Valuation Industry Overview. What you need to know
|
|
- Tyrone Norton
- 5 years ago
- Views:
Transcription
1 Valuation Industry Overview What you need to know 1
2 Who We Are Your Presenters: Jeff Del Rey - Director of Strategic Partnerships/Compliance Tim Scherf - Chief Operations Officer Dawn Haghighi General Counsel Our Company Over 33 Years Experience in Providing Collateral Solutions On Residential and Commercial Real Estate Nationally. Privately held Corporation Service Offerings Include Appraisals, Broker Price Opinions, Reconciliations Clients Include 5 of The Top 10 Financial Institutions, Government Agencies (FDIC, VA), and both GSE s. We are one of the largest Appraisal Management Companies (AMC s) in the country
3 AMC s Provide Valuations for Attorneys Bankruptcy Litigation Support Banks - Origination Residential Lending Commercial Lending Portfolio Validation Banks - Loss Mitigation Departments Dealing with the asset late in the delinquency process Dealing with a large percentage of Short Sales/Workouts Servicers Dealing with the asset early in the delinquency process Asset Management Companies/Institutional REO Dealing with the property at time of asset disposition Investors/Due Diligence Often dealing with the purchase of large bulks of loans M&A property acquisition
4 Key Valuation Terms Appraisal - the act or process of developing an opinion of value as of a given point in time. The most detailed valuation report available Can be performed on both residential and commercial properties Performed by a licensed/certified appraiser Broker Price Opinion the act or process of developing an estimated sales price of a property Faster/Cheaper than appraisals Can be performed on both residential and commercial properties Performed by a licensed real estate broker or agent Automated Value Model (AVM) - A desktop computer generated valuation product using a mixture of property sale and/or listing data with complex algorithms.
5 Breaking Down Appraisal and BPO Reports Appraisals and BPOs have common elements that take the reader from a macro look at the subject property and the subject market down to a micro look at the subject s final value conclusion. Choose the most qualified valuation professional for the job Give the valuation profession instructions unique to the assignment. Valuation professional collects good data and Inspects the property Valuation professional completes the report. Identify the Subject Property Discuss the Subject s Neighborhood Discuss the Subject s Improvements Identify comparable properties Analyze all the data collected. Reconcile all the data Provide a supportable defendable and credible opinion of value or estimated sales price. Provide Quality Control to the completed product. 5
6 VALUATION QC: REALITY CHECK Things to consider when reviewing a valuation report include: Does the valuation make sense overall - - Common Sense? Is the report well documented with well supported? Is the roadmap clear for how and why the appraiser did what they did? Can you follow the analysis and does it lead you to the final value? Are there many typos? This can be an indication of sloppy work. Did the appraiser answer the question asked by the client? Are there any conflicts regarding independence? 6
7 Valuation Differences PROS CONS Appraisal Licensed appraiser Highest Cost Standard methodology Longer to complete BPO (Broker s Opinion of Value) Geographical Competency Local Area Brokers Low cost Not standardized Limited analysis Variable results AVM (Automated Valuation Model) Lowest Cost Fastest Limited success in rural areas. Least Accurate. Outliers can skew data. 7
8 What Does an AMC Do? Receive the Order A. Panel Management Recruit Train Maintain database of QC Results B. Assign Find Qualified vendors to perform valuations o Licensed/certified o Properly Insured o Geographic Competency C. Track the Progress Require updates for key completion steps Resolve issues that affect the timely delivery D. QC Function GSE or Investor requirements met? USPAP compliant? now a regulatory and auditable impact Quality Scoring feeds into the decision of who receives the work in the future Deliver a valuation report back to the client.
9 Who Regulates AMC s Federal CFPB OCC FRB FDIC OTS NCUA FDA Etc State 38 States have enacted AMC statutes Four will become effective in 2014 Delaware, Virginia, West Virginia, Wyoming Holdouts must enact legislation following adoption of AMC minimum standards by Federal Regulators Due out anytime. The remaining states appear to be delaying legislation or rule making to be able to take federal and other state standards into consideration. Sharing among regulators (AARO)
10 What is an AMC? Federal Definition DODD-FRANK DEFINITION OF AN AMC Any external third-party that oversees a network or panel consisting of more than 15 certified or licensed appraisers in a State, or 25 or more nationally within a given year: (A) to recruit, select or retain appraisers; (B) to contract with licensed or certified appraisers to perform appraisal assignments; (C) to manage the process of having an appraisal performed, including providing administrative duties such as receiving appraisal orders and appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed; or (D) to review and verify the work of appraisers.
11 Dodd-Frank AMC Mandates Dodd-Frank Mandates that AMCs must: Register with and be subject to supervision by the state appraisal board of each state in which a company operates. Verify that only licensed or certified appraisers are used for federally related transactions Require that appraisals the AMC coordinates comply with the USPAP Require that appraisals are conducted independently and free from inappropriate influence Requires all states to enact AMC regulations meeting minimum standards Many state enacting even more stringent requirements Requires mandatory reporting by the lender Some states require both AMC and Lender to report. 11
12 Third Party Oversight Guidance Regulators have made it clear that they will begin to audit federally regulated institutions for effective risk management related to their third party arrangements. One of the banks most important third party relationships among many is the relationship they have with their Appraisal Management Companies (AMC). The OCC will pursue appropriate corrective measures, including enforcement actions, to address violations of law and regulations or unsafe or unsound banking practices by the bank or its third party. OCC Bulletin 2013 There are over 450 AMCs in this country. Can your AMC pass an OCC audit with the regulators since AMC oversight is now officially your responsibility? Failure to choose the right AMC can cost you tens of thousands a day in penalties and there is a tremendous amount of reputational risk. 12
13 What does 3 rd Party Oversight Look Like? At the Bank a) Detailed plans of how the bank selects, assesses, & oversees the third party. b) proper due diligence in selecting a third party. c) written contracts that outline the rights and responsibilities of all parties. d) ongoing monitoring of the third party s activities and performance. e) contingency plans for terminating the relationship in an effective manner. f) clear roles and responsibilities for overseeing and managing the relationship and risk management process. g) Documentation and reporting that facilitates oversight, accountability, monitoring, and risk management. h) Independent reviews that allow bank management to determine that the bank s process aligns with its strategy and effectively manages risks. 13
14 YOUR Required Due Diligence of an AMC Financial Viability Compliance is expensive and will only get more expensive as more and more state and federal regulation comes down the pike. And it is coming. Smaller AMC s are beginning to panic as they realize that audits, both internal and external, will have a devastating impact on their bottom line. Chose an AMC with a long history of financial stability and make sure to review their audited financials. Policies and Procedures for both Federal and State Regulations - Currently, there are over 35 states that have some form of Appraisal Management regulation. And while similar, no two states are the same. So it is extremely important that your AMC has a keen understanding of both Federal and State regulation and have well documented processes that can be audited for both. Regulatory audits will surely be elevated in the new world and working with an AMC with detailed policies and procedures is critical to mitigating both short term and long term risk. Data Security is critical for most businesses and especially financial institutions. Borrower information can be dangerous if it falls into the wrong hands so, selecting an AMC with bi-annual SSAE16 audits is a must. Business Continuity - Data lost due to disasters such as a flood or fire is also crushing, so chose an AMC that is has annually tested Business Continuity and Disaster Recovery plans in place to deal with potential disasters. Licensed Review Appraisers Today we live in a world of automation and outsourcing. But there really is no substitute for licensed appraisers reviewing appraisal reports prior to the delivery. Automation can t read appraisal addendums and non-appraiser analyst outsourcers can t identify red flag risks in the appraisal like licensed appraisers can. Make sure to work with an AMC that uses a combination of automation and licensed appraiser appraisal review which is proven to lead to the most credible valuation results. Longevity One of the side effects of the financial crisis was the creation of many new appraisal management companies. But many these newly created companies lack the experience to work on complex compliance issues, or complex appraisal assignments associated with varied market conditions. You will want to work with an AMC with decades in the valuation business because there is no substitute for that kind of regulatory and valuation experience. 14
15 If you have any questions about this presentation or any valuation issues that may come up, do not hesitate to call. Jeff Del Rey Direct: Mobile: Tim Scherf Chief Operating Officer Mobile (714) Company Website: pcvmurcor.com 15
16 Appendix 16
17 Appraisal Report Sample ----Subject Identification ----Sales Contract Info Section ----Neighborhood Section ----Site Section ----Subject Improvements Section
18 Appraisal Report Sample ----Sales Grid/Listing Grid w/adjustments ----Sales History for Subject and Comps ----Summary of the Data ---Approaches to Value (Sales/Cost/Income) ----Final Value Conclusion
19 Appraisal Report Sample Photos Subject and Comps Map of the Subject and Comps
20 Valuation Providers - Appraisers Appraiser Licenses (Bound by USPAP) Trainees Licensed Certified Residential Certified Commercial Appraiser Designations MAI - held by individuals who are experienced in the valuation and evaluation of commercial, industrial, residential and other types of properties, and who advise clients on real estate investment decisions (Appraisal Institute) SRA - is held by individuals who are experienced in the analysis and valuation of residential real property. (Appraisal Institute) IFA Independent Fee Appraiser (IFA organization) ISA- International Society of Appraisers Challenges for AMCs Shrinking number of appraisers getting into the profession. Reasonable and Customary Fees driving up fees/shrinking margins Regulatory Environment (AMC registration, Bonds, Audits)
21 Valuation Providers Brokers/Agents Broker/Agent Licenses (No industry recognized valuation standard) Licensed Sales Agent Licensed Broker Agent Designations Accredited Buyers Representative (ABR) Accredited Land Consultant (ALC) Certified Commercial Investment Member (CCIM) Certified International Property Specialist (CIPS) Broker Price Opinion Resource (BPOR) And many more. Challenges for AMCs Coverage in rural areas Regulatory Environment - State Laws prohibiting BPOs No longer providing them for HELOCs and 2nds Diminishing number of distressed properties reduced demand for BPOs Appraisal Management Company (AMC)( Models In Market Agent/Broker Panel of Independent contractors.
Nationwide Appraisal Management Solutions
TH Nationwide Appraisal Management Solutions www.dartappraisal.com 888.327.8123 Dart Appraisal has been focused on one thing since 1993 - providing custom appraisal management solutions. Period. We were
More informationAMC Track Presentation Austin Christensen Founder & CCO - Validox. Appraisal Manager Compliance Techniques
AMC Track Presentation Austin Christensen Founder & CCO - Validox Appraisal Manager Compliance Techniques Who Is An Appraisal Manager? 1. Staff at an Appraisal Management Company 2. Chief Appraiser 3.
More informationNew Appraisal Requirements Practical Advice on Compliance
New Appraisal Requirements Practical Advice on Compliance Presented by: Rich Hogan, Legislative and Regulatory Counsel CATIC North Shore Consumer Credit Association September 28, 2011 1 USPAP Changes for
More informationAPPRAISAL MANAGEMENT COMPANY
APPRAISAL MANAGEMENT COMPANY STANDARDS OF GOOD PRACTICE IN APPRAISAL MANAGEMENT JANUARY 6, 2010 POST OFFICE BOX 1196 WEXFORD, PA 15090 (P) 724-934-1420 (F) 724-934-0057 (W) WWW.TAVMA.ORG APPRAISAL MANAGEMENT
More informationMarch 8, Ins and Outs of Appraisal Independence What Lenders Need to Know
March 8, 2016 Ins and Outs of Appraisal Independence What Lenders Need to Know 1 PRESENTATION TEAM Michael Dresden Executive Vice President Tom Moser Director of Quality Control 2 AGENDA What is AIR? Staffing
More informationOffice of the Comptroller of the Currency Federal Deposit Insurance Corporation Federal Reserve Board Office of Thrift Supervision
Office of the Comptroller of the Currency Federal Deposit Insurance Corporation Federal Reserve Board Office of Thrift Supervision Purpose Interagency Appraisal and Evaluation Guidelines October 27, 1994
More informationInteragency. Appraisal and Evaluation. Guidelines
Interagency Appraisal and Evaluation Guidelines (December 2, 2010) Interagency Appraisal and Evaluation Guidelines Table of Contents I. Purpose..............................................................
More informationNew Appraisal Requirements Affect Lenders and AMCs
November 30, 2010 K&L Gates Webinar Series New Appraisal Requirements Affect Lenders and AMCs Phillip L. Schulman, Esq. Nanci Weissgold, Esq. Holly Spencer Bunting, Esq. Kerri M. Smith, Esq. 1601 K Street,
More informationSUBJECT: Interagency Appraisal and Evaluation Guidelines
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 DIVISION OF BANKING SUPERVISION AND REGULATION TO THE OFFICER IN CHARGE OF SUPERVISION AT EACH FEDERAL RESERVE BANK SUBJECT: Interagency
More informationInteragency Appraisal and
Interagency Appraisal and Evaluation (IAEG) Workshop Purpose (77456) Supersedes the 1994 Interagency Appraisal & Evaluation Guidelines Address supervisory matters relating to real estate appraisal and
More informationHybrid Appraisal Reports
Hybrid Appraisal Reports What is a Hybrid Appraisal Report? Hybridization is the crossing or breeding of several products, processes, or systems to create something from heterogeneous sources; a hybrid.
More informationTRUTH IN LENDING ACT - APPRAISER INDEPENDENCE REQUIREMENTS (TILA-AIR)
CONTENTS Introduction... 2 Policy Statement... 2 Federal Regulation... 2 Summary... 2 Civil Money Penalties for Non-Compliance... 2 Regulation Z Valuation Independence: Definitions... 3 Covered Persons...
More informationCollateral Risk Network Review Panel Discussion
Collateral Risk Network Review Panel Discussion PRESENTATION BY FRANK O NEILL, JR., SRA CHIEF APPRAISER, STEWART VALUATION SERVICES GREG STEPHENS, SRA,CDEI CHIEF APPRAISER, SVP COMPLIANCE METRO-WEST APPRAISAL
More informationInteragency Guidelines Web seminar, February 10, 2011
Interagency Guidelines Web seminar, February 10, 2011 Questions from participants. The answers here are suggestive guidance only and should not be treated or considered legal or regulatory advice. You
More informationAppraisals & Evaluations. Association of Appraiser Regulatory Officials
Appraisals & Evaluations Association of Appraiser Regulatory Officials Agenda Appraisals Evaluations Review Referrals Reference Materials 2 Appraisals Part 323 requires an appraisal for real estate (RE)
More informationFederal Minimum Standards for Appraisal Management Companies Approved
Federal Minimum Standards for Appraisal Management Companies Approved Nanci L. Weissgold and Morey Barnes Yost * The authors review the new federal rules creating minimum requirements for state registration
More informationAppraisal Logistic Solutions, LLC (Appraisal Logistics) Appraiser Engagement Agreement
Appraisal Logistic Solutions, LLC (Appraisal Logistics) Appraiser Engagement Agreement APPRAISAL REQUEST ACCEPTANCE: By accepting the attached Appraisal Request, you agree to and accept all of the terms
More informationReport on NAR s Meetings with Large Lenders to Discuss Originations and Servicing Issues
Report on NAR s Meetings with Large Lenders to Discuss Originations and Servicing Issues Bank of America Home Loans Wells Fargo Home Mortgage Chase Home Mortgage CitiMortgage Prepared by NATIONAL ASSOCIATION
More informationEffective collateral valuation
Navigating the Real Estate Valuation Process Effective collateral valuation policies and practices are critical to the success of any real estate lending program. A prudent valuation process can help an
More informationVMG will notify in writing appraiser that is considered for removal from the panel, detailing their offenses and allowing them 10 days to respond.
Appraiser Independence/Appraiser Independence Laws/FHA Appraisal Guidelines/Interagency Evaluation/Appraisal Guidelines/Dodd-Frank Act Effective Date: 5/1/2009 Revision Date: 12/08/2010 Valuation Management
More informationH 5620 SUBSTITUTE A ======== LC001745/SUB A ======== S T A T E O F R H O D E I S L A N D
01 -- H 0 SUBSTITUTE A ======== LC001/SUB A ======== S T A T E O F R H O D E I S L A N D IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 01 A N A C T RELATING TO BUSINESSES AND PROFESSIONS - REAL ESTATE APPRAISAL
More informationLender s e-amc, LLC. Vendor Management Services (VMS) Program. Statement of Policies & Standards
Vendor Management Services (VMS) Program Statement of Policies & Standards e-amc.pp.2010 Rev. Oct-10 Table of Contents 1 Introduction... 1 2 Background... 2 3 Purpose of the VMS P&S... 2 4 Scope of the
More informationHybrid Appraisal Reports AND THE DATA THAT SUPPORTS THEM
Hybrid Appraisal Reports AND THE DATA THAT SUPPORTS THEM Introduction DataMaster is a tool built by appraisers for appraisers, to move data more efficiently from your MLS and public records. Eliminating
More informationS 0543 S T A T E O F R H O D E I S L A N D
======== LC001 ======== 01 -- S 0 S T A T E O F R H O D E I S L A N D IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 01 A N A C T RELATING TO BUSINESSES AND PROFESSIONS - REAL ESTATE APPRAISAL MANAGEMENT COMPANIES
More informationNDS offers a single source Default Services Company with SSAE16 nationwide.
ABOUT NDS Internally managing a default or REO portfolio can be challenging. Identifying, retaining and coordinating the activities of various attorneys, trustees, real estate agents and title companies
More informationTable of Contents. Appraiser Independence Policy Forms
Table of Contents Table of Contents... 1 Appraiser Independence... 2 Policies Applicable to All Company Operating Areas... 2 Appraiser Selection and Approval... 3 Appraiser Approval Process... 3 Approved
More informationGAAR Harness the Power of Technology to Create the BEST Appraisal Reviews Possible
GAAR Harness the Power of Technology to Create the BEST Appraisal Reviews Possible Presented by FNC March 21, 2012 INTRODUCTION General Information: Conference Web Page Audio & Supporting Documents Submit
More informationAppraisal Review: Analyzing the 1004
Appraisal Review: Analyzing the 1004 1 LIVE ONLINE PARTICIPANT GUIDE Version: 8.12 Table of Contents The Purpose of the Appraisal... 3 Define Market Value... 3 Scenario 1 (John Johnson report) - 1004 Uniform
More informationWhat/Who Determines that an Appraiser is Qualified in our Program?
What/Who Determines that an Appraiser is Qualified in our Program? Mike Jones, SR/WA, Maryland Certified General Appraiser Realty Specialist, FHWA Office of Real Estate Services Is it becoming tougher
More informationDeveloping The Next Generation of Appraisers. By: John D McIntyre, SRA Ohio Real Estate Appraisal Board, Chair
Developing The Next Generation of Appraisers By: John D McIntyre, SRA Ohio Real Estate Appraisal Board, Chair Where Have We Been and Where Should We Go? A history of appraiser training through the years
More informationA Primer on Customary and Reasonable Fees under TILA CRN Quarterly Meeting April 8, 2015
A Primer on Customary and Reasonable Fees under TILA CRN Quarterly Meeting April 8, 2015 Nanci Weissgold Alston & Bird LLP Nanci.Weissgold@alston.com (202) 239-3189 The Dodd-Frank Act! The Dodd-Frank Act,
More informationAppraisal Review & Advisory Opinion 20 Controversy. Presenter: Lisa Kimbro, MAI, AI-GRS
Appraisal Review & Advisory Opinion 20 Controversy Presenter: Lisa Kimbro, MAI, AI-GRS Practicing appraisers know USPAP, and appraisers that complete review work know USPAP s Standard 3. But what about
More informationUnit 16. Real Estate Appraisal
Unit 16 Real Estate Appraisal How to Maximize this Unit Have your book open to the Unit Have your recorder (iphone voice command recommended) ready to record, with proper title prepared. Read through the
More informationReport on FSCO s Compliance Reviews of Mortgage Brokerages
Report on FSCO s Compliance Reviews of Mortgage Brokerages 2010-2014 Financial Services Commission of Ontario Licensing and Market Conduct Division December 2015 Table of Contents Executive Summary...
More informationJOINT TESTIMONY OF THE REAL ESTATE VALUATION ADVOCACY ASSOCIATION (REVAA)
JOINT TESTIMONY OF THE REAL ESTATE VALUATION ADVOCACY ASSOCIATION (REVAA) AND COALITION TO FACILITATE APPRAISAL INTEGRITY REFORM (FAIR) BY DON KELLY, EXECUTIVE DIRECTOR, REVAA FOR THE HEARING ON APPRAISAL
More informationEvaluating Your Appraisal
Evaluating Your Appraisal April 28, 2011 Presented by: Brady W. Meadows Mortgage Compliance Advisors Instructions Because of the large number of registrants, the lines will be muted. To ask a question,
More information86 years in the making Caspar G Haas 1922 Sales Prices as a Basis for Estimating Farmland Value
2 Our Journey Begins 86 years in the making Caspar G Haas 1922 Sales Prices as a Basis for Estimating Farmland Value Starting at the beginning. Mass Appraisal and Single Property Appraisal Appraisal
More informationTestimony of Alan Eugene Hummel, SRA President, Appraisal Institute Chief Executive Officer, Iowa Residential Appraisal Company Des Moines, Iowa
2600 Virginia Ave. N.W. Executive Vice President Suite 123 John W. Ross Washington, DC 20037 312-335-4110 T 202-298-6449 F 202-298-5547 Vice President, www.apprasialinstitute.org Public Affairs Donald
More informationMULTIPLE CHALLENGES REAL ESTATE APPRAISAL INDUSTRY FACES QUALITY CONTROL. Issues. Solution. By, James Molloy MAI, FRICS, CRE
REAL ESTATE APPRAISAL INDUSTRY FACES MULTIPLE CHALLENGES By, James Molloy MAI, FRICS, CRE QUALITY CONTROL Third-party real estate appraisal firms are production-driven businesses designed to complete assignments
More informationAppraiser Independence Requirements (AIR) Policy
Policy Effective: October 15, 2010 Last Updated: December 5, 2012 Impacted Channels: Retail Wholesale Impacted Roles: All Appraiser Independence Requirements (AIR) Policy PURPOSE... 2 POLICY STATEMENT...
More informationAI Annual Conference
AI Annual Conference Scott Robinson, MAI, SRA, AI-GRS 2016 President Appraisal Institute Global Valuation Opportunities and Challenges July 26, 2016 The Appraisal Institute What is the Appraisal Institute?
More informationACTION: 30-day notice of submission of information collection for approval from Office of Management and Budget.
This document is scheduled to be published in the Federal Register on 07/31/2018 and available online at https://federalregister.gov/d/2018-16350, and on govinfo.gov Billing Code: 8070-01-P FEDERAL HOUSING
More informationAla.Code A A-1. Short title.
Article 1.. Real Estate Appraisers. Ala.Code 1975 34-27A-1 34-27A-1. Short title. This chapter shall be known and may be cited as the Alabama Real Estate Appraisers and Appraisal Management Company Registration
More informationOREO Valuations, Pitfalls, and Regulatory & Tax Considerations
OREO Valuations, Pitfalls, and Regulatory & Tax Considerations Monday, June 17, 2013 2:00 PM 3:15 PM. Presented by: Michael J. Indiveri Principal Michael J. Indiveri, CPA LLC 7 Phyllis Drive Succasunna,
More informationThird Party Vendor Management of Appraisal Management Companies
Third Party Vendor Management of Appraisal Management Companies 320 West 202nd Street, Chicago Heights, Illinois 60411 Main Office: 806.799.9009 Main Fax: 708.754.8504 Website: www.allstateappraisal.net
More informationKathy Coon, SRA Appraisal Review: CSI Style ( )
Appraisal Review: CSI Style Southern California Chapter Appraisal Institute July 16, 2009 Kathy Coon, SRA Chief Appraiser/Director-Appraisal Appraisal Quality Control FNC, Inc. www.fncinc.com com When
More informationCRN Presentation Review
CRN Presentation Review Collateral Risk Network June 18, 2013 Scott Sparks VP, Consumer Chief Real Estate Appraiser Fifth Third Bank Greg Stephens SVP, Appraisal Operations and Compliance Metro-West Appraisal
More informationJohn D. McIntyre, SRA The John McIntyre Group, Ltd.
John D. McIntyre, SRA The John McIntyre Group, Ltd. info@johnmcintyregroup.com 2 Many states have laws that will need to be revisited to ensure authority to audit is provided to State Regulator Many boards
More informationAppraisal Review Reminders
Use the following list of reminders as a tool when underwriting the appraisal report. For complete information on appraisal requirements, refer to the Freddie Mac Seller/Servicer Guide (Guide) Chapter
More informationAPPRAISAL SUBCOMMITTEE (ASC) BASICS
4/16/2018 National Association of Appraisers April 8, 2018 Jim Park ASC Executive Director This presentation may include opinions expressed by the speaker that do not necessarily 1 represent the views
More informationAppraisal Review Reminders
Use the following list of reminders as a tool when underwriting the appraisal report. For complete information on appraisal requirements, refer to the Freddie Mac Seller/Servicer Guide (Guide) Chapter
More informationAutomation for easy compliance
Three common appraisal compliance challenges: Automation for easy compliance 1-800-434-7260 Appraisals: Three compliance challenges 1. Appraiser independence requirements (AIR): There can be no pressure
More informationCollateral Underwriter Overview. National Association of REALTORS January 23, 2015
Collateral Underwriter Overview National Association of REALTORS January 23, 2015 2014 Fannie Mae. Trademarks of Fannie Mae. Introduction to Collateral Underwriter I January 2015 What Is Collateral Underwriter?
More informationnext generation automated collateral risk solution for those who demand true valuation
next generation automated collateral risk solution for those who demand true valuation ValueGUARD provides you with the added confidence to make sound financial decisions. Key Benefits Easy to understand
More informationInternal Controls and Best Practices for Appraisal Departments
CR Credit Risk Internal Controls and Best Practices for Appraisal Departments Since the credit crisis began in 2008, the regulators have made appraisal departments a major focus of bank examinations. How
More informationJanuary 29, Florida Real Estate Appraisal Board 400 West Robinson Street, N801 Orlando, FL 32801
Francois K. Gregoire, IFA RAA Gregoire & Gregoire, Inc. Realtor - Appraiser 6285 25th Avenue North St. Petersburg, FL 33710 727-344-3393 francois@tampabay.rr.com January 29, 2018 Florida Real Estate Appraisal
More informationHow to Read a Real Estate Appraisal Report
How to Read a Real Estate Appraisal Report Much of the private, corporate and public wealth of the world consists of real estate. The magnitude of this fundamental resource creates a need for informed
More informationCHAPTER APPRAISAL MANAGEMENT COMPANIES
CHAPTER 43-23.5 APPRAISAL MANAGEMENT COMPANIES 43-23.5-01. Definitions. As used in this chapter, unless the context otherwise requires: 1. "Appraisal firm" means any person or entity that exclusively employs
More informationAPPRAISAL MANAGEMENT COMPANY
STATE OF ARKANSAS APPRAISER LICENSING AND CERTIFICATION BOARD APPRAISAL MANAGEMENT COMPANY RULES AND REGULATIONS EFFECTIVE JANUARY 1, 2010 1 Appraiser Licensing and Certification Board Appraisal Management
More informationGSE FOCUS. Visit WorkflowGeeks.com for more free titles. Sponsored by Mercury Network
GSE FOCUS Visit WorkflowGeeks.com for more free titles. Sponsored by Mercury Network The SaaS Vendor Management Platform chosen by over 600 of the nation s lenders and AMCs to power more than 20,000 appraisals
More informationSUBJECT: Unacceptable Assignment Conditions in Real Property Appraisal Assignments
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 ADVISORY OPINION 19 (AO-19) This communication by the Appraisal Standards Board (ASB) does not establish new standards
More informationR162. Commerce, Real Estate. R162-2e. Appraisal Management Company Administrative Rules. R162-2e-101. Title. R162-2e-102. Definitions.
R162. Commerce, Real Estate. R162-2e. Appraisal Management Company Administrative Rules. R162-2e-101. Title. This chapter is known as the "Appraisal Management Company Administrative Rules." R162-2e-102.
More informationReal Estate Services for Corporate Clients. Comcast Headquarters, Philadelphia, PA. Attorney Advertising
Real Estate Services for Corporate Clients Comcast Headquarters, Philadelphia, PA Attorney Advertising National Strength Local Presence Ballard Spahr knows real estate. Whether it s a plant or a pipeline,
More informationAUDIT TEMPLATE for AMC Compliance with Appraiser Independence Requirements 15 U.S.C. 1639e
AUDIT TEMPLATE for AMC Compliance with Appraiser Independence Requirements 15 U.S.C. 1639e Drafted by: Jeff Dickstein, Chief Compliance Officer, Pro Teck Valuation Services Karen Emerle, Certified Residential
More informationThe Appraisal Foundation
The Appraisal Foundation The Real Property Appraiser Qualification Criteria and Interpretations of the Criteria Real Property Appraiser Qualification Criteria adopted February 16, 1994, effective January
More informationDEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION. Division of Real Estate Instructor Seminar 2013
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Division of Real Estate Instructor Seminar 2013 BY THE NUMBERS TOTAL APPRAISAL LICENSEES FLORIDA 2012 2013 HOW DOES FLORIDA COMPARE? States with the biggest
More informationMidLantic Financial, Inc.
December 2, 2010 Interagency Appraisal and Evaluation Guidelines Presented to Maryland Financial Bank February 24, 2011 Presented by: Cindy Pehl, Regulatory/Risk Specialist Commentary by Douglas Metz MidLantic
More informationNACA REAL ESTATE AGENT
NACA REAL ESTATE AGENT Compensation Range: $60,000 to $80,000+ (100% Commission with ability to exceed $100,000) FLSA: Independent Contractor Location: Nationwide Locations Contact: Real Estate Department:
More informationNOTICE OF PROPOSED CLASSIFICATION ACTIONS BY THE HUMAN RESOURCES DIRECTOR
NOTICE OF PROPOSED CLASSIFICATION ACTIONS BY THE HUMAN RESOURCES DIRECTOR The following actions are being posted in accordance with Civil Service Rule 109. In the absence of a protest addressed to the
More informationModule Seven. Student Learning Objectives. After completing this module you should be able to
Module Seven Appraisal Student Learning Objectives After completing this module you should be able to describe the history of, and regulatory process governing, appraisal practice; recite the application
More informationTo all Appraisers: Brief Overview:
To all Appraisers: As the appraisal industry continues to change, the demand for alternative valuation solutions grows. That is why is excited to announce the addition of a new product - the Desktop Appraisal
More informationOctober 1, Mr. Wayne Miller, Chair Appraiser Qualifications Board The Appraisal Foundation th Street, NW, Suite 1111 Washington, DC 20005
October 1, 2015 Mr. Wayne Miller, Chair Appraiser Qualifications Board The Appraisal Foundation 1155 15th Street, NW, Suite 1111 Washington, DC 20005 Dear Mr. Miller, I am honored to have the opportunity
More informationReal Estate Acquisitions Audit (Green Line LRT Stage 1)
Real Estate Acquisitions Audit (Green Line LRT Stage 1) October 10, 2018 ISC: Unrestricted THIS PAGE LEFT INTENTIONALLY BLANK ISC: Unrestricted Table of Contents Executive Summary... 5 1.0 Background...
More informationResidential Properties (December 14, 2011), available at
OCC Guidance Regarding Foreclosed Residential Properties 1. OCC Bulletin 2011-49 On December 14, 2011, the Office of the Comptroller of the Currency ( OCC ) published guidance on the obligations and risks
More informationScores for Valuation Reports: Appraisal Score & BPO Score. White Paper. White Paper APRIL 2012
Scores for Valuation Reports: Appraisal Score & BPO Score White Paper APRIL 2012 White Paper Table of Contents Overview... 3 Generally Accepted Appraisal Rules... 3 Development of Rules... 3 Coding of
More information3/16/2016. Need a Compliance Blueprint?: Constructing a Comprehensive Real Estate Compliance Work Plan Designed to Address Your Organization s Risk
Need a Compliance Blueprint?: Constructing a Comprehensive Real Estate Compliance Work Plan Designed to Address Your Organization s Risk April 19, 2016 HCCA Compliance Institute Las Vegas Session Objectives
More information[ Intentionally blank. ]
[ Intentionally blank. ] Veros Real Estate Solutions / 1.866.458.3767 / communications@veros.com / www.veros.com / Page 1 The Case for Choosing AVM Accuracy and Suitability Over the Traditional AVM Cascade
More informationJOB DESCRIPTION MANAGEMENT EXCLUSION
1. Position No. Various 2. Descriptive Working Title SENIOR DEVELOPMENT MANAGER JOB DESCRIPTION MANAGEMENT EXCLUSION 3. Present Classification Excluded Mgmt 4. Branch DEVELOPMENT AND ASSET 5. Department
More informationResidential Evaluation Report (RER) April, 2016
Residential Evaluation Report (RER) ensuring compliance with the Interagency Guidelines (IAG) and USPAP April, 2016 Definitions RER shall mean a Residential Evaluation Report and is deemed to be a restricted
More informationAppraisal Licensing & Continuing Education Guiding you to success. JANUARY DECEMBER
NEW MEXICO Appraisal Licensing & Continuing Education Guiding you to success. 2019 JANUARY DECEMBER Interested in an APPRAISAL CAREER? While many appraisers enjoy the benefits of self-employment, positions
More informationSeattle Housing Market Overview January 2019
Seattle Housing Market Overview January 2019 A review of recent trends and thoughts about the future of the Seattle housing market. Bill King President, Chief Valuation Officer Real Info, Inc. City of
More informationRe: Request for Comments on Proposal to Increase the Real Estate Appraisal Threshold
Sharon L. Whitaker, Vice President Commercial Real Estate & Finance Mortgage Markets, Financial Management & Public Policy (202) 663-5321 SWhitaker@aba.com Ann E. Misback, Secretary, Board of Governors
More informationFee Appraiser Application Package
Fee Appraiser Application Package Thank you for your interest in joining the SettlementOne National Appraisal Panel. With unbeatable customer service and fast, accurate web-based products, SettlementOne
More informationSIRVA Mortgage Order Instructions
SIRVA Mortgage Order Instructions Appraiser Trainees: This client does not permit Trainees to sign the appraisal report, however USPAP requirements apply when significant assistance has been provided by
More informationChapter 13. The Market Approach to Value
Chapter 13 The Market Approach to Value 11/22/2005 FIN4777 - Special Topics in Real Estate - Professor Rui Yao 1 Introduction Definition: An approach to estimating market value of a subject property by
More informationTraining the Next Generation of Appraisers The S.T.A.R.T. Program - Standards to Assure Responsible Training:
Training the Next Generation of Appraisers The S.T.A.R.T. Program - Standards to Assure Responsible Training: An Industry Solution to the Declining Number of Appraisers Entering the Profession and Practical
More informationCopyright, 1999, 2002, 2004, Freddie Mac. All Rights Reserved.
Page 1 of 13 Engineering Requirements/Chapter 12: Appraiser and Appraisal Requirements/12.1: General requirements 12.1: General requirements For all multifamily purchase programs and products, the Seller/Servicer
More informationResidential Appraising What Lenders Want
Residential Appraising What Lenders Want Introductions Ken DeFeo 25 years appraising have worked for lenders for 20 years Lets get to know a little about the audience How many appraisers do we have? How
More informationSolving the Looming Crisis in Real Estate Appraisal Services
Solving the Looming Crisis in Real Estate Appraisal Services An Aging Appraiser Population As the increasing age and retirement demographics of the baby Appraiser Aging boomer generation continue to materialize,
More informationAppraisers and Assessors of Real Estate
http://www.bls.gov/oco/ocos300.htm Appraisers and Assessors of Real Estate * Nature of the Work * Training, Other Qualifications, and Advancement * Employment * Job Outlook * Projections Data * Earnings
More informationReal Estate Valuation Policy Update. July 26, 2016
Real Estate Valuation Policy Update July 26, 2016 Outline State of Appraisal Federal Regulatory 114 th Congress State Issues State of Appraisal Ranks of appraisers on the decline Decline is most precipitous
More informationThe High Performance Appraisal Process Unveiled By Sandra K. Adomatis, SRA, LEED Green Associate
The High Performance Appraisal Process Unveiled By Sandra K. Adomatis, SRA, LEED Green Associate Email: Adomatis@Hotmail.com Twitter: https://twitter.com/sadomatis Web: www.adomatisappraisalservice.com
More informationPROPERTY ASSESSMENT KNOWLEDGE
A P E N DE UM NOUN A COLLECTION OF CONCISE BUT DETAILED INFORMATION ABOUT APPRAISAL AND APPRAISAL MANAGEMENT, ESPECIALLY IN THE PROPERTY ASSESSMENT INDUSTRY. PROPERTY ASSESSMENT KNOWLEDGE KNOWLEDGE AREAS
More informationCollateral Risk Network. The Language of Data. April Elizabeth Green
Collateral Risk Network April 2012 www.rel-e-vant.com The Language of Data Elizabeth Green 1 2 CRN April 2012 Appraisal Prose? I came to explore the wreck. The words are purposes. The words are maps. I
More informationTuesday, July 23. Roundtable Session 6 Tuesday, July 23 4:15-5:15 p.m. Broadmoor Hall E Making Mediations and Other Statutory Impositions Work For You
Tuesday, July 23 Roundtable Session 6 Tuesday, July 23 4:15-5:15 p.m. Broadmoor Hall E Making Mediations and Other Statutory Impositions Work For You Get legal and practical information on Mediations and
More informationLand, Agricultural Improvements, CAFO, Rural Residence, Farm
*--FSA Appraisal Guidelines Land, Agricultural Improvements, CAFO, Rural Residence, Farm The following information elements and content descriptions are provided as guidelines to assist lenders and appraisers
More informationScheme of Service. for. Housing Officers
REPUBLIC OF KENYA Scheme of Service for Housing Officers APPROVED BY THE PUBLIC SERVICE COMMISSION AND ISSUED BY THE PERMANENT SECRETARY MINISTRY OF STATE FOR PUBLIC SERVICE OFFICE OF THE PRIME MINISTER
More informationF o r e c l o s u r e s & S h o r t S a l e s : d i l e m m a s a n d s o l u t i o n s
Introduction and Course Overview & Objectives Introduction of instructor Attendance Acquaint students with content and text Lecture (15 minutes) 0-15 Chapter 1 How Did We Get Here? Overview Pg. 1, PPT
More informationCore Element 6 Appropriate Regulation
Core Element 6 Appropriate Regulation While this crisis had many causes, it is clear now that the government could have done more to prevent many of these problems from growing out of control and threatening
More informationBoard of Governors of the Federal Reserve System. SUMMARY: The Board is publishing for public comment an interim final rule amending
FEDERAL RESERVE SYSTEM 12 CFR Part 226 Regulation Z; Docket No. R-1394 RIN AD-7100-56 Truth in Lending AGENCY: ACTION: Board of Governors of the Federal Reserve System. Interim final rule; request for
More information