Author Archive

Blame the Appraisers

Interesting story from Fox Business blaming appraisers for current challenges in the housing market.  We’re certain there’s a fact somewhere in this story but we couldn’t find it....
December 13, 2010

The Agencies Have Spoken

The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the National Credit Union Administration (NCUA) – collectively...
December 7, 2010

Appraisal Foundation Looking for Subject Matter Experts

Last week the Appraisal Foundation’s Appraisal Practices Board (APB) put out a call for subject matter experts on declining markets.  The APB is looking for experts to “assist in the research and development of voluntary guidance on Residential Appraising...
November 22, 2010

Federal Reserve Board Issues Appraiser Independence Regs

Yesterday, the Federal Reserve Board released an interim final rule on appraiser independence.  The much-anticipated interim final rule is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203).  In their release, the Fed states...
October 19, 2010

FHA Unveils New FAQs

The Federal Housing Administration (FHA) last week unveiled a new list of frequently asked questions (FAQ ).  The 26 page document covers a variety of topics on several FHA programs.  Topics include: New Construction Wood Destroying Insects/Termites Utilities –...
October 18, 2010

Rural Housing Allows for Delayed Appraisal

The US Department of Agriculture’s (USDA) Rural Development issued an Unnumbered Letter last month temporarily permitting obligations of Section 502 loans without an appraisal.  This is being done on a temporary basis and all loans must continue to meet...
October 1, 2010

Mortgage Brokers Left Out of Process in New Appraisal Code

The Frank-Dodd Wall Street Reform and Consumer Protection Act sunsets the Home Valuation Code of Conduct (HVCC).  The Code is set to sunset upon promulgation of new appraisal independence requirements due out in October. In a recent announcement by...
September 21, 2010

Appraisal Institute Withdraws from Foundation

On September 7, 2010, the Appraisal Institute (AI) released a statement withdrawing their sponsorship of the Appraisal Foundation.  Calling the Foundation’s statement unjust and unwarranted, the statement said the “Foundation’s decision to sanction the Appraisal Institute for conduct said...
September 8, 2010

TAVMA Asks for Delay in Fee Provision of Frank-Dodd

On August 25, 2010, The Title/Appraisal Vendor Management Association (TAVMA) sent a letter to the Federal Reserve Board (FRB) requesting that implementation of the customary and reasonable fee provision in Title XIV of the Frank-Dodd act be delayed.  The...
September 7, 2010

Foundation Upholds, Shortens AI Suspension

The Appraisal Foundation today released a statement upholding their suspension of the Appraisal Institute (AI).  However, the length of the suspension was reduced to December 31, 2010.  The suspension was initially to last through April 15, 2011.  The notice...
September 3, 2010