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Category Archives: Appraisers

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Appraisal Institute Lobbies Congress Regarding Appraisal Process

Posted in Appraisers

The Appraisal Institute has reported that it will lobby Congress for the modernization of the appraisal regulatory process. The issues the Appraisal Institute want to see addressed include the relationship of Federal and state regulations, the ability of appraisers to work in multiple states, more flexibility in the appraisal process and better processes for sharing… Continue Reading

Appraisal Institute Continues Push For USPAP Alternative

Posted in Appraisers

The Appraisal Institute has been advocating the use of alternatives to the Uniform Standards of Professional Appraisal Practice (“USPAP”). USPAP is provided by the Appraisal Foundation and is described as “the generally accepted standards for professional appraisal practice in North America. USPAP contains standards for all types of appraisal services.” The Institute’s Florida government relations… Continue Reading

Study States Solar Energy Systems Increase Home Values

Posted in Appraisers

The impact “green” aspects of a property has on its value continues to be a subject of study and debate. The Appraisal Institute recently reported that a study by a member specializing in the valuation of green homes found that homes with host-owned solar photovoltaic energy systems are sold at a premium compared to homes… Continue Reading

Appraisal Foundation Addresses Feud With Appraisal Institute

Posted in Appraisers

There has been an ongoing feud between perhaps the 2 most important appraisal organizations – the Appraisal Institute and the Appraisal Foundation.  The Institute has been publicly critical of the Foundation and resigned from the Foundation about 5 years ago.  Now, the Foundation has responded very forcefully. In an open letter to valuation professionals, the… Continue Reading

Homeowner V. Appraiser Value Opinions Widens

Posted in Appraisers

The gap between homeowner and appraiser opinions of home values has nearly doubled since May, according to mortgage lender Quicken Loans. Quicken Loans publishes a “Home Price Perception Index” which it states represents the difference between appraisers’ and homeowners’ opinions of home values. The index compares the estimate that the homeowner supplies on the mortgage… Continue Reading

Appraisal Foundation Adopts Green Valuation Advisory

Posted in Appraisers

The Appraisal Practices Board (APB) of The Appraisal Foundation has announced the adoption of the first of three Valuation Advisories related to the valuation of green buildings.  The Appraisal Foundation provides guidance to appraisers and is best known for its “USPAP” publication. The Advisory, entitled “Valuation of Green and High Performance Property: Background and Core… Continue Reading

Appraisal Institute and Appraisal Foundation Spat Continues

Posted in Appraisers

The Institute has been harshly critical of the Appraisal Foundation.  Most recently, the Appraisal Institute, in a Dec. 12 comment letter, reiterated its concern to the Appraisal Foundation’s Appraisal Practices Board regarding an exposure draft that the Institute alleges contains numerous errors.  It alleges that it could damage the appraisal process and impose additional burdens… Continue Reading

AQB Proposed Background Checks Focus on “Public Trust”

Posted in Appraisers, Valuation

The Appraiser Qualifications Board of The Appraisal Foundation released a new exposure draft of proposed revisions to the 2015 Real Property Appraiser Qualification Criteria. It includes a new requirement that all applicants for real property appraiser credentials have a background that does not call into question public trust.  Applicants would be required to provide state… Continue Reading

VT Governor Advocates Hiring Independent Appraiser For Pipeline Cases

Posted in Appraisers, Eminent Domain

Vermont Gov. Peter Shumlin wants the VT Department of Public Service to hire an independent property appraiser to participate in eminent domain proceedings for the Addison-Rutland Natural Gas Project. “I am concerned at the transparency and equity issues that have been raised by Vermont Gas’s negotiations with landowners,” Shumlin wrote in a letter Monday. “I… Continue Reading

Appraisal Institute Releases “Standards of Valuation Practice”

Posted in Appraisers, Valuation

The Appraisal Institute has produced its Standards of Valuation Practice which may, in certain circumstances, be used as an alternative to “USPAP.” USPAP – the Uniform Standards of Professional Appraisal Practice – is provided by the Appraisal Foundation and is described as “the generally accepted standards for professional appraisal practice in North America. USPAP contains… Continue Reading

AI Member Appointed to Pa. Board of Certified Real Estate Appraisers

Posted in Appraisers

Joseph Pasquarella, MAI, has been appointed by Gov. Tom Corbett to the Pennsylvania State Board of Certified Real Estate Appraisers for a four-year term, the Appraisal Institute reported July 14.  Pasquarella, senior managing director at Integra Realty Resources’ Philadelphia office, will help establish professional standards for all real estate appraisers throughout the state and help… Continue Reading

Appraisal Institute Produces State Appraisal Regs Compilation

Posted in Appraisers

Each state has its own set of appraiser regulations. Although there are substantial similarities, they can vary. The Appraisal Institute has assembled a document titled “Provisions of State Appraiser Licensing and Certification Laws Applicable to Appraisal Review” which is available free to its members and may be purchased by non-AI professionals. The document provides information… Continue Reading

Lawsuits Targeting Appraisal Reviews on the Rise

Posted in Appraisers

According to an article in the Appraisal Institute’s Valuation magazine, litigation regarding appraisal reviews has been increasing.  One possible explanation cited in the article is that there are simply more appraisal reviews.  It also states that some review appraisers lack the necessary competency to perform the work. One of the major categories of claims is… Continue Reading

PA Court Addresses Deficiency Judgment Valuation

Posted in Appraisers, Valuation

The PA Superior Court recently addressed issues regarding determining the fair market value of property in the context of a “deficiency judgment” proceeding.  In Liberty Philadelphia REO, LP v. EFL Partners V, L.P., the Superior Court held that it was proper in that case to fix the fair market value of condominiums based on the… Continue Reading

NJ Bill Would Eliminate State Appraisal Board

Posted in Appraisers

The New Jersey legislature is considering a bill that would abolish NJ’s Real Estate Appraisers Board and transfer regulation of appraisers to the state’s Real Estate Commission. Bill A2387 was unanimously passed by the Regulated Professions Committee March 13.  The Appraisal Institute strongly opposes the bill.  The Bill’s sponsors, Troy Singleton, and representatives of the… Continue Reading

Fannie Mae Launches Appraiser Quality Monitoring Website

Posted in Appraisers

The Appraisal Institute announced that Fannie Mae launched a website focused on its new Appraiser Quality Monitoring process, which evaluates appraisals for data accuracy and consistency. The site gives lenders access to a list of appraisers whose reports will be subject to 100 percent review or no longer accepted by Fannie. Sellers and servicers approved… Continue Reading

Appraisal Institute: Solar Electric Systems Positively Impact Home Values

Posted in Appraisers

The Appraisal Institute has released a study concluding that solar photovoltaic systems typically increase market value and almost always decrease marketing time of single-family homes in the Denver metropolitan area. A PV system is a solar electric system that is designed to convert sunlight into electricity. The Appraisal Institute worked with the Colorado Energy Office… Continue Reading

Appraisal And Mortgage Fraud Declines

Posted in Appraisers

According to a recent report by LexisNexis, appraisal and mortgage fraud has decreased nationwide. The FBI’s pending fraud cases was 1,954 during fiscal year 2012 as compared to 2,691 cases reported the previous year. The biggest category of fraud was application fraud which accounted for almost 70%. 9% involved appraisal fraud which was a very… Continue Reading

Appraisal Institute Offers Appraisal Advice For Consumers

Posted in Appraisers

The Appraisal Institute recently published “tips” designed “to help consumers understand the role of appraisals in the lending process.”  The tips are. 1. Understand the role of mortgage appraisals. 2. Make sure the lender hires a qualified appraiser, such as an MAI or SRA Designated member of the Appraisal Institute. 3. Accompany the appraiser during… Continue Reading

Agencies Issue Proposed Rule To Exempt Some Mortgages From Appraisal Requirements

Posted in Appraisers

  Six federal financial regulatory agencies recently issued a proposed rule that would create exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. According to the agencies, the proposed exemptions are intended to save borrowers time and money and to promote the safety and soundness of creditors. The appraisal requirements for higher-priced… Continue Reading

Appraisal Institute Discusses USPAP Changes

Posted in Appraisers, PennDOT

Paula Konikoff, JD, MAI, chair of the Appraisal Institute’s Professional Standards and Guidance Committee recently discussed the 2014-15 USPAP updates, including the process the Appraisal Standards Board used to adopt the latest edition of USPAP, the new Report Options that will be part of the 2014-15 edition of USPAP, and other changes made that might… Continue Reading