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appraisal: Fannie Mae Announcement 09-11 Requires Submission of Electronic Appraisal Reports in MISMO XML Standard - 05/31/09 06:47 AM
In Announcement 09-11, New Data Delivery Requirements, Fannie Mae announced changes to the loan delivery file and the Uniform Residential Loan Application (Form 1003) to accommodate new data elements required by the Federal Housing Finance Agency (FHFA).
Download Fannie Mae Announcement 09-14-Electronic Appraisal Reports
These changes are intended to result in enhanced identification and accountability of key parties in the mortgage transaction and are another step in Fannie Mae’s ongoing efforts to improve loan quality.
In the coming months, Fannie Mae will announce a series of other policies intended to improve loan quality, including the implementation of a robust … (3 comments)
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appraisal: Illinois "Appraisal Bill" HB 1015 Passes Unanimously - 05/14/09 09:33 AM
After three years of trying, it finally took a new Governor and a persistent ICAP to get Appraisal Bill - HB1015 passed. The Bill passed in the Senate yesterday unanimously! It will now go to Governor for signature.
This is not a new law, but an amendment to the existing law. Brian Weaver will be covering many of the changes the new law brings to the appraisal industry in Illinois at ICAP's summer seminar.
You can read the bill as introduced here: http://tinyurl.com/oh9ec4
The following is a brief Synopsis of some of the changes.
Synopsis As Introduced Amends … (1 comments)
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appraisal: Allegedly Inflated Appraisal Made Prior to Construction of New Home Cannot Support a Fraudulent Misrepresentation Claim: Court Endorses "Cost Approach" - TN - 09/28/08 10:49 AM
I think that appraisers will find this case very interesting from a variety of perspectives! The case went all the way to the Court of Appeals in Nashville, TN and was ultimately decided in favor of the appraiser, but not without some interesting twists and turns along the way.
View my page on The Appraiser's Water Cooler JOSEPH AND KIMBERLI DAVIS v. PATRICK J. MCGUIGAN, ET AL. (Tenn.Ct.App. September 11, 2008).
One of the key elements in the case was a citation Byrd v. Hall, 847 S.W.2d 208, 215 n.5 (Tenn. 1993).
To sustain a cause of … (1 comments)
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appraisal: VA Circular 26-07-4: Valuing Properties During Periods of Declining Market - 12/13/07 04:15 PM
Facing a declining housing market, the U.S. Department of Veterans Affairs (VA) distributed a document (Thursday, December 06, 2007) reaffirming that the agency requires appraisals at fair market value for properties used as security for a VA loan. Download Circular 26-07-4 -Valuing Properties During Periods of Declining Market.pdf
In a document signed by Judith Caden, Director of the VA's Loan Guaranty Service, the VA provides the following guidance to appraisers (Chapter 11, Section 8, Lender's Handbook):
A summary of market trend indicators to consider when performing an appraisal is provided below.
Determine whether sales or financing concessions are being offered in the subject … (5 comments)
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appraisal: Top 10 Reasons Appraisers Decline Assignments (2003 vs 2007) - 10/03/07 06:20 PM
Brian J. Davis, RAA - Brian Davis & Associates - Brian has over 23 years of appraisal experience in Central, IL and hosts the Appraisal Scoopblog and the WinTOTAL Users Group an email forum for appraisers.
… (5 comments)
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appraisal: Who does the appraiser work for? - 08/24/07 10:39 PM
Kelly Koehler of The Housechick Blog asked the following questions, in her original blog post, after reading an article authored by an appraisal organization:
Okay, remind me again, who typically pays for the appraisal? Oh yeah - the BUYER. And who gets a copy of it? Oh yeah - the lender. And who has to make a request to receive a copy? After they paid for it? Is there a disconnect here or is it just me?
Who does that appraisal really protect? The buyer or the lender?What percentage of appraisals come back at exactly the sales price? 80%? 90%? You know the … (38 comments)
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appraisal: How To Prepare For A Real Estate Appraisal - 08/22/07 08:48 AM
For homeowners, a real estate appraisal is the linchpin to buying or selling their home. It allows the property transactions to occur among the buyer, seller, real estate agent and mortgage lender.
Before an appraiser arrives, there are a few things you should know. By law, an appraiser must be state licensed to perform appraisals prepared for federally related transactions. Also by law, you are entitled to receive a copy of the completed appraisal report from your lender.
To facilitate the appraisal process, it's beneficial to have these documents ready for the appraiser:
A plot plan or survey of the house and land (if … (3 comments)
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appraisal: Locate multiple addresses - calculate distances - make your own mashup map - instantly! - 08/14/07 06:28 AM
How would you like to take any kind of street address list, for example copied from an Excel spreadsheet, and automatically geocode the addresses to get latitude and longitude coordinates? Then, map the data in your browser, download it into Google Earth, save it to a web page, or transfer it back into your spreadsheet?
You CAN with Batch Geocode!
Batch Geocode provides an Excel template for data entry. You could also use a data source of your own and map the address cells to match the online Batch Geocode tool.
I downloaded their template, deleted the sample data and entered my … (0 comments)
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appraisal: Planned Unit Development (PUD) - Appraiser vs Underwriter Q&A - 08/12/07 06:03 AM
Appraiser Asks: Can you help me explain that just because Homeowner Association (HOA) dues are paid doesn't mean the appraised property is in a Planned Unit Development (PUD)? The Loan Underwriter rejected my appraisal because HOA dues of $300 per year are paid for maintenance of a drain water lagoon. The Underwriter says: "Either remove the HOA dues from the report or indicate subject is located in a PUD. We can't have one without the other." Thanks Bill
Bill, I think this may be a case where the Underwriter has a valid point! FNMA/FHLMC indicate that if the following are true for … (9 comments)
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appraisal: How Credit Got So Easy And Why It's Tightening - 08/09/07 07:22 AM
As Oliver Hardy used to say . . .
"Well, here's another nice mess you've gotten me into."
Yesterday the RealEstateJournal.com posted a great article on The origins of the credit boom and its unfolding predate mistakes in the last year.
The article traces the issues to changes in the banking system provoked by the 1980s savings-and-loan collapse, the Asian financial crisis in the 1990s and the tech-stock bust of 2000-01.
Summary:
Recent events show that financial innovations meant to distribute risk can end up multiplying it instead, in ways neither regulators nor investors fully understand. Mr. Grantham, the Boston money manager, says his portfolios … (3 comments)
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appraisal: Brian Davis speaks at the 2007 a la mode convention - Marketing Your Business! - 08/08/07 07:38 AM
The following is from the 2007 a la mode convention blog site:
Our first of three lunch panel discussions, Marketing Your Business and Yourself, featured discussion of general philosophies and tactical tips appraisers can apply in their day to day business.
The overarching theme from all three speakers, Ann O'Rourke, Brian Davis and Dave Biggers, was that you have to realize that most everything you do is marketing, and you need to commit yourself to improving it.
No one makes a decision to buy goods or services after hearing about them once -- you need to approach marketing as a … (1 comments)
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appraisal: Geek's Corner: On-line Backup Sytems for Appraisers - 08/08/07 07:27 AM
The Webopedia encyclopedia defines backup : (v.) To copy files to a second medium (a disk or tape) as a precaution in case the first medium fails. One of the cardinal rules in using computers is back up your files regularly.
Even the most reliable computer is apt to break down eventually. Many professionals recommend that you make two, or even three, backups of all your files. To be especially safe, you should keep one backup in a different location from the others.
Traditionally, most of us use commercial software to automatically back up our files to an external hard disk, … (5 comments)
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Brian Davis
Bloomington-Normal,
IL
More about me…
Brian J. Davis & Associates
Office Phone: (309) 662-4070
Cell Phone: (309) 662-4070
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Real Estate Professionals . . .GET THE SCOOP! on all of the latest appraisal news, valuation trends, real estate software/technology solutions and maybe even a little entertainment.
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