The GSE’s have mandated that all appraisals be submitted in the UAD format; however, currently there are no plans to provide appraisers access to this data. This data needs to be provided to appraisers at the beginning of the appraisal process; ensuring transparency, and improving the process by reducing risk to lenders and the general public.
a la mode and National Data Collective Form Partnership to Offer Real Estate Data Services to Appraisers
November 10, 2014 — Naples, FL — a la mode announced today that NDC (National Data Collective), a leading national provider of property data for real estate professionals, has agreed to integrate its data products with a la mode’s full range of appraisal formfilling systems.
Representatives of several independent state professional appraiser organizations met in Chicago, Illinois on Saturday October 11th, to further discuss collaboration on issues affecting their membership. The network, which started as a conversation among three State appraiser organizations less than a year ago, now comprises 16 such State Organizations which is expected to continue growing.
In Willemsen v. Mitrosilis (DJDAR 13957, Oct. 16, 2014), the California Court of Appeal, Fourth Appellate District, Division Three held that a third party purchaser of real estate (purchaser) was unable to maintain a claim for negligent misrepresentation against the lender’s real estate appraiser (appraiser) since the appraiser did not intend to supply the purchaser with information to influence his decision to purchase the appraised property.
Should listing agents and brokers ever worry about getting sued for failing to tell their clients about the option of having a pre-sale home inspection? The short answer is “yes”. The fiduciary duties of a listing agent or broker arguably include a duty to advise a seller to at least consider the use of a pre-listing inspection.
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.
While much has been written about the multitude of complex reasons behind the collapse of the real estate market in 2007, it is the opinion of this writer that there is one primary reason for the collapse. Simply stated, banks loaned money to borrowers who lacked the ability to pay back the loan. That’s it, pure and simple. If you loan money to someone who has no resources to pay back your loan, you will lose money almost every time and it matters very little if you have any collateral for the loan. This should be known as the prime directive: “Thou shall not loan money to someone who cannot pay you back.” There certainly are many other reasons behind the collapse, but if the “system” had not violated the prime directive the collapse would not have been so sudden, so precipitous, and so prolonged
Between accepting assignments, working with clients, and preparing reports, finding time to meet your state’s continuing education requirements can be a real hassle. However, keeping your license current and in good standing is a must for any real estate professional.
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.
According to Freddie Mac, fraudulent property flipping schemes is an emerging trend and it raises serious red flags for appraisers and home inspectors. While there are plenty of legitimate and credible property flippers in the market, the rise of flipping schemes puts real estate professionals at high risk of litigation. When in the field, use these tips to help safeguard yourself against potential claims and lawsuits associated with quick and dirty flips.