Appraisal

NAR submitted comments to the Consumer Financial Protection Bureau, US Department of Treasury, Federal Deposit Insurance Corporation, Federal Reserve Board, and Federal Housing Finance Agency on the proposed rule to establish minimum requirements for Appraisal Management Companies (AMCs).

On May 13, 2014, NAR hosted the Real Property Valuation Forum at that REALTOR® Party Convention & Trade Expo. NAR member Frank Gregoire moderated a panel discussion about the residential appraisal process. Panelists discussed ways that real estate agents can educate potential homebuyers about the appraisal process and how to effectively communicate with appraisers. The discussion also addressed concerns NAR members have about geographic competency and frustrations surrounding appraisal appeals process.

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The Appraisal Foundation offers a host of video resources, including the series “Understanding the Appraiser Regulatory System.”

1. Understanding the Real Property Appraiser Regulatory System Introduction
2. The Association of Appraiser Regulatory Officials (AARO) and the Real Property Appraiser Regulatory System
3. The Appraisal Foundation (TAF) and the Real Property Appraiser… Read More

The Federal Housing Administration posted four draft appraiser-specific policy documents that will be part of the Single Family Housing Policy Handbook. FHA specifically encouraged FHA Roster appraisers, and mortgagee staffs that underwrite appraisals, to submit feedback.

NEW ORLEANS (November 8, 2014) – Realtors® shouldn’t be afraid of the plethora of available real estate data online, and it’s their responsibility to educate buyers and sellers about the different valuation models and data available, according to panelists at a property valuation forum here at the 2014 REALTORS® Conference & Expo.

The panelists discussed the challenges of helping buyers and sellers understand the difference between actual appraisals and those from automated… Read More Continue Reading →

The Historical Development of the Appraiser Regulatory System, from The Appraisal Foundation.

Fannie Mae developed a new proprietary appraisal risk assessment application called Collateral Underwriter™ (CU™). CU will be made available to lenders in January 2015. Here is Fannie Mae’s latest FAQ on CU, which addresses some appraiser concerns.

In recent weeks, there have been a number of news articles involving appraisers, including some that have unfairly accused appraisers of inflating home values.

On January 26, 2015, Fannie Mae’s Collateral Underwriter (CU), an appraisal risk-assessment tool, became available to lenders. CU is a tool that lenders can use to assign a risk score to appraisals and identify aspects of the appraisal that may require further attention. The tool can provide the lender a list of additional comps for possible appraiser review. NAR is proactively working with Fannie Mae to address NAR member questions about how lenders are implementing CU and concerns about possible ...

At the end of January 2015, Fannie Mae will make Collateral Underwriter (CU), an appraisal risk-assessment tool, available to lenders.  CU is an optional, free tool that lenders can use to assign a risk score to appraisals and identify aspects of the appraisal that may require further attention.  The tool can provide the lender a list of additional comps for possible appraiser review.  NAR members are concerned that this could add time to the appraisal process and force appraisers to ...