This revised version of the 2007 seminar, Quality Assurance in Residential Appraisal, updates residential appraisers and lenders on the appraisal problems encountered by the lending industry. In addition to highlighting red flags that indicate the value is unsupported, you will learn about new changes within the industry, such as the HVCC and the implementation of the Fannie Mae/Freddie Mac Market Conditions Addendum to the Appraisal Report (1004MC). Comprehensive discussions and practice problems on sales concessions and how to handle declining values will show you how to address these problematic issues in your everyday work product.
At the end of this seminar participants should be able to:
List red flags consistently noted on faulty appraisals.
Identify actions of incompetent and /or unethical appraisers that render faulty appraisals, thus impacting the credibility of the appraisal profession.
Recognize key issues and concerns the appraisal industry has about the lending industry.
Identify ways to improve the development and reporting of the appraisal assignment which will result in a more comprehensive and reliable appraisal report.
Discuss the differences between underwriting guidelines and proper appraisal procedures and identify ways to bridge that gap.
Discuss solutions for both lenders and appraisers, which will result in improved business relationships and more reliable appraisal reports.
Insure a well documented and supported valuation is consistently presented to the lender.
Who Should Enroll Residential real estate appraisers, underwriters, lenders, and bank staff