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