Monday, February 28, 2011

Implementing the Uniform Appraisal Dataset

From Freddie Mac:

"New and Updated Resources Available to Help with Implementing the Uniform Appraisal Dataset

"To help prepare your underwriting and property valuation staff, as well as the appraisers you work with, the following new and updated resources are now available on

* New Using the Uniform Appraisal Dataset Tutorial and Interactive Reference Manual: This helpful training tool introduces lender staff, appraisers, and industry professionals to the requirements and instructions necessary to complete appraisal report forms in accordance with the UAD.

* Updated Questions & Answers: We’ve posted new Q&As tailored specifically to address UAD-related questions we’ve received from appraisers. We’ll be updating the Q&As frequently, so please check back on a regular basis to make sure you have reviewed the latest updates.

* Updated Field-Specific Standardization Requirements document [PDF]: We’ve also renamed and made minor updates to the previously published Field-Specific Standardization Requirements for Lenders document. The updated document, now called Field-Specific Standardization Requirements, can be used to educate your staff, as well as the appraisers you work with, on the standardized definitions and responses for a key subset of fields on the four UAD appraisal report forms.

In addition to providing these resources, we’ve also updated the UAD Technical Specification to address issues identified with the required XPaths for mapping the data on the appraisal forms and minor changes to our formatting requirements..."



Wednesday, February 23, 2011

Pssst! Want to Buy A Failed Bank?

Forget a courting period. Those who want to buy the assets of a failed bank need to get to the altar fast to clinch their union.

The entire process — from the time the Federal Deposit Insurance Corp. (FDIC) releases information on a failed bank buying opportunity until the closing is finalized — is over in just four to five weeks. That is why potential buyers, mainly existing banks, must have their ducks in a row to carry out due diligence, submit a bid and seal the deal.

Buying opportunities have burgeoned as the volume of bank failures across the U.S. has risen. From early 2007 through Feb. 4 of this year, federal regulators shut down 332 financial institutions with combined assets of $647.4 billion. Many were banks toppled by delinquent residential and commercial real estate loans. And dozens more closings are projected for the remainder of 2011 and 2012.

Entire article here.

Monday, February 21, 2011

NAIFA Instructors' Clinic

NOTICE for 2011 NAIFA Instructors' Clinic

April 15 and 16, 2011

First Year/New Instructors: April 14th

Registration is now available for the 2011 Instructors' Clinic. Training for new instructors will be held from 3 pm to 9 pm on Thursday, April 14th. Experience instructors, new instructors who have completed Thursday's program and those who have attended Instructor Clinics previously will have day-long sessions on Friday and Saturday. At this time end time for Saturday is 4 pm.

There are three goals for the Clinic; to provide exposure to new course offerings, to enhance instruction skills, and to network with other instructors. Bi-annual attendance is required to maintain NAIFA instructor certification plus may be required to teach newly introduced courses.

Registration is by invitation only as approved by the NAIFA Education Chair, Ken Odenheim, IFAS.

Registration fee of $85 includes lunch and breaks on Friday and Saturday. Breakfast is available for hotel guests.

For registration and Clinic information:

For Maps, shuttles, and other informatin:

Location wil be at the Hilton Garden Inn in Frisco, Texas (north Dallas). Our NAIFA rate for sleeping rooms is $89. Web: Hilton Garden Inn - Frisco

We will be sending out more information on meet agenda, etc.

For Additional Clinic Information/Questions:
Ken Odenhein, IFAS
NAIFA Education Chair
Phone: 575-522-4474

or for registration and facility information:
Jim D. Pearson, IFAS, IFA
OFFICE: 972-562-9787 or CELL: 214-533-2787

Bad AMC - Momentum Appraisal Group, Inc.

Warning, bad AMC. Remember folks, you get what you pay for. How much is your liability worth? Take back control of YOUR industry!

Soon Customary and Reasonable might actually mean something to some.

Michael Imes, IFA

From: Momentum Order Inquiries []
Sent: Thursday, February 17, 2011 1:12 PM
Subject: Appraisal Inquiry / 3332 East Rasor Rd West, Belfair, Washington 98528

File Number: 02A50D8
Address: 3332 East Rasor Rd West, Belfair, Washington 98528

We have an Appraisal Order for an appraisal for the property above. We are trying to book this order for a fee of $225.00 this is a Conventional Loan.

Please respond to this email if you would be interested in this appraisal order. Please state your current turn around time.

This is not an actual appraisal request at this time.

Thank you!

Tara Ruiz
Toll Free: (800) 577-2947

Momentum Appraisal Group, Inc.
12000 Starcrest, Suite 109
San Antonio, Texas 78247

Friday, February 4, 2011

Leave Your Ego at the Door and Unite with other Appraisers!

State Appraisal Coalitions: Leave Your Ego at the Door and Unite with other Appraisers!


"Up in the Pacific Northwest, an ill-advised scheme was afoot. Residential builders in Washington state were working hard to persuade the legislature there to require “green” continuing education (CE) for all appraisers, regardless of whether an appraiser works on such appraisals.

Every appraiser there would have had to take seven hours of “green” CE credits out of the 28 hours of instruction required for biannual license renewal. Add in the USPAP coursework and that would have left just 14 hours for other elective credits.

Enter the Appraiser Coalition of Washington (ACOW). Among the pioneering industry coalition groups, ACOW went to work dispatching its lobbyists and members to explain why such a blanket requirement would be inappropriate and counterproductive to the professionals who would have to adhere to it.
The residential builders and lawmakers backed down. Why? Because ACOW spoke up, organized and focused on protecting its members’ interests.

It’s the sort of unity that should exist in every state across America, but sadly that’s not the case. In many states, appraisers don’t have such an assertive and organized voice and, as you’re probably aware, the results can be disastrous for the industry and the public whose interests we serve. We get scapegoated for the housing disaster, pushed around by lenders and regulated by legislators who have no idea how our business works."


ACOW Recognized Nationally

From Michael Imes:

The article link below is about state coalitions and their efforts around the country; this is in the LiveValuation magazine that was sent out this week.

ACOW's efforts are the lead-in to the story in the article and we are referenced throughout the article.


Justin Slack's comments:

While I think we have other things to worry about on the home front, i.e. sustainability as an organization, I do believe that the more awareness that is made in industry publications the better, especially for the unaffiliated.

Representing ACOW, I was interviewed for two October Research articles for December/ January (sorry, this is a paid subscription site that I do not subscribe to and was not granted a link), this LiveValuation story for February, and Valuation Magazine (an AI publication) that should be out in Q2 2011.

We were also displayed in the AI's Appraiser News Online (ANO) regarding our letter to the WA State Dept. of Commerce and "green" building valuation; I have received several e-mails from around the country from other appraisers regarding our letter.

I think by continuing to get out in the public arena, this will help those that haven't bought in to ACOW see that we are recognized by the industry and that we are making a difference...all for $45/ person/ year!

If you come across any additional publications or opportunities that you think would benefit ACOW, please let me know. As well, this e-mail distribution list is very short, so if you know someone that you think would benefit from the above link, please feel free to send that along.

Thanks for your continued efforts in working to better our profession,

Justin Slack, SRA

Reactionary Insanity – Fighting the Last War

I personally love this essay, which equates the idiocy of the TSAs "kindergarten threat management" to the business model of AMCs which claim to offer vetting services to lenders, while in fact doing nothing of value at all.

Reactionary Insanity – Fighting the Last War


Thursday, February 3, 2011

Appraisal Institute Releases E-books

"The Appraisal Institute released five of its publications in the electronic book format through on Dec. 15, offering readers multiple ways and price points at which to access the books' contents. The electronic offerings - ranging in price from $9.99 to $14.29 - include three of AI's latest titles and two other seminal works."

eBooks available from AI or Amazon:

"Appraising the Appraisal: The Art of Appraisal Review,"

"An Introduction to Green Homes,"

"An Insider's Guide to Home Buying," by Mark R. Rattermann, MAI, SRA,

Rattermann's 2007 book, "Valuation by Comparison: Residential Analysis and Logic," and

"Scope of Work," the 2006 edition by Stephanie Coleman, MAI, SRA,

Click here to read


Are you Functionally Obsolete?

Great article by Richard Hagar, SRA, in Appraisal Buzz:

"Functional obsolescence is the reason many appraisers are going out of business. On a daily basis, appraisers moan: "It's because of the HVCC that my business is down" or " that AMC or X or Y or Z caused my income to decline." Really? Are you sure? So, why is my company buried in business and you're not?"

"Appraisers often tell me ....puff, puff: "My work is in the top 10% of my peers." Most of the time these appraisers have no idea how little they know. More than likely it's because they are sole-proprietorships cut off from interacting with other, better, appraisers. Their lack of knowledge and skill will likely make them go the way of the Dodo bird, well unless....."

"...Let Me Offer Some Solutions."

The article is here. (Scroll down below advertising)

9 cities reach new lows in home prices (S&P/Case-Shiller)

"Home prices were down in 16 of the 20 MSAs compared to a year ago, with just Los Angeles, San Diego, San Francisco and Washington, D.C., showing increases. On a month-to-month comparison in the 20-city composite, 19 of 20 had home price declines with only San Diego recording a scant 0.1% increase.

Nine markets - Atlanta; Charlotte, N.C.; Chicago; Detroit; Las Vegas; Miami; Portland, Ore.; Seattle and Tampa, Fla., - hit their lowest points since home values peaked in 2006 and 2007, meaning that average home prices in those markets have fallen even further than the lows set in the spring of 2009.

Source is here.


Tuesday, February 1, 2011

HB 1371 - REAC

The Washington State Legislature is having a public hearing tomorrow morning, Febuary 2nd, regarding HB 1371 (the elimination of the Washington Real Estate Appraiser Commission, amongst others).

An ACOW representative will be providing testimony requesting that the REAC be redacted from this bill.

ACOW has been successful in the last two legislative sessions pertaining to the elimination of the REAC.