The latest and greatest technology may be a boon to your home inspection business, but it’s likely not covered by your E&O carrier. While tech advances quickly for inspectors, insurance companies have yet to catch up and therefore may not offer appropriate levels of coverage just yet.
appraiser outlook Blog Posts
One of the requirements of your job as an appraiser is getting to the property to appraise it. Unless you are appraising a property within a few blocks of your own house or office, chances are that you will be driving there. Today, the costs of driving -- higher gas prices, higher insurance premiums and higher maintenance costs -- have gone through the roof.
On May 23, 2014, the Court of Appeal for the Fourth Appellate District, Division One, State of California, issued a very interesting decision on whether a plaintiff can successfully plead and argue fraud based on comments made about the concluded value of real estate that was appraised. The case is Graham V. Bank of America, N.A., et al. Although this ruling is unquestionably useful for an appraiser being accused of appraisal fraud, it probably is not the magic elixir many will proclaim it to be.
Whether in the field or at the office, there’s much at stake every day. Yet, many of us continue to overlook the importance of professional liability insurance.
Commonly known as errors and omissions - or E&O - insurance, these policies are designed to protect you against legal recourse should a lawsuit be filed against you. However, not all policies are created equally, and premiums are continually on the rise. So what’s the story behind these additional costs?
When it comes to real estate, risk is the name of the game. While it’s impossible to predict the future, there are steps you can take to prevent or defend against lawsuits brought about by errors and omissions made during the delivery of your services. Today, we’ll show you why taking a proactive approach to mitigating your risk matters so much.
With mortgage rates hitting new lows, more consumers are seeking to take advantage of a good thing and either buy or refinance homes. More consumer interest means appraisers will be called upon more to deliver property valuations.
While more work requests is always a good problem to have, there are some side effects to bear in mind next time you're in the field....
Current economic trends suggest your appraisal practice will not survive beyond 2015.
Appraisers are running for the exits, with many moving into Ad Valorem, and some into cost estimating. Client accounts you thought were safe have been converted to ether and dispersed among a dark refinancing void.
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.
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.
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.