Blog

Tuesday, May 20, 2014

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.

Monday, May 12, 2014

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....

Monday, April 28, 2014

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.

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...
Tuesday, April 15, 2014

Thinning wallets and dwindling fees for work performed are nothing new for the appraisal community. Yet in their latest income-reducing move, AMCs have sparked an outcry by requiring appraisers to foot the bill for additional services. These charges are further cutting into appraisers’ fees, which already suffer from AMC management fee deductions.

Recently, FREA uncovered two hidden costs being introduced by AMCs – which of these have you experienced?

 

Technology Usage

An increasing tendency among AMCs is the passing of technology fees on to appraisers. When an AMC orders a home valuation, the appraiser must submit the report through the AMC's authorized software. However,...

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...

Tuesday, April 1, 2014

A recent case out of San Diego County underscores the importance of clearly outlining the scope of your inspection in your inspection agreement.

In that case the plaintiff, a 20-year old male college student was visiting friends, who were also college students, at a home they rented near San Diego State University. The plaintiff decided to participate in the sport of Parkour, utilizing a free-standing six foot concrete block wall located in the home’s backyard. (“Parkour” is defined as the sport of traversing environmental obstacles by running, climbing or leaping rapidly and efficiently). 

When the plaintiff attempted to pull himself onto and over the wall,...