Appraisal Scoop

Solving Valuation Fraud: An Appraiser’s Perspective

The RISMedia article "Appraisal Institute President Urges Industry to Use Designated Appraisers" cites comments from Richard Powers, MAI, SRA at The Appraisal Foundation’s first annual Valuation Fraud Symposium, which was held on Thursday, October 12 at the Almas Conference Center in Washington, D.C.

“Many of the problems related to appraiser-related mortgage fraud would be addressed if lender-clients engaged competent appraisers to begin with,” said Powers. “As it is, the business of home appraisals too often gravitates to the least qualified, least experienced appraisers as lenders and brokers consider price and turn around time as their most important criteria when choosing an appraiser, rather than designations, education, qualifications and experience.”

The focus of the Valuation Fraud Symposium was to help identify fraud from the perspective of the lending and real estate appraisal communities as well as the state and federal regulatory community. Those in attendance included leaders from government and state agencies, mortgage lending companies, banking institutions, educational providers, investors, and bank and appraisal regulatory bodies.

Click here for the full article.

Humor - DISTOS: Using Scope of Work and USPAP

Thanks to Marsha Murphy, SRA for the following tongue-in-cheek post to the Yahoo! Mobile AppraisersGroup.  You can find this in the "Files" section of that forum - under Disto Humor. Marsha wrote "DISTOS: Using Scope of Work and USPAP" last November, when visions of newly released Fannie Mae forms danced in her head. It's meant to entertain, but there is a moral to the story..........

The key to the use of a Disto is a proper Scope Of Work and adequate understanding of USPAP (defined below). Ignoring or not taking advantage of your (integrated) Scope will only make you Work harder and force you to take longer to complete your assignments. Integrating your Scope into your Work is essential for proper and accurate appraisal measuring and reporting of your GLA (Gonna Laugh Alot) or GBA (Grin & Bear (it) Allocation) results, and will reduce your risk and liability.

For proper determination of GLA or GBA, all appraisers using a Disto must comply with USPAP (Using Scope Properly (to) Avoid Poop), which was adopted and promulgated by the ASB for TAF (Accurate Scoping (of) Buildings for Techie Appraisers (in the) Field.) Many appraisers mistakenly think that ASB / TAF means Always Searching for BullSh*t (so) The Appraiser Fails, but that is, after all, the function of another USPAP.

Click below for the COMPLETE "Scope of Work" . .

Make Something Happen TODAY!

This is from Seth Godin's blog . . .

If I had to pick one piece of marketing advice to give you, that would be it.

Now.

Make something happen today, before you go home, before the end of the week. Launch that idea, post that post, run that ad, call that customer. Go to the edge, that edge you've been holding back from... and do it today. Without waiting for the committee or your boss or the market.

Just go!

Humor - Salute to the "Real Financial Heros"!

Jessica Swesey over at Inman News points out 3 videos on YouTube humorously saluting the “Real Financial Heroes” in the same fashion as the Budweiser’s series of commercials that salute “Real American Heroes”.

I think you're going to really like Part 3 - The Salute to "Mr. & Mrs.Too Much Homebuyer".  This one is in honor of America's home buyers who bought too much house, commenting that Ramen noodles eaten off granite countertops are much better.

Do YOU Suffer From REP? (Real Estate Paraskevidekatriaphobia)

According to howstuffworks.com; "Like many human beliefs, the fear of Friday the 13th (known as paraskevidekatriaphobia) isn't exactly grounded in scientific logic. But the really strange thing is that most of the people who believe the day is unlucky offer no explanation at all, logical or illogical. As with most superstitions, people fear Friday the 13th for its own sake, without any need for background information."

Broderick Perkins of Realty Times had this to say about the number 13: "Based on records of buildings with Otis brand elevators, as many as 85 percent of the high rises in the world don't have a 13th floor, says Dilip Rangnekar, spokesman for the Farmington, CT-based elevator maker. "

Click below for MORE "Real Estate" Friday the 13th stories . . .

New VIP - Vendor Integration Platform - Announced At a la mode, inc.

"With more appraisers using WinTOTAL than any other form filling vendor, and with so many other great products available to help appraisers do their job, the next logical evolution in WinTOTAL is moving to an open platform." according to the a la mode web site. "Appraisers want more integration, and more freedom of choice in what products they can use together. And more vendors want the chance to integrate with WinTOTAL than ever before. That's where VIP comes in."

VIP, Vendor Integration Platform, provides exciting new revenue opportunities for vendors. Vendors can now integrate their products into WinTOTAL appraisal software, getting exposure to over half of all U.S. appraisers. And conversely, appraisers will have more integrated choices than ever before in the arsenal of tools available to them to do their job. It's a win for the vendor, and a win for the user.

Click below for more details . .

a la mode R&D Initiative - Looking For A Few Good Appraisal Geeks!

Dave Biggers, Chairman of a la mode, inc. announced today that a la mode, inc is interested in hiring some active appraisers as in-house Research Fellows, working directly with their developers and managers on cutting edge ideas and products.

Biggers says, " . . in the R&D Labs, we’ll be working on truly revolutionary products and ideas, not just evolutionary improvements, and we want practicing appraisers with a penchant for grand ideas and a thirst for cool technology to be a direct part of the company’s efforts.  The products we’ll showcase in the R&D Labs will be available for download, but they’ll be free and for the purpose of generating feedback and ideas as the general public sees them – sort of like seeing concept cars at an auto show, except you get to actually drive them too."

"The Labs will allow us to work on leading edge stuff to satisfy the techo-driven appraisers (and to help position the overall industry to stave off future threats), without taking our people off of the day-to-day tasks geared at satisfying your daily formfilling and production needs."

Click below for more details . . .

Microsoft® Streets & Trips 2007 with GPS Locator Released Today

REDMOND, Wash. — Oct. 11, 2006 — Microsoft Corp. today announced the availability of Microsoft^® Streets & Trips 2007 with GPS Locator, which includes the latest version of the best-selling¹ travel and mapping software for the U.S. and Canada. Microsoft Streets & Trips 2007 with GPS Locator delivers the helpful tools that consumers have come to expect, along with several new and enhanced features. The updated version of the product includes a sleek new and compact cordless Global Positioning System (GPS) receiver manufactured by Pharos, and a new full-screen navigation mode, making it easier than ever to plan personalized road trips and travel with complete confidence.

For appraisers that are interested in installing this product on a Tablet PC or UMPC, that does not have a CD drive, I've provided some instructions (click here) on my experiences with installing the 2006 version on a tablekiosk eo just this week.

READ ON . . . .

New Leica DISTO A8 with Digital Viewfinder and Tilt Sensor

LaserMeters.com has just announced the newest member to Leica's line of laser distance measuring devices.  According to their web site:

The digital viewfinder and the integrated tilt sensor make the Leica DISTO™ A8 an innovation worldwide and open up completely new possibilities. Comfortably find your target with the three-fold digital zoom made even easier with the blended in crosshairs. The brightness of the greyscales display can be manually adjusted; ideal for poorly contrasting targets! The tilt sensor does not only indicate angles, but also real horizontal distances and various indirect height measurements.

Click here to learn more.

Illinois Appraisal Director's Term Ends - Help Reappoint Mike Brown

Mike Brown will end his term as Appraisal Director of the Illinois Real Estate Appraisal Administration Division on November 30, 2006.  The Appraisal Director of the Illinois Real Estate Appraisal Administration Division is reappointed to a four year term.

Illinois law reads as follows: 

"In appointing the Director of the Real Estate Appraisal Division, the Commissioner shall give due consideration to members, organizations, and associations of the real estate appraisal industry.”

The Chicago Chapter of the AI and all other appraisal organizations in the State are joining together to support the reappointment of Mike Brown. 

The Illinois Coalition of Appraisal Professionals (ICAP) has created an on-line petition asking the State to retain Mr. Brown for another term.  We would urge all of you to sign the petition. 

Click on the following link, http://www.ipetitions.com/petition/RetainMikeBrown/ 

or go to  www.icapweb.org and sign the petition.

Please help us to acquire as many signatures as possible.  The petition site has three tabs at the top of the screen.  One to sign the petition, one to view who has signed the petition and the last is to send an email invitation to a friend to sign the petition. 

Thanking you in advance for your support. 

The Chicago Chapter of the Appraisal Institute office