News 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...

It Ain’t Easy Going Green

One of the challenges with greening residential real estate has been appropriately valuing such features in the appraisal process.  According to the National Mortgage Professional, “Home builders and others have complained that appraisers often don’t properly take into account...
January 25, 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

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

Federal Reserve Board Issues Appraiser Independence Regs

Yesterday, the Federal Reserve Board released an interim final rule on appraiser independence.  The much-anticipated interim final rule is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203).  In their release, the Fed states...
October 19, 2010

Rural Housing Allows for Delayed Appraisal

The US Department of Agriculture’s (USDA) Rural Development issued an Unnumbered Letter last month temporarily permitting obligations of Section 502 loans without an appraisal.  This is being done on a temporary basis and all loans must continue to meet...
October 1, 2010

Mortgage Brokers Left Out of Process in New Appraisal Code

The Frank-Dodd Wall Street Reform and Consumer Protection Act sunsets the Home Valuation Code of Conduct (HVCC).  The Code is set to sunset upon promulgation of new appraisal independence requirements due out in October. In a recent announcement by...
September 21, 2010

Appraisal Institute Withdraws from Foundation

On September 7, 2010, the Appraisal Institute (AI) released a statement withdrawing their sponsorship of the Appraisal Foundation.  Calling the Foundation’s statement unjust and unwarranted, the statement said the “Foundation’s decision to sanction the Appraisal Institute for conduct said...
September 8, 2010

Foundation Upholds, Shortens AI Suspension

The Appraisal Foundation today released a statement upholding their suspension of the Appraisal Institute (AI).  However, the length of the suspension was reduced to December 31, 2010.  The suspension was initially to last through April 15, 2011.  The notice...
September 3, 2010