Michael J. Ernest. Michael J. Ernest Appraiser, Southlake, TX Owner/President Real Solutions Residential Appraiser

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1 SUMMARY SRA Appraisal Institute GPPA-D National Auctioneers Association CPPA Certified Appraisers Guild of America years of experience in appraising single family and 2-4 unit residential properties. 34 years of experience in the Real Estate Industry. 30 years of experience in desk/field review of all internal Multi-family, Single Family, Vacant Land, & Condominium appraisals. National Review Experience (GMAC ResCap): o Duties included review on national level of residential appraisal reports as part of the wholesale underwriting process. o Reconcile discrepancies between Broker Price Opinions (BPO) and originating appraisals for loans that have a status of foreclosure, charge-off, and/or loss mitigation. Perform the techniques for establishment of value for distressed and foreclosed property. Perform residential and small income-property appraisal services for various banks and private mortgage companies. Extensive knowledge of PC-based hardware and software; designed and implemented local area network; working knowledge of Windows operating systems. Expert Witness (Divorce & Condemnation). Forensic Appraisal which includes retrospective value reports, pre-foreclosure, foreclosure or postforeclosure reports for financial decision making. Personal Property Appraisal & Inventory Reports for Ad Valorem Taxes, Estates and for Insurance Loss purposes. FHA Approved Appraiser. Forensic Appraisal which includes retrospective appraisal desk & field reports, pre-foreclosure, foreclosure or post-foreclosure reports for financial decision making. Past and present services provided to Dallas City Attorney s, Property Management & Public Works Dept., Lenders, Attorney s, Insurance Loss, Auctioneers, & Accountants, Trustees, Estates and Credit Unions. WORK HISTORY Michael J. Ernest Appraiser, Southlake, TX Owner/President Real Solutions Residential Appraiser 1982 to Present Michael J. Ernest Appraisal is a full service real estate appraisal and inventory consulting firm. Duties include all types of residential appraisal and administrative duties. Qualified as an expert witness in real estate appraisal, various state and federal courts in the State of Texas. Perform risk analysis of 1-4 family appraisals for due diligence and pre-funding; including the use of online data research and AVMs. Provide written responses to reconcile values between origination appraisals and drive-by BPOs. Research market trends, appraised and review appraisals of 1-4 family properties, condominium units, vacant land and commercial for purchase, refinance or foreclosure purposes. o Appraised small commercial real estate including office, retail, multi-family, subdivision development, and warehouse properties for banks, credit unions, and mortgage companies Perform valuation consultations for attorneys, estate and probate court, corporate relocation, appeal of real estate tax assessment, removal of mortgage insurance (PMI), domestic relations (divorce), investors, and individual buyers or sellers. CAREER HIGHLIGHTS The following Career Highlights occurred during the course of Mr. Ernest s own appraisal company and occurred concurrently with it Contractor: GMAC ResCap National Review Appraiser, Valued REO assets for disposition to asset managers, based on Appraisal, BPO. Ernest Page 1

2 o Duties included review on national level of residential appraisal reports as part of the wholesale underwriting process. o Reconcile discrepancies between Broker Price Opinions (BPO) and originating appraisals for loans that have a status of foreclosure, charge-off, and/or loss mitigation. o Recommended course of action to Loss Mitigation/Asset manager(s) Preformed Appraisal Analysis of 18 residential properties for Dallas Independent School District for condemnation proceedings for acquisition and assemblage for New Schools Development & Preformed Appraisal Analysis as subcontracted with CB Richard Ellis, Inc. Valuation & Advisory Services on 8 residential properties in the Oak Cliff and South Dallas communities for condemnation proceedings for the Dallas Independent School District New Food Services Facility Provided Appraisal Analysis on 14 residential properties in Cadillac Heights for the City of Dallas Property Management Department for condemnation proceedings for the assemblage of land for the City of Dallas New Police Academy. Mar to Sept Mr. Ernest has become a Broker Associate with The Jay Massey Company, a Commercial Real Estate Advisory Group that provides MAI, CCIM, CRE level expertise to the regional real estate community. Mr. Ernest's background has prepared him to assist individuals, Non-Profit Organizations and Corporations interested in residential and commercial projects in impacted areas. Financial analysis for acquisition, rehab, expense, and cash-flow projections has been performed on several ventures. Aug to Jan Hired as a Housing Development Manager for a Local (CDC) Community Housing Development Corporation. Responsibilities included site acquisition, development of construction budget proposals, scheduling of proposed projects, development of workforce volunteers, and donation of materials, qualify potential purchasers, and acted as sales manager. The target neighborhood was a EPA Superfund Site so was also actively involved with City of Dallas Brownsfield Environmental program as a committee member and NTACD member to the CDAC Advisory Committee for Land Banking in Dallas Procured and was Awarded 35 Condemnation Partial-Taking Appraisal Assignments the Dallas Area Rapid Transit Authority on the Lancaster Road Light Rail Project Appraised and provided over 40 condemnation assignments of residential properties for D/FW International Airport Mitigation Team in a Mandatory Purchase Zone for runway expansion and provided expert testimony in Commissioner s Hearings regarding value protest & Procured and was Awarded Primary Appraisal Contract Status with the Enterprise Foundation who directed the City of Dallas 54 Million Dollar Dallas Affordable Housing Trust Fund and provided over 150 appraisal reports Awarded Review Appraisal Contract with Local HUD Regional Property Disposition Department on 231 appraisals of REO properties. Several Independent Contractor, Dallas, TX 1980 to 1982 Independent Contractor/ Appraiser Worked as independent contractor with several designated appraisers who were ASA, MAI, SRA s which built and developed my foundation of experience to start my own practice. Dallas City Tax Assessor s Office, Dallas, TX 1979 to 1980 Tax Appraiser II Ernest Page 2

3 Based on permits taken throughout the City of Dallas for additions made to properties or new construction updated Property Tax Records for current year Tax Rolls. Residential property only. Dallas County Tax Assessor s Office, Dallas, TX 1977 to 1979 Field Appraiser/Deputy Assessor/Collector Based on new permits taken throughout Dallas County added in new properties to County Tax Rolls and updated existing records for current year Tax Rolls. This includes residential, commercial, industrial, and personal property renditions. APPRAISAL COURSEWORK GPPA Personal Property Designation National Auctioneer Association 2011 Appraisal of Personal Property - TAAO 2010 Non-Real Property Collateral Valuation - ASFMRA 2010 The FHA Appraisal & 203k Consultant HUD 2010 FEMA 2010 Claims Adjuster Workshop Wind Umpire Certification Course 2010 REO Broker Certification VRM 2010 Quality Assurance in Residential Appraisals - AI 2010 The Appraiser Workshop Personal Property ISA CAPP Instructors 2010 Xactimate Hour USPAP Update 2009 Certified Personal Property Designation Core Certification Course - CAGA 2009 Convincing Residential Appraisals 2006 Analyzing Distressed Real Estate 2006 FHA and the New Residential Appraisal Forms 2006 Market Analysis & Using the Site To Do Business 2005 The Professional s Guide to the New Uniform Residential Appraisal Report 2005 Market Analysis & Using the Site to do Business Hour National USPAP update Course 2005 Scope of Work: Expanding Your Range of Services 2005 Business Practices and Ethics Hour National USPAP update Course 2003 Land Valuation 2003 Appraisal Consulting 2003 Appraising the Tough Ones Hour Appraiser Recertification Seminar 2003 How to access and Use Public Records Effectively 2002 Fannie Mae and the Appraisal Process 2002 Section 8/HUD: Rent Comparability Studies 2001 Consumer Certified Real Estate Consultant 2001 CRS-200 Business Development for the Residential Specialist - NAR 2001 Advanced Residential Form and Narrative Report Writing (500) - AI 2000 Ernest Page 3

4 The Dallas/Fort Worth Apartment Market - AI 2000 Standards of Professional Practice, Part C (430) - AI 2000 CI-201 Market Analysis for Commercial Real Estate - CCIM 1997 CI-101 Fundamentals of Commercial Real Estate Investment and Taxation - CCIM 1997 Appraising Affordable Housing Products - AI 1996 Techniques of Income Property Appraisal - AI 1996 ADA and the Appraiser-Real Estate Evaluations and the Appraisal Industry - AI 1995 Environmental Assessment and Principles of Property Tax Consulting - AI 1995 Understanding Limited Appraisals and Appraisal Reporting Options Residential - AI 1994 Fair Lending and the Appraiser - AI 1994 Legal Liabilities of Appraisers - AI 1991 ERC Relocation Appraisers Seminar - ERC Council 1987 Texas Convention of the National Association of Review Appraisers and Mortgage Underwriters 1986 Capitalization Overview Part A & B Seminar - AIREA 1985 Discounted Cash flow Analysis Seminar 1985 Course 102, "Applied Residential Property Valuation - SREA 1984 Real Estate Risk Analysis - AIREA 1984 Narrative Report Writing - SREA 1983 Subdivision Analysis - AIREA 1983 Standards of Professional Practice - AIREA 1983 Adjusting for Financing Differences in Residential Market Extraction Seminar - SREA 1982 Residential and Other Light Foundations Seminar - UTA 1982 Residential Valuation - AIREA 1982 Course 101, An Introduction to Appraising Real Property - SREA 1982 Real Estate Appraisal Principles - AIREA 1982 NADA- National Manufactured Housing Appraisal System -IFA 1981 Building Officials Association of Texas- 160 hour Building Codes Inspection Training Program 1981 Course 201, Principles of Income Property Appraising - SREA 1980 Residential Valuation Seminar - AIREA 1980 Inspection of the Electrical System and Appliances in Residential Construction -TAREI 1978 Course 8, Residential Valuation - AIREA 1978 Louisiana Realtors Institute- (GRI) Courses I, II, III 1977 PROFESSIONAL DEVELOPMENT & CERTIFICATIONS FORMER LICENSEES Licensed Home Inspector. Licensed Professional Property Tax Consultant. FHA 203K Panel Fee Appraiser. CURRENT LICENSEES TEXAS APPRAISER LICENSING AND CERTIFICATION BOARD o State Certified Residential Real Estate Appraiser - No. TX R Ernest Page 4

5 TEXAS REAL ESTATE COMMISSION o Brokers. License No TEXAS DEPARTMENT OF INSURANCE o Texas Property, Casualty & Surety Adjuster s License - No PROFESSIONAL MEMBERSHIPS SRA Member, Appraisal Institute since 1994 o 2010, 2011 Member Board of Directors of North Texas Chapter of the Appraisal Institute. o 2005, Regional Rep. and alternate, North Texas Chapter of the Appraisal Institute. o 2002, 2003, & Represented the North Texas Chapter of the Appraisal Institute in Washington, DC. - Leadership Development & Advisory Council (LDAC) for three consecutive years. LDAC has been meeting for over 30 years to consider the most pressing issues affecting the appraisal industry, and brings the opinions of appraisal institute members on pending legislation to Congress during these meetings in Washington. The Inventory Institute, Certified Home Inventory Professional GRI - Graduate, Realtor Institute National Association of Realtors e-pro Certified Internet Professional National Association of Realtors Member, North Texas Real Estate Information System, Inc. (NTREIS) CPPA, Certified Personal Property Appraiser, CAGA GPPA-D, Graduate Personal Property Appraiser, NAA The American Society of Cost Segregation Professionals (ASCSP) EDUCATION Academic Education Graduate, Louisiana Tech University, Ruston, LA Bachelor of Fine Arts Degree in Advertising Design, Minor in Art History ) Appraisal Education Appraisal Institute Certified Appraisers Guild of America Other Education National Assoc. of Realtors - Seminars AmCat Texas P & C Adjuster Training Course Crawford & Crawford Annual Adjuster Update 2010 & 2011 COMPUTER SKILLS & TECHNOLOGIES USED Have owned and worked with the following Appraisal Software Developers, Apex Sketching, ACI-MCS, a la Mode WinTotal-Lighthouse, ClickFORMS, SREP, Commercial Real Estate s Final Conclusion, Investit Pro, Appraisal Log, NCSS & PASS Statistical Analysis. Microsoft Excel, Word, and PowerPoint, Appraisal Navigator v4.4, Xactimate, Simsol Contents Claims, AVM, SiteX, CoreLogic HistoryPro, Veros, REOTrans, Realtor.com, Clear Capital, emortgage Logic, PCV Murcor, Zaio/Kirchmeyer, Valuation Partners. Ernest Page 5

6 VENDER MANAGEMENT COMPANIES Have preformed Appraisal, Field & Desk Reviews, BPO s for the following: LSI, e-appraiseit, First American REO, evalue8america, Owen, AppraisalPort, BPODirect, Guaranty Federal Bank, Credit Unions, Accolade Appraisal Network, Inc., Core Logic, to name a few, etc.. REFERENCES: Lyle Radke, Valuation Review Supervisor, GMAC ResCap, 2711 N. Haskell Ave., Suite 900, Dallas, TX (214) , lyle.radke@gmacrescap.com Don Babers, Deputy Regional Director of the U.S. Dept. of Housing and Urban Development's SW Regional Office in Ft. Worth; Burnett Plaza, 25th floor, 801 Cherry Street, Ft. Worth, Texas 76102, Phone: (817) , c.donald_babers@hud.gov David Lewis, Community Affairs Officer, Office of the Comptroller of the Currency, Southern District, 1600 Lincoln Plaza, 500 North Akard Street, Dallas, Texas , (214) , David.Lewis@occ.treas.gov Sherman Roberts, Executive Director, City Wide Community Development Corporation, 3440 South Polk, Suite B, Dallas, Tx (214) Off., shermanlr@yahoo.com Julius M. Blatt, MAI, Vice President - Managing Director, CB Richard Ellis, 5430 LBJ Frwy., Ste. 930, Dallas TX 75240, (972) , Fax: (972) , julius.blatt@cbre.com Jeff Briggs, MAI, ASA, Managing Director, American Appraisal, Inc., Dallas Parkway, Suite 400, Dallas, Texas 75254, (972) , briggs@american-appraisal.com Ernest Page 6