I’m not sure when it happened, but sometime in my lifetime the family home stopped being where you chose to live to raise your family and put down roots and became an investment asset. It seems this transformation began when investment bankers on Wall Street first realized residential mortgage lending represented a potential source of huge profits.
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Today, banks and savings and loans have loan origination offices or mortgage brokers spread all over the U.S. making as many home loans as possible with no intention of holding and servicing the loans they fund. The mortgage loan department funds or buys loans in cities nobody at the bank has ever even visited, let alone actually knows and understands.
Non-lender work is growing in popularity, as appraisers have grown weary of outrageous AMC demands and competing for low-ball fees. But the grass isn’t always greener on the other side: non-lender work has its cons, and AMC work has its pros. Don’t believe us? We’ve laid out some of the pros and cons of both types of appraisal work.
One of the requirements of your job as an appraiser is getting to the property to appraise it. Unless you are appraising a property within a few blocks of your own house or office, chances are that you will be driving there. Today, the costs of driving -- higher gas prices, higher insurance premiums and higher maintenance costs -- have gone through the roof.
Whether in the field or at the office, there’s much at stake every day. Yet, many of us continue to overlook the importance of professional liability insurance.
Commonly known as errors and omissions - or E&O - insurance, these policies are designed to protect you against legal recourse should a lawsuit be filed against you. However, not all policies are created equally, and premiums are continually on the rise. So what’s the story behind these additional costs?
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.