Since there are no industry-entrenched hybrid appraisal forms yet,
appraisers should consider them a blank canvas on which to include their own protective language.
The biggest challenge, of course, is the aging of the
appraiser population: 62 percent of
appraisers are 51 or older.
"The fact is that
appraisers are undertaking the same thorough research and thoughtful analysis that they always have in order to continue producing reliable, credible opinions of value," Stephens said.
MBA applauds Senators Thune and Tester for introducing this legislation which addresses the shortage of
appraisers participating in the FHA program, said Bill Killmer, senior vice president of legislative and political affairs at the Mortgage Bankers Association.
Therefore, my general advice on liability prevention goes beyond "follow applicable standards and be careful," and includes four things
appraisers should do to successfully fend off many of the common legal claims listed above:
(8) In addition to a number of penalty provisions, the 2006 Act introduced several new and additional standards applicable both to appraisals of contributed property and to the
appraisers performing the appraisals.
In total, the new Board of the Society of
Appraisers consists of 11 people.
Both 2009's Home Valuation Code of Conduct (HVCC) and the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act that supplanted it delivered much-needed clarity around how lenders should and should not interact with
appraisers to ensure appraisal integrity and independence.
Few independent
appraisers are trained in estimating heavy equipment damage.
Research conducted by the nation's largest professional association of real estate
appraisers found that as of June 30, the total number of active real estate
appraisers in the U.S.
New and Non-Certified
Appraisers Candidates for CBA accreditation must:
1, Fannie Mae is prohibiting lenders who sell it loans from changing
appraisers' numbers.
