Appraisal & Valuation Archive

“You Get What You Pay For”

The Boston Globe Magazine has an interesting piece on appraisers. The article encourages consumers to closely monitor the appraisal process. While this is not a horrible idea, there is a fine line between asking an appraiser to consider new...
April 6, 2009

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...

Colorado House Increases Penalties for Appraisal Fraud

The Colorado House has passed legislation that will significantly increase the penalties for those appraisers who engage in appraisal fraud. House Bill 1183 makes appraisal fraud a Class 1 misdemeanor punishable by up to 18 months in county jail...
March 24, 2009

Should you care how much money your appraiser makes?

This question was asked in a recent New York Times article. The article goes on: SHOULD you care about how much money your appraiser makes? That question is at the heart of a dispute in the mortgage industry, pitting...
March 23, 2009

Free RAA/GAA Marketing Brochures

As part of NAR’s new ‘Right Tools, Right Now’ initiative, Realtors® who have earned the RAA or GAA designation are now able to order the RAA/GAA informational brochure for consumers and lenders FREE of charge, while supplies last. To...
March 18, 2009

“Management companies are taking over the appraisal business”

Here is another news article about appraisers preparing for the implentation of the Home Valuation Code of Conduct. From the Daytona News Journal: “The industry has changed, and over the past five years, management companies are taking over the...
March 17, 2009

House Leaders Question Mortgage Appraisal Plan

House leaders are questioning Obama’s mortgage refinance plan, which relies heavily on BPO’s and AVM’s. From the New York Post: Another aspect of Geithner’s plan that is being questioned by lawmakers involves the house-appraisal mechanism the White House proposed...
March 16, 2009

NAR President Testifies in favor of regulating Appraisal Management Companies

The President of the National Association of Realtors®, Charles McMillian, testified today before the House Committee on Financial Services’ Subcommittee. In his remarks, President McMillan spoke in support of Appraisal Independence and in favor of managing Appraisal Management Companies....
March 11, 2009