Tag Archives: Jonathan Miller

RAC Town Hall March 31, 2022 With Byron Miller, SRA, AI-RRS: Feeling ANSI about Fannie Mae’s new measurement requirement?

RAC offered a free one-hour ANSI webinar to provide clarity to appraisers everywhere. RAC Member and Past President Byron Miller, SRA, AI-RRS, a contributor to the 2021 ANSI standards manual Z765-2021, discussed appropriate measuring standards and updates that Fannie Mae has made effective April 1, 2022. Byron was interviewed by RAC member and Past President Jonathan Miller, CRE, CRP.

ATTENTION To all of the non-RAC members that joined the presentations, rest assured RAC provides useful, actionable, information to its members during these monthly town halls, plus you connect with a wonderful group of members (that always have something to say or contribute).

Want to know more about RAC? You can start by visiting our website and emailing our to our Executive Director Cheryl Fisher for additional information and

Materials that were discussed in the webinar

– Fannie Mae: Standardized Property Measuring Guidelines
– Fannie Mae: (Selling Guide) How is the gross living area measured and calculated?
– Home Innovation Research Labs: Purchase the ANSI Standards (these standards are copyright protected.)

The Webinar Video

Here is the video of the March 31, 2022 RAC ANSI Webinar:

Additional ANSI Insights

After you’ve watched our March 31, 2022 RAC ANSI Webinar, you might want to take a look at some topics Byron Miller prepared for the webinar (answers in ALL-CAPS):

* What is the ANSI standard and how do you get a copy? STANDARD FOR MEASURING SINGLE FAMILY RESIDENIAL HOMES; WWW.HOMEINNOVATION.ORG

* What constitutes a standard? SOMETHING PEER-REVIEWED

* What constitutes being peer-reviewed, and why is that important from say an ad-hoc “standard?” IT INVOLVES INCLUDING INDUSTRY STAKEHOLDERS. IT IS A DEFINED PROCESS, PROVIDING PUBLIC COMMENT, AND PUBLIC FEEDBACK. AD-HOC IS TYPICALLY IS A SINGLE PERSON OR ENTITY THAT DEVELOPS, AND DOES NOT EXPOSE TO PUBLIC FOR FEEDBACK.

* Why use a standard? ie: what are the benefits of standardization? CONSISTENCY, REDUCES VARIABILITY & LIABILITY

* How often is the standard updated? VARIES, ON AVERAGE EVERY 10 YEARS

* How does this differ from HUD, USDA, & VA requirements for measuring? THOSE ARE NOT STANDARDS BUT ARE ASSIGNMENT CONDITIONS OF GSE (GOV’T SPONSORED ENTERPRISES. THIS IS A SUBTLE BUT IMPORTANT DISTINCTION. LOOSELY, THEY COULD BE CONSIDERED “AD-HOC” STANDARDS.

* How do you get on the consensus committee? APPLY, HOME INNOVATION PUT OUT SOLICITATIONS.

* Can you describe the process involved in making changes via the consensus committee? REVIEWED ALL COLLECTED QUESTIONS, PRIORITIZE, PROPOSE CHANGES, EXPOSE TO THE PUBLIC, ITERATE

* Can you talk about some of the items that you were aware of that give appraisers the most heartburn regarding the standard? Egs: stairs, sloped ceilings, areas under the stairs (unfinished basement caveat), bump-outs (fireplace, non-floor to ceiling bay areas, etc.), ceiling heights. HANDS DOWN – STAIRS.

* How does gross living area relate to the Z765 standard? IT DOESN’T, Z765-2021 DOES NOT DEFINE OR DISCUSS GLA, IT DEFINES ABOVE-GRADE, BELOW-GRADE, FINISHED, AND UNFINISHED SF.

* What about below-grade square footage? BELOW-GRADE SF IS DEFINED IN THE Z765-2021 STANDARD. IN SHORT, THE STANDARD CONSIDERS ANY AREA THAT HAS EVEN A FRACTION OF IT’S OVERALL BELOW-GRADE AREA TO BE COUNTED IN WHOLE AS BELOW-GRADE SF. THERE IS ONE POSSIBLE EXCEPTION, AS INDICATED IN THE STANDARD. HOWEVER, I LEAVE THAT TO APPRAISERS TO READ FOR THEMSELVES IN THE STANDARD.

* And what about the concern regarding using the comparables? USE THE SAME APPROACH THAT YOU CURRENTLY DO IN DEALING WITH MULTIPLE DATA SOURCES.

* The ANSI Z765 standard is a residential measurement standard for single-family dwellings. Can a be used for multi-family dwellings? NO

* What about measuring using condominiums? ANNEX P.4 IN ANSI STANDARDS

* There are certain situations where you could be measuring a finished second-story dwelling with sloped ceilings, or for that matter, a third-story sloped finished area that has no square footage as per the ANSI standard. What does Fannie say about handling that situation? COULD USE EXCEPTION “GXX001”

* What about berm homes, which are homes that are buried either completely or mostly below grade? “GXX001” – EXCEPTION

* Can I use the Z765-2021 on a 1025 form? NO

* What about on a desktop appraisal? – IT IS NOT REQUIRED BUT RECOMMENDED.

* How do I conform to the ANSI standard? That is, can I claim partial conformance to the standard? NO

* What is the level of granularity of measurements? MEASURE TO INCH OR TENTH OF FOOT ENGLISH MEASUREMENT SYSTEM, OR TENTH OF METER (DECIMETER) METRIC MEASUREMENT SYSTEM. RESULTS ROUNDED TO THE NEAREST FOOT OR METER.

* What is measured? ALL IMPROVEMENTS, EGS: DECKS, PATIOS, PORCHES, BREEZEWAYS.

* What about ADUs, outbuildings, and garages? Z765-2021 ONLY COVERS SFR HOMES, NOT ADUs, OUTBUILDINGS, AND GARAGES

* What about the reporting format, what is contained in it? PARTITIONED ABOVE, BELOW, FINISHED AND UNFINISHED AREA STATED IN A DECLARATION (FOUND IN ANSI STANDARDS).

The Con – Featuring The appraiser’s side of the story

The Con is an in-depth investigation into the 2008 financial crisis.  Hollywood has already told the stories of Wall Street and the lenders.  This series tells the stories of the people and the appraisers.
 
The 5-part docuseries, released last week, features RAC member Jonathan Miller and three other independent appraisers interviewed and credited in Episode II. View the premiere for free and the remaining episodes can be seen in virtual cinemas across the country. 
 

RAC Conference Frisco TX: Changes, Challenges, Solutions

As I’ve said many times, the annual RAC conference is the best appraiser-centric conference I’ve ever attended. It is developed and operated by active appraisers who are working to help you thrive as a professional.

As the current president of RAC, I’m proud to be part of an organization comprised of the best residential appraisers in the U.S.

Click here for more information.

RAC Appraisers Provide High Ceiling Insights To Wall Street Journal

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The Wall Street Journal reached out to RAC appraisers Michael Hobbs and Jonathan Miller for their valuation insights on high ceilings in new luxury towers.

Wall Street Journal August 11, 2016 For Ceilings, What a Difference a Foot Makes
Buyers of luxury condos will pay a premium for ceilings that are even just a foot higher than the standard, but tall rooms pose challenges

While ceilings are rising throughout new luxury towers, the tallest ceilings are typically found in the highest, most expensive apartments, says Michael Hobbs, the owner of PahRoo Appraisal & Consultancy in Chicago.

High ceilings are often found in apartments that offer other luxury amenities, such as tall windows and concierge service, which bolster their value, says New York appraiser Jonathan Miller—but not in every case.

RAC goes Hollywood, conveying what we are all about

Ok, not Hollywood. But we’ve got a story to tell.

Over the past several years it has become apparent that RAC needed to get the message out: not only are our members the best relocation appraisers in the business (we literally wrote the book on relocation appraisal), but our members are the best residential appraisers in North America. With the significant depletion of experienced, high quality appraisers since the onset of the financial crisis, RAC members fill the void by specializing in complex residential properties including relocation, litigation support, testimony and reviews.

We really want you to know that.

The video project was spearheaded by RAC member and former president Jim Goodrich with help from members Suzanne Bloyed and Jonathan Miller – and invaluable contributions from current RAC president Michael Cook. The presentation conveys who we are and the benefits of becoming a member of RAC.

– Exposure to new clients and new sources of business
– Aligned with a highly regarded appraisal brand
– Interaction with well experienced residential appraisers
– Education opportunities including conferences and events
– Leadership opportunities to help professional growth
– and many more…