Appraisal Articles

Everyone keeps asking me what I think of the new rule changes that are coming out April and May 1st, 2009 … My only answer is new year, new rules…

Can You Believe It?

Even if you have been in the appraisal business only a year, you soon know that the rules change all the time. You have to belong to several appraisal groups and RSS feeds just to stay in touch with all the changes taking place in our profession. Are they good changes? I am trying to stay positive here, but I will give you a brief opinion on what I think will happen over the next few months.

As for the 1004MC, I think FNMA pulled this one out of their, well let’s just say dustbin here to be nice. This is not a new form, this is an old form. This is the proverbial band aid to fix what they think is the problem. The real problem is too few of the people who just chose to use this form as the grand panacea, are not real full time appraisers who have to actually fill out and use it. They did build in a nice scapegoat in the instructions for the form, which is to say if the information is not available, just say so. And that will be my answer... that until MLS provides a system that appraisers actually can use to do 1-3, 4-6, 7-9, and 10-12 month active searches, then my answer will be N/A.

As for the HVCC, I think at least here in NC, there are more changes a foot that will help determine how at least NC will deal with the HVCC. For instance even the NCAB has put out an article in hopes to explain that lenders do not have to use an AMC. But too bad this information is not being sent out to the mortgage people and lenders though, who daily jump on board with AMCs in some desperate attempt to be compliant in time.

So my real answer is only time will tell, and since we have to play by the rules, we better get good at it quick...