Author Archive

GSEs Look to Follow FHA’s Lead on Streamlined Refis

From the Housing Wire, Fannie and Freddie are considering a change with regard to how “Streamlined Refi’s” are appraised: In particular, the GSEs are considering a plan to allow some borrowers to refinance without the use of an updated...
December 15, 2008

“They would get on the phone and scream at me to inflate values.”

Here’s a nice little article discussing appraisal pressure, from the Virginia Pilot: For several years in the mid-2000s, Fincham said, his company, FM & Associates, did steady business with a Virginia Beach mortgage brokerage but faced escalating pressure to...
December 5, 2008

For Thanksgiving: Be Thankful You’re not this Appraiser

Here is a classic story of appraisal fraud out of Vancouver, Washington. Carpenter learned in March 2007 that Dodge had been doing appraisals using Carpenter’s name and license number — even appraisals on commercial and million-dollar properties that Carpenter,...
November 26, 2008

Appraisal Groups Seek Ban of BPO’s

The Appraisal Groups have written a letter to the FDIC asking them to prohibit the use of Broker Price Opinions in the FDIC’s new Loss Sharing Proposal. In a November 19 letter, the Appraisal Institute strongly urged the Federal...
November 24, 2008

Fannie Mae Institutes new Appraisal Guidelines

Fannie Mae has established new guidelines for filling out an appraisal report. The following requirements and clarifications are included in the guidelines: - Supervisory appraisers can no longer just sign off on an appraisal – they must inspect the...
November 19, 2008

Appraisal Institute Board Votes Down NAR Affiliation

From the Appraisal Institute website: In a November 6 vote, the Appraisal Institute Board of Directors voted not to pursue affiliation with the National Association of Realtors. The vote, which occurred during the Board’s fall meeting in San Antonio,...
November 12, 2008

Pressure to Approve Loans Ruined WaMu

There is a great article in the New York Times about how pressure to approve loans helped bring down Washington Mutual: MS. COOPER started at WaMu in 2003 and lasted three and a half years. At first, she was...

Appraisal Subcommittee Director Quits after First Day

I heard a rumor about this through the appraisal grapevine, but never saw anything substantial to verify it. However, according to the AP, the Appraisal Subcommitee’s new Director, Linda Nessi, quit after her first day on the job. Government...
October 29, 2008

New Farm Bill Restricts Access to Data

In the recently enacted Farm Bill, there is a provision that makes it more difficult to access data from the United States Department of Agriculture – Farm Service Agency. The provision (Section 1619) was enacted to address privacy concerns....
October 27, 2008

37,000 Real Estate Appraisers in China

Here is a fascinating look at the appraisal profession in China: Since the opening up to the outside world 30 years ago, in particular, the birth of the first real estate appraisers in 1993, the real estate appraisal industry...
October 23, 2008