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Valuation Logic Provides The “Ah-Hah!” Moment

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RAC member Tim Lynch, CRP writes in:

“Received the WERC directory earlier this week and noticed that it was about the same size as last year’s directory. However, upon further investigation, I noticed that there were 30 more pages for the brokers and 27 fewer pages for the appraisers in this year’s directory as compared to last year’s directory (did not include pages including listings outside the US).

There are likely several reasons as to why this occurred but I did not look into it any further than the actual page count.”

The flurry of discussion erupted between RAC members from Tim’s quantification of something fairly abstract: was it worth it to be in this directory?

Some of the most basic valuation questions outside of a property can provide an “ah-hah!” moment like this. The ability to provide that simple moment is often the product of significant valuation experience, something all RAC members have in common.

E & O Insurance and Coverage of Your Prior Appraisal Work

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Our RAC members had a spirited round of discussions about E & O insurance that covers prior work. Their names were redacted to protect the innocent (kidding). Here are some of the ideas and themes that came up:

When shopping for a new policy, the biggest concern an appraiser is whether prior work is covered. Every carrier is different and this is clearly something to ask for. Here are some comments from RAC members:

When you retire you need to acquire what is called “tail coverage” to allow continuous coverage that may be brought after your business has ceased. I would question your provider when changing policies to find out who will represent you for past work completed prior to changing insurance providers.

The problem with changing e/o providers is that the new provider may not warrant your historical appraisals. When retiring you may need to consider a policy that covers you for the past several years as well.

You (may) need to keep copies of ALL of your policies as the claim is against the policy in place at the time the report was prepared.

A few thoughts about picking an E & O carrier (RAC doesn’t endorse specific companies):

I think [firm name] is great. You can get them on the phone and ask them questions and they are happy to provide an opinion at no charge. In my area they have offered free seminars with CE credit. The premium has stayed the same for years. If I ever have a problem, I believe they will defend me. In contrast, I think some other companies might just pay out and cancel my policy.

If you have a claim you are dealing with the carrier directly. In our experience the carrier is far more important than the agency.

(I) know that they dedicate resources specifically to the appraisal industry.

You Get a Copy of the Appraisal Whether You Want It or Not

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In the past, borrowers could only get a copy of the appraisal report completed for their residential mortgage application only if they requested one. Now the applicant no longer has to request a copy, they are entitled to a copy automatically.

In January 2014, the Consumer Financial Protection Bureau (CFPB) implemented its final rule requiring creditors to provide applicants free copies of all appraisals and other written valuations developed in connection with an application for a loan to be secured by a first lien on a dwelling.

The borrowers will receive a copy even if the mortgage never closed. Here’s a consumer guide for the new requirement.

It should be pointed out that the lender is the one required to provide a report copy to the borrower, not the original appraiser.

“Low” Mortgage Rates Are Relative

Percent Not that long ago, we all considered a 6.5% mortgage interest rate very reasonable. Additionally, we all know how the perception of interest rates impacts the housing market.

After reading this article “Where Will Residential Mortgage Rates be a Year from Now?“, I wonder if buyers will consider a mortgage interest rate of 6.5% high and ultimately slow their appetites for buying homes?

RAC Blog Awakes from Slumber To Leverage Members Extensive Valuation Knowledge

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For those of you that don’t know me, I’m Jonathan Miller, a long time member of RAC who dabbles in social media. At our recent conference in Dallas I was asked by the RAC Board to help share our membership’s wide array of valuation expertise with the public. This web site seems like a perfect vehicle to do that.

One of the reasons I’ve remained a RAC member for more than half of my 28 year appraisal career is because RAC members are the best residential (and commercial) appraisers in the country. I always wanted to be aligned with RAC – even though my market area has always seen limited relocation work. I knew it was important to maintain access to their collective knowledge so I could continue to grow as a valuation professional…and the membership is comprised of a great group of people.

What began as an organization that literally “wrote the book on relocation appraising” for ERC is really much more than that. RAC members are also known for their appraisal expertise of complex residential properties including litigation support, testimony and reviews. So much so that RAC has incorporated that message into their new tag line – “RAC: Providing valuation solutions for complex residential properties.”

We’ll soon be providing other ways to keep connected and informed so stay tuned!

RAC Member, Tim Lynch – Dwellworks 2013 Service Provider of the Year

Dwellworks is excited to announce our Service Providers of the Year for 2013. These individuals are recognized for the exceptional service consistently delivered on behalf of Dwellworks to each valued client. Award winners were selected based on a combination of performance statistics and feedback from each of Dwellworks’ operating teams.

The 2013 award winners are:

  • International Destination Services: Sarah Wharton of Surrey, British Columbia, Canada and Beverly North of Thurgarton, Nottingham, United Kingdom
  • United States Destination Services: Betsy Asen of New York, NY and Iris Bourque and Paul Bourque of Fallbrook, CA
  • United States Property Management: Dee Block of Chicago, IL and Brian McCabe of Arnold, MD
  • United States Valuation Services: Becky Matzdorff of Ankeny, IA and Tim Lynch of Littleton, CO

“We appreciate the hard work and dedication that these suppliers demonstrated throughout the year,” said Bob Rosing, CEO of Dwellworks. “We look forward to our continued partnership with all of our service providers who deliver outstanding service to our clients and the industry. We are proud to call them partners.”

Dwellworks manages a global network of over 14,000 independent contractors.

Dwellworks, LLC

January 6, 2014

RAC Members Butch Hicks and Dena Knopp – Dwellworks 2012 Suppliers of the Year

Dwellworks, LLC is excited to announce its Supplier of the Year award winners for 2012. Each supplier is recognized for the exceptional service consistently delivered on behalf of Dwellworks to each valued client. Award winners were selected based on a combination of performance statistics and feedback from each of Dwellworks’ operating teams.

The 2012 award winners are:

  • Career Advising: Nancy Chisholm
  • Destination Services: Jonell McWilliams, Ferrah McKeown, Vita van Tonder and Claire Hall
  • Property Management: Dave Demarest and Michael Wheeler
  • Valuation Services: Gary Paluszcyk, Butch Hicks and Dena Knopp

Patrick Spicuzza, Senior Vice President of Supply Chain at Dwellworks, stated, “At Dwellworks, we understand the importance of having a dedicated network that believes in our value system of delivering outstanding service to our clients. As an extension of our organization, this year’s award winners are exceptional representatives and we are proud to call them our partners.”

“We are incredibly grateful for all of the hard work and dedication that these suppliers have provided throughout the year,” said Bob Rosing, CEO of Dwellworks. “Their high levels of service are critical as we continue to grow and serve our clients. We look forward to our continued partnership with all of our suppliers who continue to work hard and provide some of the best service in the industry.”

Dwellworks manages a supply chain of over 13,000 independent contractors throughout North America.

Dwellworks, LLC

December 14, 2012

RAC Member Jim Gargano – Dwellworks 2011 Supplier of the Year

Dwellworks, LLC, a provider of innovative services for the relocation, real estate, and mortgage lending industries, is excited to announce its Supplier of the Year Award winners for 2011. Each supplier is recognized for the exceptional service consistently delivered on behalf of Dwellworks to each valued client. Award winners were selected based on a combination of performance statistics and feedback from each of Dwellworks’ operating teams.

The 2011 award winners are:

  • Jean Mathopoullos of Houston, TX and Yvette Stachowiak of Seattle, WA – Destination Services division;
  • Paul Bourque of Fallbrook, CA and Paul Moccio of Mount Vernon, NY – Property Management division;
  • Paul Murray of Harbor Company, Inc in Towson, MD – Repairs, Maintenance & Improvements division;
  • Mary Emmerich of Avon Lake, OH and Sharon McCormick of Durham, NC – Career Advisers division;
  • Kathleen Offner of Houston – Educational Advisers division;
  • Jim Gargano of Bomba Gargano Valuation, Inc. in Naperville, IL and Mark Hunter of Mission Viejo, CA. – Appraisal Management division.

Patrick Spicuzza, Senior Vice President of Network Services at Dwellworks, stated, “At Dwellworks, we understand the importance of having a dedicated network that believes in our value system of delivering outstanding service to our clients. As an extension of our organization, this year’s award winners are exceptional representatives and we are proud to call them our partners.”

“We are incredibly grateful for all of the hard work and dedication that these suppliers have provided throughout the year,” said Bob Rosing, CEO of Dwellworks. “Their high levels of service are critical as we continue to grow and serve our clients. We look forward to our continued partnership with all of our suppliers who continue to work hard and provide some of the best service in the industry.”

Dwellworks manages a supply chain of over 10,000 independent contractors throughout the United States on an annual basis.

Dwellworks, LLC

December 19, 2011

 

 

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