Legal Archive

No Joke: States Aim to Prohibit Foreclosures in Appraisals

An American Banker article last week notes that four states are considering legislation that would prohibit an appraiser from using foreclosures in an appraisal report. According to the article, the rationale is that the high number of foreclosures in...

AQB Exposure Draft – Comments Welcome

The Appraisal Foundation’s Appraisal Qualifications Board (AQB) issued the third draft of Proposed Revisions to the Future Real Property Appraiser Qualification Criteria earlier this month. Previously, the AQB held a public hearing in Minneapolis, MN, on the types of...

Updates Available for Uniform Appraisal Dataset

The Uniform Appraisal Dataset (UAD) standardizes key appraisal data elements to enhance data quality and promote consistency for mortgages purchased by the government sponsored enterprises (GSE), Fannie Mae and Freddie Mac. For appraisals with an effective date (date of...

Appraisal Foundation Webinar on Fair Value & Financial Reporting

The Appraisal Foundation announced a Webinar on March 16, 2011, at 1:00p (ET) on Fair Value and Financial Reporting issues for appraisers. The cost is $20 and you can register here. Discussion will focus on the following: An orientation...
February 22, 2011

HUD Eliminates Master Appraisal Report

The US Department of Housing and Urban Development (HUD) released ML 2011-07: Elimination of the Master Appraisal Report (MAR) effective January 12, 2011, for mortgages insured by the Federal Housing Administration (FHA). Previously, MARs allowed developers to obtain an...
January 21, 2011

MI Realtors Purchase AMC

The Michigan Association of REALTORS® (MIR) announced last week that the organization purchased an appraisal management company (AMC).  The state association acquired Midwest AMG, which will serve as a wholly owned, for-profit subsidiary.  According to MIR, “[t]his means in...
December 27, 2010

GSEs Announce updates to UMDP

The Uniform Mortgage Data Program (UMDP) is a joint effort between the government sponsored enterprises (GSE), Fannie Mae and Freddie Mac, to create uniform data standards and collection processes. The program will create efficiency, strengthen risk management for the...
December 17, 2010

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