NEW BLOG FOR APPRAISERS
The Appraisal Foundation (TAF) has recently published a blog site to be utilized as a discussion form for difficult appraisal issues. I have logged on and poked around and it appears to be a good reference for all appraisers:
Try it out and see what you think, open discussion will be welcomed at the December chapter meeting in Roanoke.
APPRAISAL THRESHOLD LIMITS (SMALL LOANS) COMING UP FOR COMMENT PERIOD
Some of us commented to the agencies (OCC, FED, CFPB) on appraisal threshold limits in the past, those thresholds were the $250,000 for investment property and $1,000,000 for owner-occupied property, I thank you all for taking the time.
It appears the agencies are considering raising the appraisal threshold limits for small loans (projected loan limit $25,000) considered federally related transactions (FRTs) based upon Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This is a different threshold limit than we commented on in the past, but may be important to some of us. See the link below for press release:
The actual comment period isn’t open yet, but I will keep everyone informed. Again, open discussion will be welcomed at the December chapter meeting in Roanoke.
NICE WORK BY OUR NEIGHBORS TO THE SOUTH
News from North Carolina indicates their DPOR has adopted a version of C&R fees for appraisals, way to go NC!!!
There is also news from NC that BPOs have been struck down in case law for utilization as a valuation in the courts. Again, way to go NC.
Thank you all for reading and have a good week, Rob