Archive for IRR-Residential

Oct
06

Receive Real Estate News Daily by E-Mail for FREE

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Please follow the link on the upper right side of the blog page. We update our blog constantly and you will receive a summary of the new posts on a daily basis around 10:30 AM. Our current subscriber list include developers, mortgage bankers, municipal officials, attorneys, contractors and brokers.

Of course you can unsubscribe at any time, although we have only had two people unsubscribe since we started the blog in March. I assume that means that subscribers are finding it useful.

Disclaimer: I don’t use any ad tracking or the like nor do I sell e-mail addresses to anyone!

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Oct
06

IRR-Residential: An HVCC Compliant Solution

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The pending Home Valuation Code of Conduct (HVCC) will establish new independence requirements with regard to appraisals on loans to be sold to Fannie Mae and Freddie Mac. Among the new requirements, appraisals cannot be ordered from persons or entities that are not totally independent of the lender origination and production departments. Targeted entities include staff appraisers, lender owned appraisal management companies and settlement service providers.

IRR-Residential provides an HVCC Compliant Solution for your valuation needs with regard to appraiser selection, oversight and independence. IRR-Residential is a residential valuation focused company with national coverage. Our sole focus is providing valuation services and therefore do not have the organizational conflicts targeted by the HVCC.

Our technology platform, IRR-Connections, provides a single portal to place appraisal orders in all 50 states. IRR-Residential receives, manages and delivers every appraisal report after providing a quality assurance review via the Connections platform to ensure they meet client specific guidelines as well as industry standards – all from a single website.

Utilizing a franchise business model, IRR-Residential is one of the largest residential appraisal organizations in the country with nearly 50 affiliate offices in 42 markets and 21 states. Each IRR-Residential office is led by a Managing Director that averages more than 20 years of experience in their marketplace. For areas beyond affiliate coverage, IRR-Residential has a time tested and proven vendor panel ready to act

Supporting your business growth for the long term is our priority. Whether your valuation needs are singular or bulk portfolio, pre- or post-origination related, you have our assurance that high quality appraisals will be provided with the quickest turnaround possible.

To learn more about how IRR-Residential can help your organization, contact us at busdev@irr-residential.com, 913-261-1800, or visit our website at http://www.irr-residential.com/
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Sep
29

Appraisal Agreement (HVCC) to be Delayed

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September 25, 2008

Associated Press

An agreement to reshape the appraisal industry is being delayed up to three months, a federal regulator said Thursday.

James Lockhart, director of the Federal Housing Finance Agency, told the House Financial Service Committee that the agreement with New York Attorney General Andrew Cuomo is still being worked out.

Lockhart said the agreement will be delayed by one to three months from it’s original Jan. 1 start date. While the agreement should be finalized in the coming weeks, “it’s taken us longer than we expected to do it,” he said.

Widespread complaints of problems with the appraisal process and its impact on the nation’s housing market led Cuomo to reach a deal in March with Fannie Mae and Freddie Mac, which are regulated by Lockhart.

The agreement will create a watchdog – the Independent Valuation Protection Institute – to monitor the appraisal business. Fannie Mae and Freddie Mac will spend $24 million to create the institute, which will accept complaints from consumers and appraisers. It will also monitor the enforcement and report to Cuomo’s office.

Earlier this year, federal bank regulators and mortgage industry interests protested the agreement, saying it violates federal law and could have an unintended negative impact on the mortgage industry.

LINK TO ARTICLE HERE:
http://www.forbes.com/feeds/ap/2008/09/25/ap5472950.html
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BLOG NOTE:
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If you are a lender, especially a mortgage broker, I hope that you are familiar with the Home Valuation Code of Conduct (HVCC). This will drastically change the way real estate mortgages are done. Call or e-mail me with any questions on the appraisal side of the regulation. Integra and IRR-Residential have several scenarios that may prove to be very beneficial to mortgage lenders.
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Mike Dodds

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Sep
18

Altus Group Announces Consultancy Service Agreement with IRR-Residential, LLC

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September 18, 2008

Altus Group Income Fund (“Altus”) (TSX:AIF.UN) announced today that it has agreed to terms to engage the services of IRR-Residential, LLC, an established residential appraisal and management firm, to identify opportunities and support Altus’ efforts in the U.S. to provide residential collateral valuation expertise and products through technology platform solutions. IRR-Residential, one of the largest U.S. residential appraisal companies, is owned in part by certain members of Integra Realty Resources. Subject to the completion of due diligence, a binding letter agreement will be executed.

“With more than 45 affiliate offices across the United States, IRR-Residential has a broad base that will help Altus identify and evaluate possible acquisition opportunities for future growth,” said Gary Yeoman, CEO, Altus Group. “With an increasing importance being placed on the independent nature of mortgage appraisals, this agreement allows Altus to take advantage of this opportunity to extend and strengthen our platform in the United States.”

IRR-Residential’s independently-owned and operated affiliate offices provide lenders with local knowledge, experience and quality appraisals. All affiliate offices are headed by a Managing Director with a track-record of demonstrated success in their local market with a dedication to providing high-quality services to their clients.

“We are excited about the opportunity to work with Altus Group, a well-respected firm recognized as a growing industry leader,” said John Wood, President and COO, IRR-Residential. “Our strong client relationships will help us to identify strategic growth opportunities for Altus.”

About Altus Group
Altus Group is the leading multidisciplinary provider of independent real estate consulting and professional advisory services worldwide. With a staff of over 1,300, Altus Group has 30 offices in 23 cities throughout Canada and 8 offices throughout the UK. We operate as: Altus Research, Valuation and Advisory; Altus Cost Consulting; Altus Realty Tax Consulting, Altus Geomatics; Altus InSite; Altus Geocom; Altus Edwin Hill; and Altus Andrews. Altus’ clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords and companies engaged in the oil and gas industry.

About IRR-Residential
Kansas City based IRR-Residential is a national residential valuation services company providing services in all 50 states. IRR-Residential provides valuation services through its 48 franchise affiliate offices in 42 markets and 21 states and through an appraiser fee panel for areas beyond affiliate coverage. IRR-Residential is an outgrowth of Integra Realty Resources, the largest independent commercial real estate valuation and consulting services organization in the United States.

LINK TO ARTICLE HERE:
http://www.marketwire.com/press-release/Altus-Group-Income-Fund-TSX-AIF.UN-901356.html
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BLOG NOTE:
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As an investor and franchisee in IRR-Residential, I am very excited about this. With the merger of Integra and Altus, I have come to have great respect for the leaders of Altus. The relationship will strengthen the IRR-Residential brand considerably. For more information on IRR-Residential and how we may be able to help with your residential appraisal needs, give me a call.
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MBD

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Jun
27

IRR-Residential Adds Offices and Staff

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June 26, 2008
A residential valuation company is focusing on adding depth to its nationwide coverage and providing compliance oversight.

Residential appraisal firm IRR-Residential has added new affiliated firms in four markets. The company also announced the addition of a new chief appraiser and compliance officer.

The new affiliates are IRR-Residential Krantz Appraisal Firm in Missouri; IRR-Residential Value Experts in both New Orleans and Baton Rouge, La.; and IRR-Residential Rayburn Appraisals & Consulting, in Chicago, according to a statement from the Kansas-based company.

“In today’s real estate market, independence, size, product offering and quality of service are necessary to meet the needs of lenders,” commented John Wood, president and chief operating officer of IRR-Residential.

Thomas M. Munizzo, IFA, DAR, CAR is now the chief appraiser and compliance officer. According to company officials, Munizzo started his career 22 years ago with the family-owned Munizzo Appraisal Co. and was president of the National Association of Independent Fee Appraisers in 2006.

“We are fortunate to have found someone with Tom’s background as both an independent appraiser and someone who has been employed by leading lending institutions,” Wood stated in conjunction with this announcement.

Munizzo also commented that he looks forward to working to ensuring IRR-Residential complies with Fannie Mae and Freddie Mac’s new Home Valuation Code of Conduct (HVCC).

LINK TO ARTICLE HERE:

http://www.valuationreview.com/ME2/Audiences/dirmod.asp?sid=270E8EBA5AF64172B917EBD588EDB85A&nm=&type=news&mod=News&mid=5F249E552B2C49509BC41751816632F3&tier=3&nid=C3F54A1A21F046908ACEE4FB4DDD3BA7
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BLOG NOTE:
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We are very excited about the addition of Tom Munizzo and the new offices of IRR-Residential. Very few residential appraisal firms are actually growing in these tough times, but IRR-Residential is.
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MBD
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Jun
25

Keys Added to FHA Appraiser Roster

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IRR-Residential Columbia is pleased to announce that Beth Keys has been approved for addition to the FHA Appraiser Roster. HUD maintains a roster of appraisers who have satisfied certification requirements to perform FHA appraisals. Lenders underwriting FHA-insured loans may only accept appraisals from an appraiser on the FHA roster.

Her background since entering the appraisal profession in 2003 has included mass valuations with the Lexington County Tax Assessor’s office, as well as appraisals for eminent domain purposes with a private firm. In addition to the valuation of residential properties, she has appraised a variety of commercial properties. Ms. Keys holds a Bachelor of Science degree from the University of South Carolina. She is an Associate Member of the Appraisal Institute and has a South Carolina Certified General Appraiser License.

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Appraisals on residential properties in the Midlands region can be ordered at:
https://irrresidentialcolumbia.appraiserxsites.com/iFrame.aspx?FileName=order.x&ReferrerGUID=8d553d22-30cf-47d8-a080-3e08d1ea7129&language=English&UID=nfrxvx55qptykx3tmhnxxz45#top

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Jun
19

Dodds Profiled in Carolinas Commercial Properties Magazine

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It’s a slow news day in the Carolinas, so I thought I would share an article that is in the current issue of Carolinas Commercial Properties. The magazine is the sister publication to Southeast Real Estate Business, and is a bi-monthly real estate publication for commercial real estate professionals in North and South Carolina.

Here is a link to the article
http://i243.photobucket.com/albums/ff35/antitater/DoddsProfile-CarolinaCommercialProp.jpg

MBD

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Apr
10

Announced changes from Fannie Mae and Freddie Mac

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As you may be aware, Fannie Mae and Freddie Mac recently announced changes with regard to how appraisers must be engaged on the residential loans they purchase after January 1, 2009. These changes have the potential to drastically influence the way that residential lending participants interface with the residential appraisal community.

As you begin to plan for the implementation of changes necessary to be in compliance, please consider IRR-Residential. When I joined IRR-Residential as their affiliate for Columbia and Greenville, I did so because of a desire to align my firm with other quality minded independent appraisal firms across the country. IRR-Residential is unique in the industry because we are singularly focused upon providing quality reliable valuations nationwide.

The IRR-Residential corporate office provides third-party management of the appraisal process including; assignment of the appraisal, monitoring contact with the borrower to insure a prompt inspection, then reviewing the appraisal report submitted to insure it was prepared in accordance with UPSAP, Fannie Mae and Freddie Mac guidelines, as well as any other lender or investor specific underwriting guidelines. IRR-Residential provides the separation from the origination process that is desired and intended with the new Fannie/Freddie changes.

Please feel free to contact me at (803) 772-9100 if I can provide additional information.

Michael B. Dodds, MAI, CCIM, MRICS
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