Archive for IRR-Residential
SC Real Estate News Now Available on Twitter
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Want Daily S.C. Real Estate News via E-mail for FREE?
Posted by: | CommentsPlease follow the link on the upper right side of this web page to receive a daily e-mail update. You will receive a summary of the new posts around 11:00 AM. Our current e-mail subscriber list includes developers, mortgage bankers, municipal officials, attorneys, contractors, economic developers, appraisal reviewers and brokers.
Of course you can unsubscribe at any time, although we have only had four people unsubscribe since the site was in March 2008. I assume that means that subscribers are finding it useful.
Click on the “envelope” at the bottom of this post to forward this to your co-workers so that they can sign up as well.
Note: I don’t use any ad tracking or the like, nor do I sell e-mail addresses to anyone!
Michael B. Dodds, MAI, CCIM, MRICS
Dodds to Speak at SC Bankers Association Event
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I always enjoy the South Carolina Bankers Association events and look forward to participating in this one. If you feel that a similar presentation would be helpful for your company or organization, please give me a call.
Professional Affiliation among Freddie Mac’s New Appraisal “Best Practices”
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Among Freddie Mac’s newly revised guidelines for mortgage lenders is an emphasis on the use of qualified and experienced real estate appraisers, including language that advocates hiring professionally affiliated valuation professionals. According to revised Freddie Mac guidelines, “Sellers should consider membership in a professional appraisal organization as a qualification criterion.”
Such language is seen as a victory by professional appraisal organizations, who for years have been asking for greater emphasis on the qualifications of appraisers and policies that promote the use of highly qualified and experienced appraisers.
“We applaud Freddie Mac for addressing this important requirement that will have a positive effect on millions of home buyers and sellers,” said Jim Amorin, MAI, SRA, president of the Appraisal Institute.
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LINK TO ARTICLE HERE:
Daily S.C. Real Estate News for FREE!
Posted by: | CommentsPlease follow the link on the upper right side of the web page to subscribe to daily e-mail updates. We update our website constantly and you will receive a summary of the new posts around 11:10 AM. Our current e-mail subscriber list includes developers, mortgage bankers, municipal officials, attorneys, contractors, economic developers, appraisal reviewers and brokers.
IRR-Residential Chairman Provides Testimony Before House Subcommittee
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http://www.house.gov/apps/list/hearing/financialsvcs_dem/oihr_061109.shtml
Referrals…..You Gotta Love Them
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If you are new to the site, I own commercial and residential appraisal firms…..
Integra Realty Resources – SC provides commercial appraisal and investment consulting services. I am the managing partner of the Columbia and Greenville offices, although we have 56 offices nationwide. We also provide market study and tax appeal services as well.
IRR-Residential has 47 offices in 21 states, making it the largest residential appraisal firm in the nation. I own the Columbia and Greenville franchises of IRR-Residential. IRR-Residential also has a variety of options available to assist with HVCC compliance.
Please let me know if I can ever assist with your appraisal needs.
Michael B. Dodds, MAI, CCIM, MRICS
S.C. Real Estate News Daily for FREE
Posted by: | CommentsPlease follow the link on the upper right side of the web page. We update our website constantly and you will receive a summary of the new posts on a daily basis around 11:00 AM. Our current e-mail subscriber list include developers, mortgage bankers, municipal officials, attorneys, contractors and brokers.
Appraising the Appraiser
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Should you care about how much money your (residential) appraiser makes?
That question is at the heart of a dispute in the mortgage industry, pitting independent appraisers against established banks, which in recent years have built vast networks of affiliated appraisers, through appraisal management companies.
Appraisers who work on behalf of these companies typically receive less pay than those who do not. Some appraisers say the lower fees mean consumers are less likely to get a high-quality appraisal, which could jeopardize their loans.
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LINK TO ARTICLE HERE:
Dodds Participates in Greenville Economic Development Event
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IRR-Residential Offers HVCC Webinar
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• Lenders must ensure there is no influence upon the appraiser in the development or valuation conclusion of the appraisal. A clear line must be drawn between loan origination / production staff and the appraisal process.
• Members of the lender loan origination and production staff are forbidden from selecting or even recommending the selection of the appraiser.
• Lenders or their agent (vendor management company or correspondent lender) must be responsible for the selection and payment of the appraiser. Mortgage brokers are specifically barred from such appraiser selection, meaning the appraisers must be selected by the upstream lender rather than the mortgage broker.
• A lender shall not utilize an appraiser employed by the lender or an affiliate of the lender, unless the appraiser, or affiliate for which the appraiser works, is wholly independent of loan origination and production.
• Lenders are not to provide estimated or targeted property values to the appraiser. This also includes a prohibition against providing the appraiser with the estimated or targeted loan amount.
• Removal of appraisers from approved vendor lists, or addition to exclusionary lists, requires a prompt written notice including the specific reasons for such action.
Learn more about the Home Valuation Code of Conduct and ways to assess your company’s current appraisal practices. The free webinar is scheduled for February 26th at 10 a.m. CST.
Click on the link below to register.
http://app.icontact.com/icp/sub/survey/take
IRR-Residential is committed to providing our clients with HVCC compliant solutions. We offer solutions that meet industry needs for appraiser selection, oversight and independence. Let us help you create a customized HVCC compliant solution for your organization and help you get ahead of the curve.
Industry Groups Unite against BPOs
Posted by: | Comments– Appraisal Institute
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Wells Fargo and Rels Valuation’s Appraisal Practices and Fees Being Investigated
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Hagens Berman is investigating Wells Fargo and its appraisal subsidiary, Rels Valuation, based on reports the companies allegedly engaged in a rigged appraisal process designed to boost profits at the expense of homeowners and independent appraisers.
The firm is investigating claims that the company forces homeowners to use its appraisal firm, Rels Valuation, which then turns around and subcontracts the work to independent appraisers while charging homeowners an inflated fee for the work.
The practice, if proven, damages homeowners as Wells Fargo and Rels Valuation control the appraisal market, a profit-boosting move that allows the companies to control third-party appraisers.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
http://www.marketwatch.com/News/Story/Story.aspx?guid={6ACE176E-A42A-43CC-863A-0CAFBA14D178}&siteid=nbsh
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This will be interesting. The lack of transparency is why many banks and appraisers do not trust many appraisal management companies. Our appraisal management model is much different, with standardized fees and a higher degree of transparency to the lender clients.
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Michael Dodds
Amid Rate Drops, Mortgage Applications Soar
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With interest rates approaching reaching historic lows, the application volume for mortgages jumped a seasonally adjusted 48 percent last week compared with the previous week, according to the Mortgage Bankers Association’s weekly survey.
Application activity for the week ending December 19th was 124.6 percent over the same period a year ago, the Washington, D.C-based MBA said. The spike in applications coincided with another drop in mortgage rates, as the government’s efforts to unfreeze the residential-mortgage market show further signs of having the desired effect.
Applications to refinance existing mortgages increased 62.6 percent on a week-to-week basis, while applications filed for mortgages to buy homes increased a seasonally adjusted 10.6 percent.
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LINK TO ARTICLE HERE:
What is a CCIM?
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Recognized for its preeminence within the industry, the CCIM curriculum represents the core knowledge expected of commercial investment practitioners, regardless of the diversity of specializations within the industry. The CCIM curriculum consists of four core courses that incorporate the essential CCIM skill sets: financial analysis, market analysis, user decision analysis, and investment analysis for commercial investment real estate. Following the course work, candidates must submit a portfolio of closed transactions and/or consultations showing a depth of experience in the commercial investment field. After fulfilling these requirements, candidates must successfully complete a comprehensive examination to earn the CCIM designation. This designation process ensures that CCIMs are proficient not only in theory, but also in practice.
Only 6 percent of the estimated 150,000 commercial real estate practitioners nationwide hold the CCIM designation, which reflects not only the caliber of the program, but also why it is one of the most coveted and respected designations in the industry. The CCIM membership network mirrors the increasingly changing nature of the industry and includes brokers, leasing professionals, investment counselors, asset managers, appraisers, corporate real estate executives, property managers, developers, institutional investors, commercial lenders, attorneys, bankers and other allied professionals. Through this business network, CCIM members successfully complete thousands of transactions annually, representing more than $200 billion in value.
