2) How does JVI achieve its goal of building a quality relationship with their appraisers?

A: We achieve this goal by educating appraisers through training beyond standard CE requirements. We have custom developed appraiser training on REO standards and guidelines plus offer nationwide online REO properties training courses approved by the Appraisal Foundation. JVI made this considerable investment in continuing education because we feel this additional education yields more accurate value determinations for our clients. We’ve also invested internally in technology and education to empower our internal Appraisal Review Staff.

3) Is the appraiser required to take the JVI REO Appraisal course as part of the application process?

A: If the appraiser does not have REO appraisal experience, the online or live REO appraisal course is a requirement in the process before being added to the roster. The course is approved for 6 CE hours in most states (5 in CA) and available through our website at www.jvireo.com.

If the appraiser has REO appraisal experience within the past 6 months, the course will be optional. If the course requirement is waived, we request completion of our JVI Case Study Appraisal Exam to assess basic working knowledge of generally accepted appraisal practices and procedures. The exam is designed to take less than one hour.

When the course (if required is completed, the appraiser forwards their certificate of completion to our appraiser recruitment division along with sample REO work, application form, resume, insurance and license.

4) What are some of the highlights that a student will learn by taking JVI’s online REO appraisal course?

A: Our students find this course informative and helpful in performing JVI Real Estate Owned (REO) appraisals in your everyday appraisal practice. This on-line course has been developed and modified from JVI's national appraisal seminar "Appraising REO Properties" that has been taught throughout the nation on a continuous basis for years in an effort to provide standardization on the REO appraisal process and requirements. This on-line in depth version of the seminar includes the Appraisal Forms Revisions, as of January 1, 2006.

It provides a unique challenge to appraisers. The focus and emphasis of this course is for properties one year or more in age.

Chapter 1 provides a step-by-step procedure in completing the revised URAR Form 1004. Chapter 2 - Manufactured Home Form 1004C, Chapter 3 - Individual Condominium Unit Form 1073, and Chapter 4 - Small Residential Income Form 1025 emphasizes document specific differences only from URAR Form 1004. Each Chapter also includes the remaining required forms and documents that belong with each appraisal report form and a suggested check list used prior to submitting the completed form (appraisal report) to your client.
Learning Objectives include:

• An understanding of the unique requirements of Real Estate Owned (REO) "as is" one to four-family Appraising.
• Selection, compilation and completion of the appropriate revised Fannie Mae Appraisal forms and required documents.
• The Supplemental Real Estate Owned Appraisal Addendum.
• Recommended marketing repairs.
• Estimate restricted marketing time.
• Analyze and report declining market conditions.
• Discussion of specific client market value requirements.
• Implementation of the recommended document sequence to avoid errors and omissions
• Use of JVI Appraisal 3 Cs

1. Compliant - USPAP/Client 2. Consistent - Appraisal 3. Clear - Explain This section of this class emphasizes the importance of USPAP and Client specific requirements, scope of work, providing consistent data throughout the report and clearly explaining what you did and why!!!

The course also helps the student understand how an Asset Manager or the Intended User thinks for their Intended Use.

5) What are some of the qualification highlights of JVI’s chief appraiser?

A: Mr. Herb Jourdan holds the SRA and MAI designations offered by the Appraisal Institute, and has more than 32 years appraisal experience in residential and commercial properties. He previously held the positions as review appraiser and bank examiner for more than 10 years, and independent owner-manager of a residential appraisal company for more than 7 years.

6) What is the JVI Counseling Program, and how is it incorporated in the appraisal review function and education outreach to the client?

A: We purpose to commit the necessary resources of our time and professional appraisal expertise to counsel and build a strong working relationship with our appraiser panel members and clients in an on-going basis.

7) What professional associations have JVI employees as active members?

A: Our president and some staff members hold professional designations with the Appraisal Institute, The Counselors of Real Estate and Royal Institution of Chartered Surveyors.

8) How is JVI involved with industry education reach out?

A: Appraisal team members volunteer their time to present topics of industry interest at conferences and other events, and write news articles.

9) How can appraisers get more involved in REO appraisal work?

A: Appraisers who want to get more involved in REO need to get educated – they need to take classes and have a firm grasp on Appraisal Process fundamentals. USPAP says it best and quite simply, they need to know how to write a well documented report that clearly communicates credible assignment results. Contact local real estate brokers and talk to them about the market. Contact local contractors and get information about repair prices. Do research about the numbers on local foreclosures. Find out about the local employment trends. Read the newspaper. Monitor the blogs, attend meetings sponsored by professional appraisal associations.

10) What questions should clients ask when interviewing or screening a firm for REO appraisal services?

A: Ask how long they have been providing this type of service and diligently reach out for information about their experience. This will help determine if they have the depth and breadth of experience required to properly value the assets. It is important they understand the entire process and the clients need to receive credible assignment results so they can market the property most effectively the first time. They should obtain information about appraiser training program(s), details about their on-boarding approval process, and if they’ve equipped themselves with the latest technology for workflow and delivery of reports back to their clients. Ask if they offer daily or monthly reporting for turn-times, corrections, time to market, and price to market.

11) What other services does JVI provide in addition to their wide range of valuation product solutions?

A: We believe our platform of services offers more than the typical appraisal management company. We view ourselves as a full service appraisal company that incorporates property inspections, indoor diagnostic environmental services, and education services to our customers. This is what they’re asking for.

•	Inspections: Inspections were first introduced with the HUD contract when we had to inspect properties and inspect improvements to make sure they met standards. JVI did 2.1 million inspections during the 1999-2003 time period. We now cover all aspects of inspection: home, Wind Certified Entity (WCE) and 4 points with a national network of certified inspectors. All of our inspectors in WCE have had background checks, have been fingerprinted for proven identity and drug checked.
•	Indoor Diagnostic Services: JVI performs a top to bottom assessment of the indoor environment that is focused on the cause and origin of water damage and environmental impairment. The assessment can include the use of infrared thermography to discover hidden areas of water damage in the home. JVI also conducts EPA- developed DNA mold testing to accurately identify if harmful mold exists in structures.
•	Education: We found appraisers often lacked a full understanding of HUD guidelines and requirements, so JVI developed a live seminar on how to complete appraisal reports for HUD REO properties, and subsequently added conventional REO. We also developed two online courses that are taught with CE credit. We believe a well trained appraiser will produce a better appraisal report.

12) How could someone meet with JVI or learn more?

A: We exhibit at trade shows and are often invited to speak at conferences and other industry related events that can be found in the News and Events section at http://www.gojvi.com/ . We also develop training workshops that are customized to the specific educational needs of the client.

We welcome your call for questions or more information to our Information Desk (407) 531-5333 or visit our web site at www.jvireo.com.