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The Cost approach. What is it?

By | Appraisal Compliance, Borrowers | No Comments

The Cost approach. What is it? Another method an appraiser may use to develop an opinion of value is the cost approach. In a nutshell, it’s a breakdown of what the cost would be to rebuild the property today if it were destroyed – but it’s not that cut and dry. The term reproduction cost is used if an exact replica of the original property is produced. If a property…

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“I’ve decided to go with a new lender; can you change the name of the lender on my appraisal to reflect this?”

By | Appraisal Compliance, Borrowers | No Comments

One of the most common questions we hear from borrowers and even lenders is – the borrower switched lenders and we need the appraiser to change the lender name. Can the appraiser just switch it without having to do a new assignment? The answer is no. If the appraiser changes the name of the lender/client, the appraiser is no longer following the Scope of Work Rule as required by the…

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12 POINT APPRAISAL CHECKLIST – How prepared are you?

By | Appraisals, Appraisers, Borrowers, Lenders, Loans, Mortgages, NAN University, Real Estate, Valuation, Webinar | No Comments

Before your next home appraisal, be sure to review and discuss our 12 Point Appraisal Checklist with your lender. Our team at Nationwide Appraisal Network has all the tools you need to prepare for your appraisal day. To learn more about appraisals, please visit our NAN University loaded with FREE webinars and whitepapers!   ABOUT NATIONWIDE APPRAISAL NETWORK- NAN is an industry leader in appraisal property valuations, providing a unique…

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{HOT TOPIC} Common questions about your home appraisal

By | Appraisals, Borrowers, Fannie Mae, Lenders, Valuation | No Comments

Did you know your home’s gross living area does not include your garage or any space below grade, like a basement? As a national appraisal management company, one of the most common questions we get from borrowers and even lenders revolves around how living area is calculated. We get asked about heated vs. non-heated spaces, finished and unfinished basements and even porch and patio areas. So does the appraiser actually…

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Understanding Appraisals

By | AMC Communication, Appraisal Compliance, Appraisals, Appraisers, Borrowers, Customer Service, Dodd-Frank, Fees, Mortgages, Nationwide Coverage, Valuation | No Comments

Effective January 2014, rules adopted by the Consumer Financial Protection Bureau (CFPB) allow borrowers to receive copies of all valuation products ordered with their loan (even if the lender did not rely on them three days prior to closing.) Various valuation products (appraisals, AVMs, BPOs) may produce different values and cause confusion for borrowers. 

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