This document provides an agenda and information for a webinar titled "Solving the Mystery of the Home Appraisal Valuation Process". The webinar will include introductions, etiquette, and three main presentations on interpreting home appraisals, including a regulatory overview, keys to appraisals, and how to talk to an appraiser. It lists the contact information for three presenters who will discuss different aspects of appraisals. The document provides an overview of the roles of consumers, lenders, agents, and appraisers in the appraisal process and discusses how to check an appraisal for accuracy. It aims to educate participants on interpreting and understanding the home appraisal process.
Reverse mortgages and older americans presentation (nov. 14, 2013)Andy Carswell
This presentation outlines some of the broad issues that encompass the dilemmas that seniors face in taking on reverse mortgages, a housing option that allows older Americans to age in place. In addition, the presentation covers some recent research results regarding housing counselors' roles in educating and preparing their clients on reverse mortgages, specifically the role that fraud from outside parties can play.
DFA Federal Deposit Insurance Reform - PaperStephanie Bohn
Dr. Scott Hein, Professor of Finance and faculty director of the Texas Tech School of Banking, presented his research at the fourth annual Federal Reserve System/ Conference of State Bank Supervisors Community Banking in the 21st Century Research and Policy Conference at the Federal Reserve Bank of St. Louis.
Reverse mortgages and older americans presentation (nov. 14, 2013)Andy Carswell
This presentation outlines some of the broad issues that encompass the dilemmas that seniors face in taking on reverse mortgages, a housing option that allows older Americans to age in place. In addition, the presentation covers some recent research results regarding housing counselors' roles in educating and preparing their clients on reverse mortgages, specifically the role that fraud from outside parties can play.
DFA Federal Deposit Insurance Reform - PaperStephanie Bohn
Dr. Scott Hein, Professor of Finance and faculty director of the Texas Tech School of Banking, presented his research at the fourth annual Federal Reserve System/ Conference of State Bank Supervisors Community Banking in the 21st Century Research and Policy Conference at the Federal Reserve Bank of St. Louis.
This presentation is designed for those with responsibilities in the areas of compliance, human resources, lending, audit and management of Credit Unions and their mortgage lending subsidiaries. It will explain the necessary steps to take to be compliant with the new SAFE Act requirements.
Why work with William Doom of loanDepotWilliam Doom
Benefits of working with loanDepot to secure your home financing. Learn how we are helping real estate professionals grow their business and consumers secure their dream of homeownership.
From a Sept. 2009 Making Home Affordable meeting where a rep from the U.S. Treasury went more in depth on the HAMP and HARP programs along with representatives from Freddie and Fannie
Negotiation Strategies: Using Game Theory and Decision Tree Analysis to Deter...brucelb
The application of game theory and decision tree analysis to litigation, regulatory, and political issues to determine an optimum settlement strategy in an environmental toxic tort case.
Negotiation Strategies: Using Game Theory and Decision Tree Analysis to Deter...brucelb
A detailed case study of how to use Negotiation Strategies, an application of Game Theory and Decision Tree Analysis to develop an optimum strategy for negotiating a settlement in litigation. We demonstrate a process that can: identify and assess negotiation risks; know whether th current Negotiation Strategy will fail in time to change it;
and execute the most effective strategy to get the best possible outcome.
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affects
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all
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and
any
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around
as
backs
be
because
become
becoming
being
believe
big
bring
broke
by
can
challenges
chance
change
choice
come
consistent
could
day
deal
desperate
desperation.
determination
did
didn’t
disciplining
do
does
doesn’t
don’t
dreams
each
easy
end
enough
even
every
everyone
everything
fail
failing
failure
far
feel
financial
first
fitness
from
fulfilled
full
get
go
goal
goals
had
have
help
how
hundreds
if
importantly
in
inspiration.
inspire
into
is
it’s
just
kind
knees
learn
Learning
life
lives
living
lucky
many
massive
matter
may
miss
more
most
motivated
No
not
Now
of
one
or
other
others
our
over
own
people
people’s
possibility
possibly
poverty
power
problem
pursue
putting
quitting
realize
reason
regret
regrets
said
same
second
see
setbacks
should
sick
small
so
someone
something
spring
start
stories
success
successful
take
taking
than
that
The
their
themselves
there
these
they
things
think
thought
to
too
towards
trouble
trying
two
up
wall
wanted
was
we
Well
went
what
when
Whether
who
Why
will
with
with
won’t
words
you
your
yourself
Code of Ethics: This is a synopsis of some of the most important ethical
considerations you need to be aware of as a professional in the real estate
industry.
Terminology:
Agency: The fiduciary relationship created between a principal and an agent whereby the agent
can act on behalf of the principle for certain transactions. Agency is usually created when the
principal signs a listing agreement to list their property for sale or a management contract to rent
a property for instance.
Agent: The broker or sales associate acting on behalf of the principal (see Agency)
Client: The person with whom the broker or sales associate has a legal contract to represent.
Customer: Is not contractually bound to the industry professional
Principal: Person who hires an agent to act on his or behalf.
Code of Ethics:
#1: The agent has a responsibility to promote the interests of their client(s) and treat all involved
in any real estate transaction in an honest and fair manner. They must disclose if they are a
dual agent (representing both buyer and seller in a transaction) or a designated agent
(represent either the buyer or seller depending on state law), or they are a limited representative
(will provide only certain duties in the transaction per state law).
#2: Agents must openly acknowledge to clients any personal interest they might have in any
transaction prior to showing a property; they must acknowledge any personal relationships
involved. Ex: Agent says, “I want to disclose to you before we look at it, that this property
belongs to is my brother and my sister in-law is his agent.”
#3: The Agent will not allow anyone that is not pre-authorized by the owner, to access the
property of the client.
#4: Never overstate benefits or attributes of a property or opportun.
a able aboutaccomplishaccomplishmentachieveachieving.docxblondellchancy
a
able
about
accomplish
accomplishment
achieve
achieving
action
affect
affects
against
all
always
and
any
are
around
as
backs
be
because
become
becoming
being
believe
big
bring
broke
by
can
challenges
chance
change
choice
come
consistent
could
day
deal
desperate
desperation.
determination
did
didn’t
disciplining
do
does
doesn’t
don’t
dreams
each
easy
end
enough
even
every
everyone
everything
fail
failing
failure
far
feel
financial
first
fitness
from
fulfilled
full
get
go
goal
goals
had
have
help
how
hundreds
if
importantly
in
inspiration.
inspire
into
is
it’s
just
kind
knees
learn
Learning
life
lives
living
lucky
many
massive
matter
may
miss
more
most
motivated
No
not
Now
of
one
or
other
others
our
over
own
people
people’s
possibility
possibly
poverty
power
problem
pursue
putting
quitting
realize
reason
regret
regrets
said
same
second
see
setbacks
should
sick
small
so
someone
something
spring
start
stories
success
successful
take
taking
than
that
The
their
themselves
there
these
they
things
think
thought
to
too
towards
trouble
trying
two
up
wall
wanted
was
we
Well
went
what
when
Whether
who
Why
will
with
with
won’t
words
you
your
yourself
Code of Ethics: This is a synopsis of some of the most important ethical
considerations you need to be aware of as a professional in the real estate
industry.
Terminology:
Agency: The fiduciary relationship created between a principal and an agent whereby the agent
can act on behalf of the principle for certain transactions. Agency is usually created when the
principal signs a listing agreement to list their property for sale or a management contract to rent
a property for instance.
Agent: The broker or sales associate acting on behalf of the principal (see Agency)
Client: The person with whom the broker or sales associate has a legal contract to represent.
Customer: Is not contractually bound to the industry professional
Principal: Person who hires an agent to act on his or behalf.
Code of Ethics:
#1: The agent has a responsibility to promote the interests of their client(s) and treat all involved
in any real estate transaction in an honest and fair manner. They must disclose if they are a
dual agent (representing both buyer and seller in a transaction) or a designated agent
(represent either the buyer or seller depending on state law), or they are a limited representative
(will provide only certain duties in the transaction per state law).
#2: Agents must openly acknowledge to clients any personal interest they might have in any
transaction prior to showing a property; they must acknowledge any personal relationships
involved. Ex: Agent says, “I want to disclose to you before we look at it, that this property
belongs to is my brother and my sister in-law is his agent.”
#3: The Agent will not allow anyone that is not pre-authorized by the owner, to access the
property of the client.
#4: Never overstate benefits or attributes of a property or opportun ...
This presentation is designed for those with responsibilities in the areas of compliance, human resources, lending, audit and management of Credit Unions and their mortgage lending subsidiaries. It will explain the necessary steps to take to be compliant with the new SAFE Act requirements.
Why work with William Doom of loanDepotWilliam Doom
Benefits of working with loanDepot to secure your home financing. Learn how we are helping real estate professionals grow their business and consumers secure their dream of homeownership.
From a Sept. 2009 Making Home Affordable meeting where a rep from the U.S. Treasury went more in depth on the HAMP and HARP programs along with representatives from Freddie and Fannie
Negotiation Strategies: Using Game Theory and Decision Tree Analysis to Deter...brucelb
The application of game theory and decision tree analysis to litigation, regulatory, and political issues to determine an optimum settlement strategy in an environmental toxic tort case.
Negotiation Strategies: Using Game Theory and Decision Tree Analysis to Deter...brucelb
A detailed case study of how to use Negotiation Strategies, an application of Game Theory and Decision Tree Analysis to develop an optimum strategy for negotiating a settlement in litigation. We demonstrate a process that can: identify and assess negotiation risks; know whether th current Negotiation Strategy will fail in time to change it;
and execute the most effective strategy to get the best possible outcome.
a able aboutaccomplishaccomplishmentachieveachieving.docxsodhi3
a
able
about
accomplish
accomplishment
achieve
achieving
action
affect
affects
against
all
always
and
any
are
around
as
backs
be
because
become
becoming
being
believe
big
bring
broke
by
can
challenges
chance
change
choice
come
consistent
could
day
deal
desperate
desperation.
determination
did
didn’t
disciplining
do
does
doesn’t
don’t
dreams
each
easy
end
enough
even
every
everyone
everything
fail
failing
failure
far
feel
financial
first
fitness
from
fulfilled
full
get
go
goal
goals
had
have
help
how
hundreds
if
importantly
in
inspiration.
inspire
into
is
it’s
just
kind
knees
learn
Learning
life
lives
living
lucky
many
massive
matter
may
miss
more
most
motivated
No
not
Now
of
one
or
other
others
our
over
own
people
people’s
possibility
possibly
poverty
power
problem
pursue
putting
quitting
realize
reason
regret
regrets
said
same
second
see
setbacks
should
sick
small
so
someone
something
spring
start
stories
success
successful
take
taking
than
that
The
their
themselves
there
these
they
things
think
thought
to
too
towards
trouble
trying
two
up
wall
wanted
was
we
Well
went
what
when
Whether
who
Why
will
with
with
won’t
words
you
your
yourself
Code of Ethics: This is a synopsis of some of the most important ethical
considerations you need to be aware of as a professional in the real estate
industry.
Terminology:
Agency: The fiduciary relationship created between a principal and an agent whereby the agent
can act on behalf of the principle for certain transactions. Agency is usually created when the
principal signs a listing agreement to list their property for sale or a management contract to rent
a property for instance.
Agent: The broker or sales associate acting on behalf of the principal (see Agency)
Client: The person with whom the broker or sales associate has a legal contract to represent.
Customer: Is not contractually bound to the industry professional
Principal: Person who hires an agent to act on his or behalf.
Code of Ethics:
#1: The agent has a responsibility to promote the interests of their client(s) and treat all involved
in any real estate transaction in an honest and fair manner. They must disclose if they are a
dual agent (representing both buyer and seller in a transaction) or a designated agent
(represent either the buyer or seller depending on state law), or they are a limited representative
(will provide only certain duties in the transaction per state law).
#2: Agents must openly acknowledge to clients any personal interest they might have in any
transaction prior to showing a property; they must acknowledge any personal relationships
involved. Ex: Agent says, “I want to disclose to you before we look at it, that this property
belongs to is my brother and my sister in-law is his agent.”
#3: The Agent will not allow anyone that is not pre-authorized by the owner, to access the
property of the client.
#4: Never overstate benefits or attributes of a property or opportun.
a able aboutaccomplishaccomplishmentachieveachieving.docxblondellchancy
a
able
about
accomplish
accomplishment
achieve
achieving
action
affect
affects
against
all
always
and
any
are
around
as
backs
be
because
become
becoming
being
believe
big
bring
broke
by
can
challenges
chance
change
choice
come
consistent
could
day
deal
desperate
desperation.
determination
did
didn’t
disciplining
do
does
doesn’t
don’t
dreams
each
easy
end
enough
even
every
everyone
everything
fail
failing
failure
far
feel
financial
first
fitness
from
fulfilled
full
get
go
goal
goals
had
have
help
how
hundreds
if
importantly
in
inspiration.
inspire
into
is
it’s
just
kind
knees
learn
Learning
life
lives
living
lucky
many
massive
matter
may
miss
more
most
motivated
No
not
Now
of
one
or
other
others
our
over
own
people
people’s
possibility
possibly
poverty
power
problem
pursue
putting
quitting
realize
reason
regret
regrets
said
same
second
see
setbacks
should
sick
small
so
someone
something
spring
start
stories
success
successful
take
taking
than
that
The
their
themselves
there
these
they
things
think
thought
to
too
towards
trouble
trying
two
up
wall
wanted
was
we
Well
went
what
when
Whether
who
Why
will
with
with
won’t
words
you
your
yourself
Code of Ethics: This is a synopsis of some of the most important ethical
considerations you need to be aware of as a professional in the real estate
industry.
Terminology:
Agency: The fiduciary relationship created between a principal and an agent whereby the agent
can act on behalf of the principle for certain transactions. Agency is usually created when the
principal signs a listing agreement to list their property for sale or a management contract to rent
a property for instance.
Agent: The broker or sales associate acting on behalf of the principal (see Agency)
Client: The person with whom the broker or sales associate has a legal contract to represent.
Customer: Is not contractually bound to the industry professional
Principal: Person who hires an agent to act on his or behalf.
Code of Ethics:
#1: The agent has a responsibility to promote the interests of their client(s) and treat all involved
in any real estate transaction in an honest and fair manner. They must disclose if they are a
dual agent (representing both buyer and seller in a transaction) or a designated agent
(represent either the buyer or seller depending on state law), or they are a limited representative
(will provide only certain duties in the transaction per state law).
#2: Agents must openly acknowledge to clients any personal interest they might have in any
transaction prior to showing a property; they must acknowledge any personal relationships
involved. Ex: Agent says, “I want to disclose to you before we look at it, that this property
belongs to is my brother and my sister in-law is his agent.”
#3: The Agent will not allow anyone that is not pre-authorized by the owner, to access the
property of the client.
#4: Never overstate benefits or attributes of a property or opportun ...
Two CE Ethics credits for CFP, RICP, CLU and ChFC designations.Matt Allen
The Financial Planner’s Ethical Dominance® program provides a practical approach to learning the ethical standards
of professional conduct and responsibility in an interactive format through the use of real-life scenario cases. After
this two-hour session, attendees will have a concrete understanding of the dos and don’ts of working with your clients
ethically as a CFP® Professional.
Collateral value is the foundation of all lending transactions, but even the most traditional valuation techniques require a blend of art science and require debtors and practitioners to incorporate their judgment. Where is the line between reasonable judgment and gaming the system to arrive at a valuation that skews the fact pattern to one party’s favor? This webinar presents practice pointers on how to use the ABA Model Rules as a guide to navigating ethical issues in real estate valuation. Model Rules addressed may include those that govern the client-lawyer relationship (Rule 1.1 through 1.3); those that speak to the need for candor toward the tribunal and fairness to an opposing party and counsel (Rule 3.3 through 3.4); and the necessity for truthfulness in statements to others and issues surrounding unrepresented persons (i.e. Rule 4.1 through 4.3).
Part of the webinar series: Ethical Issues in Real Estate-Based Bankruptcies 2022
See more at https://www.financialpoise.com/webinars/
Looking to scale your SEO processes?
Are you equipped to factor the ever-changing digital landscape into your plans for growth?
Any marketer would agree that scaling in today’s digital age can be a complex challenge.
However, by taking a sophisticated, fine-tuned, and strategic approach, you can seamlessly scale an SEO program on an enterprise level.
Watch our webinar to discover how to decode a formula that helps you build a scalable SEO program for success.
You'll learn how to:
- Assess your competitive landscape.
- Build a scalable SEO content strategy.
- Create a framework to prioritize various SEO efforts (content, technical, authority-improvement, and more).
Wayne Cichanski, VP of Search & Site Experience at iQuanti, and Anwesha Mazumdar, Head of Credello, present a scalable SEO program that works.
Even with increased brand awareness, some enterprises still experience higher acquisition, conversion, and traffic costs.
In this webinar, you will gain in-depth insight into a case study that will help you see how scaling your SEO initiatives can truly improve your business while driving costs down.
Fair Lending Testing and Analysis - Made EasyDavid Gilbert
Fair Lending laws have been around for decades, but more robust Fair Lending analysis has recently become a hot-button issue and point of emphasis with regulators.
Financial institutions must now be able mathematically prove no discrimination or "disparate impact/treatment" is occurring in marketing activities, during the loan application process, with pricing and add-on products, and with charge-off and collection practices.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Thesis Statement for students diagnonsed withADHD.ppt
TA | Appraisal Webinar 11.15.2012
1. Interpreting
Home Appraisals
Solving the Mystery of the Home Appraisal
Valuation Process
2. Agenda:
Welcome 1:00-1:02 p.m.
Introductions of Speakers 1:02-1:04 p.m.
Webinar Etiquette 1:04-1:08 p.m.
Interpreting Home Appraisals 1:08-1:55 p.m.
Regulatory Overview (David)
Appraisal Keys (Liz)
Talking to the Appraiser (Peter)
Questions and Answers 1:55-2:25 p.m.
Webinar Closure 2:25-2:30 p.m.
3.
4. ADOBE Connect
Please mute your phone by pressing *6
To mute your computer click the green microphone
Questions or comments, type them here
5. Presenters
David Berenbaum serves as National Community Reinvestment Coalition’s
Chief Program Officer. David is responsible for implementing NCRC’s
legislative, research, compliance, community lending, minority business and
civil rights programs.
CONTACT INFORMATION:
David Berenbaum
Chief Program Officer
National Community Reinvestment Center
TEL: (202) 628-8866
EMAIL: dberenbaum@ncrc.org
6. Presenters
Elizabeth Green, Principal Consultant with rel-e-vant Solutions, is a strategist,
solutions architect, speaker and valuation advocate. A recognized mortgage
technology veteran in software product leadership for solutions in residential
property valuation, loan origination, mortgage servicing and secondary
marketing, Green is helping to foster a new level of understanding in property
valuation and collateral risk assessment through the application of digital
intelligence. She is the third term chairperson of the MISMO Property and
Valuation Services Workgroup. Follow her on Twitter: @FreshRelevance.
CONTACT INFORMATION:
Elizabeth Green
Principal Consultant
Rel-e-vant
TEL: 888-804-7773
EMAIL: liz@rel-e-vant.com
7. Presenters
With 30 years of experience in real estate appraisals, Pete Vidi is a Certified
General Real Estate Appraiser specializing in forensic valuations for litigation
support in the Metro Washington DC, Maryland and Virginia areas. Mr. Vidi is
also a past President of the National Association of Independent Fee
Appraisers (NAFIA).
CONTACT INFORMATION:
Peter R. Vidi
National President
American Guild of Appraisers
Guild 44 OPEIU
TEL: 888-804-7773
EMAIL: liz@rel-e-vant.com
9. The Mission of the National
Community Reinvestment Coalition
To increase fair & equal access to credit, capital, and
banking services/products for low- and moderate-
income communities, because discrimination is
illegal, unjust and detrimental to the economic
growth of underserved communities in the United
States and around the world.
10. The CFPB and NCRC’s Comments
As it relates to appraisal/valuation issues, the CFPB
proposed several amendments to the Truth In
Lending Act (TILA)-Regulation Z, as well as, the Equal
Credit Opportunity Act (ECOA)-Regulation B. On
October 15, 2012, NCRC submitted comments
addressing the proposed amendments to these
regulations.
11. The CFPB and NCRC’s Comments
TILA-Regulation Z
In our comment, we argued that Congress did not intend that FIRREA Title XI
requirements would only apply to the subset of higher-risk mortgage loans that
are already covered by FIRREA. NCRC specifically called for the prudential
regulators to require full walk-through appraisals by licensed appraisal
professionals for all residential mortgages above $50,000 regardless if they are
originated or insured by the private sector, Fannie Mae and Freddie Mac, or the
Federal Housing Agency.
12. The CFPB and NCRC’s Comments
ECOA-Regulation B
In our comment, we argued that in order to prevent the problems
associated with the use of automated valuation models and creditors
reliability on them, it is essential that creditors disclose all forms of
appraisal and/or valuation at the time the application is received, not later
than the third business day after receiving a consumer’s written
application, to allow consumers to read all information and make
informed decisions relating to one of the biggest financial commitments of
their lifetime.
13. The CFPB and NCRC’s Comments
Integrated Mortgage Disclosures under Real Estate Settlement
Procedures Act (Reg X) and Truth In Lending Act (Reg Z)
On November 6, 2012, NCRC signed on to a comment letter prepared by the
Appraisal Institute, addressing the Integrated Mortgage Disclosures under the
Real Estate Settlement Procedures Act (RESPA)-Regulation X and the Truth In
Lending Act (TILA)-Regulation Z. In their letter, the Appraisal Institute noted
under the proposed rule, disclosure of AMC fees is optional, despite a clear
authorization under the Dodd-Frank Act to require such disclosure. Under the
proposed rule, lenders that do not want to report the fee paid to the AMC could
instruct the settlement agent to bundle the two fees under the Appraisal fees.
Among other things, this is likely to hasten the development of bank-owned or
“captive” AMCs .
14. The CFPB and NCRC’s Comments
Integrated Mortgage Disclosures under Real Estate Settlement
Procedures Act (Reg X) and Truth In Lending Act (Reg Z)
The Appraisal Institute argued that the decision to hide or disclose the AMC
fee should be left to the discretion of a party that may have a vested interest
in hiding this fee from consumers. The Institute explained that this practice is
likely to result in inconsistency in disclosure of AMC fees, with some lenders
listing only an appraisal fee and others listing both an appraisal and an AMC
fee without any explanation. The overarching concern expressed was that
the aforementioned practice would confuse consumers, not empower them
to rational and responsible decisions.
The Appraisal Institute and NCRC as a sign-on, asked the CFPB to establish
clear and understandable rules that consumers and others can rely on
commencing mortgage financing transactions.
15. NCRC’s Appraisal Recommendations
On June 28, 2012—NCRC testified before the US House of Representatives
Committee on Financial Services, Subcommittee on Insurance, Housing &
Community Opportunity on the subject of Appraisal Oversight: The Regulatory
Impact on Consumers and Businesses
In our testimony, NCRC made ten recommendations aimed to improve the
appraisal industry and help all Americans, particularly low to moderate income
communities, communities of color, and communities impacted by the
foreclosure crisis. These recommendations are as follows:
1. A call for Congress, the prudential regulators, etc. to review and define a more
modern and robust appraisal reporting process and not accept the Uniform
Residential Appraisal Report form by the GSEs
2.Require full appraisals by licensed appraisal professionals for all residential
mortgages above $50,000
16. NCRC’s Appraisal Recommendations
Recommendations continued:
3.The role and impact of Appraisal Management Companies (AMCs) must be critically reviewed by the
ASC to ensure that they are not negatively affecting appraisal quality
4.Appraisal professionals must be appropriately compensated under any usual and customary fee
standard that is developed
5.The banking regulators, Fannie Mae, Freddie Mac, and the FHA should not escape Appraisal
Subcommittee valuation safety and soundness review and enforcement
6.Automated Valuation Models (AVMs) should never replace the use of an appraisal by a licensed
appraiser for all mortgages that exceed $50,000
7.There is a need for more effective Consumer Protection, Transparency & Education
8.Responsible appraisal practices ensure and expand housing opportunities in an open society
9.Inappropriate appraisal undervaluation is equally damaging to homeowners, communities, the tax
base, investors and insurers
10. States must suspend directing funds intended for appraisal compliance, professional development
and licensing, to their general funds
17. Appraisal Keys
Elizabeth Green,
Principal Consultant
REL-E-VANT SOLUTIONS
18. Introduction
Knowledge of the home appraisal process -- and the differing credentials of
those who provide appraisal services -- benefits homebuyers and sellers
alike. This knowledge is a powerful information tool to help them make
wise real estate investment and sales decisions about what is for most
people, their single biggest asset.
19. The Appraisal
The appraisal process and written reporting formats vary, depending upon
the nature and purpose of the appraisal. But the appraisal’s fundamental
purpose is:
“To establish a well-researched, impartial and carefully documented
estimate of property value at a single point in time, And, in so doing,
protects the interests of buyers, sellers, mortgage lenders and other
involved parties regarding the corresponding event.”
Mortgage Financing/Refinancing and the Appraisal
Homebuyers seeking financing, and homeowners seeking refinancing, are
required by their mortgage lenders to underwrite the cost of an appraisal,
which typically ranges from $200 and $400. The appraisal is the essential
component in determining loan limits for the property in question.
Mortgage lenders typically select appraisers from “approved” lists they
compile and maintain. Consumers are entitled to copies of all valuations
used in conjunction with their loan as mandated by recent legislation.
20. Roles in the Appraisal Process
Consumer Responsibilities
• Know the approximate value of the home.
• If you can afford one, get your own appraisal from a
state licensed appraiser.
• Ask questions. Shop around. Get the best price from
your agent.
• Insist on a home inspection!
• Don’t rush into transactions. Don’t sign anything until
you read and understand it.
• Get a copy of all forms associated with the
transaction.
• Understand the meaning of buyer’s agent, seller’s
agent & dual agent.
• Ask how your agent is going to advertise your
property.
21. Roles in the Appraisal Process
Lender Responsibilities
• Describes the terms of the loan.
• Determines the monthly payments.
• Informs you of The Annual Percentage Rate/if it
changes/balloons/or increases in percentage over a
period of time.
• Describes the different forms involved in the loan
transaction.
• Acknowledges whether the loan will be sold by the
lending institution or mortgage company who is
lending and to whom it will be sold.
• Utilizes an appraisal to check comparison of the loan
value and the property value.
22. Roles in the Appraisal Process
Agent Responsibilities
• Provides and explains Agency Disclosure.
• Enters into a Listing Agreement & Negotiates a
commission.
• Discusses with you how your property will be
advertised if you are the seller.
• Doesn’t act as a Mortgage Broker. Your agent is
not responsible for the home inspection.
• Notifies the consumer of known physical defects
of the property.
23. Roles in the Appraisal Process
Agent Responsibilities
• Your agent is not responsible for finding you the
best financing.
• Your agent does not ensure that the title search is
done properly.
• Your agent is not responsible for providing a copy
of your deed.
24. Roles in the Appraisal Process
Appraiser Responsibilities
• Gathers data on market area, subject property &
comparable properties in market area.
• Reflects markets perception of value as of the
appraisal date.
• Examines the separate indications of value.
• Bases comparison of like properties to subject
property with adjustments made for differences.
• Analyzes evidence & draws conclusions.
• Does not advocate the needs or desires of the
client or lender.
25. Roles in the Appraisal Process
Appraiser Responsibilities
• Provides sufficient detail & information to lead
the reader of the report to a logical conclusion.
• Reports the highest best use of the property.
Does NOT take the place of a home inspector.
• Analyzes all sales of subject property for last 3
years.
26. About the Appraisal
The written appraisal contains valuable and often-revealing
information -- including the legal and physical description of the
property, square footage measurements, list of comparable
properties in the neighborhood, a neighborhood description, and a
narrative of current real-estate activity and/or market trends in the
vicinity.
Carefully review the details regarding the size, number of rooms,
features and condition as reported by the appraiser. The appraiser
will check all rooms for obvious damage that could affect the
overall value of the property.
Also review the information presented about the neighborhood as
well as the comparable sales that have been selected by the
appraiser to support his opinion of value.
27. Details About the Home
The Appraiser will account for permanent features to a home. For
example, in-ground pool, built-in appliances in the kitchen. Anything
removable is not included in the final value. For example: a Jacuzzi tub.
The appraiser will check that heating and air units are present and that
they are in good working condition.
Basements are not included in the square footage for the computation of
Gross Living Area (GLA). But, are considered in the valuation overall. The
appraiser will check the basement for upgrades and finishing which can
increase a property’s value, but it’s never included in the square footage.
Bedroom count is also a big part of the valuation. Appraiser will verify the
number of bedrooms. By definition, a bedroom is a room with at least one
closet and one window.
28. Checking the Appraisal
Common errors in appraisals include: misuse of adjustments to
comparables, disregarding special financing and concessions, or
miscalculation of gross living area.
Ask yourself:
•Do adjacent homes add or detract from the value of the subject property?
•Is the subject property equal to or lower in price than surrounding homes?
•Does the floor plan have any functional problems?
•Does the house (particularly the kitchen and bathrooms) require major
remodeling to make it comparable with similar homes in the same price
range?
•Is the number of bedrooms and baths in the home comparable to similar
homes in the same price range?
•Did the appraiser perform an adequate review?
29. Appraisal Facts
Assumption: Market value should approximate replacement cost.
Fact: Market value is based on what a willing buyer likely would pay a willing
seller for a particular property, with neither being under pressure to buy or
sell. Replacement cost is the dollar amount required to reconstruct a property
in-kind.
Assumption: Assessed value should equate to market value.
Fact: While most states support the concept that assessed value approximate
estimated market value, this often is not the case. Examples include when
interior remodeling has occurred and the assessor is unaware of the
improvements, or when properties in the vicinity have not been reassessed for
an extended period.
Assumption: Appraisers use a formula, such as a specific price per square foot,
to figure out the value of a home.
Fact: Appraisers make a detailed analysis of all factors pertaining to the value
of a home including its location, condition, size, proximity to facilities and
recent sale prices of comparable properties in the subject market area.
30. Appraisal Facts
Assumption: In a robust economy - when the sales prices of homes in a
given area are reported to be rising by a particular percentage - the value of
individual properties in the area can be expected to appreciate by that
same percentage.
Fact: Value appreciation of a specific property must be determined on an
individualized basis, factoring in data on comparable properties and other
relevant considerations. This is true in good times as well as bad.
31. Appraisal Facts
Assumption: Consumers need not be concerned with what is in the
appraisal document so long as it satisfies the needs of their lending
institution.
Fact: Only if consumers read a copy of their appraisal can they double-
check its accuracy and question the result. Also, it makes a valuable record
for future reference, containing useful and often-revealing information -
including the legal and physical description of the property, square footage
measurements, list of comparable properties in the neighborhood,
neighborhood description and a narrative of current real-estate activity
and/or market trends in the vicinity.
32. Appraisal Facts
Assumption: An Appraisal is the same as a home inspection.
Fact: An Appraisal does not serve the same purpose as an inspection. The
Appraiser forms an opinion of value in the Appraisal process and resulting
report. A home inspector determines the condition of the home and its
major components and reports these findings.
Assumption: You generally can tell what a property is worth simply by
looking at the outside.
Fact: Property value is determined by a number of factors, including
location, condition, improvements, amenities, and market trends.
33. Appraisers & Consumers
Appraisers provide an integral service as an unbiased, trusted advisor to the
process. Consumer education and advocacy regarding the appraisal
process has been improved as a result of recent legislation and the advent
of the Consumer Finance Protection Bureau.
The appraisal report is a critical tool to new homeowners to help them
understand their new home and the investment it represents.
34. How to work with the Professional Appraiser
“Understanding Real Estate Valuation”
Peter Vidi,
National President
American Guild of Appraisers
Guild 44 OPEIU
35. Understanding the Professional Appraiser
• Describe the certification/licensing
requirements, underwriting guidelines, and
appraisal laws in the jurisdiction.
36. Understanding the Professional Appraiser
• Describe the certification/licensing
requirements, underwriting guidelines, and
appraisal laws in the jurisdiction.
• Identify appraisal conditions and
requirements that professional real estate
appraisers are required to follow.
37. History of Real Estate Appraising
Prior to 1989 real estate appraisers were unlicensed. For
the most part “designations” were offered by
professional organizations as part of the effort to control
the education and practice.
38. History of Real Estate Appraising
Legislation and Regulations
FIRREA enacted mandating that appraisers who perform
valuations for Federally Related Transactions would need to be
licensed
39. History of Real Estate Appraising
Legislation and Regulations
FIRREA enacted mandating that appraisers who perform
valuations for Federally Related Transactions would need to be
licensed
USPAP annual guidelines & rules governing the professional real
estate appraiser and the appraisal reports for various
assignments.
40. History of Real Estate Appraising
Legislation and Regulations
Subsequent to Congress passing FIRREA regulators
reduced the “deMinimus” threshold to $500,000 to
ultimately $100,000. States were faced with
mandatory vs. voluntary licensing.
41. History of Real Estate Appraising
Legislation and Regulations
Subsequent to Congress passing FIRREA regulators
reduced the “deMinimus” threshold to $500,000 to
ultimately $100,000. States were faced with
mandatory vs. voluntary licensing.
Many States and jurisdictions areas are NOT mandatory
states. Appraisers who perform non-FRT assignments
may be exempt.
43. Licensing of Appraisers
Appraisal Trainee
• 75 Hours of Approved Appraisal Education
including 15 Hours in USPAP
44. Licensing of Appraisers
Appraisal Trainee
• 75 Hours of Approved Appraisal Education
including 15 Hours in USPAP
• Within 4 years must pass test for Licensed or
Certified Residential Real Property Appraiser
45. Licensing of Appraisers
Appraisal Trainee
• 75 Hours of Approved Appraisal Education
including 15 Hours in USPAP
• Within 4 years must pass test for Licensed or
Certified Residential Real Property Appraiser
• Under direct supervision of Licensed or
Certified Real property appraiser
46. Licensing of Appraisers
Appraisal Trainee
• 75 Hours of Approved Appraisal Education
including 15 Hours in USPAP
• Within 4 years must pass test for Licensed or
Certified Residential Real Property Appraiser
• Under direct supervision of Licensed or
Certified Real property appraiser
48. Licensing of Appraisers
Licensed Residential Real Property Appraiser
• 150 hours of Approved Appraisal Courses
49. Licensing of Appraisers
Licensed Residential Real Property Appraiser
• 150 hours of Approved Appraisal Courses
• 2000 hours of field experience (max 1,000
hours per year)
50. Licensing of Appraisers
Licensed Residential Real Property Appraiser
• 150 hours of Approved Appraisal Courses
• 2000 hours of field experience (max 1,000
hours per year)
• Pass a Comprehensive Exam
52. Licensing of Appraisers
Certified Residential Real Estate Appraiser
• 175 Hours of Approved Appraisal Courses
53. Licensing of Appraisers
Certified Residential Real Estate Appraiser
• 175 Hours of Approved Appraisal Courses
• Minimum Associate degree in approved
subject matter
54. Licensing of Appraisers
Certified Residential Real Estate Appraiser
• 175 Hours of Approved Appraisal Courses
• Minimum Associate degree in approved
subject matter
• 2000 Hours of Field Experience (max 1,000 hours per
year)
55. Licensing of Appraisers
Certified Residential Real Estate Appraiser
• 175 Hours of Approved Appraisal Courses
• Minimum Associate degree in approved
subject matter
• 2000 Hours of Field Experience (max 1,000 hours per
year)
• Pass a Comprehensive Exam
57. Licensing of Appraisers
Certified General Real Estate Appraiser
• 300 hours of approved appraisal courses
58. Licensing of Appraisers
Certified General Real Estate Appraiser
• 300 hours of approved appraisal courses
• Minimum Bachelors in approved subject matter
59. Licensing of Appraisers
Certified General Real Estate Appraiser
• 300 hours of approved appraisal courses
• Minimum Bachelors in approved subject matter
• 3000 hours of field experience (max 1,000 hours per
year)
60. Licensing of Appraisers
Certified General Real Estate Appraiser
• 300 hours of approved appraisal courses
• Minimum Bachelors in approved subject matter
• 3000 hours of field experience (max 1,000 hours per
year)
• Pass a comprehensive exam
62. Appraisal vs. CMA
They are NOT the same!
• An appraisal is an estimate of market value as of a
specific date by a professional real estate appraiser.
63. Appraisal vs. CMA
They are NOT the same!
• An appraisal is an estimate of market value as of a
specific date by a professional real estate appraiser.
• Term “appraisal” is a specific term only used in
connection with definition of market value.
64. Appraisal vs. CMA
They are NOT the same!
• An appraisal is an estimate of market value as of a
specific date by a professional real estate appraiser.
• Term “appraisal” is a specific term only used in
connection with definition of market value.
• CMA only for listing/sale purpose
65. What does this all mean to you and
the consumer?
• Appraisers have a fiduciary responsibility to the client”
• Appraiser is only an “advocate” for the appraisal report
and conclusion
• Impartial opinion to protect consumer
• Appraiser is controlled by USPAP
• Term “appraisal” is a specific term only used in
connection with definition of market value.
67. Violation of the Law!!!
Don’t go there!!!
• Coercion of the appraiser
68. Violation of the Law!!!
Don’t go there!!!
• Coercion of the appraiser
• Manipulation of information or report
69. Violation of the Law!!!
Don’t go there!!!
• Coercion of the appraiser
• Manipulation of information or report
• Predatory Actions
70. What can I do…What can’t I do?
Know the professional boundaries
71. What can I do…What can’t I do?
Know the professional boundaries
• Do NOT pressure the appraiser to get a value or to
misrepresent.
72. What can I do…What can’t I do?
Know the professional boundaries
• Do NOT pressure the appraiser to get a value or to
misrepresent.
• Do encourage the appraiser to act independently.
73. What can I do…What can’t I do?
Know the professional boundaries
• Do NOT pressure the appraiser to get a value or to
misrepresent.
• Do encourage the appraiser to act independently.
• Do assist appraisers in disclosing “material”
information
74. Examples of issues with a professional
appraiser?
• Appraiser calls the client asking for them to provide
comparables.
• Appraiser uses comparables outside of market to
“push” or “lower” values
• Appraiser with geographic competency
75. What should the consumer know?
• Appraiser can be the “gate keeper” on a deal...treat
them with respect.
• Appraiser can provide invaluable information to assist
in a decision
• Ask the appraiser questions!!!
76. What can consumer do if they
disagree?
• Provide information on new comps
• Provide new perspective about things that appraiser
may have overlooked
• Get a copy of the appraisal report
77. Complaints
• Any person may file a complaint against a licensed or
certified appraiser. Complaints must be filed in
writing on forms provided by the Commissions.
• Follow the directions of providing the objective
evidence that can be used by the investigating body.