Posts Tagged appraisal management company

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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 unusual homes, FHA, Fannie, E&O, liability, time adjustments, price per sq.ft. mortgage origination stats, etc.

Which Appraisal Clients are used the most?(Opens in a new browser tab)

Should Appraisers Pay to Be on AMC List

By Ann O'Rourke on August 28, 2020 / adjustments, AMCs, appraisal business, appraisal management company, cost approach, COVID, Fannie, fauci, new appraisers / Leave a comment

Tags: adjustments, appraisal business, appraisal management company, Coronavirus, Fannie, mortgage lending, mortgage loan volume, new appraisers, unusal homes

By Dustin Harris

Excerpt: Should appraisers pay to be on an AMC’s approved appraiser list? Is this one way to get new clients? If an AMC solicited you, would you check it out?

Now, I work for some AMCs that, frankly, you might not choose to work for. That’s fine. It’s a choice we all make. Understand that most of the areas I work are rural, so AMCs are generally willing to pay more because of this. Some AMC are very demanding. Yet, when I meet those demands, I get a lot of well-paying jobs from them.

To read more, plus lots of appraiser comments, and listen to the podcast, click here

My comment: A never-ending very controversial topic ever since AMCs took over residential lender appraisals after the mortgage crash around 2008!

Coronavirus and Appraisals March 13 2020

By Ann O'Rourke on March 13, 2020 / AMCs, appraisal business, Appraisal fees, appraisal management company, AVMS, future, lender appraisals, Mortgage applications, mortgage loan volume, unusual homes, weird properties / 1 Comment

Tags: AMC, appraisal business, appraisal fees, appraisal management company, future, mortgage loan volume, unusal homes, unusual buildings

Appraiser’s (Changing) Role

Q&A with Mark Verrett, Chief Innovation Officer at Accurity Valuation

Excerpts: WRE: How can appraisers adapt to meet the profession demands?

Verrett: I think there are several ways to adapt to these challenges. The first is to work toward diversifying your practice away from 100 percent mortgage business niches. Our firm is a leader in green valuation, rural valuation, valuation consulting and litigation support and we help our offices diversify into those spaces. However, this solution isn’t for everyone….

To directly take on the challenges facing appraiser relevancy in the mortgage space, significant change is required. Appraisers need to unite to create a like-minded national voice that is not rejecting proposed changes for the profession, but rather working with stakeholders (regulators, lenders, clients, etc.) in conceptualizing, testing, tweaking, and ultimately modernizing the appraisal process on the mortgage side.

The appraisal community has a tough assignment in their role in this modernization. To be useful in the discussion, we need to challenge ourselves to be creative and open-minded, yet diligent in maintaining or, even better, improving the quality of the valuation being produced. I think it is extremely important for appraisers to listen and understand the needs of their clients and to creatively develop solutions that meet those needs.

Worth reading with some good ideas. To read more, click here

My comment: Accurity has franchisees and some very savvy appraiser officers and directors.

Covid-19 Residential Appraisers Tips on Staying Safe

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

Appraiser Covid Survey Results April 2020

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Does a Bedroom Need a Window for Appraisals?

By Ann O'Rourke on March 6, 2020 / adjustments, AMCs, appraisal regulations, Mortgage applications, mortgage loan volume, real estate market, weird properties / Leave a comment

Tags: adjustments, AMC, appraisal management company, appraisal regulations, mortgage loan volume, real estate market, weird properties

Does a Bedroom Need a Window To Be Legal?

Excerpts: Bedrooms are one of those features of a home that sounds good if there are more of them. I get calls all of the time from real estate agents asking if a certain room can be considered a bedroom.

Of course, there are other ways to look at this as well. There are two components to the value of a bedroom including the utility of the room to be used as a bedroom and also the actual square footage that it occupies in the house. Does a Bedroom Need a Window for Appraisals?

To read more, click here

My comment: Written for agents, but very good analysis of relevant market factors plus what building codes say (International Residential Code – IRC). I have an excellent article on bedrooms on the paid subscriber page, with lots of details on different standards, such as FHA. I get questions about what is a bedroom regularly from real estate agents.

To read about lots more appraisal topics, continue reading below!

Appraiser Work Stress Humor

By Ann O'Rourke on January 24, 2020 / AMCs, appraisal business, appraisal management company, FUN, humor, Mortgage applications, real estate market, Strange homes, USPAP, weird properties / Leave a comment

Tags: adjustments, appraisal management company, humor, unusal homes, unusual buildings, USPAP

8 Funny Quotes About Appraiser Work Stress

Just For Fun!!

Excerpts: Real estate appraisal is an exciting and enjoyable profession—for the most part. But every appraiser knows that the job can be stressful at times, especially for those who are self-employed. If you’re having a hectic or frustrating day on the job, it helps to have a sense of humor. Here are some super funny quotes about work stress that we hope will brighten your day. Appraiser Work Stress Humor is what we all need!!

A few quotes

“‘Yay! It’s the weekend!’ Said nobody who is self-employed.”

“There cannot be a stressful crisis next week. My schedule is already full.” — Henry Kissinger

Very creative gifs! Sorry, they don’t work in these emails. To see them, click here

My comment: Very Funny and Realistic!

Which Appraisal Clients are used the most?(Opens in a new browser tab)

Terrible Real Estate Agent Photos for Appraisers(Opens in a new browser tab)

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What is a Competent Appraiser?

By Ann O'Rourke on January 17, 2020 / AMCs, appraisal business, real estate market, USPAP, weird properties / Leave a comment

Tags: AMC, appraisal business, appraisal fees, appraisal management company, mortgage loan volume, real estate market, USPAP, weird properties

“Damn Right I’m a Competent Appraiser…Aren’t I?”

By Tim Andersen, MAI

Excerpt: To appraise a property, and then report it according to USPAP, is a requirement USPAP demands and the states enforce. All too often, reviewers see in reports boilerplate (especially in the reconciliation) such as: “In my professional opinion, the value of the subject is $XXXXXX”. In the light of competency, look closely at SR1-6(a) and (b), the reconciliation standards rule. What is a Competent Appraiser?

If there is nothing more in the reconciliation than this single (essentially meaningless) sentence, the appraiser has not complied with SR1-5(a) and (b), thus evidenced a lack of competency. In turn, the appraiser certified to a lie, in that, in not complying, the appraiser omitted preparing the report in accordance with Standards 1 and 2 of USPAP. To add insult to injury, the appraiser has violated SR2-1(b) in that the above statement and certification, with no other context or explanation, are misleading. Three serious USPAP violations might stem from these 11-words.

Therefore, relative to the concept of competency, the deeper meaning is that the above 11-words are capable of generating three charges from the state. In addition, they can generate questions from reviewers. When appraisers appraise the property credibly, and then report the results of that appraisal in a non-misleading manner, they avoid both attention from reviewers and from the state. Thus, in turn, they save not only time and money, they show themselves to be competent. They appear more professional. Professionals can and do charge more for their time and efforts, right? Let us, therefore, be professionals.

My NOTE: This blog post starts with USPAP competency standards and includes an analysis of Competency and the Fannie forms Neighborhood section.

To read more, click here

My comment: Tim Andersen is definitely a USPAP Expert! He writes, speaks, teaches classes, etc. on USPAP topics. He also helps appraisers get their appraisals more USPAP complaint. He focuses on residential appraisal issues – state boards, reviewers, AMCs, etc.

Covid-19 Residential Appraisers Tips on Staying Safe

Which Appraisal Clients are used the most?(Opens in a new browser tab)

To read about lots more appraisal topics, continue reading below!

10 Very Unique Bathrooms for Appraisers

By Ann O'Rourke on January 10, 2020 / adjustments, AMCs, appraisal business, appraiser shortage, Mortgage applications, mortgage loan volume, real estate market, unusual homes / Leave a comment

Tags: adjustments, AMC, appraisal business, appraisal management company, mortgage loan volume, new appraisers, real estate market, unusal homes

Unique Bathrooms

Excerpt: The world is filled with remarkable restrooms. Some of them are no longer open to the public, such as the Stufetta del Bibbiena, a small bathing chamber with erotic-art-covered walls in the Vatican’s Papal Apartments. Others have been transformed into something totally new, like the London coffee shop that was once a Victorian urinal. But there are plenty of breathtaking bathrooms that are publicly accessible and just waiting to be wetted. These are 10 of the world’s most opulent and bizarre bathrooms. These 10 Very Unique Bathrooms for Appraisers are fascinating and unique!

Here are a few

Two story bathroom
Berlin Wall urinal
World’s Most beautiful public toilet

To read lots more info and see the good fotos To read more, click here

My comments: FYI, bathrooms are one of the very most popular topics in these free appraiser weekly emails. I have no idea why ;>

Covid-19 Residential Appraisers Tips on Staying Safe

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

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$1 Billion Appraisal Error

By Ann O'Rourke on December 20, 2019 / AMCs, appraisal business, appraisal management company, bad appraisers, FUN, Mortgage applications, mortgage loan volume, real estate market, unusual homes / Leave a comment

Tags: AMC, appraisal business, appraisal management company, Bad appraiser, humor, mortgage loan volume, real estate market, unusal homes

Bad News: Dropped Phone Causes Utah Home to be Valued at Nearly $1B

A Very Strange Story!!

Excerpt: The 1,570-square-foot house built in 1978 on 2 acres in an unincorporated area of the county was recorded in 2019 tax rolls with a market rate value of more than $987 million and an overestimate of about $543 million in taxable value. In reality, the property should have only had a 2019 taxable value of $302,000, according to county property records.

That error — which the Wasatch County assessor explained possibly occurred when a staff member may have dropped their phone on their keyboard — has resulted in a countywide overvaluation of more than $6 million and revenue shortfalls in five different Wasatch County taxing entities.

To read lots more, click here

My comment: Wow!! Makes AMC and client complaints (and appraiser typos) fade away in comparison!! $1 Billion Appraisal Error

Covid-19 Residential Appraisers Tips on Staying Safe

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Appraisal Neighborhood Analysis

By Ann O'Rourke on December 7, 2019 / AMCs, appraisal business, appraisal how to, AVMS, computers, marketing, Mortgage applications, mortgage loan volume, real estate market, Strange homes / Leave a comment

Tags: appraisal business, appraisal how to, appraisal management company, lenders, marketing, mortgage lending, neighborhood, real estate market, unusal homes

What is so Important About the Damn Neighborhood Analysis that the Reviewer Nicked me for it?

By Tim Andersen, MAI

Excerpt: Question: in a recent review of one of my appraisal reports, the reviewer said my neighborhood analysis was poor. I asked what that meant and she indicated I should familiarize myself with Fannie Mae’s requirements for a NEIGHBORHOOD ANALYSIS. She also indicated what I had in my report was just a recitation of facts, but (a) lacked any analysis of neighborhood trends and (b) therefore I did not analyze the neighborhood sufficiently to reconcile my conclusions of the neighborhood trends and its effect on both my highest and best use conclusion and my final value opinion. I came in just over the contract price. What does the reviewer want from me? I did what I always do in an appraisal! Help me!

For the answer, click here

My comment: Tim always has great answers for appraiser questions! He is a regular contributor to the paid Appraisal Today, with articles on USPAP 2020-2021, state board problems, etc.

What to Do When Your Appraisal Is Under Review(Opens in a new browser tab)

Covid-19 Residential Appraisers Tips on Staying Safe

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Appraising the White House

By Ann O'Rourke on July 20, 2019 / AMCs, appraisal classes, AVMS, bifurcated appraisals, Mortgage applications, state appraiser regulators, statistics, weird homes / 1 Comment

Tags: AMC, appraisal business, appraisal management company, Hybrid appraisals, state appraiser regulators, statistics, unusal homes

18 Historic Homes that Would Be Fascinating to Appraise

Excerpt: Historic homes make for complex and interesting appraisal subjects. As one appraiser said, “I love unusual properties, and the challenge they present to appraise. I have always loved appraising large, older properties. They take us back to another world back in time.” We recently asked our appraisal community, “What famous historic home would you want to appraise?” Here’s what they said.

A few of the homes:

Frank Lloyd Wright’s Fallingwater

The White House

Norman Bates “Psycho” House

Graceland

To read the full list plus many comments click here

My comment: For me, none of the above ;> Too difficult!

Covid-19 Residential Appraisers Tips on Staying Safe

Appraising Weird Stuff is Challenging!

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