lender told me that appraisers should not give a business card to the borrower. Of course, I didn’t agree. I have always give out business cards as that is a good source of referrals for me for non-lender work. I also want to be seen as a professional.

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7 Things an appraiser has to be thankful for

 

NO WORKING ON THANKSGIVING!! USPAP VIOLATION!!! THE APPRAISAL POLICE ARE WATCHING YOU!!!

 
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7 Things an appraiser has to be thankful for
Most Excellent comments By Tom Horne on his blog
I didn’t have time to contact Tom for permission to read his entire blog posting. It is worthwhile reading.
It’s easy to get caught up in the negative parts of our jobs, however I would guess that if we all thought about it we would find more positive Things an appraiser has to be thankful for things than negative. It’s always nice to have something like Thanksgiving to help us reassess our situation. Appraisers are no different than anyone else.
  1. Relaxed work schedule- The majority of appraisers work for themselves and enjoy a relaxed work schedule.
  2. You can pick and choose your clients.
  3. You’re in total control of your success.
  4. Good blend of working in and out of the office. I like my job because I don’t have to sit at my desk all day. I am able to work outside of the office during appraisal inspections which helps me to not get bored with what I am doing.
  5. You have control over how much money you make. A good part of owning your own business is that you are in charge of everything you do.
  6. Current trends in grassroots efforts. … some positive changes that have resulted from this is the trend in appraisers starting to take control of the situation and make themselves heard through the use of social media and state coalitions.
  7. Better tools for doing our job.
Read the details at:

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Appraiser income and expenses

APPRAISER INCOME AND EXPENSE POLLS

Appraisalport poll, 11-15, www.appraisalport.com
Considering all aspects of completing an appraisal (research, driving, inspection, writeup, etc.) what response do you think best represents your hourly wage?
My comment: Of course, this is gross, before any expenses, auto, insurance, MLS, software, etc. etc. I wonder about those making less than $25 per hour.
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In the past year, have your operating expenses:
My comment: Expenses going up, nothing new. See above poll for hourly income. What is happening with your expenses?

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Very funny appraiser commercial!!

The podcast, The Wits End Broadcast, is very “off the wall”, including “fake” commercials. I suggested including an appraiser commercial. It is hilarious!!

Episode 4, the most recent, has the appraiser commercial – appraiser Candy Cotton, short – only 7 minutes long for the entire episode. Hits a lot of appraiser “hot buttons” ;>

You gotta listen to it!! Plus, check out her other 3 posted podcasts. Please post a comment on iTunes or Stitcher.

Stitcher:

http://app.stitcher.com/browse/feed/75222/details Can link to social media, post a comment, get an app to subscribe on your iphone or android phone, etc.

iTunes:

https://itunes.apple.com/us/podcast/the-wits-end-broadcast/id1048415737?mt=2 The best if you use iTunes. iTunes has labeled the podcasts as “explicit”. Sorry, not much in them except for a brief very humorous reference to group sex in an early episode ;>  My iphone has Gigabytes of podcast from subscriptions, including this one. I gotta take off a week to listen to them!!

Libsyn:

http://thewitsendbroadcast.libsyn.com/ – very easy to use but not many features such as comments, social media links and subscriptions.

About the podcast author: The podcast author and speaker is Lucinda Ryan, who edited my paid Appraisal Today newsletter for a few years when I first started it in 1992, and knows about appraisal issues. She is a former newspaper reporter and editor. Lucinda loves comedy writing and always wanted to do more, including writing for a few Famous Comedians and making lots of money ;> Maybe her podcasts will take off and I can say that I knew her “back in the old days”.

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Why are appraiser phone numbers and email addresses so hard to find online?

I set up my web site at www.appraisaltoday.com in 1998. Every page has my name, postal address, phone number, and email address. If anyone wants to contact me to give me an appraisal assignment, or for any other reason, they can find me. I get a lot of work from my web site.

When working on an article for my newsletters, I often need to contact appraisers. Also, I give out a lot of referrals, as I am very busy and turn down a lot of appraisals. For more information on my appraisal newsletters, click the banner ad below.

My assistant spends a lot of time trying to contact appraisers for my newsletters. When she googles a name, such as Janet Johnson appraiser new mexico, sometimes nothing comes up. If they are on an old directory web site, the postal address is available. Asc.gov only has postal addresses. Some state regulators have phone numbers. Some appraisal association member data comes up, such as the Appraisal Institute.

Email addresses are hopeless. They are very seldom available anywhere.

Often the appraiser has no web site, even a simple one page with name, address, resume, and contact info. If there is a contact link, you must fill out a form to contact the person.

I guess they just want to work for AMCs that contact them. Not interested in any other clients, I guess.

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Communicating with other appraisers – why is it a problem?

Communicating with other appraisers – O’Rourke Pontificates on Dustin Harris, the Appraiser Coach’s Podcast

Dustin and I discussed the big issue that many appraisers don’t know other appraisers personally (face to face or over the phone). Dustin talked about the times he has tried to establish relationships with other local appraisers. One was very successful and the other did not work very well. But, both resulted in one personal relationship each. I have written about this topic before and discussed my personal experience plus the “big picture”.

Online communication is fine, but not very good for local issues. Plus, it is hard to establish relationships.

To listen to it, go to http://theappraisercoach.libsyn.com/ . All the podcasts are there. This one is #051, Communication; a key to running a successful appraisal business. Check out the other podcasts. I subscribe to the podcast on itunes and listen to it in my car.

I was inspired to do a 7-page article on the topic for the October issue of Appraisal Today, sent out Oct.1. I sent out a request for info on small, unaffiliated groups in last week’s newsletter. To subscribe to the paid Appraisal Today, click on the banner ad below.

Many thanks to the 13 appraisals groups I profiled! They replied to a questionnaire I sent and I contacted some over the phone. Lots of good tips for appraisers thinking about starting a group and those who currently have an active group. Very interesting!!

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About this blog

This blog has recent full FREE email newsletters (that start with the date and Newz) plus excerpts from the email newsletters where you can post comments. This newsletter has been sent out almost every week since June, 1994. I started with 6 subscribers on Compuserve. Now it is up to 17,000 subscribers!! To subscribe to the free email newsletters and get them them when they first come out, go to www.appraisaltoday.com and sign up in the big Yellow Box!!

Looking for a topic? Use Search box on the right side. There are hundreds of posts on this blog, starting in 2012. 

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