Appraisal & Valuation Archive

Home Valuation Code of Conduct (Revised Version)

A revised version of the Home Valuation Code of Conduct, an agreement between New York Attorney General Andrew Cuomo and Fannie Mae and Freddie Mac, has been released. The Agreement will be effective May 1, 2009. Here is a...
December 23, 2008

NYC Inflates Land Value of New Yankee Stadium

According to Wednesday’s New York Daily News, aides to Mayor Bloomberg put pressure on city tax assessors to inflate the value of land under the new Yankee Stadium to ensure the team qualified for $1 billion in tax-free bonds....
December 18, 2008

Just When You Think It Can’t Get Worse for Appraisers

Thieves in Ocala, Florida broke into the offices of Grace Appraisal Services stealing only the computers and, of course, the surveillance cameras. Other expensive office equipment was left behind. The computers contained information on appraisal clients JPM Chase Bank,...
December 12, 2008

The Appraisal Foundation – USPAP Q&A

Copyrighting an Appraisal Report Question: Does registration of a copyright on an appraisal report with the U.S. Copyright Office violate the confidentiality provisions of USPAP? Response: The ASB is taking no position as to whether an appraisal report is...
December 9, 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

HVCC Agreement Coming….Eventually

Today the Federal Housing Finance Administration (FHFA) released its 2008 Performance and Accountability Report. The 186 page document had a couple of brief paragraphs on the infamous appraisal agreement between Fannie Mae, Freddie Mac, and the NYS Attorney General...
November 17, 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