Appraisal Scoop

When will it end? And who will be left?

GUEST POST: David Burns is a State Certified Residential Appraiser. He has been appraising for almost 14 years in a family business with siblings that are also appraisers. David is passionate about fighting for the integrity and independence of the appraisal industry.

 

As an appraiser today, the landscape is pretty bleak. The industry has suffered so many blows, I wonder if it will ever come back. A once thriving industry based on integrity and ethics has been replaced by the demand of "how cheap will you work and how fast can you do it".

If you could turn back time or look thru a window into 2007, it would be as if looking at night and day compared to 2012. 2007 saw appraiser earnings in the range of 80,000-120,000 or more per year. The independent appraiser worked for his or her self or for small appraisal firms. There were a few large appraisal firms and a few Appraisal Management Companies, but they made up only 20% of the market. 80% of the market was independent fee appraisers, most with trainees. There was free market competition and appraisers could pick and choose who they worked for based on their morals and ethics. Appraisers could advertise and market themselves to the people in need of the product they supply. Appraisers established long term relationships with loan officers and mortgage brokers, who would select appraisers based on trust, experience, and knowledge of the local market. Product pricing was stable for the consumer and had remained level for many years. 2007, saw increased numbers of appraisers and trainees. We also saw increased education requirements to further the professionalism of a thriving industry. In 2007 the number of appraisers peaked at 121,407 from a steady increase over 7 years according to the Appraisal Subcommittee.

Flash forward to present day and lets review the landscape in this window. Average appraiser earnings have been cut in half, due to the rapid increase of unregulated, unlicensed Appraisal Management Companies. These AMCs take half the fee just for delivering a report. This shift from a 20% presence in the market to an 80% dominance in the market was due to a flawed deal, now known as the HVCC. Appraisers can no longer market themselves on a local level. We can not advertise to the people in need of our products. All the long term relationships with LOs and Mortgage brokers were severed by the HVCC. Appraisers these days are not selected based on trust and knowledge, they are selected on fee and speed by the AMC, for their own profit margin. The use of staff appraisers (employees of the bank or AMC) has skyrocketed to levels never seen before. The level of appraiser independence is at an all time low. Banks and the AMCs they own have more control than ever, despite efforts to prevent it. The cost to the consumer has risen, due to the profit margin of the AMC. AMCs now, dominate the market and they do not allow the use of trainees. With no trainees entering the market, when will the profession end? Imagine if there were no medical students or law students. Or even, imagine if there were no more plumbing apprentices, how quickly would that problem back up? Today, 2012 there are 104,657 appraisers nationwide (less than the # in 2005). It is June, and in the next 7 months, being an even numbered year, more than 34, 300 appraisers are in a renewal year. Since our decline has already taken us to below 2005 levels, it is reasonable to think that by Jan 31 2013 the # of appraisers will be comparable to 2004 levels, less than 100,000!

Unfortunately, there appears to be no potential remedies in sight. We have seen laws passed that are not being enforced, and rules written to contradict those laws. We have seen the transfer of power that is so dissected between individual states, appraisal boards, Federal Reserve, CFPB, Fair Trade Commission etc., it is impossible to navigate. Noone appears to have the appraisal industry at the top of their to do lists and the damage continues.

Now, lets use our powers once more and look thru a window in the future. Since the decline began 5 years ago, lets look 5 years ahead. To date (2012)we have lost 16,526 appraisers since the peak. That is 3,305 per year as an average. If we continue the decline for a further 5 years in 2017 there will only be 88,355 appraisers (in 2002 there were 89,512). Since there are no trainees currently entering the market and the current average age of appraisers is 50-55 years old. Add 5 years to that and I begin to question the willingness to train your competition at a late stage in your career, not to mention the ten years of lost revenue to the AMCs and banks. As we peer thru our window in 2017 we see that the housing market has had substantial recovery and the economy has improved.

Demand for appraisals has increased and there is an insufficient supply of appraisers to meet demands. It takes two years to become an appraiser, after a college degree, so there will be no quick fix in the number of able bodies and minds to enter the market. The industry will be comprised of primarily 55-60 year old appraisers, bitter from years of abuse, strapped from years of unreasonable fees, unwilling to take on the responsibility and liability of trainees. In 5 years the average cost to the consumer for an appraisal could see increases as much as 50-75% more than today’s rates. This shift in supply and demand will have both positive and negative consequences. Positive for the appraiser to be able to make a living again, but negative to the market as there will be noone to replace the appraisers as they retire.

When will it end? And who will be left?

GUEST POST: David Burns is a State Certified Residential Appraiser. He has been appraising for almost 14 years in a family business with siblings that are also appraisers. David is passionate about fighting for the integrity and independence of the appraisal industry.

 

20 Benefits of the Full-Fee Appraisal Management Company (AMC) Model

AUTHOR: Jeff Schurman is the executive director of Leading Causes LLC ( www.leadingcauses.com ), a leadership and business development advisory firm that helps mortgage lenders and third-party service providers to assess strategic, operations, reputation, reporting, and compliance risks that accompany sourcing of real estate mortgage settlement services. He is the editor of the Mortgage Third Party Risk Blog (www.mortgagethirdpartyriskblog.com ), and the former executive director of the Title Appraisal Vendor Management Association.

From Jeff Schurman's white paper:  Download The AMC Full-Fee Hypothesis - Jeff Schurman

"In this section, we propose that there are at least 20 self-serving benefits to the AMC industry by paying appraisers their full-retail fees. We rely extensively on research we and others have conducted, our extensive combined interactions with appraisers and AMC industry leaders, and basic economic principles, chief among them supply and demand. Most of our observations are grounded in free market behaviors among buyers and sellers of settlement services. Significantly, much of the rationale is grounded in the discipline generally known as systems thinking."

Paying appraisers their full (or retail) fees…

1. Removes the single-largest barrier to acceptance of AMC as legitimate business partners.

2. Increases the supply of appraisers willing to work with AMCs.

3. Encourages new appraisers to enter the appraisal profession.

4. Leads to better control of appraisal quality.

5. Lowers costs for recruiting, quality control, and rework.

6. Enables AMCs to gain market share.

7. Provides AMCs rationale to charge lenders for the actual value the AMC brings to the transaction.

8. Enables AMCs to provide clients quantifiable means with which to compare AMC alternatives.

9. Reduces third-party risks described in numerous FFIEC Financial Institution Letters and agency guidelines.

10. Promotes less contentious treatment of AMCs.

11. Takes the subjective “customary and reasonable” fee requirement in the Dodd-Frank bill off the table.

12. Paves the way for nationalizing AMC regulation.

13. Provides clients better overall service quality.

14. Preempts external efforts of factions to force AMCs to pay up.

15. Is the most ethical thing to do in a fair and equitable society.

16. Allows for significantly improved vendor relations between the AMC and the appraiser.

17. Reduces the risk that disgruntled appraisers will draw the attention of federal regulators.

18. Provides joint marketing opportunities because appraisers will see the AMC as worth promoting.

19. Opens the door to a better borrower experience because the appraiser doesn’t enter the home angry.

20. Opens the door for joint publicity efforts because appraisers will feel like partners.

 

 Download The AMC Full-Fee Hypothesis - Jeff Schurman

Viability of the Appraisal Profession - Guest Post by David Towne

GUEST AUTHOR: Dave Towne, Certified Real Estate Appraiser - Towne Appraisals. 16422 Britt Rd., Mount Vernon, WA Phone: 360.708.1196 eMail: [email protected] Web: http://www.TowneAppraisals.com

Appraisers……

Those of you who desire to ‘read the minds’ of those players with direct bearing on appraisers will want to read the latest TAVMA newsletter. TAVMA is the Title/Appraisal Vendor Management Association – a trade organization now with diminished membership (only 27 + 5 affiliates) from its heyday in the mid-2000’s.

http://www.tavma.org/Articles_NEW/TAV_NL_Spring12.pdf

The lead article is written by Jeff Schurman who use to be the Executive Director of TAVMA. While in that position, he often wrote articles not very complimentary to appraisers or to the plight we have in being paid fairly. At the time, he advocated the AMC ‘wholesale price’ model in paying appraisers, and lobbied against AMC regulation at the state level.

Now, he’s beginning to question that model and the viability of the appraisal profession.

Mr. Schurman has his own consulting business (associated with TAVMA), and has a Blog in which he writes about mortgage lending issues. http://www.mortgagethirdpartyriskblog.com/

In an entry on April 10, 2012 he states this:

“The current environment is not conducive to attracting large numbers of young professionals into the appraisal business. I doubt anyone would seriously dispute this claim. So if the appraiser population continues to decline it will one day dip below the relevancy quotient.”

That brings me to the AQB. While many appraisers were sleeping, or sitting on their thumbs, the AQB instituted new ‘requirements’ for a person to qualify to become a Certified Real Estate Appraiser – either Residential or General (Commercial). Existing state certified (licensed) appraisers will be grandfathered, but effective Jan. 2015, an applicant for Certification will have to have a 4 year college degree.

In practical application, due to time-in-grade requirements as a trainee, an applicant will have to have a 4 year degree by December 2013, otherwise will not qualify to become a certified appraiser.

The ‘licensed’ category does not have such stringent requirements, but FHA and many lenders WILL NOT USE a ‘licensed’ appraiser. Some states are moving away from, or have eliminated, the ‘licensed’ category.

Are there those among you who really believe a 4 year college degree is absolutely necessary to appraise a residential property? The fallacy of that argument is that somehow a sheepskin equates to quality work. That’s absolutely wrong. Quality work comes from within the person in terms of their own attitude, ethics and willingness to learn, and has nothing to do with a 4 year degree.

The result of the AQB action, and the AMC model paying lower than ‘real’ fees parallels the concern Mr. Schurman expresses.

These are the real threats to the appraisal profession viability long term, not the UAD process instituted by Fannie/Freddie or report data acquisition that I see so often expressed.

 

GUEST AUTHOR: Dave Towne, Certified Real Estate Appraiser - Towne Appraisals. 16422 Britt Rd., Mount Vernon, WA Phone: 360.708.1196 eMail: [email protected] Web: http://www.TowneAppraisals.com

UAD Reporting Consistency - Clarification by FNMA and Steetlinks

The following StreetLinks document is re-posted from the WinTOTAL Users Group

On April 10th, Fannie Mae and Freddie Mac announced the publication of a new UAD Update document and an Updated UAD Specification Appendix D, which details the Field-Specific Standardization Requirements for compliance with UAD appraisal reporting. Additionally, StreetLinks' Executive Management Team has been in recent discussions with UAD experts from Fannie Mae regarding their early stage analysis of appraisals that have been delivered via the Uniform Collateral Data Portal (UCDP). As a result of our discussions, we have a few clarifications, which are also included in the Updated UAD documents, that Fannie Mae asked us to emphasize with our appraisal partners.

Fannie Mae is now able to pinpoint significant differences between reported data for a single comparable property or subject property that has been used across multiple appraisal reports.

In particular, they are concerned about information that changes from report to report when the same subject or comparable transaction is utilized by the same appraiser in two (or more) independent analyses.

For example, instances have been identified where a comparable property has been described in one report to have an Adverse View, while in a later report, completed by the same appraiser, the same comparable property transaction is described to have a Neutral View or Beneficial View. Similarly, Fannie has found that Quality Ratings or Condition Ratings assigned by the appraiser have changed for the same comparable property transaction from report to report. Finally, Fannie Mae has identified comparable property characteristics such as GLA, room count and other basic features that have changed significantly from report to report.

With the understanding that this information is now being closely monitored, it is important for appraisers to be very consistent in their reporting of property information or explicitly document the reason for changes to reported data when the same subject or comparable transaction is used in multiple analyses. Since the property characteristics for the subject should be described and rated as they existed on the appraisal's effective date, (or for a "subject to" report, as if the improvements/repairs had already been completed on the appraisal's effective date), and property characteristics for a comparable property should be described and rated as they existed at their time of sale; there are very few instances where the data should actually change from report to report. Only if the appraiser has discovered new information about the property as it existed on the relevant date, or if the property has been involved in a subsequent transaction would a change to how the property characteristics are reported be appropriate. In these rare situations, the appraiser should clearly document the new information which led to the reporting change.

As it relates to this issue, the UAD Update April 2012 document includes the following additional instructions:

Appraiser Selection of Condition and Quality Ratings In other documentation, the GSEs have previously communicated that the appraiser's selection of the Condition and Quality ratings must be based on a holistic view of the property and any improvements.

When selecting the Condition and Quality ratings, an appraiser must:

• Consider all improvements to determine an overall Condition and Quality rating. The appraiser should then select the rating that best reflects the property as a whole and in its entirety.
• Describe the subject property as of the effective date of the appraisal on an absolute basis, meaning the property must be rated on its own merits. This requirement also applies to any other rating or description, including the View and Location. The rating should not be selected on a relative basis, meaning it is not selected on how the property relates or compares to other properties in the neighborhood. Additionally, the Condition and Quality ratings for comparable properties must also be made on an absolute basis (again, each comparative property on its own merits), not on a relative basis, and reflect the property as of the date of sale of that comparable property.

When an appraiser selects a rating and/or description of the subject property for a sales transaction, the selected rating and/or description must:

• Remain the same when reflecting that specific transaction. For example, if a C4 rating is selected for the sale of the subject property, then that property remains a C4 when using that specific sale as a comparable in future reports. The same expectation holds true for ratings and descriptions of comparable sales; when a comparable is used in a subsequent appraisal, the ratings and descriptions of that property should not change from one appraisal to the next when it reflects the same sale transaction.

It is also important to note, however, that properties can have the same rating or description and still require an adjustment. For example, all water views may not be equal. In this instance, an adjustment should be made and explained in the comments section of the form or an addendum.

StreetLinks recognizes that there may still be some subjectivity in assigning quality and condition ratings, particularly when the appraiser believes that a property shares characteristics of more than one rating standard. However, as clarified by these updated Fannie Mae documents, there should always be consistency when the same appraiser is assigning the rating for a particular comparable transaction according to their own interpretation of the criteria involved.

StreetLinks would recommend utilizing the Comparable Database or Comparable Archiving function available in most appraisal forms software packages in order to keep a catalogue of all of the comparable properties that the appraiser has analyzed (along with their assigned ratings), so that they can reasonably verify that the property is being reported consistently between appraisal reports. This is particularly helpful for those situations when a comparable property may exhibit characteristics of more than one rating standard resulting in a "judgment call" on the part of the appraiser.

The UAD Update can be found at the UAD page on Fannie Mae's website at www.efanniemae.com/sf/lqi/umdp/uad/index.jsp by clicking on the UAD Update April 2012 (.pdf) link.

In order to strengthen your quality metrics with StreetLinks, please incorporate these clarifications within your UAD compliant appraisal reports on an immediate basis.

Source: StreetLinks

PR: New Calculator From Appraisal Logistics Helps Lenders Uncover True Cost of Internal Appraisal Management

Tool assists in investigating in-house appraisal process, cost-per-loan savings

ANNAPOLIS, Md., Mar 01, 2012 (BUSINESS WIRE) -- Appraisal Logistics, the leading provider in compliance risk management for appraisal independence, announced today the availability of its proprietary Internal Management Cost Calculator built to uncover the true cost behind internal appraisal management. Using this calculator, lenders will be able to determine the most appropriate avenue for achieving and maintaining appraisal independence standards by exploring an alternative appraisal strategy.

The Cost Calculator breaks down the internal management process line-by-line so that users can input specific data and receive a true estimate of bottom line cost. The calculator takes into account overall loan and appraisal volume, appraisal management platform costs (if any), appraisal fees, dedicated staff salaries and operations requirements for working independently of loan processing staff.

Birgitta Natale, Mortgage Operations Manager for United Nations FCU said, "We spent eight months going through a careful appraisal management review and selection process. We determined there would be significant advantages to outsourcing the management process, and in fact, managing the process internally would increase our risk -- we need specialists to keep up with moving regulatory targets. Throughout this process, we were able to reduce our overall cost per loan, produce stronger appraisals and decrease our compliance risk."

Appraiser independence standards within the Dodd-Frank Act, known as AIR, is a code of conduct that now applies to all mortgage financing. Lenders are required to ensure appraisal independence in order to support the industry's goal of reasonable financing. According to the Interagency Appraisal and Evaluation Guidelines, "an institution should not select a valuation method or tool solely because it provides the highest value, the lowest cost, or the fastest response or turnaround time.

Frank Danna, CEO with Appraisal Logistics said, "Independently, these criteria will not provide complete compliance coverage, or a quality appraisal. Furthermore, the Guideline states that loan production staff cannot be at all associated with the appraisal review process. For smaller community banks with fewer dedicated staff, it becomes challenging to differentiate between loan production and appraisal management. This management calculator provides institutions with a means to investigate the actual expense of an in-house appraisal process. If lenders are not investigating their options in some form, then it is a missed opportunity to quantify what current expenses are, and could be, by selecting a different approach."

Frank Danna, CEO for Appraisal Logistics, will be a featured speaker in Valuation Review's upcoming educational webinar, "The Perfect Appraisal: Building A Reputation That Feeds Business Growth" on March 8 at 2 p.m. ET. Click here to register for the event.

About Appraisal Logistics

Appraisal Logistics is the leading provider in compliance risk management for appraisal independence. With a team of industry experts and a nationwide network of highly qualified and trusted appraisers, Appraisal Logistics provides immediate and exceptional service to regional and community banks and standalone mortgage originators to ensure each appraisal is 100 percent compliant in a customized, customer-focused environment. For more information, please visit www.gotoals.com or call (443) 949-7862.

SOURCE: Appraisal Logistics

Is YOUR AMC client slow to pay? Here's what can you do!

GUEST POST: Bryan Knowlton is a Certified Real Estate Appraiser in San Diego County, CA.  Author of the annual Appraisal Management Company Directory since 2007.  You can read his blog at http://www.appraiserincome.com and sign up for his FREE Appraiser Marketing System at: http://appraiserincome.com/appraiser-marketing-system/

I just happened to be doing my own appraisal invoice billing the other day and just finished up my phone calls trying to collect on some outstanding invoices.  Most of the companies that I had a problem with have very legitimate answers and checks were being mailed.

For the 3^rd week in a row I had to just leave a message for ES Appraisal / Evalonline because I couldn't speak to anyone directly in the accounting department.  I followed up with emails and was starting to get discouraged, but figured it was an isolated incident.

I got a call from another concerned appraiser that was having problems collecting from ES Appraisal / Evalonline for months.  They were owed thousands for appraisal fees and they were experiencing the same run around that I was getting.

Occasionally emails are received stating the profile has been updated and a check should be received in 2-3 business days.  But the checks are never received.  Claims are made that checks are mailed, but you can not speak to anyone directly.

The payment problems seem to have started in December.

I decided to make a post on my appraiser blog to see if any other appraisers were experiencing the same problem.  Within an hour I was flooded with calls, emails and comments on the blog.  All the appraisers were experiencing the exact same problem.  Many of them had many thousands in unpaid invoices and were getting nowhere.

 At the time of this guest post, I have yet to receive payment and I am still getting inquiries from other appraisers on how to collect this debt. 

What seems to have worked with a number of appraisers that got stuck AppraiserLoft invoices is to contact the lender directly for payment.  Other routes include contacting your state licensing agency, the BBB and of course calling daily and asking to speak with the president, manager, etc...

On Feb 15^th I talked with Lori @ Es Appraisal and she stated they pay for all their appraisals, but there sometimes might be a delay on payments.

They run their checks once a month, usually on the work 30 days since submitted. This can sometimes result in delays on some payments being received for delivered appraisals. But with many appraisers comments below, it sounds like there are numerous appraisers experiencing payment problems.

Make sure to check your profile, confirm the address on your W9 is where checks should be mailed and update with a new W9 if needed.

Lori also stated you can email her directly with your account information, including your sign-up email and she will look in to it and contact accounting. Email her at [email protected]

Bryan Knowlton is a Certified Real Estate Appraiser in San Diego County, CA.  Author of the annual Appraisal Management Company Directory since 2007.  You can read his blog at http://www.appraiserincome.com and sign up for his FREE Appraiser Marketing System at: http://appraiserincome.com/appraiser-marketing-system/

 

NAIHP Exposes AMC Tax Evasion

NAIHP Exposes AMC Tax Evasion / RESPA Violations

From: National Association of Independent Housing Professionals

Excerpt:
 
Washington, D.C. - February 13, 2012.   NAIHP recently discovered many Appraisal Management Companies (AMC's), are operating without authority in most states and have failed to pay state income tax.

When businesses are formed, they are required to register with their Secretary of State, for authority to conduct business. That registration alerts the State Tax Department you exist and may be responsible for certain taxes. The same holds true if you operate outside your home state, according to Marc Savitt, NAIHP President.

"Most AMC's are only registered in a handful of states, but operate nationwide. If you're not registered, you're not paying taxes," said Savitt.

My comment: when you get an appraisal request from an AMC, see if they are registered with your state (if your state has AMC regulations in effect). If not, file a complaint with your state regulator.

http://www.thenichereport.com/breaking-news-2/naihp-exposes-amc-tax-evasion-respa-violations

 

Pennsylvania Gov. Tom Corbett signs AMC legislation

Originally posted by Kim Shindle On February 3, 2012 @ 6:00 am In Association News,Government Affairs- http://www.PARJustListed.com

Appraisal management companies will now be regulated in Pennsylvania, thanks to legislation signed by Gov. Tom Corbett on Thursday.

House Bill 398 [1] (Stevenson) requires appraisal management companies to be registered with the State Board of Certified Real Estate Appraisers. Pennsylvania is the 30th state to pass such legislation.

More appraisal management companies appeared throughout the country, as a result of the Home Valuation Code of Conduct [2] (HVCC). The Home Valuation Code of Conduct originated from a settlement among New York Attorney General Andrew Cuomo, the Federal Housing Finance Agency, Fannie Mae and Freddie Mac. While the HVCC was sunset, the issue of unregulated appraisal management companies remained.

“We believe this legislation is important to protect homebuyers in the Commonwealth,” said PAR President Frank Jacovini. “Research initially showed after the Home Valuation Code of Conduct was enacted, consumers were paying higher fees for appraisals that were frequently inaccurate and misrepresented the value of the property. We also saw closings being delayed as a result.”

The new law will create a level playing field for AMCs and appraisers. Appraisal management companies will now be required to work within the nationally sanctioned Uniform Standards of Professional Appraisal Practice (USPAP) [3] .

“Thanks to a collaborative group of all stakeholders providing input into this bill, this new legislation provides protection for consumers and industry participants alike,” according to Michelle Bradley, chair of PAR’s Appraisal Management Company Task Force. “Those who own or operate AMCs will be accountable to industry standards and state regulation.”

The new legislation also:

• Implements a registration and renewal fee of $1,000
• Implements a $20,000 bond or letter of credit to secure the faithful performance
• Requires all appraisal reviews to be conducted by a certified or licensed appraiser
• Requires AMCs to adopt Uniform Standards of Professional Appraisal Practice (USPAP) recordkeeping rules.

About Kim Shindle: Kim Shindle is the Manager of Media Relations at the Pennsylvania Association of Realtors®.

SPECIAL THANKS to Paul Faeder of Keystone Realty and Appraisal Service Inc. of Bushkill, PA for sending this to Appraisal Scoop!

Appraisal and AMC Fees Separated on Revised Settlement Forms

The Consumer Financial Protection Bureau released the second proposed version of a new Consumer Disclosure Form Feb. 1 that includes clear disclosure of any fee paid to a “Local Appraisal Company” and to an “Appraisal Management Company.” 

The Appraisal Institute reported last month that the CFPB is in the midst of developing a new form that would replace the existing HUD-1 settlement statement. In December 2011, Appraisal Institute representatives met with CFPB officials about the new form.

The CFPB has indicated that several versions of the proposed form will be developed and tested with consumers by focus groups, with a proposed rule to be released this summer.

Click Here to read the complete article at the Appraisal Institute's Opinions of Value site.

CoreLogic® Introduces New Platform That Integrates MLS and Public Record Data for Appraisers

PR: November 09, 2011, Santa Ana, Calif. -

-AppraiserSuite Will Help Appraisers Find "Fresher" More Relevant Comps-

CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today announced the release of AppraiserSuite, a platform that combines multiple listing service (MLS) and public record data in a single online workspace for appraisers, review appraisers, underwriters and quality control personnel. The new subscription-based platform enables appraisers to quickly research and compile property and market information from multiple sources. AppraiserSuite also streamlines the comparable selection process and offers the ability to export data into standard appraisal reports through form population tools.

Download a Sample Report - Click Here

AppraiserSuite provides direct access to the MLS data in many of the top U.S. markets gathered through the CoreLogic Partner InfoNet™ program in which more than 66 MLSs participate. By incorporating MLS and public record data into a single workspace, AppraiserSuite provides details on the subject property, comparable properties, historical transaction information, tax data, and other property and market area characteristics. AppraiserSuite is also able to highlight inconsistencies between the two data sources, and offer the opportunity for Appraisers to contribute their own information that may help reconcile these differences.

AppraiserSuite includes leading mapping technology that provides a view of neighborhood factors that impact a property's value like parks and active railroad lines. AppraiserSuite also allows appraisers using ACI2010™ to import their property and comparable research data directly into industry standard appraisal report forms such as a Uniform Residential Appraisal Report (Form 1004) without manually rekeying the information.

Ben Graboske, CEO of CoreLogic MarketLinx, said, "Real estate professionals contribute local market insights directly into their MLS systems. AppraiserSuite makes it easier for appraisers to gather the information they need when determining the value of a property. By incorporating MLS information into AppraiserSuite, we are providing appraisers with a broader view of the market and with the tools to make the entire appraisal process more efficient."

In addition to helping appraisers generate reports for real estate financing purposes, AppraiserSuite can generate an alternative valuation report such as a desktop appraisal, APO or an addendum to other standard appraisal forms. The report follows USPAP compliance standards and is available as a PDF or a MISMO XML Output.

AppraiserSuite is also available for Appraisal Management Companies (AMCs) and can be integrated into an AMC's current order management system, creating a seamless user experience for appraisers and quality review teams.

CoreLogic has been featuring AppraiserSuite during the Valuation Expo in Las Vegas, Nev. on November 7-9, 2011. New AppraiserSuite users will be offered a $150 discount on a one-year subscription if they sign up by November 30, 2011.