At this time there are two vacancies on the Real Estate Appraiser Commission.
If you are interested in applying for one of these positions please provide a letter of interest that outlines your background and experience in the appraising profession including:
The number of years you have conducted real property appraisals.
The names of any professional organizations to which you belong.
The name and type of any additional professional licenses you currently possess.
A brief description of what you could contribute to the Commission as a member.
Please include a copy of your current resume; mail or email your application documents to:
Ralph C. Birkedahl, Program Manager
Real Estate Appraiser Program
PO Box 9021
Olympia, WA 98507-9021
or
rbirkedahl@dol.wa.gov
Thursday, August 25, 2011
Wednesday, August 24, 2011
UAD Deadlines
1. September 1, 2011 (appraisal effective date): Appraisals must comply with the UAD data standardization requirements
2. December 1, 2011 (loan application date): Lenders must deliver full UAD-compliant electronic appraisal report data (if appraisal required) and expanded loan delivery data
3. March 19, 2012 (loan delivery date): Lenders must deliver full UAD-compliant electronic appraisal report data (if appraisal required), and loan delivery data must be provided in industry-standard ULDD format (unless manually entered in Loan Delivery)
For more info: https://www.efanniemae.com/sf/lqi/umdp/#backreq
Tuesday, August 23, 2011
UAD Updates
Appendix D (as of Aug. 11): https://www.efanniemae.com/sf/lqi/umdp/pdf/uadreqsforlenders.pdf
FAQ’s (as of June 2011): https://www.efanniemae.com/sf/lqi/umdp/pdf/uadfaqs.pdf
The Appraisal Foundation (TAF) released a free video recently previewing the 2012-13 changes to the Uniform Standards of Professional Appraisal Practice (USPAP). The 23 minute video includes:
- revisions to the definitions of "Client", "Extraordinary Assumptions",Hypothetical Condition", and a new definition of "Exposure Time"
- Creation of a new RECORD KEEPING RULE and related edits to the Conduct Section of the ETHICS RULE
- Revisions to Advisory Opinion 21
- Revisions to STANDARDS 7 & 8
http://www.globalpres.com/mediasite/Viewer/?peid=ae8192ef41804f23a498bf7b30458189
FAQ’s (as of June 2011): https://www.efanniemae.com/sf/lqi/umdp/pdf/uadfaqs.pdf
The Appraisal Foundation (TAF) released a free video recently previewing the 2012-13 changes to the Uniform Standards of Professional Appraisal Practice (USPAP). The 23 minute video includes:
- revisions to the definitions of "Client", "Extraordinary Assumptions",Hypothetical Condition", and a new definition of "Exposure Time"
- Creation of a new RECORD KEEPING RULE and related edits to the Conduct Section of the ETHICS RULE
- Revisions to Advisory Opinion 21
- Revisions to STANDARDS 7 & 8
http://www.globalpres.com/mediasite/Viewer/?peid=ae8192ef41804f23a498bf7b30458189
Tuesday, August 16, 2011
NAR Encourages Bar of AMC Indemnification Clauses
In a letter to the heads of the Department of Housing and Urban Development, Federal Financial Institutions Examination Council, Veteran's Administration and the Federal Housing Finance Agency, NAR President, Ron Phipps, encourages the bar of indemnification clauses used by Appraisal Management Companies (AMCs).
An excerpt:
"Appraisers provide an independent and impartial analysis of the market, and acredible opinion of the value of real property. This analysis is a critical component of the mortgage transaction and, in recent months, has become thesubject of unnecessary pressure. The mounting use of indemnification clauses by AMCs may be interfering with the appraiser’s independence and objectivity. In many cases, appraisers are asked to sign contracts that include language to indemnify and hold harmless the AMC against any suit, threat, or claim on any work product or service provided as part of the contract agreement. In some instances, the appraiser is even required to indemnify the lender and the AMC for amounts equal to their costs in repurchasing a mortgage loan, regardless of any proof of culpability on the part of the appraiser."
Source
An excerpt:
"Appraisers provide an independent and impartial analysis of the market, and acredible opinion of the value of real property. This analysis is a critical component of the mortgage transaction and, in recent months, has become thesubject of unnecessary pressure. The mounting use of indemnification clauses by AMCs may be interfering with the appraiser’s independence and objectivity. In many cases, appraisers are asked to sign contracts that include language to indemnify and hold harmless the AMC against any suit, threat, or claim on any work product or service provided as part of the contract agreement. In some instances, the appraiser is even required to indemnify the lender and the AMC for amounts equal to their costs in repurchasing a mortgage loan, regardless of any proof of culpability on the part of the appraiser."
Source
Monday, August 15, 2011
Appraising in a fallen housing market
Letter to the Editor, Seattle Times, August 10, 2011
Discrepancy in Article
In response to “The age of appraisal aggravation” [Real Estate, July 31], as a professional appraiser, I wanted to point out a discrepancy in the article.
While many of the people interviewed for the article stated that appraisers have been responsible for providing valuations that do not support sale prices, appraisals completed for mortgage transactions are not technically provided to confirm or support a sales price; they are used to assist lenders in making underwriting decisions.
Credible and realistic value opinions help to stabilize real-estate loans and investments, which promotes socially desirable real-estate development. Appraisers are particularly valuable because they are an objective and unbiased source of real-estate information. Unlike some other real-estate professionals, the appraiser performs a professional service for a fee rather than for a commission contingent on the value conclusion, the approval of a loan or the eventual sale of the property.
One buyer interviewed even stated that the appraisal “protected me from buying a home whose price was grossly overvalued.” It was a shame that this quote was the last line of the article, because while the sale didn’t transpire at this price, the lender (and buyer) learned the market value of the property.
— Justin Slack, president, Appraisers’ Coalition of Washington, Seattle
Source
Discrepancy in Article
In response to “The age of appraisal aggravation” [Real Estate, July 31], as a professional appraiser, I wanted to point out a discrepancy in the article.
While many of the people interviewed for the article stated that appraisers have been responsible for providing valuations that do not support sale prices, appraisals completed for mortgage transactions are not technically provided to confirm or support a sales price; they are used to assist lenders in making underwriting decisions.
Credible and realistic value opinions help to stabilize real-estate loans and investments, which promotes socially desirable real-estate development. Appraisers are particularly valuable because they are an objective and unbiased source of real-estate information. Unlike some other real-estate professionals, the appraiser performs a professional service for a fee rather than for a commission contingent on the value conclusion, the approval of a loan or the eventual sale of the property.
One buyer interviewed even stated that the appraisal “protected me from buying a home whose price was grossly overvalued.” It was a shame that this quote was the last line of the article, because while the sale didn’t transpire at this price, the lender (and buyer) learned the market value of the property.
— Justin Slack, president, Appraisers’ Coalition of Washington, Seattle
Source
Sunday, August 7, 2011
America's 10 Sickest Housing Markets
From Wall Street 24/7 Complete article here: SOURCE
These are America's ten sickest housing markets.
1. Tucson, AZ
Homeowner vacancy rates: 6.8% (1st)
Rental vacancy rates: 15.9% (6th)
Total housing units: 440,909
Unemployment: 7.8%
2. Indianapolis, IN
Homeowner vacancy rates: 5.2% (5th)
Rental vacancy rates: 13.5% (10th)
Total housing units: 757,441
Unemployment: 7.8%
3. Memphis, TN
Homeowner vacancy rates: 4% (9th)
Rental vacancy rates: 13.5% (11th)
Total housing units: 550,896
Unemployment: 10.1%
4. Atlanta, GA
Homeowner vacancy rates: 5.4% (4th)
Rental vacancy rates: 11.8% (17th)
Total housing units: 2,165,495
Unemployment: 9.7%
5. Baton Rouge, LA
Homeowner vacancy rates: 3.9% (11th)
Rental vacancy rates: 13% (12th)
Total housing units: 329,729
Unemployment: 8.4%
6. Dayton, OH
Homeowner vacancy rates: 4.7% (7th)
Rental vacancy rates: 10.7% (23rd)
Total housing units: 385,160
Unemployment: 9.3%
7. Detroit, MI (Tied for 8th)
Homeowner vacancy rates: 2.4% (32nd)
Rental vacancy rates: 17.2% (3rd)
Total housing units: 1,886,537
Unemployment: 11.6%
8. Kansas City, MO (Tied for 8th)
Homeowner vacancy rates: 3.7% (13th)
Rental vacancy rates: 11% (22nd)
Total housing units: 883,099
Unemployment: 8.4%
9. St. Louis, MO
Homeowner vacancy rates: 3.3% (19th)
Rental vacancy rates: 11.4% (18th)
Total housing units: 1,236,222
Unemployment: 8.6%
10. Oklahoma City, OK
Homeowner vacancy rates: 5.2% (6th)
Rental vacancy rates: 9.6% (34th)
Total housing units: 539,077
Unemployment: 4.9%
These are America's ten sickest housing markets.
1. Tucson, AZ
Homeowner vacancy rates: 6.8% (1st)
Rental vacancy rates: 15.9% (6th)
Total housing units: 440,909
Unemployment: 7.8%
2. Indianapolis, IN
Homeowner vacancy rates: 5.2% (5th)
Rental vacancy rates: 13.5% (10th)
Total housing units: 757,441
Unemployment: 7.8%
3. Memphis, TN
Homeowner vacancy rates: 4% (9th)
Rental vacancy rates: 13.5% (11th)
Total housing units: 550,896
Unemployment: 10.1%
4. Atlanta, GA
Homeowner vacancy rates: 5.4% (4th)
Rental vacancy rates: 11.8% (17th)
Total housing units: 2,165,495
Unemployment: 9.7%
5. Baton Rouge, LA
Homeowner vacancy rates: 3.9% (11th)
Rental vacancy rates: 13% (12th)
Total housing units: 329,729
Unemployment: 8.4%
6. Dayton, OH
Homeowner vacancy rates: 4.7% (7th)
Rental vacancy rates: 10.7% (23rd)
Total housing units: 385,160
Unemployment: 9.3%
7. Detroit, MI (Tied for 8th)
Homeowner vacancy rates: 2.4% (32nd)
Rental vacancy rates: 17.2% (3rd)
Total housing units: 1,886,537
Unemployment: 11.6%
8. Kansas City, MO (Tied for 8th)
Homeowner vacancy rates: 3.7% (13th)
Rental vacancy rates: 11% (22nd)
Total housing units: 883,099
Unemployment: 8.4%
9. St. Louis, MO
Homeowner vacancy rates: 3.3% (19th)
Rental vacancy rates: 11.4% (18th)
Total housing units: 1,236,222
Unemployment: 8.6%
10. Oklahoma City, OK
Homeowner vacancy rates: 5.2% (6th)
Rental vacancy rates: 9.6% (34th)
Total housing units: 539,077
Unemployment: 4.9%
Monday, August 1, 2011
Consumers and Appraisers – Republicans Filibuster
The senate is in charge and are holding up any nominee to head the Consumer Financial Protection Bureau.
From Mike Konzal:
"...[The three] major strengths [of the the Dodd-Frank Act ] a director, funding and accountability with a focus on consumer protection — are exactly what the Republicans want to dismantle. No doubt they are trying to stall and annoy the implementation of Dodd-Frank and prevent the CFPB from doing all its work — of course they are — but if there were three critical points where they could significantly weaken what the CFPB can do, these would be those three.
They are essentially violating their oath of office by promising to keep anyone from running the agency unless some changes are made."
So what does this mean to appraisers?
Nothing new and nothing being done about the ‘Customary and Reasonable Fee” provision enacted by Dodd-Frank.
As usual we are in another waiting game with our hands tied.
Again, I urge you to get involved. Stay up to date with the news and join your local appraiser coalitions! Contact your state licensing agency, congress and other regulators. Only together can we win this battle against the appraisal management companies that are destroying our industry.
Bryan Knowlton
California Real Estate Appraiser
The entire blog post is here: Source
From Mike Konzal:
"...[The three] major strengths [of the the Dodd-Frank Act ] a director, funding and accountability with a focus on consumer protection — are exactly what the Republicans want to dismantle. No doubt they are trying to stall and annoy the implementation of Dodd-Frank and prevent the CFPB from doing all its work — of course they are — but if there were three critical points where they could significantly weaken what the CFPB can do, these would be those three.
They are essentially violating their oath of office by promising to keep anyone from running the agency unless some changes are made."
So what does this mean to appraisers?
Nothing new and nothing being done about the ‘Customary and Reasonable Fee” provision enacted by Dodd-Frank.
As usual we are in another waiting game with our hands tied.
Again, I urge you to get involved. Stay up to date with the news and join your local appraiser coalitions! Contact your state licensing agency, congress and other regulators. Only together can we win this battle against the appraisal management companies that are destroying our industry.
Bryan Knowlton
California Real Estate Appraiser
The entire blog post is here: Source
Wednesday, July 27, 2011
FDIC sues former IndyMac CEO
by KERRI PANCHUK
Monday, July 11th, 2011, 9:26 am
Excerpt:
The Federal Deposit Insurance Corp. filed a negligence lawsuit against former IndyMac CEO Michael Perry last week, accusing the executive of producing risky home mortgages that eventually soured, causing more than $600 million in losses.
In the complaint, the federal regulator, which took over IndyMac after the bank's failure in 2008, accuses Perry of putting the bank at risk by failing to end the "production of a pool of more than $10 billion in risky, residential loans intended for sale into a secondary market." The FDIC claims Perry knew production of the loans was occurring at a time when the secondary market was becoming unstable and illiquid due to ongoing concerns over credit quality.
The FDIC claims Perry knew his actions were risky, quoting him in the lawsuit saying, "Clearly, our risk offices are not to blame for the situation INIB finds itself in. This time the losses are 1000/0 operating management's fault (from me on down), there is no substitute for experience, good common sense and business judgment."
The suit cites another quote from Perry where he allegedly states, "Look, we've had lousy performance and the buck stops with the CEO … I'm a big believer in being held to account."
Benjamin Razi, one of Perry attorneys wrote in a statement, "the FDIC’s claim is that Mr. Perry should have foreseen the financial crisis — even though nobody else did. Not the FDIC. And not any of the other regulators responsible for supervising IndyMac. Of course, the complaint neglects to mention that the FDIC’s own Chairman, Sheila Bair, acknowledged that 'few saw all the risks' in the conditions leading up to the crisis."
Source
Monday, July 11th, 2011, 9:26 am
Excerpt:
The Federal Deposit Insurance Corp. filed a negligence lawsuit against former IndyMac CEO Michael Perry last week, accusing the executive of producing risky home mortgages that eventually soured, causing more than $600 million in losses.
In the complaint, the federal regulator, which took over IndyMac after the bank's failure in 2008, accuses Perry of putting the bank at risk by failing to end the "production of a pool of more than $10 billion in risky, residential loans intended for sale into a secondary market." The FDIC claims Perry knew production of the loans was occurring at a time when the secondary market was becoming unstable and illiquid due to ongoing concerns over credit quality.
The FDIC claims Perry knew his actions were risky, quoting him in the lawsuit saying, "Clearly, our risk offices are not to blame for the situation INIB finds itself in. This time the losses are 1000/0 operating management's fault (from me on down), there is no substitute for experience, good common sense and business judgment."
The suit cites another quote from Perry where he allegedly states, "Look, we've had lousy performance and the buck stops with the CEO … I'm a big believer in being held to account."
Benjamin Razi, one of Perry attorneys wrote in a statement, "the FDIC’s claim is that Mr. Perry should have foreseen the financial crisis — even though nobody else did. Not the FDIC. And not any of the other regulators responsible for supervising IndyMac. Of course, the complaint neglects to mention that the FDIC’s own Chairman, Sheila Bair, acknowledged that 'few saw all the risks' in the conditions leading up to the crisis."
Source
Sunday, July 17, 2011
FDIC sues former IndyMac CEO
by KERRI PANCHUK
Monday, July 11th, 2011, 9:26 am
The Federal Deposit Insurance Corp. filed a negligence lawsuit against former IndyMac CEO Michael Perry last week, accusing the executive of producing risky home mortgages that eventually soured, causing more than $600 million in losses.
In the complaint, the federal regulator, which took over IndyMac after the bank's failure in 2008, accuses Perry of putting the bank at risk by failing to end the "production of a pool of more than $10 billion in risky, residential loans intended for sale into a secondary market." The FDIC claims Perry knew production of the loans was occurring at a time when the secondary market was becoming unstable and illiquid due to ongoing concerns over credit quality.
The FDIC claims Perry knew his actions were risky, quoting him in the lawsuit saying, "Clearly, our risk offices are not to blame for the situation INIB finds itself in. This time the losses are 1000/0 operating management's fault (from me on down), there is no substitute for experience, good common sense and business judgment."
The suit cites another quote from Perry where he allegedly states, "Look, we've had lousy performance and the buck stops with the CEO … I'm a big believer in being held to account."
Benjamin Razi, one of Perry attorneys wrote in a statement, "the FDIC’s claim is that Mr. Perry should have foreseen the financial crisis — even though nobody else did. Not the FDIC. And not any of the other regulators responsible for supervising IndyMac. Of course, the complaint neglects to mention that the FDIC’s own Chairman, Sheila Bair, acknowledged that 'few saw all the risks' in the conditions leading up to the crisis."
Source
Monday, July 11th, 2011, 9:26 am
The Federal Deposit Insurance Corp. filed a negligence lawsuit against former IndyMac CEO Michael Perry last week, accusing the executive of producing risky home mortgages that eventually soured, causing more than $600 million in losses.
In the complaint, the federal regulator, which took over IndyMac after the bank's failure in 2008, accuses Perry of putting the bank at risk by failing to end the "production of a pool of more than $10 billion in risky, residential loans intended for sale into a secondary market." The FDIC claims Perry knew production of the loans was occurring at a time when the secondary market was becoming unstable and illiquid due to ongoing concerns over credit quality.
The FDIC claims Perry knew his actions were risky, quoting him in the lawsuit saying, "Clearly, our risk offices are not to blame for the situation INIB finds itself in. This time the losses are 1000/0 operating management's fault (from me on down), there is no substitute for experience, good common sense and business judgment."
The suit cites another quote from Perry where he allegedly states, "Look, we've had lousy performance and the buck stops with the CEO … I'm a big believer in being held to account."
Benjamin Razi, one of Perry attorneys wrote in a statement, "the FDIC’s claim is that Mr. Perry should have foreseen the financial crisis — even though nobody else did. Not the FDIC. And not any of the other regulators responsible for supervising IndyMac. Of course, the complaint neglects to mention that the FDIC’s own Chairman, Sheila Bair, acknowledged that 'few saw all the risks' in the conditions leading up to the crisis."
Source
Sunday, July 10, 2011
ACOW Board of Directors Meeting – Preliminary Agenda
NOTICE:
ACOW At the Summit XIII is August 18 & 19.
Registration is now open! For more information go to: http://acow-wa.org/201108_summit.html
Board of Directors Meeting – Preliminary Agenda
Thursday, July 7, 2011, 6:00 p.m. – Please Plan to Begin Promptly
Lamb Hanson Lamb Office – Seattle
4025 Delridge Way SW, Suite 530
Seattle, WA 98106 (206.903.1500)
For the Lamb Hanson Lamb Office, the building elevators close at 5:30pm; for the Lamb Hanson Lamb offices at 5:30pm. If attending and plan to arrive after this time, please call ahead of time to arrange for access. (For directions, go to: http://acow-wa.org/MtgDates.html) To attend the meeting via phone conference: -dial 1.218.339.4300 -when prompted dial access code: 872158#
Call to Order
1. Establish Quorum: Justin Slack, President
2. Approval of Agenda: Justin Slack, President
3. Approval of Prior Meeting Minutes: Justin Slack, President
* March 2011
* June 2011
Officer Reports
1. President’s Report: Justin Slack, President
2. Treasurer’s Report: Joe Creech, Treasurer
a. Monthly and Current YTD Status
Committee Reports
Summit Progress: Dave Towne
Old Business:
1. Legislative/ Regulatory Issues:
a. Trainee Experience Credit
b. License level status (should these be tabled until August Mtg given that
REAC meets in August???)
2. Administrative Topics:
a. Viable funding source for remainder of 2011 & beyond
i. TK’s remaining fee
b. Member organization e-mail lists
c. E-mail/ Contact Management System
New Business:
1. Legislative/ Regulatory Issues:
2. Administrative Topics:
a. ACOW in 2012
i. Brought up by Debra Bogrand, IFA, President of South Puget Sound
Chapter of the IFA
Announcements:
1. Next ACOW Meeting Date: August 4 ???
Adjournment: Justin Slack, President
For more on ACOW, click: www.acow-wa.org
Board of Directors
Justin Slack, President
Mark Noble, Vice President
Joe Creech, Treasurer
Michael Imes, Secretary
Jodi Standaert, Director
Barry Wilson, Director
George Nervik, Director
ACOW Administration
Appraisers Coalition of Washington
6351 Seaview Avenue NW
Seattle, WA 98107-2664
p: 206.622.8425
f: 206.623.4474
info@acow-wa.org
ACOW At the Summit XIII is August 18 & 19.
Registration is now open! For more information go to: http://acow-wa.org/201108_summit.html
Board of Directors Meeting – Preliminary Agenda
Thursday, July 7, 2011, 6:00 p.m. – Please Plan to Begin Promptly
Lamb Hanson Lamb Office – Seattle
4025 Delridge Way SW, Suite 530
Seattle, WA 98106 (206.903.1500)
For the Lamb Hanson Lamb Office, the building elevators close at 5:30pm; for the Lamb Hanson Lamb offices at 5:30pm. If attending and plan to arrive after this time, please call ahead of time to arrange for access. (For directions, go to: http://acow-wa.org/MtgDates.html) To attend the meeting via phone conference: -dial 1.218.339.4300 -when prompted dial access code: 872158#
Call to Order
1. Establish Quorum: Justin Slack, President
2. Approval of Agenda: Justin Slack, President
3. Approval of Prior Meeting Minutes: Justin Slack, President
* March 2011
* June 2011
Officer Reports
1. President’s Report: Justin Slack, President
2. Treasurer’s Report: Joe Creech, Treasurer
a. Monthly and Current YTD Status
Committee Reports
Summit Progress: Dave Towne
Old Business:
1. Legislative/ Regulatory Issues:
a. Trainee Experience Credit
b. License level status (should these be tabled until August Mtg given that
REAC meets in August???)
2. Administrative Topics:
a. Viable funding source for remainder of 2011 & beyond
i. TK’s remaining fee
b. Member organization e-mail lists
c. E-mail/ Contact Management System
New Business:
1. Legislative/ Regulatory Issues:
2. Administrative Topics:
a. ACOW in 2012
i. Brought up by Debra Bogrand, IFA, President of South Puget Sound
Chapter of the IFA
Announcements:
1. Next ACOW Meeting Date: August 4 ???
Adjournment: Justin Slack, President
For more on ACOW, click: www.acow-wa.org
Board of Directors
Justin Slack, President
Mark Noble, Vice President
Joe Creech, Treasurer
Michael Imes, Secretary
Jodi Standaert, Director
Barry Wilson, Director
George Nervik, Director
ACOW Administration
Appraisers Coalition of Washington
6351 Seaview Avenue NW
Seattle, WA 98107-2664
p: 206.622.8425
f: 206.623.4474
info@acow-wa.org
Saturday, July 9, 2011
Your Action Needed - New Loan Disclosure Form
There is a proposed new Good Faith Estimate (GFE) from the new Consumer Finance Protection Bureau (CFPB), which will be given to mortgage loan applicants. A separate HUD-1 form will be used at closing.
This proposed GFE form does not break out the separate ‘appraiser’ and ‘appraisal management’ fees.
In the interest of full disclosure, the different fees should be disclosed to the borrower on this form.
Please take a moment and send a comment to the CFPB and ask that the appraisal fee be noted separately from the appraisal management fee.
Send your comment to: http://www.consumerfinance.gov/contact-us/
For more information: http://www.consumerfinance.gov/knowbeforeyouowe
Thanks for your assistance with this action notice.
Respectfully,
Michael Imes, IFA
This proposed GFE form does not break out the separate ‘appraiser’ and ‘appraisal management’ fees.
In the interest of full disclosure, the different fees should be disclosed to the borrower on this form.
Please take a moment and send a comment to the CFPB and ask that the appraisal fee be noted separately from the appraisal management fee.
Send your comment to: http://www.consumerfinance.gov/contact-us/
For more information: http://www.consumerfinance.gov/knowbeforeyouowe
Thanks for your assistance with this action notice.
Respectfully,
Michael Imes, IFA
Thursday, July 7, 2011
ACOW at the Summit XIII - 11 hours of CE credit
ACOW at the Summit XIII - Earn 11 hours of CE credit.
Thursday & Friday, August 18th & 19th, 2011
Summit Lodge at Snoqualmie Pass - Interstate 90
Phone: 425-434-6300 — Special Room Rates available
Thursday Schedule: [Reg. open at 8am]
8:30 — 11:30a - 3 hr CE
Valuing Corridors
Instructor: Stan Sidor, MAI
Especially for Certified General’s for assignments where determining the value of a corridor is essential
1:00 — 4:00p - 3hr CE
Medley of Appraiser Issues
Panel Presentation with Q&A:
Topics - ACOW’s ‘11 leg. activity, the WA AMC law, Appraiser Qualifications Board info, FRB Final Rules/Interagency Guidelines, and state REAC issues
Friday Schedule: [Reg. open at 8:30am]
9:00 — 12:00n - 3 Hr CE
The Art of Appraisal Adjustments
Instructor: Richard Hagar, SRA
Adjustments are a necessary evil in reports! Learn how to make adjustments based on market data—facts, not opinion!
1:30 — 3:30 - 2 hr CE
USPAP & Fannie/Freddie Forms Compliance Issues & Comment Suggestions
Instructor: Dave Towne, Cert. Res.
Learn how to insure your form reports are in compliance with USPAP. Includes
commentary you can add to your reports.
11 hrs of CE total!
More information:
ACOW
6351 Seaview Ave NW
Seattle, WA 98107
Phone: 206-622-8425
www.acow-wa.org
Thursday & Friday, August 18th & 19th, 2011
Summit Lodge at Snoqualmie Pass - Interstate 90
Phone: 425-434-6300 — Special Room Rates available
Thursday Schedule: [Reg. open at 8am]
8:30 — 11:30a - 3 hr CE
Valuing Corridors
Instructor: Stan Sidor, MAI
Especially for Certified General’s for assignments where determining the value of a corridor is essential
1:00 — 4:00p - 3hr CE
Medley of Appraiser Issues
Panel Presentation with Q&A:
Topics - ACOW’s ‘11 leg. activity, the WA AMC law, Appraiser Qualifications Board info, FRB Final Rules/Interagency Guidelines, and state REAC issues
Friday Schedule: [Reg. open at 8:30am]
9:00 — 12:00n - 3 Hr CE
The Art of Appraisal Adjustments
Instructor: Richard Hagar, SRA
Adjustments are a necessary evil in reports! Learn how to make adjustments based on market data—facts, not opinion!
1:30 — 3:30 - 2 hr CE
USPAP & Fannie/Freddie Forms Compliance Issues & Comment Suggestions
Instructor: Dave Towne, Cert. Res.
Learn how to insure your form reports are in compliance with USPAP. Includes
commentary you can add to your reports.
11 hrs of CE total!
More information:
ACOW
6351 Seaview Ave NW
Seattle, WA 98107
Phone: 206-622-8425
www.acow-wa.org
Tuesday, July 5, 2011
FDIC Settlement Talks With Ex-Washington Mutual Officers Fail
Kerry Killinger, former Chief Operating Officer Stephen Rotella and David Schneider, WaMu’s former home-loans president, asked a judge to dismiss the FDIC’s suit after the negotiations failed, according to Barry Ostrager, a lawyer for Rotella and Schneider.
The FDIC sued the Washington Mutual Inc. officials in March, claiming they took extreme risks with the bank unit’s home-loans portfolio, causing billions of dollars in losses. The FDIC accused the executives of disregarding the bank’s long-term safety and fixating on rewarding themselves. The men received more than $95 million in compensation from January 2005 to September 2008, the FDIC said.
“The FDIC is essentially suing my clients for making business decisions that were fully disclosed, monitored, approved and transparent to the FDIC,” Ostrager said in the e- mail. “There is no legal basis for seeking to retroactively impose financial liability upon bank executives for making business decisions of a type that were common and unobjectionable at the time.”
In its lawsuit, the FDIC “says nothing about the worldwide economic crisis that would have led to the failures of virtually all large banks but for unprecedented government intervention that was not extended to WaMu,” lawyers for Killinger wrote.
David Barr, an FDIC spokesman, said the agency declined to comment.
The case is FDIC v. Killinger, 11-00459, U.S. District Court, Western District of Washington (Seattle). http://www.blogger.com/img/blank.gif
To contact the reporter on this story: Joel Rosenblatt in San Francisco at jrosenblatt@bloomberg.net
To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net
Source
Saturday, June 11, 2011
Former TBW execs get prison time for roles in fraud
Two former senior Taylor, Bean & Whitaker Mortgage Corp executives were sentenced on Friday to several years in prison for their roles in a nearly $3 billion fraud that took down the big lender and a major bank.
The fraud ran more than seven years until August 2009 when TBW collapsed after the the U.S. housing market imploded, taking Colonial BancGroup Inc's (CBCDQ.PK) Colonial Bank with it and putting hundreds of people at the firm out of work.
Company and bank officials were accused of trying to cover up enormous losses by moving money between accounts at Colonial Bank and selling mortgage loans that did not exist, were worthless or already had been sold.
…It is one of the few cases in which prosecutors have been able to penetrate the executive suites of a major firm in the wake of the 2008 global financial crisis. Most prosecutions have involved lower-level employees or much smaller firms.
Desiree Brown, TBW's former treasurer, was sentenced by District Judge Leonie Brinkema to six years in prison after she tearfully acknowledged her wrongdoing. She pleaded to one count of conspiracy to commit bank, wire and securities fraud.
Brinkema also sentenced TBW's former president, Raymond Bowman, to 30 months in prison. He had pleaded guilty to a conspiracy fraud charge as well as for lying to investigators when they raided the mortgage firm two years ago.
[Ed.: Notice - 6 years for one count, 30 months for two counts, inversely proportional to responsibility.]
Brinkema gave lower sentences than sought by prosecutors. One prosecutor, Charles Connolly, urged the stiff penalties be imposed because "there needs to be a message sent to the Street" that the conduct was unacceptable.
The cases are: USA v. Bowman, No. 11-cr-118 and USA v. Brown, No. 11-cr-84 in U.S. District Court for the Eastern District of Virginia.
Author: Jeremy Pelofsky
Source: http://www.reuters.com/article/2011/06/10/mortgage-fraud-idUSN1022679620110610
The fraud ran more than seven years until August 2009 when TBW collapsed after the the U.S. housing market imploded, taking Colonial BancGroup Inc's (CBCDQ.PK) Colonial Bank with it and putting hundreds of people at the firm out of work.
Company and bank officials were accused of trying to cover up enormous losses by moving money between accounts at Colonial Bank and selling mortgage loans that did not exist, were worthless or already had been sold.
…It is one of the few cases in which prosecutors have been able to penetrate the executive suites of a major firm in the wake of the 2008 global financial crisis. Most prosecutions have involved lower-level employees or much smaller firms.
Desiree Brown, TBW's former treasurer, was sentenced by District Judge Leonie Brinkema to six years in prison after she tearfully acknowledged her wrongdoing. She pleaded to one count of conspiracy to commit bank, wire and securities fraud.
Brinkema also sentenced TBW's former president, Raymond Bowman, to 30 months in prison. He had pleaded guilty to a conspiracy fraud charge as well as for lying to investigators when they raided the mortgage firm two years ago.
[Ed.: Notice - 6 years for one count, 30 months for two counts, inversely proportional to responsibility.]
Brinkema gave lower sentences than sought by prosecutors. One prosecutor, Charles Connolly, urged the stiff penalties be imposed because "there needs to be a message sent to the Street" that the conduct was unacceptable.
The cases are: USA v. Bowman, No. 11-cr-118 and USA v. Brown, No. 11-cr-84 in U.S. District Court for the Eastern District of Virginia.
Author: Jeremy Pelofsky
Source: http://www.reuters.com/article/2011/06/10/mortgage-fraud-idUSN1022679620110610
Friday, June 10, 2011
Loss Mitigation Update
There are about 10 seats left. If you haven’t sent in your reg please do so, so we can have your name for your certificates. Names will be sent in later today. If you sign up at the door or send in after today, there will be a delay in your certificate arrival. You can’t beat 4 hours of ed for $20 and the information that will help you stay away from civil action!
Michael Imes
When: Monday, June 13th, 2011 – 08:00 am
Where: Silverdale Beach Hotel 3073 NW Bucklin Hill Rd, Silverdale
Instructor: Peter Christensen
Credit: 4 hours each CE, WA State Appraisers
Class Description: The presenter of the CE seminar is Peter Christensen, LIA’s general counsel and director of LIA’s liability prevention resource READI – readimember.org.
The seminar addresses legal claims and issues affecting residential and commercial real estate appraisers. The information is based on actual claims and lawsuits filed against appraisers, including specific cases in Washington. In addition to the interesting facts involved in many of the cases, the seminar provides specific instruction about how appraisers can minimize their risk of being sued and about how to be prepared for such an event if it occurs.
We will also discuss the spike in FDIC litigation and other current appraiser liability problems.
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