USPAP

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

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To read more of this long blog post with many topics, click Read More Below!!

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https://www.bloomberg.com/graphics/2018-us-land-use/

U.S. Land use map for appraisers

By Ann O'Rourke on August 2, 2018 / AMCs, appraisal business, mortgage loan volume, real estate market, statistics, USPAP, weird properties / Leave a comment

Tags: AMC, appraisal how to, appraisal management company, appraisal regulations, appraisal waivers, Fannie forms, mortgage loan volume, real estate market, state appraiser regulators, weird properties

Here’s How America Uses Its Land

Excerpt: What can be harder to decipher is how Americans use their land to create wealth. The 48 contiguous states alone are a 1.9 billion-acre jigsaw puzzle of cities, farms, forests and pastures that Americans use to feed themselves, power their economy and extract value for business and pleasure.

One of the many interesting tidbits:

The U.S. is becoming more urban-at an average rate of about 1 million additional acres a year. That’s the equivalent of adding new urban area the size of Los Angeles, Houston and Phoenix combined. U.S. urban areas have more than quadrupled since 1945.

Click here for very interesting graphics and more analysis:

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this 8-2-18 long blog post with many topics, click Read More Below!!

http://eyeonhousing.org/2018/07/three-story-single-family-homes/

7-12-18 Newz// 3 Story Homes, Auction Prices, Portable Architecture

By Ann O'Rourke on July 12, 2018 / adjustments, AMCs, appraisal, appraisal how to, Appraisal Standards Board, AVMS, Mortgage applications, unusual homes, USPAP, weird homes, zillow / Leave a comment

Tags: adjustments, AMC, appraisal how to, appraisal management company, Appraisal Standards Board, AVM, mortgage loan volume, real estate market, strange house, unusal homes, USPAP

The Most Popular Article From Last Week’s Newsletter: Former Appraiser’s Hot Dog Stand!! FYI, unusual and weird stuff is very popular with appraisers ;>

Three-story Single-family Homes and Townhomes

Excerpt: Of the 729,000 single-family detached homes started in 2017, a little over 18,000 (2.5 percent) had three or more stories, according to National Association of Home Builder tabulation of recently released Census data.

In contrast, the 23,000 3-plus story townhomes represent 22.0 percent of single-family townhome starts.

More info here:

My comment: 3 story detached homes are not popular in very many areas. It is a long walk up to the 3rd floor. I have appraised them (attic conversions of a classic older home to a master bedroom, for example). I always look to see if an elevator can be added – usually has to be on the exterior of the home. Definitely a functional problem. I rarely see them on existing homes, except for attic conversions. Some newer detached homes have a small room on the 3rd story – family room, extra bedroom, etc.

For townhomes, I have seen a significant increase in 3 story new construction townhomes in my city (within the past few years) and other Bay Area cities. The first floor is a garage plus entry, second floor living room and kitchen, bedrooms on 3rd floor. Very profitable for home builders, especially in areas with high land prices and infill tracts. I have appraised them and the owners did not object to the 3 floors. There are sometimes a few townhomes that are 2 story.

My first apartment when I moved to San Francisco in my 20s was a third floor walkup. I vowed Never Again ;>

7-5-18 Newz//Busy or Not?, Prices Dropping, Appraiser Hot Dog Stand

By Ann O'Rourke on July 5, 2018 / AMCs, appraisal business, Appraisal fees, fees, lender appraisals, real estate market, USPAP / Leave a comment

Tags: adjustments, appraisal business, appraisal fees, appraisal how to, appraisal management company, Fannie, real estate market, turn time, USPAP

Who’s busy and who’s not?

Varies widely around the country. Maybe it depends on housing affordability? See articles below. But, it is really hard to say what causes the geographic variation for appraisers.

Many areas have seasonal variations, but now we are in the traditionally strong summer months, so it is clearer that some areas have less appraiser work.

How do you tell if it is down? AMCs dropping fees. Fewer emails, phone calls, etc. Other appraisers complaining.

What about steady to increasing biz? Decent fees, turning down work, etc.

Changes in turn times and fees when biz slows down

Appraisers just don’t seem to understand that AMCs work for lenders and try to do what they want.

Why do AMCs/lenders want faster turn times?

AMCs work for lenders. They are competing on turn times primarily, like they always have. Business is very competitive and is declining.

Value pressure?

Is there more value pressure from some of your AMC clients?

Some lenders want to close as many loans as possible and keep profits from dropping.

Why do AMCs drop fees?

Direct lenders have their own fee panels don’t send out bid request to lots and lots of appraisers. Their fees don’t change dramatically. They have never focused on changing appraisal fees frequently. AMCs need lower appraisal fees to keep their profits up, just like you do. I have always thought of AMCs as very large appraisal companies that mostly fee out all their appraisals.

https://www.msn.com/en-gb/video/other/imposters-posing-as-appraiser-utility-workers-target-phoenix-neighborhood/vi-AAyz4NX

6-28-18// Newz .Appraiser Impostor Video, Unusual Motels/Hotels, Switch Off USPAP

By Ann O'Rourke on June 28, 2018 / AMCs, appraisal management company, appraisal waivers, bad appraisers, mortgage loan volume, Strange homes, unusual home, unusual homes, USPAP, weird properties / Leave a comment

Tags: AMC, appraisal regulations, appraisal waivers, mortgage loan volume, unusal homes, USPAP, weird properties

Appraiser Imposter Captured on Video!!!

Click here to see the video of the imposter and the owner’s comments. Note: You may have to wait for the ad to finish. Worth the wait!!

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Imposter posing as appraiser, utility workers target Phoenix neighborhood

Excerpt: Last Wednesday, as construction workers bustled inside Huddleston’s home near 22nd Street and Glendale Avenue, a woman came to her door claiming to be an appraiser for the bank.

Huddleston said the woman told her she was there to take pictures, and had arranged the time with Kacia’s husband, Bryan.

“She knew my husband’s name, and as I was in the midst of texting my husband to see if she was supposed to be here, she walked right in,” said Huddleston.

https://www.abc15.com/news/region-phoenix-metro/central-phoenix/imposters-posing-as-appraiser-utility-workers-target-phoenix-neighborhood

My comment: Have you inspected the wrong house? I have definitely knocked on the wrong door, but never went inside… so far ;>

Stories of Surprising Roadside Hotels

It’s check-in time for your memories of unforgettable travel lodgings.

Just For Fun!!

Excerpt: Lots of interesting places!! Here are a few:

Red Caboose Motel Ronks, Pennsylvania

The guest rooms are actual train cabooses. Think tiny houses on rails.

The Atomic Inn Beatty, Nevada

“It was alien and bunker-themed, and was decorated with atomic bomb art.”

Wigwam Village #2 Cave City, Kentucky

Stay in a teepee.

Movie Manor

Monte Vista, Colorado

“It’s in a drive-in theater and you can watch movies from your bed.”

Click on the Motel/Hotel name for photo and more info

https://www.atlasobscura.com/articles/unusual-roadside-hotels-and-motels

My comment: Back in the 60s I traveled between California and Oklahoma regularly, using Route 66, before the Interstate was completed. Lotsa strange motels!! Before motels morphed into chains that looked the same. There are still a few of these “old timers” left.

https://www.architecturaldigest.com/story/cool-public-bathroom-design

13 Very strange bathrooms for appraisers

By Ann O'Rourke on June 14, 2018 / AMCs, Appraisal Foundation, appraisal management company, appraisal waivers, Fannie, hybrid appraisals, mortgage loan volume, USPAP, weird properties / Leave a comment

Tags: AMC, Appraisal Foundation, appraisal regulations, appraisal waivers, Fannie, Hybrid appraisals, mortgage loan volume, state appraiser regulators, USPAP, weird properties

13 of the Craziest/Coolest Public Bathrooms

Just For Fun!!

Excerpt: We know, there is a lot to hate about public restrooms, but we’ve found they can actually be a very unexpected but very potent source of inspiration. We’ve never seen tile layouts like the ones in public facilities-and that’s why we like them. Overlapping squares with zigzag edges? A woven look with a whopping five different colors and two different tile sizes?

My comment: Wow! Vibrant colors and tiles….

Very unusual bathrooms for appraisers(Opens in a new browser tab)

Very Strange Appraisal Adjustments(Opens in a new browser tab)

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this 6-14-20 long blog post with many topics, click Read More Below!!

http://www.ecofriendlyhouses.net/ecofriendlyhouses.html

4-19-18 Newz//Corelogic acquires a la mode. USPAP Q&A problems. Earth-Friendly Homes

By Ann O'Rourke on April 19, 2018 / Appraisal Standards Board, lender appraisals, Mortgage applications, mortgage loan volume, Strange homes, unusual home, USPAP, weird homes / Leave a comment

Tags: appraisal how to, Appraisal Standards Board, Fannie forms, mortgage loan volume, real estate market, unusal homes, USPAP

Advertise with us. Very reasonable rates!

Earth-Friendly Homes and Buildings for Earth Day, Sunday, April 22

Just For Fun!!

Click on the fotos of lots of ecofriendly buildings for more info. Fascinating, sometimes Weird, and Fun!!

A few: Mathematical Puzzle House, paper house, skyscrapers, Recycled Concrete Tube House, etc.

Appraisal Institute Requests Appraisal Standards Board to Rework Q&As

Excerpts: The Appraisal Institute in an April 13 letter to the Appraisal Standards Board formally requested changes to or the retraction of Q&A 2018-12, Employing an Extraordinary Assumption when a Client Provides Inspection Data and Q&A 2018-13, Appraisal Reporting – Certifications and Signatures.

The Appraisal Institute believes this advice is antiquated and out-of-step with appraisal practice and long-standing USPAP principles about not dictating the form, format or style of an appraisal report. Perhaps most concerning to AI is the apparent inclusion of additional requirements in this advice rather than in USPAP itself.

https://www.appraisalinstitute.org/ano/appraisal-institute-requests-appraisal-standards-board-to-rework-qas-/

My comment: I completely agree with the AI’s issues with Q&A 2018-12 and -13. The certification issue has been around since USPAP required that the “previous 3 years” be included in the certification. The ASB needs to modify USPAP itself as I don’t think it addresses these current issues in appraising very well. Unfortunately, the new edition was effective 1/1/18. 2 years to wait.

https://www.appraisalbuzz.com/common-errors-requests-appraisal-revisions

What Causes Appraisal Revisions?

By Ann O'Rourke on January 18, 2018 / AMCs, appraisal business, Appraisal fees, appraisal how to, appraisal management company, hybrid appraisals, Mortgage applications, mortgage loan volume, USPAP / Leave a comment

Tags: AMC, appraisal business, appraisal fees, appraisal how to, appraisal management company, appraisal regulations, Hybrid appraisals, mortgage loan volume, USPAP

Most Common Errors and Requests For Appraisal Revisions

Excerpt: Over the years, as the Chief Appraiser for a national Appraisal Management Company (AMC), my team has seen many unique appraisal assignments and experienced many interesting requests for revisions. Of course, we’ve seen our fair share of requests to provide an additional supporting comp or two, or to address how the subject’s opinion of value that is over/under the indicated Predominant Value of the Neighborhood impacts value, too.

While we see those common requests for revision regularly, the most common requests for revision, are of the much simpler or generic variety. Additionally, those requests seem to be easily avoidable with just a little more patience by the client in the ordering process and from the Appraiser in their own report production and QC processes. Here is a list of our “Top 5” revision request items that we see on a regular basis:

1. Correct the spelling of the borrower and/or seller’s name.

Note: This error revision runs at a 50:50 pace. Half the time the error was initiated on the customer’s part when they placed the order while the other half is an Appraiser input error.

Read 4 more common requests plus almost 30 comments (somewhat controversial article) at:

My comment: I have to carefully check names on every one of my non-lender appraisals. For unknown reason I have typos on names. People don’t like it when their names are misspelled ;>

Lender and AMC revision requests(Opens in a new browser tab)

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on scope creep, USPAP, hybrids, appraiser independence, mortgage origination stats, Covid tips for appraisers, etc.

UsPaP – A Few More Obvious False Appraisal Assumptions

By Ann O'Rourke on January 17, 2018 / Barry Bates, USPAP / Leave a comment

Tags: appraisal fees, Barry Bates, USPAP

By Barry Bates

The appraisal client is always the intended user.

A lovely concept out in the ether somewhere, but hardly ever the case in practice. The client (who engages the appraiser) is a lending technician or AMC drone; the intended user is an underwriter, servicer or portfolio manager. (This assumes the fact that only about 10% of appraisals are ever done for anybody other than a mortgage
company.)

Pretending that they’re the same person (based on the legal concept of a corporation as a person, which facilitates all kinds of evil) allows the left hand, which is handing out cash, to avoid confronting the fact that the right hand is removing money from the borrower’s savings account.

USPAP is intentionally not specific

Finally, the old TAF argument in support of USPAP that its lack of specificity
is only the result of trying to avoid “micro-management” of the appraisal process is just what we former Army wiretappers used to call “cover noise”. It screens from hearing the fact that as it stands, USPAP can be used either to exonerate or
execute an appraiser on political motives regardless of the issue at hand. That’s
why more procedural detail is needed, not less.

Appraiser Judy fails the geocompetence test when she gets a citation from
her state for not having a subscription to local MLS. Yet when appraiser Willie
walks when he fails to check online sources or MLS after the property owner assures him the property is not publicly listed for sale. This same thread of delusion seems to run throughout USPAP, undoubtedly promulgated by crusty old MAIs. If any carbon-based life form tells you something, it’s okay to believe it’s true without any further investigation. Just throw in an extraordinary assumption, even though it’s invalid because it’s impossible or unreasonable.

Another reason for more specificity is the utter failure of the HVCC /Dodd-Frank AMC experiment. Instead of being coerced by a mortgage broker,
today’s appraiser is systematically coerced by onerous documentation
requirements, intimidating email, multiple requests for reconsideration and
arbitrary blacklisting. Appraisal quality is depressed by AMC expropriation of what
was once 50% of a normal appraisal fee. Moreover, residential fees in general
haven’t changed for 20 years.

2 GREAT ways to get into appraisal trouble. Tales From Barry Bates

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

More Terrible Real Estate Agent Photos for Appraisers

By Ann O'Rourke on January 11, 2018 / AMCs, appraisal management company, real estate market, USPAP, weird homes / Leave a comment

Tags: AMC, appraisal management company, mortgage loan volume, real estate market, unusal homes, USPAP

Terrible Real Estate Agent Photos

Just For Fun!!

Most Excellent Photos and Very Creative Captions!!

Very, very funny and weird!!

You just gotta see them! Cannot be described.

http://terriblerealestateagentphotos.com

Terrible Real Estate Agent Photos for Appraisers

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Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on USPAP, Appraiserville, mortgage rates in 2018, mortgage origination stats, Covid tips for appraisers, etc.