appraiser Blog Posts

Friday, April 25, 2014

In This Episode - Earlier this year, Fannie Mae announced the launch of its Appraiser Quality Monitoring system, or AQM. Essentially, the AQM is a government-derived type of system that monitors the quality and consistency of your appraisal reports. With this system in place, the agencies will be able to determine whether your work requires consistent, ongoing review or if you will end up on government-level “do not use” list.

Thursday, April 24, 2014

In This Episode - Guest Todd Stevens, an attorney with the San Diego based firm Keeney, Waite and Stevens joins host Brian Trotier. Todd works with appraisers on issues in E&O, licensing and blacklisting.

They are discussing issues related these blacklists and the potentially detrimental effects they can have on appraisal businesses. Recently, government sponsored enterprises (GSEs) implemented an Appraiser Quality Monitoring system, or AQM, in a widespread effort to flag problem loans and identify “questionable” appraisals. By putting their reports under greater scrutiny, the GSEs aim to weed out USPAP violators by implementing standardized measurements for appraisal comparison.

Wednesday, April 23, 2014

About Cornerstone Report Radio with Brian Trotier

Cornerstone Report Radio was created for real estate professionals like you who want easy access to information when you’re out in the field. If you don’t have time to read a lot of articles and blog posts, these short, 10-minute episodes will give you the information you need to stay up-to-date on trends and issues that affect your work and your livelihood.

Tuesday, April 22, 2014
In my years of appraising, I have had had to argue with many Lenders, Attorneys, and general pains in the butt. What many of us have found is that when Banks screw up, they come knocking at your door.
 
What we need to do as appraisers is to state the separation of Lending liability to appraisal liability. Please consider utilizing the following statements in your reports After your statements of intended users that is required in your reports.
 
I have been using this for years in my reports as it returns liability for poor lending decisions back on the Lender - It is...
Monday, April 14, 2014

For the six government agencies (FDIC, Federal Reserve, OCC, CFPB, FHFA, NCUA) who banded together to issue the recent proposed set of rules for Appraisal Management Companies (AMCs) it’s report card time! (To see the full press release from the FDIC click here)

For the purpose of this report card we will use a standard grading system of A-F and explain our grading and point out additional, important questions the proposed rules raise that are as yet unanswered.

1)    Register in the state and be subject to its supervision.

-       This is a great start. We agree there needs...

Friday, February 21, 2014

Recently it has come to our attention a firm called Savant Claims Management from Plano, Texas is mailing letters to appraisers alleging damages from old (2007 and older) residential appraisals. The claim letter is being sent on behalf of an alleged investor called First Mutual Group, LP which claims to be the successor in interest to one or more failed lenders. The letter is not signed by anyone and gives no contact name whatsoever.

...

Tuesday, January 28, 2014

In helping real estate professionals find the right professional liability (E&O) insurance policy, one of the most common issues we come across is whether someone you hire to help with your intermittent workload is an employee, a subcontractor, or an independent contractor.

The IRS perspective vs. the insurance perspective

This is often confusing because what you intended to do may not be what you actually end up doing. There are a number of reasons for this. First and foremost is the fact the IRS will view this question in a different way than the insurance industry will. So, even if you get solid tax advice about which...

Tuesday, January 21, 2014

When we were younger we were all taught to look for who, what, when, where, why, and how in everything we read. By being able to answer these six questions, we were told we would better understand what we read and then be able to explain it to someone else. Today, the same is true and especially so if you are a home inspector or an appraiser. Your report needs to provide simple, clear, and direct information to your client so the client can answer all of these questions once they finish reading your report. If they cannot, you have what is called a failure to communicate....

Tuesday, December 17, 2013
Does this sound familiar? If so, I hope it’s because you watch a lot of shows like Law & Oder on television and not for any other reason. If this doesn’t sound familiar, it is one part of the Miranda warning police must give to criminal suspects before questioning them. How does that apply to you? Well, it can have equally negative consequences in a civil case (insurance claim) also. 
 
To see if you need to read any further, take this short quiz. If you answer “yes” to any one of these questions, you’d better read it all. 
     1....
Tuesday, November 19, 2013
First, it is gratifying to know you are actually reading what we write and release. We know this is true because a little over a year ago, we received very few questions about subpoenas and today, after writing a little warning piece on the now infamous FDIC subpoenas being issued to appraisers by a private law firm, we get lots of questions. In fact, we get so many we decided to put together a short follow-up piece on different kinds of subpoenas and how to handle them. These are presented in ascending order of concern with the final one being the most dangerous....