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Appraisal Licensing Standards - SB 1016 Update The Appraisal Licensing Standards – SB 1016 legislation is aimed to do two things: 1) Allow appraisers, come 2008, to continue to perform federally related mortgage transactions by increasing Michigan’s education standards to those recommended by the national AQB and 2) Increase education to elevate the level of professionalism in the industry and reduce the amount of fraud. This bill was signed by Gov. Granholm and is now Public Act 414. top Appraisal Problems in a Down Market By Matt Carter Inman News AVMs -- computer programs that appraise homes by crunching numbers from public records and multiple listing service data -- are used for mortgage loan pre-qualification, loan underwriting and quality control, and to value loan portfolios and mortgage-backed securities. Both human appraisers and AVMs can have difficulty producing accurate valuations in markets where home prices are rapidly appreciating or depreciating. But there's evidence that AVMs are getting better at coping with swings in the market -- perhaps even better than humans. That could be bad news for appraisers who are already coping with the slowdown in housing sales, but a boon for lenders and consumers who may save time and money in the loan approval process. Dearborn, Mich-based appraiser Terry Hanning said he believes AVMs already "take the cream of the crop, the top 20 or 30 percent" of appraisals that are the least complicated to perform. Read entire story here. top NAR Launches Appraisal Campaign NAR Appraisal has launched a new advertisement campaign titled "Appraise Yourself" and "Appraise Your Appraiser" in recognition of the NAR Appraisal Designations, Residential Accredited Appraiser (RAA) and General Accredited Appraiser (GAA). The new campaign will be seen in such publications as Valuation Review, WorkingRE (Working Real Estate),and Mortgage Banking Magazine. The “Appraise Yourself” advertisement will be featured in magazines and used at trade shows targeting other appraisers and appraisal vendors to increase brand awareness of the designation and to attract new designees to the NAR Appraisal program. View the "Appraise Yourself" ad here The “Appraise Your Appraiser” advertisement will be featured in magazines, trade publications, and at trade shows targeting lenders in order to increase their awareness of the NAR Appraisal designations. View the "Appraise Your Appraiser" ad here top	MiCREA Monthly October 2006 • Appraisal Licensing Standards - SB 1016 Update • Appraisal Problems in a Down Market • NAR Launches Appraisal Campaign

Appraisal Licensing Standards - SB 1016 Update

The Appraisal Licensing Standards – SB 1016 legislation is aimed to do two things: 1) Allow appraisers, come 2008, to continue to perform federally related mortgage transactions by increasing Michigan’s education standards to those recommended by the national AQB and 2) Increase education to elevate the level of professionalism in the industry and reduce the amount of fraud. This bill was signed by Gov. Granholm and is now Public Act 414.

top

Appraisal Problems in a Down Market

By Matt Carter
Inman News

AVMs -- computer programs that appraise homes by crunching numbers from public records and multiple listing service data -- are used for mortgage loan pre-qualification, loan underwriting and quality control, and to value loan portfolios and mortgage-backed securities.

Both human appraisers and AVMs can have difficulty producing accurate valuations in markets where home prices are rapidly appreciating or depreciating. But there's evidence that AVMs are getting better at coping with swings in the market -- perhaps even better than humans.

That could be bad news for appraisers who are already coping with the slowdown in housing sales, but a boon for lenders and consumers who may save time and money in the loan approval process.

Dearborn, Mich-based appraiser Terry Hanning said he believes AVMs already "take the cream of the crop, the top 20 or 30 percent" of appraisals that are the least complicated to perform.

Read entire story here.

top

NAR Launches Appraisal Campaign

NAR Appraisal has launched a new advertisement campaign titled "Appraise Yourself" and "Appraise Your Appraiser" in recognition of the NAR Appraisal Designations, Residential Accredited Appraiser (RAA) and General Accredited Appraiser (GAA). The new campaign will be seen in such publications as Valuation Review, WorkingRE (Working Real Estate),and Mortgage Banking Magazine.

The “Appraise Yourself” advertisement will be featured in magazines and used at trade shows targeting other appraisers and appraisal vendors to increase brand awareness of the designation and to attract new designees to the NAR Appraisal program.

View the "Appraise Yourself" ad here

The “Appraise Your Appraiser” advertisement will be featured in magazines, trade publications, and at trade shows targeting lenders in order to increase their awareness of the NAR Appraisal designations.

View the "Appraise Your Appraiser" ad here

top

MiCREA Monthly
October 2006

• Appraisal Licensing Standards - SB 1016 Update

• Appraisal Problems in a Down Market

• NAR Launches Appraisal Campaign

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