Category — Appraisal News
1,000 Appraisals a Year: Realities of Appraiser Liability
At American Home Appraisals, we provide extensive expert witness work for a variety of law firms all across the U.S.
When attorneys call and engage our services, we don’t always know if the appraiser is the plaintiff or the defendant. As a result, we sometimes are on the side of the appraiser and sometimes not. We try not to pick sides, we’re simply the experts hired to explain how an appraiser’s report, methodologies or standard of care fits within USPAP and Fannie Mae requirements o...
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January 25, 2012 7 Comments
Collateral Valuations Need A Green Hue
BY BRIAN C. COESTER REQUIRED READING: Here is the scenario: A homeowner spends $20,000 turning his home from an energy-sucking abode into an efficient, cost-savings oasis. This individual installs solar panels, ultra-efficient appliances, a tank-less water heater, energy-efficient windows and blinds, and paints the roof white. As a result, the property can now reap the rewards of almost no monthly utility bills while helping to improve the environment. But what happens when the homeowner...
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October 20, 2011 No Comments
Coester Leads AMC Sphere
Coester Leads AMC Consolidation Charge with New Acquisition by JACOB GAFFNEY, Housing Wire Coester Appraisal Group is beginning its move to acquire smaller appraisal management companies with the acquisition of Appraisal Scope, a small boutique firm with about 15 employees. CEO Brian Coester didn't release many details on the deal, but said it is not a lump sum cash transaction. Instead, Rockville, Md.-based Coester will retain all employees at Washington, D.C.-based Appraisal Scope and slowl...
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October 6, 2011 4 Comments
Global surveyors want greener appraisals
-Housingwire The issue of whether or not a property is more environmentally friendly when compared to neighboring homes is not currently taken into great account during the appraisal process. It's a practice that should end, according to a recent white paper from the Royal Institute of Chartered Surveyors. RICS is suggesting that, in cases when homes contain sustainability features such as solar panels or tankless water heaters, it should favorably impact the appraisal. "A property...
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September 26, 2011 5 Comments
Coester Appraisal Group (AMC) Announces UCDP Compliance
Uniform Collateral Data Portal and Uniform Appraisal Dataset July 11, 2011—Rockville, MD—Coester Appraisal Group, a nationwide appraisal management company, has announced full compliance with the Uniform Collateral Data Portal as well as the Uniform Appraisal Dataset for mortgage lenders. The UCDP is a portal which mortgage lenders will be required to use to deliver appraisal files to Freddie Mac and Fannie Mae. Coester is in full compliance with the new protocols and will ensure all curre...
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July 11, 2011 No Comments
New Partnership Provides Appraisers With Green Valuation Tools
-EcoHome As part of the Obama Administration's efforts to improve commercial building efficiency 20% by 2020, U.S. Energy Secretary Steven Chu announced a new partnership that will work to ensure that appraisers nationwide have the information, practical guidelines, and professional resources they need to evaluate energy performance when conducting commercial building appraisals. In conjunction with the Washington, DC-based Appraisal Foundation, the Department of Energy (DOE) will develop inf...
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July 5, 2011 No Comments
The Anatomy of An Appraisal Fee
-Appraisal Buzz As the song goes, “…Should I stay or Should I Go?” Many appraisers are thinking about leaving the profession and many have already moved on. How much time does it take to complete a residential appraisal, what are the costs to produce an appraisal and what is an appraiser’s net take-home pay after all those costs? Attached is a spreadsheet that can be used as a tool by residential appraisers to evaluate the Anatomy of an Appraisal, the performance of their business and t...
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June 29, 2011 3 Comments
State Watch: Regulating AMC’s
Editor’s Note: Regulation of AMCs by the states is mandated by Dodd-Frank, covering (or not covering depending on the state) such important issues as timely payment, third party liability agreements, disclosure of appraiser fees in appraisal reports and AMC staff requirements. This story is taken from the new Working RE print edition, currently in the mail to 80,000 appraisers. State Watch: Regulating AMCs By Mike Antoniak When the Home Valuation Code of Conduct (HVCC) became law May 1, ...
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June 22, 2011 3 Comments
Appraisal District Packed On Protest Deadline Day
-MSNBC Lines of people are waiting and hoping that they can fight to get their property appraisals lowered at the downtown Appraisal District. Today was the deadline to protest your appraisal. Norma Holder said, "You can't triple like that you know, nobody can come up with money like that." Once a year the Appraisal District sets the value of your property. The higher the value, the more you pay in taxes. So most of the folks in line today are trying to get their property va...
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June 21, 2011 No Comments
Appraisal News Third Story.
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June 10, 2011 No Comments
Appraisal News Second Story.
There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised words which don't look even slightly believable. If you are going to use a passage of Lorem Ipsum, you need to be sure there isn't anything embarrassing hidden in the middle of text. All the Lorem Ipsum generators on the Internet tend to repeat predefined chunks as necessary, making this the first true generator on the Internet. It uses a dicti...
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June 10, 2011 No Comments
Appraisal News First Story.
There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised words which don't look even slightly believable. If you are going to use a passage of Lorem Ipsum, you need to be sure there isn't anything embarrassing hidden in the middle of text. All the Lorem Ipsum generators on the Internet tend to repeat predefined chunks as necessary, making this the first true generator on the Internet. It uses a dicti...
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June 10, 2011 No Comments
Brian Coester Interviewed for Reverse Fortunes Weekly
Author of this blog and CEO of Coester Appraisal Group was chosen to be interviewed regarding topics such as: Financial Freedom exiting the reverse mortgage industry, Reverse Mortgage Applications being up 10% in February and the NPR interviewing the AARP counsel on the HUD lawsuit. Visit http://reversefortunes.podbean.com/2011/03/26/reverse-fortunes-weekly-episode-147/ to listen to Episode #147 now....
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March 28, 2011 No Comments
11 Predictions for AMC Liability Risks in 2011
By Peter Christensen We are looking forward to another challenging year in the business of insuring and defending claims in the appraisal industry. Based on both existing trends and new emerging issues, these are LIA Administrators & Insurance Services' predictions for the biggest liability risks that we expect for appraisal management companies in 2011: Several AMCs will be sued by the FDIC. Hundreds of appraisers are currently involved in lawsuits or threatened with liti...
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January 11, 2011 2 Comments
Agencies Issue Final Appraisal and Evaluation
The federal financial regulatory agencies issued final supervisory guidance aimed at assuring sound appraisal and evaluation practices by financial institutions. The Interagency Appraisal and Evaluation Guidelines, which replace 1994 guidelines, explain the agencies' minimum regulatory standards for appraisals. According to the FFIEC press release announcing the guidelines, the guidelines "incorporate the agencies' recent supervisory issuances on appraisal practices, address advancements ...
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December 30, 2010 No Comments
Arkansas Appraisal Management Board Approves Coester Appraisal Group
The Arkansas Appraisal Management Board has issued Coester Appraisal Group a Rockville, MD based appraisal management company the authority to act as an appraisal management company in the state of Arkansas. Coester is 100% compliant with all current state regulations and has licenses in the required states as well as applications in the states pending legislations but accepting applications. About Coester Appraisal Group: Coester Appraisal Group is a nationwide appraisal management company...
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December 23, 2010 No Comments
Arizona Appraisal Management Board approves Coester Appraisal Group
The Arizona Appraisal Management Board has issued Coester Appraisal Group a Rockville, MD based appraisal management company the authority to act as an appraisal management company in the state of Arizona. Coester is 100% compliant with all current state regulations and has licenses in the required states as well as applications in the states pending legislations but accepting applications. About Coester Appraisal Group: Coester Appraisal Group is a nationwide appraisal management company s...
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December 23, 2010 No Comments
FHA Appraisal Tip Sheet
The following are excerpts from HUD Mortgagee Letter 2005-ML-48 regarding repair and inspection requirements. FHA Repair Requirements: Below are examples of minor property conditions that no longer require automatic repair for existing properties include, but are not limited to: * Missing handrails * Cracked or damaged exit doors that are otherwise operable * Cracked window glass * Defective paint surfaces in homes constructed post 1978 * Minor plumbing leaks (suc...
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December 20, 2010 No Comments
Agencies Issue Final Appraisal/Evaluation Guidelines
The federal financial regulatory agencies yesterday issued final supervisory guidance on practices by financial institutions for real estate appraisals and evaluations. The agencies--the Federal Reserve; the Federal Deposit Insurance Corp.; the Office of the Comptroller of the Currency; the National Credit Union Administration; and the Office of Thrift Supervision--have proposed a rewrite of 1994 guidelines to address supervisory matters related to real estate appraisals and evaluations used to...
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December 15, 2010 No Comments
Coester Appraisal Management Prepares Mortgage lenders for Dodd-Frank
Coester Appraisal Group an appraisal management company which helps mortgage lenders with there valuation needs nationally has been busy helping it’s clients and the lending community deal with the new Dodd-Frank regulations set to be mandated in April, 2011. CEO Brian Coester was quoted as saying “The new regulations are not business as ususal and lenders, appraisal management companies, appraisers and investors are going to have to adjust the way they do business to account for the new reg...
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December 14, 2010 No Comments
Comments to Federal Reserve on Regulation Z–Truth in Lending Act (R-134)
Title XIV (Sec. 1400 et seq) of the Dodd-Frank Bill contains the "Mortgage Reform and AntiPredatory Lending Act", which includes Subtitle F-Appraisal Activities. Section 1472 of the Act adds Section 129E to T I L A which will establish minimum federal appraisal independence requirements (largely consistent with state regulations and H V C C). Section 129E(i) contains the following "Customary and Reasonable Fee" requirement: (1) In General—Lenders and their agents shall...
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December 14, 2010 No Comments
Nationwide Appraiser Survey Refutes Claims that Appraisal Management Companies Are Using Inexperienced Appraisers
A recently conducted survey of over 5,000 licensed appraisers across the country contradicts lenders’ and independent appraisers’ claims that appraisal management companies (AMCs) are employing inexperienced appraisers and are significantly under-paying appraisers.
The survey, which was conducted by Maryland-based appraisal management company Coester Appraisal Group, revealed that only 3% of appraiser respondents have less than 5 years of experience, and more than half have been in the bu...
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September 7, 2010 20 Comments
When Appraisal Management Software is not enough.
Appraisal Compliance is a must for all lenders doing mortgage business today. With the HVCC, FHA appraisal Compliance, OTS and OCC regulations there is simply no way to get around not ensuring an arms length appraisal transaction. Over the past few months appraisal management software companies have sprung into action trying to get lenders to manage the process themselves and bypass appraisal management companies. The selling point is that if you take control of the appraisal process internally ...
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March 28, 2010 24 Comments
Appraisal Management Companies Will Be Ready for New FHA Appraisal Rules: TAVMA
New Rules Will Prevent Appraiser Pressure and Protect First Time Buyers -
PITTSBURGH, Feb. 16 /PRNewswire/ -- Title/Appraisal Vendor Management Association (TAVMA), the trade association that represents the nation's largest appraisal management companies (AMCs), said today that its members are prepared to help lenders comply with the changes in appraisal ordering announced by the Federal Housing Administration (FHA) that went into effect February 15, 2010.
The new guidelines prohibit mortgag...
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February 16, 2010 No Comments
Understanding FHA Appraisal Compliance
FHA Appraisal Compliance is right around the corner FHA has made it very clear that they will not tolerate any lenders who do not comply 100% with FHA's regulation. The key to success with the new appraisal changes is understanding what needs to be done and how to effectively manage the new appraisal process. FHA sent an announcement several months ago but has not provided very much follow-up or detailed as to exactly what needs to happen for a mortgage lender to be compliant with the upcoming...
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February 10, 2010 2 Comments
FHA Appraisal Compliance, right around the corner
Coester Appraisal Group a nationwide appraisal management company is stressing the urgency of mortgage lenders taking a proactive approach to adopting FHA appraisal compliance guidelines set to take effect Feb 15, 2010. The appraisal company which is known for it's excellence service as well as commitment to appraisal quality with an 100% guaranteed appraisal is concerned the mortgage community is not prepared for the switch. Task Force Manager Jerry White was quoted as saying "we have been ...
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February 10, 2010 2 Comments
Coester Appraisal Group Expands FHA Appraisal Compliant Platform
Coester Appraisal Group is pleased to announce an additional release of its national HVCC compliant appraisal management platform specifically targeted towards upcoming FHA Appraisal changes effective Feb, 15 2010 when FHA adopts similar guidelines to the HVCC. CEO Brian Coester was quoted as saying “FHA delaying the rollout was a blessing in disguise as it gives us more time to improve what we rolled out in November. FHA is over 60% of lending today and with the adoption of the similar guidel...
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January 31, 2010 1 Comment
Appraisal Management Software DO’s and DONT’S
With appraisal compliance being a must for companies originating mortgages, there has been a spur of Appraisal Management Software that has come out recently for mortgage companies trying to both manage the process internally and outsourcing the process to an appraisal management company. Both software and hiring an appraisal management company are viable options, depending on the business model; however, most of these software programs are overpriced, which makes it difficult to do business and...
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January 18, 2010 3 Comments
Appraisal Management Companies Add No Value
“Appraisal Management Companies add no value” is something that Realtors the NAMB and some pissed off brokers have been screaming for the past several month. The cozy relationships with the appraisers are gone, the comp checks are gone and the pressure to hit the number is finally gone. Saying appraisal management companies add no value to the mortgage business is like saying police add no value to the safety of the community. Appraisal Management Companies add tremendous value to the appra...
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January 2, 2010 1 Comment
Fiserv Solutions – Fined for putting estimated value on requests
AMC - Fiserv Solutions, Inc.,
The appraisal management company (AMC), Fiserv Solutions, Inc., was ordered to pay a civil penalty of $115,000 by the court for their attempt to influence the information contained within appraisal reports ordered through their service. AMCs operate as a "middle man" between lenders and appraisers. Typically and AMC solicits appraisal orders from lenders and then distributes the orders to a nationwide network of appraisers. In this capacity the AMC takes a port...
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December 13, 2009 1 Comment
Coester Appraisal Group releases FHA, HVCC Compliant platform early
Gaithersburg, MD, November 13, 2009 - Coester Appraisal Group is pleased to announce an early release of its HVCC compliant vendor management platform specifically targeted towards upcoming changes effective Jan, 1 2010 when FHA adopts the HVCC. CEO Brian Coester was quoted as saying "FHA is over 60% of lending today. With the adoption of the HVCC, it is imperative the lending community receives the same level of customer service our clients are accustomed to.” The firm, who specializes in n...
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November 15, 2009 1 Comment
FHFA: Adoption of HVCC Provisions Means Spirit of Code is Here to Stay
While the Home Valuation Code of Conduct may be unpopular, the major changes it created were already in motion when the HVCC took effect and will continue even when it expires in November 2010. That’s what Federal Housing Finance Agency General Counsel Alfred Pollard told approximately 300 attendees at Valuation Expo 2009, held Nov. 10-11 in New Orleans.
Pollard said the fact that the Federal Housing Administration and other agencies have adopted certain provisions in the agreement between ...
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November 12, 2009 No Comments
Freddie Mac: HVCC has improved appraisal quality
Freddie Mac: Home Valuation Code Has Improved Appraisal Quality
By Brad Finkelstein, National Mortgage News
October 20, 2009
Though it is early in the process, Freddie Mac said it has seen a tangible improvement in the quality of appraisals of loans it buys since the Home Valuation Code of Conduct took effect.
Patricia McClung, Freddie's vice president of offerings management, said at the Mortgage Bankers Association's convention here last week that of the appraisals the government-spo...
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November 6, 2009 2 Comments
Brian Coester featured in November 2009 Scotsman Guide
look inside > Appraising the Valuation Process ...
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November 2, 2009 No Comments
Using an Appraisal Management Company Vs. Self Managed Software
National Appraisal Company Vs. Self Managed Appraisal Software Set-up Cost AMC:Typically Free Set-up, No Monthly Cost or overhead expenses. Only cost typically would be cost of integration(if even needed). Most appraisal management companies are already integrated with key tech companies like Real EC and FNC so it essentially becomes a plug and play. Self Managed:Initial Set-up can go from free to $10,000 or as high as $200,000 depending on size of business. Overhead is an issue as costs don't f...
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August 27, 2009 1 Comment
History Of Appraisal Management Companies
Get your own - Open publication...
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August 23, 2009 No Comments
New Appraisal Rules Backfire in downmarket…
New Appraisal Rules Backfire in Down MarketBy Jack GuttentagSaturday, August 1, 2009 Enacting rules to curb abuses that arose during a housing bubble, but which don't take effect until the succeeding financial crisis, can easily do more harm than good. This is the case with new rules requiring that property appraisals be insulated from pressures exerted by any of the parties with a financial interest in an appraised value. Those parties are primarily lenders, mortgage brokers and real estate age...
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August 1, 2009 No Comments
The TRUTH about the HVCC (From a Broker)
Since HVCC reared its ugly head, I have one less job to do as a mortgage person. I don't need to CANNOT order appraisals.You see, I am forbidden from talking to appraisers (obviously my amazing ability to brainwash appraisers coupled with my ruthless quest for a commission render me completely inappropriate for this job).Realtors, congratulations. I guess now YOU have the job of talking to the appraiser. And since you didn't hire the guy (the bank did) you can't fire him if he doesn't give you ...
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July 20, 2009 No Comments
TAVMA Pushes Back on NAMB HVCC Claims
PITTSBURGH (June 30, 2009) – The Title/Appraisal Vendor Management Association (TAVMA) has sent a 3-page letter to the National Association of Mortgage Brokers (NAMB) to protest that organization’s “inaccuracies and mischaracterizations of appraisal management companies (AMCs)” in what TAVMA calls an effort to undermine the HVCC. “Everyone in the industry knows there were serious problems with the collateral valuation part of the business,” said Jeff Schurman, TAVMA executive direct...
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July 1, 2009 No Comments
Best Pratices for Working with an AMC
Obviously the HVCC has caused a major impact to the mortgage industry. An entire industry is dealing with a new workflow and delivery process and people are still getting adjusted to the changes. From what was once just a simple vendor management (block and tackle) operational procedure, now is much more complicated as people deal with multiple offices, various delivery requirements, rapidly changing legislation and on top a distressed market. There are various options that a lender can choose ...
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June 2, 2009 3 Comments
HVCC and the Secondary Market
The Home Valuation Code of Conduct as talked about many times on this site and many others has brought many changes to the mortgage industry more so than any regulation in the valuation of real estate history. However one topic that has been mentioned very little or from what I have read not mentioned at all. Is the impact the HVCC is going to bring to the secondary market or MBS market over the next few months and years. Currently there is no secondary market. The world has lost faith in U.S. r...
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May 18, 2009 No Comments
Impact of the HVCC
The Home Valuation Code of Conduct is no doubt in full effect. Now the question is... what is going to happen? it seems that the majority of lenders and banks are not ready for the switch as most are still scambling around. We are still in talks with major lenders that are simply not ready for the switch and did not take the requirements as serious as it is.For a lender it is a major workflow prcoess as well as a logisticaly nightmare for delivery, review and payment process. If they are doing a...
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April 26, 2009 No Comments
The Home Valuation Code of Coduct
The recent release of the revised extremely controversial Home valuation code of conduct still leaves many questions unanswered and many businesses and appraisers in the dark to whats really going to happen when the code is enforced. From the revised code the lender will have to order the appraisal and the broker will have no say in the choosing of the management company or the appraiser this is very clear. However there are no procedures for getting an appraiser or a management company approved...
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January 18, 2009 No Comments
