Author Archive

NAR Calls for Delay of HVCC

On April 20, 2009, NAR sent a letter to Fannie Mae and Freddie Mac requesting that the Home Valuation Code of Conduct (HVCC) be delayed until May 1, 2010. Citing a host of reasons, NAR President Charles McMillan said...

Appraisal Subcommittee Hires Executive Director

In what is surely a bit less than breaking news… The Appraisal Subcommittee today announced its new Executive Director, Jim Park. According to the press release, Mr. Park has more than 23 years of mortgage banking and appraisal experience....

Are BPOs Driving Down Home Prices?

Ken Harney reports in today’s Washington Post that one cause of decreasing home values could be the reliance on broker price opinions (BPOs). BPOs are becoming big business to REALTORS but some fear there is incentive to undervalue short...

FHA Adopts Fannie Mae 1004MC Market Conditions Addendum

Effective April 1, 2009, the Federal Housing Administration will require appraisers to use the Market Conditions Addendum (Fannie Mae 1004MC, Freddie Mac Form 71). According to Mortgagee Letter 2009-09 released on March 23, 2009, this will ensure greater transparency...

Cashing in on HVCC

At least one company is seeing the financial benefits of the upcoming implementation of the HVCC on May 1, 2009. SharperLending, LLC offers Appraisal Firewall, which is a secure, online technology tool that allows lenders and appraisers to maintain...

How Baltimore Ensures NSP is NOT Destabilizing Their Market

The Neighborhood Stabilization Program requires that a foreclosure be purchased for 15 percent below market value. This requirement has caused concern among some that the discount requirement will result in a steeper decline in housing prices and further destabilization....

Texas Realtors Applaud Governor’s Call for Appraisal Reform

Texas Governor Rick Perry is calling for reform to the appraisal process in his state. Said the Governor “I say we give that [appraisal] system a dose of accountability, transparency and restraint.” According to the Texas Task Force on...
January 29, 2009

USPAP Q&A – January 2009

The USPAP Q&A is posted each month on The Appraisal Foundation website. Now, on to the questions… Communicating Confidential Information to a Sworn Peace Officer Question: I was contacted by a sworn peace officer who simply requested the workfile...
January 28, 2009

Heavyweight Fight

In this corner it’s the linchpin of the mortgage transaction, relied on for the most accurate valuation of residential real estate – the appraisal. In the opposite corner is the challenger, known for accurate market values and generally more...
January 16, 2009

USPAP Q&A – December 2008

The USPAP Q&A is posted each month on The Appraisal Foundation website. Now, on to the questions… Current Sales Contract Not Provided Question: I am an appraiser with several bank clients that do not provide a copy of the...
December 31, 2008