Freddie Mac OKs Appraisal Alternative for Some Mortgages
Freddie Mac announced that it will utilize automated collateral evaluations to determine when an automated appraisal can be used for new home mortgages and refinancing. ACE uses data from multiple...
View ArticleAppraisal Groups Seek To Prevent Appraisal Waivers
35 appraiser organizations including the Appraisal Institute are asking Congress to prevent Freddie Mac and Fannie Mae from issuing appraisal waivers. Freddie and Fannie recently announced plans to no...
View ArticleAgencies Issue Temporary Exceptions To Appraisal Requirements In Hurricane Areas
The Federal Reserve Board has issued a statement providing for temporary exception to appraisal requirements in hurricane areas affected by severe storms and flooding related to Hurricanes Harvey,...
View ArticleHouse Committee Passes USPAP Exemption Bill
The House Financial Services Committee recently passed legislation exempting appraisers from having to conduct evaluations in accordance with the Uniform Standards of Professional Appraisal Practice...
View ArticleMultiple States Considering Valuation Legislation
The Appraisal Institute reported that 21 pieces of legislation affecting the valuation profession are pending in 14 states. A list can be found at...
View ArticleCal. Court Finds Appraiser Cannot Be Sued By Borrower If Appraisal Prepared...
The California Court of Appeal, Third Appellate District certified for publication its recent decision in Tindell v. Murphy. In that case, mortgage borrowers sued an appraiser saying they relied on his...
View ArticleOhio Supreme Court Remands Lowe’s Tax Assessment Due To New Case Law
The Ohio Supreme Court on Tuesday vacated an Ohio Board of Tax Appeals decision affirming a county appraiser’s $8.8 million valuation of a Lowe’s Inc. property. The Court found, in a 4-3 decision, that...
View ArticleIll. Court: Tax Appeal Attorneys Not Engaged in Appraisal Practice
The Circuit Court of Cook County, Illinois (Chancery Division) ruled that attorneys who referenced comparable property valuations and market values based on an income approach as part of tax appeal...
View ArticlePennsylvania Passes Law Allowing Limited Broker Price Opinions
Pennsylvania Gov. Tom Wolf signed HB 863, which allows the PA’s real estate brokers, associate brokers and salespeople to provide broker price opinions. The law defines a BPO as “an estimate … that...
View ArticleLa. Appraisers Board Can’t Challenge FTC Case Yet: 5th Circ.
The 5th Circuit ruled that it was premature to review the Louisiana Real Estate Appraisers Board allegation that a Federal Trade Commission action cut into competition. The FTC alleged in its 2017...
View ArticleIllinois Bill Seeks To Address Appraisal Discrimination
A bill was introduced in the Illinois state legislature to prohibit discrimination in appraisals. HB 5862 states that an appraiser or real estate licensee engages in prohibited discrimination “when he...
View ArticleThreshold for Loan Exemption from Appraisal Requirements Will Remain at $27,200
The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency announced that the threshold for exempting loans from special appraisal requirements for...
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