In This Episode - Earlier this year, Fannie Mae announced the launch of its Appraiser Quality Monitoring system, or AQM. Essentially, the AQM is a government-derived type of system that monitors the quality and consistency of your appraisal reports. With this system in place, the agencies will be able to determine whether your work requires consistent, ongoing review or if you will end up on government-level “do not use” list.
appraiser Blog Posts
In This Episode - Guest Todd Stevens, an attorney with the San Diego based firm Keeney, Waite and Stevens joins host Brian Trotier. Todd works with appraisers on issues in E&O, licensing and blacklisting.
They are discussing issues related these blacklists and the potentially detrimental effects they can have on appraisal businesses. Recently, government sponsored enterprises (GSEs) implemented an Appraiser Quality Monitoring system, or AQM, in a widespread effort to flag problem loans and identify “questionable” appraisals. By putting their reports under greater scrutiny, the GSEs aim to weed out USPAP violators by implementing standardized measurements for appraisal comparison.
About Cornerstone Report Radio with Brian Trotier
Cornerstone Report Radio was created for real estate professionals like you who want easy access to information when you’re out in the field. If you don’t have time to read a lot of articles and blog posts, these short, 10-minute episodes will give you the information you need to stay up-to-date on trends and issues that affect your work and your livelihood.
For the six government agencies (FDIC, Federal Reserve, OCC, CFPB, FHFA, NCUA) who banded together to issue the recent proposed set of rules for Appraisal Management Companies (AMCs) it’s report card time! (To see the full press release from the FDIC click here)
For the purpose of this report card we will use a standard grading system of A-F and explain our grading and point out additional, important questions the proposed rules raise that are as yet unanswered.
1) Register in the state and be subject to its supervision.
- This is a great start. We agree there needs...
Recently it has come to our attention a firm called Savant Claims Management from Plano, Texas is mailing letters to appraisers alleging damages from old (2007 and older) residential appraisals. The claim letter is being sent on behalf of an alleged investor called First Mutual Group, LP which claims to be the successor in interest to one or more failed lenders. The letter is not signed by anyone and gives no contact name whatsoever.
In helping real estate professionals find the right professional liability (E&O) insurance policy, one of the most common issues we come across is whether someone you hire to help with your intermittent workload is an employee, a subcontractor, or an independent contractor.
The IRS perspective vs. the insurance perspective
This is often confusing because what you intended to do may not be what you actually end up doing. There are a number of reasons for this. First and foremost is the fact the IRS will view this question in a different way than the insurance industry will. So, even if you get solid tax advice about which...
When we were younger we were all taught to look for who, what, when, where, why, and how in everything we read. By being able to answer these six questions, we were told we would better understand what we read and then be able to explain it to someone else. Today, the same is true and especially so if you are a home inspector or an appraiser. Your report needs to provide simple, clear, and direct information to your client so the client can answer all of these questions once they finish reading your report. If they cannot, you have what is called a failure to communicate....