Adjusting outside the Fannie Mae mold
Residential property appraising is a complex undertaking, and unfortunately for appraisers, many household features that fall outside the norm don’t come with a one-size-fits-all value. These items are often excluded from the traditional features identified as adjustment factors on the Fannie Mae appraisal forms — even though they can have a tremendous impact on sales prices and market value. Keep reading for an industry expert’s advice for adjusting outside the Fannie Mae mold.
Former bank exec in hot water for appraisal fraud
A former senior vice president and chief credit officer at a now-defunct $2.8 billion bank pleaded guilty for his role in facilitating elaborate schemes involving appraisals to defraud shareholders and regulators. Keep reading for the details.
County’s chief appraiser fired for stalking
Medina County, Texas, is without its chief appraiser of more than 20 years after the industry veteran was fired after being jailed for a second time for unwanted advances towards his former significant other.
Medina County Appraisal District Chief Appraiser James Garcia was arrested Sept. 11 on a felony stalking charge at the appraisal district’s offices in Hondo, Texas, the San Antonio Express-News reported.
The trouble started in May when Garcia was arrested on a misdemeanor charge of harassment for continuing to contact his former significant other after he was asked to cease contact.
Mobile appraising: Then and now
Mark Stockton, managing partner at Valuation Research LLC, set out 30 years ago to try to determine whether appraising in the field was a viable option for residential appraisers. Keep reading to see what the mobile pioneer learned during his two-year experiment, and what lessons today’s appraisers can take from it.
How to handle ‘toxic’ assignments
It takes a lot to be an appraiser these days. Not only are appraisers’ valuations being scrutinized more intensely than ever before, but faster turn time requirements and other AMC pressures have resulted in a full workload for appraisers on each assignment.
So the need to be an environmental expert on top of all the other requirements appraisers face isn’t something that most in the industry want to add.
Luckily, it doesn’t take a Ph.D. in chemistry to be a vital asset to lender clients when potential environmental issues do arise.
Mother-daughter duo busted for appraisal scheme
A mother-daughter duo could be spending some quality family time in prison after their roles in a real estate appraisal scheme were exposed.
The United States Attorney’s Office for the District of Connecticut announced Aug. 25 that Ann Hils, 54, of East Hampton, Conn., pleaded guilty to one count of conspiracy to commit mail and bank fraud related to an appraisal scheme.