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In today’s video blog, President of AAA Appraisal Management Company, Marlene Minite, discusses FHA Guidelines with Chief Appraiser Mark Liley.
We have some exciting news to share with you all! Last Wednesday, our office had the pleasure of hosting a networking event by the California MBA Group and we could not have been more thrilled with the outcome! We had over 100 awesome people come out and we could not have been more thrilled to host such an incredible group of professionals! A huge thank you to all of you for coming and making this event so memorable for myself and my entire team! It was so much fun getting to spend time with you, getting to know some of you better and meeting a few of you for the first time. We truly hope this networking event was beneficial to each of you in some way!
We would also really like to thank Douglas Duncan for attending our event. Many of you know Doug as the Senior Vice President and Chief Economist of Fannie Mae and I couldn’t be more proud to call this incredible man a friend and long time supporter of AAA AMC over the years.
It’s the most wonderful time of the year…or is it?
I feel like it used to be, but we’ve all slowly lost the true meaning of Christmas this past decade or so. What happened? It seems as though Christmas now brings on more anxiety for many, rather than joy. Parents and loved ones feel the pressure to buy every single item on their children’s or significant other’s Christmas list or face disappointing them come Christmas morning. We have to be very careful and sit back and reflect on who exactly is placing that pressure on us. I’ll give you a hint; it’s not our loved ones but rather our misguided society. I can guarantee you that the gift of your time will be treasured much more than any gift you can give.
I feel as though we are now living in the age of entitlement and although we have more, we’re not as happy as we once were. Sure materialistic things give us instant satisfaction, but the joy it brings us quickly fades.
As we approach this Thanksgiving Holiday, I can’t help but recall how far I have come. There was a time in my life where any fly on the wall would think there wasn’t much I had to be thankful for. However, since I was a little girl, I have been blessed with the gift of insightfulness and gratitude. While it seemed I did not have much to others, I was giving thanks for my family, our health, that we were all together and that there was so much love surrounding each of us.
Over the years I have faced many hardships, I have conquered many battles and lost several more. I know too well the feeling of thinking I am the only one experiencing let downs from life, but I have learned that if we take a moment to look around us and focus instead on our fellow citizens, we can easily see that every individual has their own struggles. For some the struggle is personal, health related, or a rocky relationship with a loved one. One thing we can always rely on is change.
At a recent conference, the topic of revisions and conditions came up. So many loans are lost every year due to the untimely handling of revisions and conditions. This is a huge problem in our industry, not to mention how silly it is to lose months of hard work over improper phrasing or a typo in a report.
For those of you who are unfamiliar with this topic here is a quick break down:
The appraiser fills out an appraisal report and sends it to the lender. Then the lender’s underwriter goes through the report and requests changes or corrections; we call these revisions and conditions for the report. It comes back to the appraisal management company and we ask the appraiser to make the changes. The loan cannot be funded if the there is a mistake on the report, no matter how small, or if the report is not filed on time.
Currently, 19 states have passed laws requiring Carbon Monoxide detectors to be in homes and California has been one of those states since July 1, 2011. These laws are long over-due because unlike smoke, CO is odorless, colorless, and will affect you quickly, which makes it a silent killer.
We have noticed recently that many failed inspections are due to the fact there is no CO detector in the home at the inspection time, which results in a re-inspection fee of $150.00, after the detector is installed. People often confuse smoke and CO detectors but they are not the same thing. Smoke detectors have been required for many years but now both are necessary to pass inspection.
The price of a CO detector has dropped since many states began passing laws mandating them and you can now buy them for around $20 at places like Target or Amazon.com.
I always want my clients to be happy and feel proud to be working with me. My favorite days are those when I am able to solve a problem for them.
Our AMC has a “boutique” feel by choice. We enjoy being hands-on in the day-to-day operations and this often times requires problem solving. This is truly what sets our AMC apart from others. Here is an example of a recent predicament and how we resolved it for the client.
We handled an appraisal for a loan that ended up looking like it would not go through due to difficulties on the lender’s side. A few weeks later the account manager called me at 2:00 pm informing me they wanted to fund this loan by next day, however they’d never ordered the re-inspection, because they didn’t believe they’d be able to fund the loan.
I reached out to the appraiser who wrote the original report.
You must give your employees the tools they need to succeed and to be knowledgeable about this industry. Educating employees and coworkers on the “do’s and don’ts” of appraisal forms will help all of us in the long run.
Provide staff with a list that articulates what is appropriate or not when speaking with an AMC and what information is allowed to be passed along from the AMC to the appraiser.
Last week I received an order with a note asking if I could please send a particular appraiser. This is against the rules; you cannot request a certain appraiser.
You may not ask who is doing the appraisal, even after we sign off on it. The soonest you can receive this information is when we deliver the report.
Do not include your property estimate. If you put a value estimate on the form I cannot send the form into the appraiser.