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News By Edition
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Valuation Review Edition
April 14, 2014
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USPAP’s top five misunderstood guidelines explained – Part One
Posted Date: Wednesday, April 9, 2014
The Appraisal Foundation’s revisions to the Uniform Standards of Professional Appraisal Practice (USPAP) for 2014-15 took effect Jan. 1.
Even though the revisions were meant to alleviate confusion and promote appraisal best practices, there are still some often-misunderstood standards appraisers need to be aware of.
John Brenan, the director of appraisal issues at The Appraisal Foundation, said that hardly a day goes by when the foundation doesn’t field a question from an appraiser, appraisal management company (AMC) or a state appraiser regulatory agency about how particular USPAP guidelines apply.
While appraisers can become more familiar with USPAP guidelines by participating in USPAP update courses before revisions take effect, Brenan talked to Valuation Review about the top five frequently misunderstood areas of USPAP that appraisers need to know.
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New organization looks to modify appraiser education
Posted Date: Monday, April 7, 2014
The Alliance for Valuation Education (Alliance) is a new non-profit organization aimed at providing greater availability of quality educational materials for appraisers. Alliance, which was established with the support of 13 leading appraisal-related organizations, is a developer of valuation education materials, but not an educator itself.
As Alliance gears up to unveil its material this summer, Valuation Review talked to Paul Bierschwale, chair of Alliance’s board of regents, about his organization’s background and what we can expect from Alliance in the near future.
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Fannie Mae releases rural appraisal requirements
Posted Date: Monday, April 7, 2014
Fannie Mae has released a Lender Letter to help clarify appraisal requirements for valuing properties in rural areas and small towns that meet Fannie Mae’s property eligibility requirements. Since more remote locales can present a unique set of challenges for lenders and appraisers, the letter discusses best practices for appraiser selection, property eligibility and special considerations, as well as acceptable appraisal practices.
Fannie Mae recognized that unique properties require appraisers with unique skillsets.
“Residential properties often have characteristics that present difficulties for appraisers, such as unique building types, substantial distances between properties, large lot sizes that may include farmland, and non-public sources for various utilities,” the Lender Letter stated. “General lack of density and homogeneity demand reliance on appraisers with expertise and experience in these markets. Qualified appraisers who understand the characteristics of these markets are key to ensuring compliance with Fannie Mae property eligibility and appraisal requirements.”
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Is FEMA bailing out the rich? FBI investigates suspect flood maps
Posted Date: Wednesday, April 2, 2014
The Federal Bureau of Investigation (FBI) has begun to investigate employees at the Federal Emergency Management Agency (FEMA) after NBC News came out with findings that allege the government agency remapped federal flood maps to exclude numerous waterfront properties with a history of flood damage, NBC News reported.
The FBI has interviewed employees of FEMA in Washington over the past couple weeks to assess the report’s findings. The bureau has also interviewed and obtained documents from associated parties outside of FEMA, such as agencies that evaluate FEMA’s map changes.
The findings of NBC’s report show more than 500 instances where at-risk coastal properties have been excluded from the highest-risk flood zone designation, which has enabled some owners to save as much as 97 percent on their flood insurance premiums.
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FHA announces new portal for appraisal report submissions
Posted Date: Wednesday, March 26, 2014
The Federal Housing Administration’s Office of Single Family Housing announced March 19 that it is developing a new Web-based portal for electronic appraisal report and data submissions, referred to as the Electronic Appraisal Delivery portal. When completed, the FHA EAD portal will bring increased efficiency to delivering appraisal reports and data for FHA review and analysis. Keep reading for the details.
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Appraisal Institute expands registries of ‘green’ appraisers
Posted Date: Wednesday, April 2, 2014
The Appraisal Institute announced it has expanded its Valuation of Sustainable Buildings Professional Development Program’s online registries of residential and commercial appraisers. Placement on the registries shows potential clients and employers that these individuals have obtained knowledge on green and energy-efficient valuation. The global professional association of real estate appraisers expanded the list of those eligible to be listed in the online registries in response to requests from clients seeking to hire commercial and residential appraisers who had participated in the Appraisal Institute’s program.
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Surf’s up: Vacation-home sales riding post-recession wave
Posted Date: Monday, April 7, 2014
A new report from the National Association of Realtors shows that an increasing number of homebuyers are looking to capitalize on post-recession stability by trading in their front porch for the beachfront. The association’s 2014 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2013, shows vacation-home sales jumped significantly last year from the year before. Keep reading for the full details.
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Home prices continue to improve, report shows
Posted Date: Monday, April 7, 2014
CoreLogic released its February Home Price Index report on April 1 that showed home prices nationwide, including distressed sales, increased in February compared to February 2013. This change represents 24 months of consecutive year-over-year increases in home prices nationally. Keep reading to see all the key numbers.
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Experts predict the commercial market 25 years in the future
Posted Date: Wednesday, March 26, 2014
The commercial real estate market is currently enjoying moderate growth.
According to a recent report from the National Association of Realtors, demand for office space is anticipated to slowly improve over the next year and retail markets are growing in conjunction with the economy. In addition, industrial real estate is expanding thanks to more international trade and apartment/multifamily housing is booming in many areas thanks to low housing affordability.
But what does the commercial market look like in the long term?
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Illinois appraiser not liable for overstating home’s square footage
Posted Date: Wednesday, April 2, 2014
An appraiser retained by a local tax review board had no liability to a homeowner for overstating a home’s square footage by more than 6,000 feet, an Illinois appellate court has ruled.
However, the Illinois Appellate Court (Third District) rejected the appraiser’s demand for sanctions against the homeowner for pursuing the professional malpractice lawsuit on appeal.
The case is Heyde v. Glassey (No. 400002).
The plaintiff, Raymond Heyde, bought a single-family home in Tazewell County, Ill., in 2000. Every year starting in 2003, Heyde had objected to his Tazewell County property tax assessments. In 2008, the Tazewell County Property Tax Review Board hired defendant Bradley Glassey, a residential appraiser, to provide a valuation on Heyde’s home.
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Software integration targets appraisal efficiency for lenders
Posted Date: Wednesday, April 2, 2014
Global DMS, a provider of Web-based compliant valuation management software, announced that its eTrac Enterprise platform has been integrated with the CoreLogic ChannelMaster Enterprise Lending Solution, loan origination software designed to help lenders efficiently process loans through the system. The integration allows ChannelMaster users to compliantly order and process appraisals, attain real-time status updates, establish transparency and control and return completed appraisal files directly from the ChannelMaster platform.
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Freddie Mac to adopt new appraisal review program
Posted Date: Monday, April 7, 2014
Clear Capital, a provider of data and solutions for the mortgage finance industry, has been selected by Freddie Mac to power its collateral review of appraisals submitted through the Uniform Collateral Data Portal and to provide the government sponsored enterprise with in-depth feedback regarding the quality and accuracy of the appraisals. Clear Capital will integrate a customized version of its valuation review product, ClearQC, with the UCDP. Keep reading for the details.
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The winners of the Valuation Review St. Patrick’s Day giveaway are …
Posted Date: Monday, April 7, 2014
October Research wishes to thank all of our e-mail update readers who registered to win great prizes in our special St. Patrick’s Day Give-Away.
And congratulations to our prize winners!
Six-month digital subscriptions to
Valuation Review
Chris Hall
A.R.C. Appraisals Ltd.
Evan Solotist
RAS Associates
Pamela Spampinato
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MBA announces top mortgage originators
Posted Date: Wednesday, April 2, 2014
The Mortgage Bankers Association has conducted a study to rank the top commercial/multifamily mortgage originators of 2013. The report presents origination volumes in more than 140 categories, including by role, investor group, property type, financing structure type and by the location of the originating office. The MBA study is the only one of its kind to present a comprehensive set of listings of 117 different commercial/multifamily mortgage originators, their 2013 volumes and the different roles they play. Keep reading to see who topped the list.
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Waters introduces new housing finance reform bill
Posted Date: Wednesday, April 2, 2014
Rep. Maxine Waters, D-Calif., is the latest member of Congress to craft a bill aimed at reforming the U.S. housing finance system.
Waters, who is the ranking Democrat on the House Financial Services Committee, unveiled the Housing Opportunities Move the Economy (HOME) Forward Act of 2014 on March 27.
The bill is similar to recently proposed legislation by Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va., and, more recently, Sens. Tim Johnson, D-S.D., and Mike Crapo, R-Idaho, in that it would aim to disband government sponsored enterprises Fannie Mae and Freddie Mac within five years.
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Mercury Mobile wins Top Innovation award
Posted Date: Wednesday, March 26, 2014
A la mode announced March 24 that Mercury Mobile, a new iOS app enabling appraisers to respond to new Mercury Network orders instantly, was named a Top Innovation of 2013 by the Progress in Lending Association.
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DeMarco announces departure from FHFA
Posted Date: Wednesday, March 26, 2014
The Federal Housing Finance Agency (FHFA) announced that Edward DeMarco will depart after recently serving as the agency’s acting director. DeMarco joined the Office of Federal Housing Enterprise Oversight, a predecessor to the FHFA, in October 2006 as its chief operating officer and deputy director. Keep reading to see the details.
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Agencies propose rule on supervision of AMCs
Posted Date: Wednesday, March 26, 2014
Six federal agencies have issued a proposed rule that would mandate minimum requirements for the state registration and supervision of appraisal management companies (AMCs).
The proposed rule, authorized under section 1473 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, would grant those state agencies that certify and license individual appraisers the same authority to oversee appraisal management companies.
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Adaptation, best practices key to appraising in new era — Part Two
Posted Date: Wednesday, March 26, 2014
Adhering to conventional best practices
Appraisers need to keep up with emerging trends to be able to adapt to changing markets, but there are some best practices that never go out of style.
Having the necessary skillset to be able to arrive at appropriate value conclusions is a given — that’s why pursuing education and certification is essential; however, Bunton says it is also important for appraisers to be able to apply their knowledge from house to house and market to market as circumstances change.
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