Appraisal & Valuation Archive

Appraisal Foundation creates Appraisal Practices Board (APB)

The Appraisal Foundation Announces Establishment of New Independent Board Appraisal Practices Board (APB) to Commence Work in July 2010 The appraisal foundation has announced the formation of a new board, the Appraisal Practices Board APB). This board joins the...
November 7, 2009

Appraisal Foundation – October Q&A

Client Request to Limit Scope of Work to New Client Name Question: An appraiser completed an appraisal for Client A. Client B received a copy of the appraisal from Client A and finds it acceptable for their purposes, but...
October 30, 2009

FHA Announcements on Performance Standards and Flood Zones

The Federal Housing Administration (FHA) recently released several new Mortgagee Letters, including 2 on focused on appraisals. ML 2009-37: Flood Zone Requirements and Responsibilities of FHA Mortgagees and Appraisers. Appraisers are required to review the applicable FEMA Flood Insurance...
October 22, 2009

Freddie Notes Improvements since HVCC Implementation

The National Mortgage News is reporting that Freddie Mac is noting a “tangible improvement in the quality of appraisals of loans it buys” since having implemented the Home Valuation Code of Conduct (HVCC). The appraisals are compared against an...
October 20, 2009

Angie Questions Benefits of HVCC

Angie’s List Magazine published an article this past weekend expressing concerns with the Home Valuation Code of Conduct (HVCC). The article focuses on the impacts to the consumer, particularly around geographic competency and the increasing cost of the appraisal....
October 6, 2009

Reminder: Eligibility Requirements for FHA Roster Appraisers

The Federal Housing Administration (FHA) reminds appraisers and lenders that as of October 1, 2009, appraisers on the FHA Appraisal Roster must be state certified. FHA made the announcement in ML 2009-36. Appraisers on the roster without state certification...
September 25, 2009

Same Home in Different Areas Means Different Value

CNNMoney today has an idea that should come as no surprise to many appraisers. If you have the same home in various parts of the country you will get different values for the home. They take the same 4-bedroom,...
September 23, 2009

Appraisal Institute Updates

The Appraisal Institute (AI) recently announced updates to its HVCC Myths & Realities and Appraiser Independence Manual. “The updates clarify that appraisers are not required to provide lenders with certification that an appraisal was completed in compliance with the...
September 10, 2009

HVCC In the News – Carmicheal, CA

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August 31, 2009

AI Comments on Geographic Competency Issue

Jim Amorin, President of the Appraisal Institute, commented on appraisers who may be violating the Uniform Standards of Professional Appraisal Practice (USPAP) or other professional and ethical standards of appraisers. Mr. Amorin’s comments focused on geographic competency – an...
August 26, 2009