Appraisal Scoop

Real Estate Appraisers Optimistic About Future: Appraisal Institute Survey

CHICAGO (July 17, 2013) – More than three-fourths of U.S. real estate appraisers are very or somewhat positive about the demand for their services over the next one to two years, according to an Appraisal Institute survey released today.

Eighty percent of residential appraisers and 78 percent of commercial appraisers said they are upbeat about their future, according to the survey conducted in May-June by the nation’s largest professional association of real estate appraisers.

“Appraisers have faced a challenging real estate market in recent years, and it’s great to see that so many valuation professionals are feeling optimistic about the future,” said Appraisal Institute President Richard L. Borges II, MAI, SRA.

According to the survey, 95 percent of residential appraisers and 49 percent of commercial appraisers said there is currently more demand for their services than a year ago.

Additional survey results include:

• Eighty-four percent of residential appraisers said their local residential
  real estate market is strong, and 46 percent of commercial appraisers had the
  same opinion about their local commercial markets.
• Eighty-six percent of residential appraisers and 55 percent of commercial
  appraisers said demand for their services is strong.
• Thirty-two percent of residential appraisers and 45 percent of commercial
  appraisers anticipate more demand for their services during the ensuing one to
  two years.

“Real estate trends are typically local in nature, and it’s a positive sign for the nation’s economy that appraisers around the country reported increased demand for their services,” Borges said.

The online survey polled 591 real estate valuation professionals May 31-June 17. The survey had a margin of error of +/- 4 percent.

View the highlights of the survey results

 

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Solidifi successfully launches EXTRAordinary Appraiser Program to the mortgage industry

BUFFALO, N.Y., July 11, 2013 -- /PRNewswire/ -- Solidifi, the country's third largest independent provider of residential real estate appraisals and appraisal service provider of choice for 50% of the top 50 lenders in the U.S., turned the spotlight on top appraisers in the industry with the launch of its EXTRAordinary Appraiser Program.

"Our core strength is the elite network of Solidifi PerforMAX™ appraisers we have built up across the country," says Andrew Bough, Chief Valuations Officer at Solidifi. "But so often these top appraisers are the unsung heroes of the valuation process. We decided to change that by creating the EXTRAordinary Appraiser program to recognize their efforts and turn the spotlight on the great work they're doing on behalf of lenders, homeowners and the mortgage industry."

The EXTRAordinary Appraisers are local experts from across the country and have proven time and again to go above and beyond for Solidifi's lender clients and borrowers. In fact, each Solidifi PerforMAX™ appraiser is benchmarked against their peers using dozens of metrics to ensure strong performance, quality, expertise and customer service. "Our regional appraiser partner managers work one-on-one with and personally assess each appraiser in their market to ensure a high level of effectiveness on all levels," says Bough. "At any given time, we know exactly which appraiser is best suited for a given assignment and each of our appraisers competes for business based on their performance. It's a key differentiator for us and a key competitive advantage for our lender clients."

That's why Solidifi chose to recognize those all-important efforts and expertise on a grand scale by launching the EXTRAordinary Appraiser program and hosting the inaugural recognition event recently at the annual Valuation Expo in Las Vegas. 30 EXTRAordinary appraisers were celebrated at a private reception (see the complete list of honourees below). "It was an honor to be recognized for something I often take for granted," says Paul Lewis, Independent Appraiser, Orono, MN. "In a profession full of deadlines and stress, it's nice to know that my efforts are appreciated." 

Paul Lewis and each of the 30 EXTRAordinary appraisers recognized in Las Vegas as well as future EXTRAordinary Appraisers will be regularly featured at Solidifi.com. "We invite you to log on to solidifi.com to learn more about these unsung heroes," says Bough.  

These top performers are supported by Solidifi's industry leading technology and analytics platform, which identifies the right appraiser for each assignment up front. In effect, Solidifi is using technology to build efficiency throughout the appraisal process, increase quality, drive costs out and improve the client experience. It's a winning value proposition all around: the appraisers are top of their field and are highly compensated for their efforts at no additional cost to the lender. The lender receives the right information the first time with no additional costs because the system is streamlined and designed to drive performance. The lender also benefits from Solidifi's focus on being the best provider of real estate appraisals in the market.

That's because the Solidifi PerforMAX™ appraiser network is comprised of the most competent appraisers in the business. They raise the bar in terms of service, quality and professionalism.  "And that's why we want to show our appreciation and share with the world the great work they are doing," says Bough.  "It's time to celebrate these EXTRAordinary Appraisers."

Solidifi's Inaugural EXTRAordinary Appraisers:

JoDean Brewer, Castle Rock, CO

Amber Brooks, Phoenix, AZ

Nikki Brown, San Diego, CA

Blake Childs, Costa Mesa, CA

Jason Doll, Wichita, KS

Anne Elmes, Poughkeepsie, NY

Pat Felvey, Genoa, IL

Mark Giannini, Steubenville, OH

Teresa Gillis, San Jose, CA

Pat Grengs, Little Canada, MN

Christopher Hickman, Las Vegas, NV

Stacy Hosmer, Cutler Bay, FL

Aaron Johnson, Las Vegas, NV

Mark Levering, Henderson, NV

Paul Lewis, Orono, MN

Anne Macier, San Marcos, CA

Michael Massa, Fairfield, CT

Jon Nishikawa, Meridian, ID

Antranik Papazian, Las Vegas, NV

Matt Rayburn, Warrenville, IL

Mark Reed, Goodyear, AZ

Priam Rosenberg, Miami, FL

Paul Rowe, Park Ridge, IL

Carmen Smith, Brookfield, IL

Steven Somerville, Tampa, FL

Vincent Tamburello, Smithtown, NY

Andrew Turley, Scottsdale, AZ

Steve Varon, San Francisco, CA

Jed Wiltchik, Irvine, CA

Mark Yarkin, San Ramon, CA

About Solidifi

Solidifi is the 3rd largest independent provider of residential real estate appraisals in the US. Today Solidifi is the appraisal service provider of choice for 50% of the top 50 lenders. The organization offers a flexible technology platform for procuring collateral valuations from an elite network of over 23,000 high quality appraisers who openly compete for business based on quality, speed and price. Solidifi's parent company Real Matters is ranked 21st on Deloitte's Technology Fast 500. Solidifi is located in Buffalo, NY. Additional information about Solidifi is available at www.solidifi.com.

SOURCE  Solidifi

Read more here: http://www.sacbee.com/2013/07/11/5559916/solidifi-successfully-launches.html#storylink=cpy

Agencies Issue Proposed Rule to Exempt Subset of Higher-Priced Mortgage Loans from Appraisal Requirements

WASHINGTON— Six federal financial regulatory agencies today issued a proposed rule that would create exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. The proposed exemptions are intended to save borrowers time and money and to promote the safety and soundness of creditors. The appraisal requirements for higher-priced mortgages were imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

Under the Dodd-Frank Act, mortgage loans are considered to be higher-priced if they are secured by a consumer's home and have interest rates above a certain threshold.

The proposed rule would provide that the following three types of higher-priced mortgage loans would be exempt from the Dodd-Frank Act appraisal requirements:

• loans of $25,000 or less; 
• certain "streamlined" refinancings; and 
• certain loans secured by manufactured housing.

In January 2013, a final rule implementing the new Dodd-Frank Act appraisal requirements was issued by the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency. Compliance with the final rule will become mandatory on January 18, 2014. These same agencies are jointly issuing the proposed rule on additional exemptions in response to public comments previously received.

The Federal Register notice is attached. The agencies are seeking comments from the public on all aspects of the proposal. The public will have until September 9, 2013, to review and comment on most of the proposal. However, comments related to the proposed Paperwork Reduction Act analysis will be due 60 days after the rule is published in the Federal Register. Publication of the proposal in the Federal Register is expected shortly.

Attachment: Proposed Rule on Higher-Priced Mortgages - PDF (PDF Help)