KREAB

 Advisories 

AMC Advisory

At the May 22, 2009 Board meeting, the KREAB voted to approve the attached advisory.  Kentucky licensed and certified appraisers
should become familiar with the advisory when and if an appraisal fee is collected for appraisal assignments that require the appraiser
to keep a part of the fee and submit the remainder to a third party. 

Please review the advisory and contact the KREAB office if there are questions or concerns.

Appraisal Fee Receipt

Appraisal Fee Receipt Attached is a sample receipt format for use when accepting payment directly from borrower.
(Retype on letterhead, or some other identifying heading.)
Appraisal Fee Receipt

Freddie Mac

Freddie Mac released the attached memorandum on November 15, 2007.  The memorandum Bulletin includes advice for "appraiser responsibilities when performing an appraisal."  Appraisers should pay particular attention to the advice on providing a "description" of the prevalence and impact of financing assistance. 
 
Also, there is advice provided for "seller responsibilities for appraisals."  Note the term "seller" in this memorandum identifies the individual or group who sells mortgages to Freddie Mac, not the property seller.  The advisory is clear and concise in explaining that Freddie Mac "holds the Seller accountable for the quality, integrity and accuracy of the appraisal."

Please take time to download and read this very important bulletin: Freddie Mac Bulletin

FHA Information

New FHA Property Condition Instructions

Fannie Mae

Fannie Mae 2005 Form Revisions

Fannie Mae Announces the Release of 11 New Forms to Lenders

ANSI Requirement 

Standard for Single-Family Residential Buildings (ANSI-Z765) Became A Requirement for All Kentucky Licensed/Certified Appraisers.
Order your copy of ANSI Z765 online direct from the NAHB Research Center or by calling 800-638-8556.

Notice to Associate Appraisers 

Pursuant to 201 KAR 30:030, all Associate Real Property Appraisers licensed after July 1, 2001 shall submit to the board two (2)
complete summary appraisal reports.  Per Appraisal Subcommittee Policy Statement 10 revision, the Board shall immediate require all
applicant submit a log of work experience.  From that log the Board staff will select appraisal reports for each level of experience review.

The reports selected from the log will be reviewed to verify minimum USPAP compliance and use of acceptable appraisal practices, methods and techniques.  Any deficiencies will be noted so future appraisals will be compliant.  If it is believed necessary to establish the competency of the associate, the board shall request additional reports from the log for review.