Blog

Sunday, June 23, 2013

The implosion of the real estate bubble reverberated across the American landscape. Neither residential nor commercial markets were spared. This implosion not only had a very palpable effect on the economy, but on the political debate of this nation as well. That political debate—as it seems is often the case—has turned to finger-pointing. Those fingers have now curled up into a fist, and that fist is now knocking on the doors of appraisers across the country.

Tuesday, June 18, 2013

The Consumer Financial Protection Bureau (CFPB) has been busy lately. Recently, the CFPB has released three new rules that will have an impact on the mortgage lending and appraisal industries.

Saturday, June 8, 2013

I find myself offering thoughts about many strange and unusual situations involving appraiser E&O and risk management in general, but today may be the strangest subject of all – why it appears Chase did nothing wrong in the ESA bankruptcy case.

Tuesday, May 21, 2013

As of January 28, 2013, Fannie Mae started placing greater restriction on the data they collect to ensure uniformity. You will now begin seeing a “hard stop” issued by Fannie Mae on messaging. This change affects Appraisers working with AMCs or other lenders who submit data to Fannie Mae.

Friday, May 10, 2013

We often receive calls from appraisers who have been blacklisted by a lender they do no direct appraisal work for. Typically, the story is the same. They are being dropped from an AMC panel that has given them a lot of business because the AMC found out one of the bigger secondary market loan buyers/lenders has blacklisted the appraiser. This is a lender they do not work for and/or haven’t done any work for in years. The blacklisting is based on some alleged issue with an appraisal done for another client and usually involves a review of the old appraisal by staff from the lender issuing the blacklist notice. Because the AMC fears a new appraisal done today for any lender might someday end up being sold to the lender that issued the blacklist, the AMC just drops the appraiser to avoid the potential problem.

Wednesday, May 8, 2013

It’s Saturday night and you’re headed out the door to have dinner out with your family. Where are you going? Good question! It’s up to you to decide on a restaurant, so before you leave the house, you pull up Yelp! on your phone or computer to find something that sounds good.

Friday, May 3, 2013

In a perfect world, Home Inspectors would have no need for pre-inspection agreements. Contracts simply wouldn’t be necessary because every client would be completely satisfied with the work you do, conflict would be non-existent, and you would never, ever get sued.

Wednesday, May 1, 2013

I recently read a summary of an interview of James Gorman, CEO of Morgan Stanley. When Gorman was asked about the chances of another financial crisis like the one we had 5 years ago occurring, he replied that “the probability of it happening again in our lifetime is as close to zero as I could imagine”. To this statement, my reply is quite simply “bull----!”

Saturday, April 20, 2013

CNN Money recently published a piece (located here) titled “Home appraisals no longer derailing sales”, a quote generically attributed to members of the National Association of Realtors (NAR). What struck me as a bit odd was the fact that just about a year ago, the NAR in conjunction with the National Association of Home Builders (NAHB) stated in another article on home sales and appraisals that roughly 1/3 of the deals placed into contract by its realtor members were failing to close due to problems getting appraisers to recognize the market had recovered and values were increasing. The NAHB was quoted as saying essentially the same thing except it was the refusal of appraisers to recognize the true value of a new home which was causing 1/3 of new home sales to suffer the same fate.

Thursday, April 11, 2013

Insurance companies can be classified as admitted or non-admitted. The distinction resides in the insurer’s way of doing business in a particular state. Regardless of admitted or non-admitted status, every insurance company including errors and omissions insurance companies must be licensed and approved in any given state(s) where it conducts business.