READ THE FULL DECISION: Virginia Oak Venture, LLC v. O.D. Fought, Jr.
A Texas court has determined that a commercial property purchaser’s reliance on a draft appraisal provided to the originating lender was unjustifiable.
Jane Tang and her company, Virginia Oak Venture, LLC (“Purchaser”), bought an apartment complex (“Property”) as an investment property…. Read More
Fannie Collateral Underwriter Lender Letter
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On Feb. 4, 2015, Fannie Mae released Lender Letter 2015-02 to provide clarifications and additional information about Collateral Underwriter, Appraiser Quality Monitoring (AQM) and updates to the Property Eligibility and Appraisal Requirements section of the Selling Guide.
The lender letter stresses that the lender must not make demands or provide instructions to the appraiser based solely on automated feedback. Before asking the appraiser to consider any additional sales, the lender must determine if the… Read More
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JUL
2016
FHA Electronic Appraisal Delivery
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On March 26, 2015, the Federal Housing Administration (FHA) published Mortgagee Letter 2015-08, Electronic Appraisal Delivery (EAD) Portal for FHA-Insured Single Family Mortgages. This Mortgagee Letter announces FHA’s implementation of its EAD portal, and provides information about the portal and its mandatory use with FHA case numbers assigned on and after June 27, 2016. FHA notes that the EAD portal will offer process and technology efficiencies that streamline appraisal data transmission, promote quality up-front appraisal data, and reduce post-endorsement appraisal ...
Continue Reading →JUL
2016
New Tools, Techniques in Appraisal World
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At a forum looking at how technological advancement is changing the world of valuations, experts from the lending, multiple listing services, and real estate worlds discussed frustrations and new developments in the appraisal industry.
JUL
2016
Final Rule on Appraisal Management Companies
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On April 21, 2015, six federal agencies released a joint final rule on minimum requirements for appraisal management companies (AMCs). NAR supports the agencies’ efforts to guide states in registering and supervising AMCs. NAR commented on aspects of the proposed rule and provided recommendations for calculating appraiser panel membership for registration purposes, how to distinguish between an AMC and appraisal firm, and how the Appraisal Subcommittee could implement standards if a state chooses not to participate. The final rule is ...
Continue Reading →JUL
2016
Getting the Word Out About Going Green
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The Department of Energy announced yesterday they’re partnering with NAR and other organizations to spread the word about the benefit of energy efficiency, so it can be better valued in real estate markets.
JUL
2016
Board Strengthens Appraiser Qualifications
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The Appraiser Qualifications Board (AQB) recently updated the minimum national requirements for becoming a real property appraiser in an effort to continue to advance and attract the best and brightest to the profession.
JUL
2016
An appraisal management company has agreed to pay a $5,000 administrative fee and adopt a fee schedule after an investigation by the Louisiana Real Estate Appraisal Board.
JUL
2016
Video: Appraisers’ roles have evolved, particularly since Dodd-Frank. Agents also must be advocates for the transaction so that a credible appraisal can be performed. Agents can help by preparing an appraisal package. Include MLS and tax roll information, photos and unique aspects about the property. Work together to anticipate and prevent problems during the process.