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“A publication for people in the mortgage industry”

                                                                                                                     January 2004                                www.kirchmeyer.com                                                Issue #65

                                                                                                                 INSIDE...
                                                                                                                                   1   •   Re-assigning
                                                                                                                                           appraisals      2    •
                                                                                                                                                                •
                                                                                                                                                                    California files.
                                                                                                                                                                    Did you know         3    •
                                                                                                                                                                                              •
                                                                                                                                                                                                  Did you know (cont.)
                                                                                                                                                                                                  Employee spotlight     4   •
                                                                                                                                                                                                                             •
                                                                                                                                                                                                                             •
                                                                                                                                                                                                                                 Menu of Services
                                                                                                                                                                                                                                 Calender of events
                                                                                                                                                                                                                                 Our web
                                                                                                                                       Publisher...Jim Kirchmeyer / Research...Tom Kirchmeyer SRA
                                                                                                                                         Layout...John Coccia / Printed by...Digicon Imaging, Inc.

                                                                                                                     R e - a s s i g n i n g a n A ppra i s a l fro m Cli e n t                                    A to Cli e n t B



                                                                                                                 C
                                                                                                                   Changing the lender/client name on an appraisal is              date the previous appraisal
                                                                                                                 not as easy as typing over the original lender’s name             was completed or what
                                                                                                                 on the saved digital report and sending it to the new             the purpose was.
                                    • 40 Gardenville Pkwy • Suite 100 • Buffalo • NY • 14224                     client. USPAP (Uniform Standards of Professional                  There are a few com-
                                                                                                                 Appraisal Practice) prevents appraisers from doing so.            mon sense excep-
           Toll free 1 (800) 771-5246 Phone (716) 558-2800 Fax (716) 558-0164
                                                                                                                 Before we discuss why, let’s look at an alternative not           tions to this rule
                                                                                                                 many of our clients are aware of.                                 such as appraising
                                                                                                                   If the original appraisal was prepared for a federally          a property for litiga-
                                                                                                                 related institution (Client A), and the new Client B is a         tion reasons (confi-

     Menu Of Services                                   Dates to remember...                                     federally related institution, then no change is required
                                                                                                                 on the appraisal. Client B can use the appraisal with
                                                                                                                                                                                   dentiality) or for a
                                                                                                                                                                                   prospective buyer and sell-
 •   Appraisal Management Services                                                                               Client A’s name on it. The lender does not have to call           er.
                                                        1/12-13/04 - Mon/Tue...MBA/FHA LOSS
 •   Relocation Appraisals                                MITIGATION SEMINAR
                                                                                                                 the appraiser to get the appraisal report changed.                  These requests are com-
                                                          Wyndham Harbor Island Hotel Tampa, FL                    Let’s look at an example: Client A hires KA                     monly called re-assigning, re-
 •   Construction Appraisals
                                                                                                                 (Kirchmeyer & Assoc) to complete an appraisal for a               addressing, transferring,
 •   FHA Appraisals                                     2/23/04 - Mon...NYAMB WHOLESALE CONFERENCE               mortgage loan. Client A decides not to lend the                   etc. They are actually
 •   Desk and Field Reviews for Quality Control           Westchester Marriott Tarrytown, NY                     money for any number of reasons. The borrower then                considered new assign-
 •   Desktop Analysis                                                                                            goes to Client B with a copy of the appraisal. Client B           ments. If the same
 •   Estate Valuation                                                                                            calls KA and asks that the appraisal be done in their             appraiser is completing
 •   Home Equity Valuations                                                                                      name. "Just change the lender to Client B and e-mail it           this new assignment, it can be
                                                                                                                 to me…it will take you 2 seconds."                                completed as a retrospective appraisal (new order date is
 •   Matrimonial Appraisals                                                                                        That would take us 2 seconds, but we cannot do it               after previous inspection date) at a reduced fee. The fee
 •   REO and Loss Mitigation Appraisals                                                                          that way. USPAP notes that the identification of the              will depend on the amount of work necessary to complete
 •   Broker Price Opinions                                                                                       client and the intended use are key elements in an                the ‘new assignment’. It will also depend on what the
 •   Automated Valuation Services                                            The main purpose of our             appraisal assignment and they drive the appraiser’s               client requires, which is always discussed with the client
                                                                             website is for our existing         scope of work decision. The client must be determined             prior to accepting the order.
         Complete and Limited appraisals                                     clients to get 24/7 access to       at the time of assignment and cannot be modified                    In conclusion, re-addressing an appraisal is not as sim-
      (throughout the US) for all residential                                statuses on their open              after the assignment has been completed.                          ple as changing the lender on a completed appraisal and
     properties including 1-4 family homes,                                  appraisals.                           As a matter of good business practice, KA will typical-         e-mailing the new client the sameappraisal with their
           condos, PUD's, and co-ops.                                                                            ly call the previous client and request a release before          name on it instead of the original lender’s name. The
                                                                  www.kirchmeyer.com                             accepting the new assignment. USPAP does not                      majority of these requests can be taken care of as long
                                                             The Value Is In Our Service !                       require this. An appraiser can accept the new assign-             as we, the appraiser, follow the guidance of USPAP and
                                                                                                                 ment no matter how long from the original inspection              complete the request as a new assignment.

                                                                                                                                                      • 40 Gardenville Pkwy • Suite 100 • Buffalo • NY • 14224
Page 4                                                                                         Jan 2004                      Toll free 1 (800) 771-5246 Phone (716) 558-2800 Fax (716) 558-0164
                                                                      DID YOU KNOW                                                                        ?
                                                                                                                                                                                          How do appraisers define
   California files                                                                                                                                                                        Rural-Suburban-Urban?
                                                                                                                                                                                      If you stand naked on the front porch and the neighbors can'see you...
   first do-not-call lawsuit                                                                                                                                                                                       it's rural.
                                                                                                                                                                                  If you stand naked on the front porch and the neighbors call the cops on you...
                                                                                                                                                                                                               it's suburban.
         Inman News Features
     In Issue #62 of Kirchmeyer Klips (Oct 2003),            Q:  Are appraisers required to analyze                  disposition of any judicial proceeding in which the
                                                                                                                     appraiser provided testimony related to the assign-
                                                                                                                                                                                      If you stand naked on the front porch and the neighbors ignore you...
        we ran a news story about the mortgage               prior sales of the subject property                                                                                                                  it's urban.
  industry and their concern over the new do-not-call                                                                ment, whichever expires last. These files do not                       This seems to work in most instances we've come across.
  and do-not-fax rules. Here is an important update.
                                                             being appraised?                                        have to be paper copies. Digital copies are accept-                              Of course there's always exceptions.
                                                             A: Yes, per USPAP, the appraiser must analyze all       able.


                                                                                                                                                                                 Employee spotlight
The CaliforniaaAttorney General hascompanycivil com-
plaint against home improvement
                                    filed a
                                            that
                                                             agreements of sale, options, or listings of the sub-
                                                             ject property current as of the effective date of the   Q: How far does Kirchmeyer go for
placed commercial phone calls to the state’s con-            appraisal; and analyze all sales of the subject
                                                             property that occurred within the three (3) years
                                                                                                                     an appraisal?
sumers who had registered their phone numbers on
the national do-not-call list. The lawsuit is believed to    prior to the effective date of the                                              A: We complete appraisals in
be the first filed in the country against a company for      appraisal.                                                                       all 50 states and all US ter-
                     phoning numbers on the Federal                                                                                           ritories such as the US




                                                                                                     Q&A
                     Trade Commission's registry, which
                     went into effect last month.
                                                             Q: What is a retrospective                                                        Virgin Islands, Guam, etc.
                       Filed in U.S. District Court in San
                                                             appraisal?                                                                        We have 4 brick and mortar
                     Francisco, the complaint alleges that                                                                                      offices throughout the
                                                             A: 99% of the time, an appraiser
                     Hayward, Calif.-based American                                                                                             country with staff apprais-
                                                             inspects a property and values it as
                     Home Craft Inc., a licensed contrac-                                                                                        ers and in all other areas,
                                                             of the day he or she inspected it. A
tor, violated the federal Telephone Consumer                                                                                                      we use only the highest
                                                             retrospective appraisal is an opin-
                                                                                                                                                                                     Andrew Bastedo
Protection Act by placing telemarketing calls to                                                                                                  qualified subcontractor
                                                             ion of value that is likely to have
California phone numbers listed on the FTC's Do Not                                                                                                appraisers. We approve
                                                             applied as of a specified historic                                                                                                     ffalo, NY Headquarters
Call Registry. The complaint also alleges American                                                                                                 the appraiser, monitor         WORKS FROM: Bu
Home Craft violated state law by engaging in unfair
                                                             date. A retrospective value opinion is
                                                                                                                                                    their license, E&O, quali-                      46 ext 139 or
competition.                                                 most frequently sought in connection                                                                                 PHONE : 800-771-52
                                                                                                                                                     ty and service so that                                    9
  The investigation by the Attorney General's office         with appraisals for estate tax, condem-                                                                                      716-558-2800 ext 13
                                                                                                                                                     we can provide you, the
also revealed American Home Craft never attempted to         nation, inheritance tax, and similar purpos-                                                                                                  kirchmeyer.com
                                                                                                                                 client, the quick turntimes and top quali-        E-MAIL: abastedo@
purchase the do-not-call registry. Since September 1,        es. We often do these type of appraisals for
                                                                                                                              ty you expect from us.                                                        ader – Quality Control
                                                                                                                                                                                                                                    Dept.
the registry has been available for businesses to pur-       insurance claims. For example, a house burns                                                                          POSITION: Team Le
chase so that they can remove from their internal mar-       down and the insurance company offers the owner                                                                                                                          mak-
                                                                                                                     Q: Why are appraisal fees always                                                       ’s very important job is are
keting lists all phone numbers that are registered on                                                                                                                              JOB DUTIES: Andy                              P and
                                                             a settlement that he or she may not agree to.                                                                                                    comply with USPA
                                                                                                                                                                                   ing sure our appraisals                             ents.
the national list. Because businesses were given 30          What was the property worth the day before the          changing?                                                                                y are e-mailed to our cli
                                                                                                                                                                                   of top quality before the                     praisers on
days to scrub their lists of registered phone numbers,       fire? Sometimes the appraiser doesn't step in until                                                                                            with lenders and ap
                                                                                                                                                                                    He corresponds daily                                QC
the federal law was scheduled to go into effect on           6 months later and is asked to arrive at an opinion     A: Actually, appraisal fees have remained almost                                         issues. Assisting other
                                                                                                                                                                                    a wide variety of report                      lated ques-
October 1. However, a court order temporarily shut the                                                               the same for over the past 15 years! We have set                                         ff with appraisal-re
program down. As a result, the Attorney General's
                                                             of market value pre-fire.                                                                                              team members and sta
                                                                                                                     fee schedules with most of our major clients but in            tions is also a priority.
office and the FTC are focusing on violations that were
committed on or after October 17.                            Q:  How long must appraisers retain                     some areas of the country, we must quote a differ-
                                                                                                                                                                                                               enjoys:
                                                             their workfiles and reports?                            ent fee because of the location, type of property,              When not at work, Andy
                                                                                                                     lack of appraisers in an area, etc. Some areas of                                        wife
     For information about the fines imposed                                                                                                                                         Spending time with his                        cards
                                                             A: Appraisers must retain their appraisal reports       the country are busier than others so turntime esti-            Collecting baseball,  football and basketball
on this company, awards to Californians affected,
   and to read this entire article in full, please
                                                             and all workfiles at least 5 years after completion     mates may also vary. What you expect for a turn-                Remodeling his home
      visit www.kirchmeyer.com and click on                  of the assignment or at least 2 years after final       time in Buffalo, NY may not be the norm in the                  Cross Country Skiing
                                                                                                                                                                                                             summer
                Current KA News.                                                                                     mountains of Vermont.                                           Playing softball in the




 Page 2                For all your appraisal needs in all 50 states call                             Jan 2004       Page 3                                                                                                               Jan 2004
                                                  at 1-800-771-5246

								
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