This course is designed for participants who have a fundamental understanding of appraisal review and/or have attended the fundamentals course Appraisal Review: The Framework. Participants should be able to define commonly used terms and acronyms used in the appraisal process. Participants should also have some experience in the evaluation of the 1004 and 1004MC to meet agency guidelines and be able to identify inconsistencies, red flags and, changes in the housing market.
During this course students will spend time learning the nuances of manufactured homes and 2 – 4 unit properties, as well as appraisals for new construction, properties with repairs and/or properties with renovation along with over improved and non-conforming properties. Participants will also learn about desk reviews, field reviews, AVMs and dealing with a repurchase request from their investor. During discussions and activities students will realize the responsibility both the lender and appraiser have related to the appraisal review process.
Choose from the upcoming four-week course sessions:
Kathy Coon,SRA is the chief appraiser and director of GAAR at FNC. She consults lenders in the detection of faulty or fraudulent appraisals. Kathy serves as the subject matter expert and lead in the creation of FNC’s Generally Accepted Appraisal Rules™ (GAAR) which provide an automated review of appraisals for both compliance and risk issues.
A national instructor for the Appraisal Institute, Kathy has served on its board of directors and executive committee as Chair of Education and was twice elected chair of the Residential Appraisal Board. Kathy is also member of the Mortgage Banker Association’s Fraud and Ethics subcommittee and served on MBA’s Appraisal Fraud Task Force.
Kathy is the developer of the Appraisal Institute’s seminar, Quality Assurance in Residential Appraisals: Risky Appraisals = Risky Loans. She also has conducted appraisal training to underwriters, government agencies, and law enforcement; and she assisted the FBI in one of the largest flipping scams in the country.
She holds a degree in business and criminal justice and is qualified as an expert witness.
Michael D. James is the Community Development Director for Lee County, Virginia. In this capacity, he manages economic development and affordable housing activities as well as serving as Zoning Administrator for the county. In addition, he has 20 years of private sector mortgage banking experience in a variety of origination, training and underwriting positions.
What do you hope your students learn from this course?I hope to provide a slightly different view point on the topic. I have been the salesman trying to get underwriting to approve a deal, and I have been the underwriter listening to the salesman’s plea to approve the deal. I hope to share my well-rounded perspective with the students.
Upon returning to the office, students will be able to
Upon completion of the course, students will be able to: