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Appraisal Mastery Center's New Course - Fast and Easy 1004MC Market Condition Addendums

 

 Fast and Easy 1004MC Market Condition Addendums

By now, most of you have made your first attempt at the new Fannie Mae Market Condition addendum. Was it easy? Was it fun? Perhaps not...

The new form is now, suddenly, required not only by Fannie and Freddie, but by FHA as well. VA is likely to follow suit, so it may be required for all residential lending before long. It is complex, and detailed, and requires lots of various types of data. Most appraisers are spending over an hour preparing it, and many more than two hours.

Many MLS systems nationwide are trying to find automated systems for creating the data required by the form, but the computerized systems all have one fatal flaw. Computers cannot recognize duplicated entries, outliers or anomalies. In other words, computer generated market addendum models cannot work out this problem.

I have devised a fast, easy technique for correctly finding the data and completing the form. Nothing will ever make it an instant process, but it can be completed in 15 to 25 minutes, depending upon your own working speed. This new form does not need to eat up your life, as many are finding it is doing.

Come, join us for one of the upcoming seminars FNMA Guideline Updates and the 1004MC Market Conditions Addendum and learn how to do the new Market Conditions fast and easy, and get your life back. We will be in many states very soon! See below for dates and locations.

Home Valuation Code of Conduct, and You

There is a tremendous bulk of misinformation about the HVCC, and it is an ugly situation. How can you prepare for what you don't understand? For instance, did you know that the HVCC applies to lenders, not to appraisers? It is important to appraisers, because lenders are our primary income source, but the rules are not actually being placed upon appraisers at all. There are many bits of misinformation currently circulating about the HVCC, and they all cloud the true story.

By now, you've all heard horror stories about the HVCC. It will ruin appraisers businesses, it will be the end of our client relationships, and it will be the end of life as we know it. This may all be true, if you don't learn about it!

However, the HVCC does not have to be the end of life as you know it. Knowledge is power, and learning the pros and cons of the document includes recognition of several business opportunities it presents. Business is about to change for appraisers, but some things will still be true. They need us, they need our appraisals, they will hire us, and they will pay us (as little as we allow them to, it is true...).

You will find that the four hours spent learning about the HVCC is time well spent. For many residential appraisers, it will be the difference between remaining in business, and going bankrupt. Please, do yourself the favor of learning about this most important change in our industry.

If you cannot get to one of our upcoming HVCC classes, then visit our website (www.Shop.AppraisalMastery.com ) and buy the e-book. And READ IT! I am also writing the e-book on the 1004MC addendum, and hope to have it available in a few days. Live classes are always better, but you may need this information right now. Please, let us help you help yourself!

Upcoming Class Locations and Dates – HVCC Class at 8:00 am and 1004MC Class at 1:00 pm

• 4/13/2009 Salt Lake City, UT
• 4/15/2009 Boise, ID
• 4/18/2009 Reno, NV
• 4/20/2009 Las Vegas, NV
• 4/22/2009 Prescott, AZ
• 4/23/2009 Scottsdale, AZ
• 4/27/2009 Tucson, AZ
• 4/28/2009 El Paso, TX

More locations are being added. Please check our website (www.AppraisalMastery.com ) for more information. Appraisal Mastery Center 4100 Horseshoe Drive Strasburg, CO 80136 303-622-4240 Fax 303-622-4233 www.AppraisalMastery.com  

 

Due Diligence & Scope of Work - Appraising in the New Millennium

Appraising in the New Millennium

Due Diligence & Scope of Work

By David Braun, MAI, SRA

http://www.automatedvaluationtools.com/

Appraising in the New Millennium has been created by Automated Valuation Technologies, Inc. (AVT). The purpose of AVT is to fill the voids in appraisal practice that result from the rapidly changing appraisal environment.

David has been a pioneer in developing and reporting the scope of work. He developed and taught the first scope of work seminar, and was the first to use a computer program to aid in the development and reporting of the scope of work. The program USL Documenter II is available in conjunction with this book.

In an effort to share the knowledge he gained, he wrote the First and Second Editions of this book, which were published on the Internet and made available free of charge.

The Third Edition of Appraising in the New Millennium is sold only in hard copy format - $39.99. [Click Here]

The companion USL Appraisal Report Documenting Software will be available soon on disk for $99.00 from ScoopGear.com soon.

A Summary:

• Chapter 1 introduces the changing business environment with special emphasis on the recent emergence of risk-base portfolio management models that allow variations in the amount of due diligence based on perceived loan risk
• Chapter 2 addresses Professional Appraisal Standards and succinctly directs the reader’s attention to understanding the relevant USPAP sections on Scope of Work.
• Chapter 3 covers lawsuit prevention and liability management
• Chapter 4 covers Supplemental Standards, Contracts & Agreements and Client Input.
• Chapter 5 offers check lists and information relevant to diagnosing the problem and determining a solution. The author uses a case study method in this chapter citing 6 well thought out instructive examples.
• Chapter 6 covers the due diligence necessary to the intended user as one of forces influencing the Scope of Work Decision. In this chapter, the author makes the case that the appraiser must fully appreciate the intended users risk tolerance.
• Chapter 7 is the meat of the document and covers Scope of Work and the implications of varying the Scope of Work summarizing at the end of the chapter the costing out the appraisal components.
• Chapter 8 introduces the logical framework in which a Scope of Work Decision is made.
• Chapter 9 moves on the reporting requirements and communicating the Scope of Work decision. Again the case method is used to illustrate by example with 4 residential case studies and 2 commercial case studies.
• Chapter 10 contains a discussion of the impact of the Scope of Work Rule on the lending community.

• Order Here: List Price $39.99

The author of Appraising in the Millennium and the USL Software is David Braun. MAI, SRA. Braun has been involved in real estate appraising since 1976.

He is president of Braun & Associates located in Maryville, Tennessee, an appraisal firm with 13 employees. The firm serves the Greater Knoxville area. He has a Bachelor of Science degree from the University of Tennessee.

David is an approved Appraisal Institute Instructor and certified by the Appraisal Foundation to teach the Uniform Standards of Professional Appraisal Practice.

David Braun is also president and founder of Automated Valuation Technologies, Inc. a producer of appraisal seminars and software.

Appraisal Education - The Problem . . . The Solution

The Problem:

Qualifying education (the classes required for licensing and exams) teaches the “what” and the “why” of appraisal, the knowledge required to pass the state exams and become an appraiser.  It is assumed that new appraisers are taught the “HOW” by their initial supervisor.

The biggest problem in our industry stems from a shortage of trained supervisors. This results in appraisers who lack skills, either in report quality or in business knowledge.  Appraisers rarely even realize they are lacking specific skills or knowledge, they simply know that they are struggling to make ends meet.  The result of struggle is the strong temptation to bend to lender pressure, which is... BAD!

The Solution:

Appraisal Mastery Center classes are designed to teach any appraiser HOW a specific report, display or task should be completed, as expected by the mortgage industry.  Appraisers at all levels will learn how to research, write and assemble reports which cover the expectations of your clients.  Even supervisor level appraisers will find value in these classes!

Once an appraiser has learned the expectations of the mortgage industry (underwriters and reviewers, USPAP, FNMA and HUD, etc.), he or she is half way there.  The next step is to learn how to perform these tasks efficiently, so that the appraiser can earn a good living and still have a life Outside of appraisal.  A career which keeps you in the office 90 hours a week is not the goal!

Our ultimate goal is to teach our students how to do good work, get it done, and still have time for family, hobbies and interests.

Classes:

• 421 - Residential Appraisal Mastery: The "How-To" URAR report writing and problem solving course, focusing on meeting mortgage lender underwriter requirements. (click here) 
• 422 - Pefecting the URAR (FNMA 1004):  Section-by-section instruction on USPAP and Fannie Mae requirments, comments, and responses.  (click here)

Click Here to receive emails from Appraisal Mastery Center with class announcements

The Problem:

Qualifying education (the classes required for licensing and exams) teaches the “what” and the “why” of appraisal, the knowledge required to pass the state exams and become an appraiser.  It is assumed that new appraisers are taught the “HOW” by their initial supervisor.

The biggest problem in our industry stems from a shortage of trained supervisors. This results in appraisers who lack skills, either in report quality or in business knowledge.  Appraisers rarely even realize they are lacking specific skills or knowledge, they simply know that they are struggling to make ends meet.  The result of struggle is the strong temptation to bend to lender pressure, which is... BAD!

The Solution:

Appraisal Mastery Center classes are designed to teach any appraiser HOW a specific report, display or task should be completed, as expected by the mortgage industry.  Appraisers at all levels will learn how to research, write and assemble reports which cover the expectations of your clients.  Even supervisor level appraisers will find value in these classes!

Once an appraiser has learned the expectations of the mortgage industry (underwriters and reviewers, USPAP, FNMA and HUD, etc.), he or she is half way there.  The next step is to learn how to perform these tasks efficiently, so that the appraiser can earn a good living and still have a life Outside of appraisal.  A career which keeps you in the office 90 hours a week is not the goal!

Our ultimate goal is to teach our students how to do good work, get it done, and still have time for family, hobbies and interests.

Classes:

• 421 - Residential Appraisal Mastery: The "How-To" URAR report writing and problem solving course, focusing on meeting mortgage lender underwriter requirements. (click here) 
• 422 - Pefecting the URAR (FNMA 1004):  Section-by-section instruction on USPAP and Fannie Mae requirments, comments, and responses.  (click here)

Click Here to receive emails from Appraisal Mastery Center with class announcements