Movement is offering Hearts4Houston T-shirts for sale at $20 each. 100% of the proceeds will go to the hurricane Harvey relief aid. Appraisal Nation has committed to purchasing 400 t-shirts, including one for every Appraisal Nation employee, and one for each team member at Movement Mortgages Vendor Management department.
FOR IMMEDIATE RELEASE
Appraisal Nation named BBB Torch Award Finalist
Appraisal Nation is proud to announce our recent recognition by Better Business Bureau serving Eastern North Carolina. Appraisal Nation was selected as a finalist for BBB’s Torch Award for Marketplace Ethics in the large business category.
“We take tremendous pride in being honored by the BBB. We are proud of our company and our staff for their community involvement and for upholding the high standards set forth by Appraisal Nation. It is our goal to continue to improve as an organization and find more ways to enhance the lives of our customers, our employees, and our communities.” – Al Ballard, Executive VP of Operations
The Torch Awards for Marketplace Ethics honors companies and charities which demonstrate a high level of character and ensure the organizations’ practices meet the highest standards of ethics. These companies generate a high level of trust among their employees, customers and their communities. The award embodies the Better Business Bureau’s mission of advancing marketplace trust.
Appraisal Nation was honored as a BBB Torch Award finalist on May 18, 2017 at the BBB Torch Awards Ceremony at Prestonwood Country Club.
Appraisal Nation Chief Executive Officer Michael Tedesco had the pleasure of being interviewed during this years MBA NJ conference by the Mortgage News Network. Speaking to MNN, Michael Tedesco also provided insight on how appraisal management companies have to react to an ever changing market full of new regulations.
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Appraisal Nation is proud to have recently completed Better Business Bureau serving Eastern North Carolina’s In Pursuit of Ethics program and earned its ethics certification. This, coupled with our A+ rating from BBB, allows Appraisal Nation to continually distinguish itself as a leader in the Mortgage Servicing & Appraisal Management industry and in the business community at large.
“Built on a history of success with a great track record of results, Appraisal Nation is a highly rated, award winning organization, trusted by nearly 400 client and over 6,000 users per-month. Industry experts agree, and Mortgage Executive Magazine has named Appraisal Nation a Top 50 Mortgage Service Provider in America for the past three consecutive years.” ~Michael Tedesco, Chief Executive Officer
In Pursuit of Ethics is an interactive, discussion-based program designed to stimulate ethical thought process resulting in honest, fair behavior. Currently, only 3% of BBB Accredited Businesses have completed In Pursuit of Ethics and hold this prestigious recognition.
For additional information regarding In Pursuit of Ethics, visit IPoE.org.
About Appraisal Nation
The nation’s premier full-service appraisal management company (AMC). Appraisal Nation is licensed and operating in all 50 states with over 20,000 appraisers strategically located in all 3,143 counties. We serve the mortgage and banking industry with solutions lenders can count on. Founded by originators on a model designed to meet our client’s needs; built around customer service.
We are proudly recognized industry-wide as a gold standard of AMCs. Appraisal Nation boasts some of the best turn-times and the lowest revision rates in the industry – because we get it right the first time. Based in Raleigh NC, Appraisal Nation provides nationwide collateral valuation solutions for any need; buying, refinancing, selling, divorce, foreclosure, asset management, portfolio review and tax appeals are just a few of the appraisals we complete for our clients.
About BBB serving Eastern North Carolina
Better Business Bureau serving Eastern North Carolina promotes integrity, consumer confidence and business ethics through business self-regulation in the local marketplace. Serving 33 counties in eastern North Carolina, the organization is funded primarily by BBB Accredited Business fees from more than 3,000 local businesses and professional firms. Services provided by BBB include reports on companies and charitable organizations, general monitoring of advertising in the marketplace, consumer/business education programs and dispute resolution services. All services are provided at no cost to the public, with the occasional exception of mediation and arbitration. Visit bbb.org.
When you have the perfect home picked out and you know this is the home you want, your lender will require you to have an appraisal upon the request to use the home as security for a loan. A real estate appraisal will help in establishing a property’s market value, the sales price it would probably bring the seller, if offered in an open and competitive real estate market.
The reason the lender requires the real estate appraisal is because they want to ensure that the property would sell for at least the amount of money you require for your loan. Simply put, if the lender should ever have to foreclose, they want to ensure they would be able to get their moneys worth.
A real estate appraisal is not to be confused with a comparative market analysis (CMA). Real estate agents commonly use a CMA as a tool to determine a realistic asking price for home sellers. Although, an experienced agent may come extremely close to an appraisal price with the CMA, an real estate appraisal’s report include a lot more detailed information, not to mention the fact that it is the only evaluation report a bank will accept when making the decision of whether or not to loan money.
When having a home appraised for this purpose you should have an appraiser that is an objective third party. The appraiser should have no financial or any other connection with either party involved. If you have never experienced a real estate appraisal before, here are a few things that are included in the report.
There will be many details about the property in question as well as side-by-side comparisons of three different properties like it. There will be an evaluation of the areas overall real estate market. Any issues an appraiser feels can be harmful to the value of the property. Notations about any serious flaws will also be made; these are all coupled with many other items on the detailed appraisal report.
Real estate appraisals come in two different methods for appraising homes. There is the sales comparison method where the market value is estimated by comparing the property to other similar properties that has been sold in the same area. This method uses the similar properties to make several estimates of what they would have sold for if they had the same feature as the property in question.
Then there is the cost method, this is generally used for new properties when the costs of building is known. In this method, the appraiser estimates the costs involved in replacement of the structure if it were to be destroyed.
It is important to note that you should not depend on an appraisal to help you determine if the home is in satisfactory condition. This is a job for a home inspector. During a real estate appraisal, the appraise may take notes about obvious issues, however they will not test appliances, inspect the chimney or roof.
As of February 4, 2016, the Appraisal Nation phone menu options have changed. The following is a quick reference guide of our new phone options.
Customer Service – Option 3
Quality Control – Option 4
Accounting – Option 6
Broker Priced Opinions – Option 7
Title & Settlement Services – Option 8
Appraisal Nation, the nationwide leader in Appraisal Management services is proud to announce the opening of a new office located in Pittsburgh, Pennsylvania. The new location will be the headquarters for our latest venture, Appraisal Nation Title & Settlement Services.
The new office is located inside the famed Weyman Plaza in South Hills. Set in a natural wooded setting in Whitehall Borough, Pittsburgh’s South Hills area, Weyman Plaza offers modern office space and facilities, with the convenience of four banks, four restaurants, a post office and many more shops and services all within a few minutes walk at nearby Caste Village Shoppes.
Appraisal Nation will now be able to provide Title & Settlement Services to the Real Estate Mortgage industry. At Appraisal Nation, we take a fully comprehensive approach to Title & Settlement Services that allow you to handle all of your closing needs through one place. Our company handles everything from title searches and foreclosure processes to negotiations and home refinances.
Our process is streamlined at every step of the way ensuring that our services can be seamlessly integrated with your current business model to guarantee that costs can be condensed while reducing errors that can effect your closing.
“Appraisal Nation has always strived to provide a complete solution for our clients. From a full suite of valuation products to our bundled solutions which include flood certification and tax verification, our products have helped hundreds of lenders throughout the country. It is with great pride that we take these solutions a step further by announcing our new title closing department. With over 60 years of collective title experience coming on board to this office along with our commitment and dedication to all of the resources required, we believe strongly that the Appraisal Nation Title & Settlement Services will be a very successful endeavor in the near future.” – Michael Tedesco, Chief Executive Officer
For more information about Appraisal Nation Title & Settlement Services email firstname.lastname@example.org.
The Appraisal Nation Holiday Hours are as follows:
12/4/15 – Appraisal Nation will be open from 8am – 5pm Eastern Standard Time. We will be closing early in preparation for our annual Holiday Party.
12/24/15, Christmas Eve – Appraisal Nation will be open from 9am to 2pm Eastern Standard Time.
12/25/15, Christmas Day – Appraisal Nation will be closed all day.
12/31/15, New Years Eve – Appraisal nation will be open from 8am – 4pm Eastern Standard Time.
1/1/16, New Years Day – Appraisal Nation will be closed all day.
Appraisal Nation will be operating during our normal business hours (8-am – 8pm Eastern Standard Time) on all days not listed above.
On behalf of the entire Appraisal Nation family, we hope you have a Happy Holiday season and a wonderful New Year!
The TILA-RESPA Integrated Disclosure rule (or TRID for short) has been in full effect for just over a month and much like every other change to the mortgage industry, lenders are scrambling to keep up and ensure that they are fully compliant with the new regulations. Luckily for our clients, they have America’s AMC working for them to ensure that they stay as compliant as possible throughout the appraisal process.
So what exactly is TRID?
Before TRID went into effect, lenders used what is known as a “Good Faith Estimate” to provide their borrower with an estimated list of expenses they can expect to be involved in their loan. Now that TRID is in effect, the Good Faith Estimate was replaced with something called a Loan Estimate. With the new TRID rules, the lender has only three (3) days to deliver a Loan Estimate to their borrower.
The new TRID rules classify all loan fees into one of three categories:
- 10% Tolerance
- No Limitation
- Zero Tolerance
10% Tolerance – Fees for services (ie. the appraisal report) can be increased up to 10% if the lender permits the borrower to shop for their own third party service (ie. the AMC).
No Limitation – Fees such as prepaid interest and insurance are able to be increased without limitation.
Zero Tolerance – Fees that are paid to third party service providers (ie. an AMC) that was chosen by the lender are unable to be increased.
What does this have to do with the appraisal process?
Great question. You see, the appraisal fee is required to be built into the Loan Estimate that is provided to the borrower. The catchy part here is that if the lender does not let the borrower obtain their own appraisal report, then the report fees paid to the AMC fall under the Zero Tolerance category in the Loan Estimate. The only time these fees are able to be changed is in what TRID calls a Change In Circumstance.
Changes in circumstance are things such as a change in the loan type, a change in the appraisal type (ie. Single Family to a Multi-Family), or any relevant information provided to the lender by the borrower that was incorrect.
So how does Appraisal Nation combat the Zero Tolerance category?
It’s simply really. The old way that the appraisal process worked before TRID became active went something like this:
Appraisers are no longer able to obtain fee increases if their reasoning for the increase is not considered a Change In Circumstance per-TRID guidelines. However in order to stay compliant with paying our appraisers a Customary & Reasonable Fee for their services while ensuring that our clients are able to provide a proper Loan Estimate within the three day window provided by TRID, we have drafted and created standard nationwide state-by-state pricing for all services we offer.
With our new fee calculator tool (available to all current Appraisal Nation clients), you can now get the fee for your appraisal report before ever submitting the order. Our state of the art tool makes it possible for clients to add and subtract services from their order on the spot. Are you looking for a standard Conventional 1004? No problem. Do you need a rent schedule or maybe a flood certification added on? We have you covered with up-front fees for everything.
If you’re a current Appraisal Nation client and would like access to our new fee calculator, all you need to do is contact your Client Account Representative today.
Not a client? Not a problem.
If you’re ready to take the next step in finding out how Appraisal Nation can help your business stay compliant in the ever changing mortgage industry, contact our sales team today by filling out the following form!
We are proud to announce that Appraisal Nation CEO Michael Tedesco has been selected as one of HousingWire’s 2014 Rising Stars!
Check out Michael Tedesco and the rest of the 2014 Rising Stars by clicking HERE!