So, here’s the situation; you are appraising a unique property in a limited area with few sales. You inspect the subject on Wednesday and finally get to the write up on Friday morning. As you are searching the neighborhood for sales, you notice a fairly comparable home that sold on the same street. It happens to be the very best …
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Our team at Appraisal Buzz, and I, are really excited to announce the launch of an Appraisal Buzz magazine. Yes, you heard that right. We are going to engineer some backwards technology and publish our first ever print magazine next Spring. We’ve gone retro with an old fashioned, glossy magazine delivered to your mailbox. The purpose is to reach a …
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It seems all anyone in the industry is talking about recently is the announcement of Fannie Mae’s appraisal review tool Collateral Underwriter (CU). Appraisers want to know how this will affect their past appraisals and what it will mean for their appraisals in the future. Who has rights to the data and who will be able to view it? Richard …
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The appraisal industry is changing…. again. Since the mortgage meltdown we’ve seen knee jerk legislation like HVCC and the massively opaque Dodd-Frank bill. Just like the S&L crisis which brought us appraiser licensing and the USPAP, appraisers seem to always end up being on the wrong side of these issues. As we know the biggest mortgage investor since the meltdown …
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The Great Collateral Underwriter Caper Hold the presses and rewrite the headlines! Retitle the newsletter, get ready to put this on your home page, and tweet everyone. You have been robbed! The data you have provided on every appraisal submitted since the development of the UAD communication system has been analyzed and the GSEs have created what is likely the …
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In the midst of the Mortgage Bankers Association Annual Conference, Fannie Mae announced on October 20th it will make available to sellers its proprietary appraisal review tool, Collateral Underwriter™ (CU). According to the press release, the tool will be available on appraisals submitted to the Uniform Collateral Data Portal (UCDP) and its results will be included in the response from …
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Last month the Virginia Center for Housing Research and the Virginia Tech Program in Real Estate released the Virginia Residential Real Estate Appraiser Remuneration Survey Results. We sat down with Drew Sanderford who was the primary investigator to discuss the survey itself, the results, and what it means to the appraisal industry. Buzz: Thank you for joining us to discuss …
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Dodd-Frank requires lenders to pay appraisers a Customary & Reasonable (C&R) Fee. The most common thread in appraiser comments on C&R is that it doesn’t matter because there is no enforcement. So the natural progression is that one must first determine C&R before one can enforce it. For most states, determining C&R has been a challenge, but we have identified …
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