Recent Articles
I recently attended the annual Appraisal Summit and Expo in Las Vegas last week and heard from a multitude of excellent speakers.  Of particular note was the information coming from Fannie Mae and the Consumer Financial Protection Bureau. 
 
FANNIE MAE
 
Speaker - Robert Murphy, Director of Property Valuation & Eligibility, Single-Family Risk,  Underwriting and Pricing. 
 
    The Good News from Fannie Mae is that they are contemplating removing the 90 day - 6 month requirement on comparable sales as they understand the better comp sale may be further out than six months and with the use of the 1004MC, any necessary time adjustments can be determined.   Mr. Murphy also reiterated that they do not have the requirement of no trainees preparing appraisals.   This is a lender requirement.  They are coming out with an explanation clarifying that Licensed and Trainees can sign appraisals as long as they are co-signed by the Certified Appraiser.
 
    The interesting news is that Fannie Mae is turning up the heat on requiring conscientious underwriting and that definitely includes the appraisal.   Every appraiser needs to be aware that due to the UAD and UCDP transmission, Fannie Mae is now able to easily review tens of thousands of data and find discrepancies – down to the single appraiser or the single comparable.   Here’s a few things they can easily see:
 
***How many times a particular comparable has been used and by which appraisers.
***The conflicting data found on any one comparable – not only among several appraisers but how one individual appraiser handles that comparable from appraisal to appraisal.  They are not amused that they are finding the same sale with different sales prices, varying quality and condition ratings, varying gla’s and amenities, varying lot values.  Not only are they finding that various appraisers are treating the same comparable considerably different, they are finding that the same appraiser treats that comparable different from appraisal to appraisal.  Their eyebrows really go up on that one.
***They can track each individual appraiser and see how many appraisals done by that appraiser in any given day.  In one instance they found an appraiser  who inspected a house in Cleveland, Ohio, drove 150 miles to inspect another house and signed off as inspecting 13 other houses that day. 
 
Fannie Mae is vigorously researching all of this new data coming in, looking for patterns of misconduct and developing reports that show lax lenders, careless appraisers and blatant misinformation.  They are going to turn appraisers in to their State Licensing Board when they see blatant misrepresentation on appraisals.  When they send an appraisal to the MAB, we can rest assured the data to prove their point will be attached.  Of note, conflicting information on a comparable from appraisal to appraisal can be construed as “fraud”. 
 
I don’t have to say anymore, do I, Appraisers.  The message is there. 
 
Jean M. McCarty, President
Ms Coalition of Appraisers

The MSCAPP annual summer conference was recently held at the workforce training center on the Ridgeland campus of Holmes Community College. The conference featured informative open discussions, business meetings, and multiple CE classes.  The conference was organized and presented this year by Melissa Bond, MSCAPP’s Education Chairman.  Appraisers at various license levels who are active in a number of appraisal industry sectors were in attendance from throughout the state.  Responses from many in attendance stated one of the best benefits of this conference was the opportunity to interact with and learn from appraisers from such a broad cross section of the industry.

 

The three day conference opened with a general session meeting focused on hot topic appraisal issues and the formulation of 2014 legislative agenda goals.  Successful programs in other states, such as a recovery fund to compensate Mississippi appraisers when state regulated AMC’s go bankrupt or otherwise fail without paying the appraisal fees due, were discussed.  Possible amendments to the state statue to require a more realistic AMC bond requirement and other proposals were also considered.  Keynote speakers included Representative Herb Frierson, a licensed appraiser, who currently serves as the House Appropriation Chairman and Robert Praytor, the current administrator of the Mississippi Appraisal Board.  MSCAPP’s current Legislative Committee Chairman, Jim Conerly, solicited input from the appraiser audience regarding formulating next year’s legislative goals for MSCAPP.

 

The following two and a half days allowed appraisers to attend 18 hours of CE classes. Melissa  Bond taught two of the CE class, which were on The Workfile and The AMC Law.  Steve Brenner taught the national USPAP Standards Update course.  Both instructors are active appraisers, MSCAPP Directors, and are certified to teach various courses in multiple states.

 

The Board of Directors also held a business meeting during the conference where committee reports, financial reports, and other business was transacted.  Highlights of this meeting included the review of the financial status of the organization.  MSCAPP is in solid financial shape due to the continued support and growth of its membership and successful education offerings, such as the spring CE session featuring timberland appraisal courses.  Plans were also begun for the next annual membership meeting and fall CE course offerings with the exact schedule to be announced later in the year.

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