Posts Tagged ‘ Appraisal Rules ’

Appraisal Foundation Boards Seek Your Comments on Draft Revisions by December 5

TAF logo

I: The Appraiser Qualifications Board (AQB) has issued the following Exposure Draft: Fifth Exposure Draft of Proposed Revisions to the Real Property Appraiser Qualification Criteria Link: https://appraisalfoundation.sharefile.com/d/s37bad6cf5694643b Written comments requested by December 5, 2011 Send Comments to AQBComments@appraisalfoundation.org II: The Appraisal Practices Board (APB) has issued the following Exposure Draft: First Exposure Draft: Residential Appraising in a Declining Market Link: https://appraisalfoundation.sharefile.com/d/sbdb218d49bc48c6a Written comments requested by December 5, 2011 Send Comments to APBcomments@appraisalfoundation.org

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Appraisal Foundation Draft: Submitted for Comment By November 14

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The Appraisal Foundation has submitted a draft for comment by November 14: Communication and Reporting in the Uniform Standards of Professional Appraisal Practice. The 3 Wise Men invite you to post your comments here so that we may engage in a discussion with you here. We will also collect and submit your thoughts to TAF along with our commentary.   Link to the document under consideration: Communication and Reporting Discussion Draft   Email address for sending comments directly: ASBComments@appraisalfoundation.org   Details (from The Appraisal Foundation): Those who have followed the work of the Appraisal Standards Board (ASB) over the last several years are aware of the Board’s...

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Legislative UPDATE: Summaries of Bills Chaptered By the California Secretary of State

Legislative UPDATE: Summaries of Bills Chaptered By the California Secretary of State

The source for the following summaries is the Legislative Digest for each bill. Click the bill titles to download the full text PDFs. As of today, the following measures have been Chaptered: SB 4 (Calderon and Vargas) Mortgages. Requires the notice of sale, given pursuant to a deed of trust or mortgage secured by real property containing from 1 to 4 single-family residences, contain language notifying potential bidders of specified risks involved in bidding on property at a trustee’s sale, and a notice to the property owner informing the owner about how to obtain information regarding any postponement of the sale. Requires a good faith effort to...

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Contents of CD that Will Be Distributed At Our Upcoming Workshop

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I. Code Citations a. Business and Professions Code Citations – 10166.01 – 10166.17 (Implementation of the SAFE Act under the Real Estate Law) b. Civil Code Citations – 1090.5 (Requirements for Hiring/Using/Terminating Real Estate Appraisers) c. Financial Code Citations – 4970 et seq. and 4995 et seq. (California Requirements for “High Cost” and “Higher Cost” or “Higher Priced” Residential Mortgage Loans) II. “Dodd-Frank” Act a. HR 2509 (Federal Legislation Sponsored by NAMP/CAMP to Amend Dodd-Frank Regarding LO Compensation) b. Summary, prepared by S. Guy Puccio and Herman Thordsen, Esquire (A Summary of Significant Issues of This Act that Affect Residential Mortgage Loans and Mortgage Brokers) III. Federal...

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Volume Discount Available for “Make More Money Now” Workshop on October 22nd

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For detailed information about the upcoming Make More Money Now workshop with 3 Wise Men Q & A, click here. Bring your business partner(s) to our next workshop and receive a volume discount! Full Day attendance fee for one participant: $295 Full Day, second participant from the same firm or company: $195 Full Day, third, fourth, fifth (etc.) additional participants from the same firm or company: $140 each To register, select the appropriate fee (and box lunch selection) in the drop down menu on the Paypal button in the sidebar. If you have any questions about registration or payment, or if you need an alternate form of...

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Summaries of California Mortgage Industry Bills Currently Enrolled or Signed

California Capitol Building

These bills are complex and each covers more than more than one subject—an apparent new trend in Federal and State legislation. We are not addressing herein the list of measures that remain in committee or on the floor, as some of them may die and others may become two-year bills. The source for the following summaries is the Legislative Digest for each bill. Click the bill titles to download the full text PDFs. The following measures have been Enrolled, awaiting the Governor’s action: SB 6 (Calderon and Vargas) Real Estate: appraisal and valuation. Prohibits a licensee from knowingly or intentionally misrepresenting the value of real property. Prohibits...

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GET THIS FORM: New Appraisal Rules Cover ALL Property Types

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At the most recent seminar presented by The 3 Wise Men, held at the offices of Applied Business Software in Long Beach, Guy Puccio presented a much needed explanation of the new rules implemented by Federal Interagency Appraisal and Evaluation Guidelines Promulgated December 10, 2010. Guy explained in detail the effect of these new guidelines and the new requirements that these rules place on brokers making and arranging loans secured by ANY real property.  He pointed out that failure to follow these new rules could open the broker to liability from both the borrower or the lender should any problem with the loan develop in the future....

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