Appraisal Buzz

JULY 2, 2024

The data also provide updated mortgage performance and credit information for a nationally representative sample of mortgage borrowers from 2013 to 2021. Today’s release adds one additional year of new mortgage data through 2021. Today’s release features data on three new survey questions first asked of mortgage borrowers in 2021.

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Housing Wire

APRIL 6, 2023

“This is an opportunity to expand our understanding of the issues facing today’s appraisal industry and to get a clearer picture of how current practices and the appraisal regulatory system impact lending in this country.” I think not many people understand how this byzantine system works,” Chopra said.

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Housing Wire

APRIL 21, 2021

Temporary flexibilities related to employment verification, condominium project reviews, and expanded power of attorney are being allowed to expire as scheduled on April 30, 2021, the FHFA said. The government agency also said it plans to retire all temporary selling flexibilities on May 31, 2021.

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Housing Wire

JUNE 4, 2021

In 2021 alone, 1,440 Austin homes have sold for between $100,000 and $299,999 above asking price, and 72 have already sold for $300,000 or more above asking price, per a recent study from Redfin. In 2020 and 2021, it became especially popular for remote tech industry workers looking to move from the Bay Area and Silicon Valley, in California.

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Appraiserblogs

MARCH 8, 2021

The Appraisal Foundation has issued an exposure draft for Advisory Opinion (AO) 16. Advisory Opinion 16 is Fair Housing Laws: Avoiding Bias in Real Property Appraisal and Appraisal Review Development and Reporting. … USPAP Appraisal Reviews in 15 Minutes?

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McKissock

FEBRUARY 23, 2021

More experienced appraisers are expected to receive a few tips and tricks, and also get some affirmation about their current inspection practices. I would highly recommend for new appraisers and seasoned appraisers as well.” Other popular courses in February 2021. Appraisal of Owner-Occupied Commercial Properties.

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DataMaster

MARCH 17, 2021

With two weeks to go until the deadline for comment submissions, we urge all appraisers to make their voice heard. This Opinion addresses Fair Housing Laws: Avoiding Bias in Real Property Appraisal and Appraisal Review Development Reporting. This increased public attention culminated in 2020-2021. Bias Study.

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DataMaster

MARCH 17, 2021

With two weeks to go until the deadline for comment submissions, we urge all appraisers to make their voice heard. This Opinion addresses Fair Housing Laws: Avoiding Bias in Real Property Appraisal and Appraisal Review Development Reporting. This increased public attention culminated in 2020-2021.

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DataMaster

MARCH 17, 2021

With two weeks to go until the deadline for comment submissions, we urge all appraisers to make their voice heard. This Opinion addresses Fair Housing Laws: Avoiding Bias in Real Property Appraisal and Appraisal Review Development Reporting. This increased public attention culminated in 2020-2021. Bias Study.

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McKissock

JULY 20, 2021

No matter how the appraisal inspection appears to the uninitiated, it is not the equivalent of a home inspection. An appraiser is required to observe the subject property and the surrounding area for certain factors which affect the subject property. Can an appraisal inspection substitute a home inspection?

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McKissock

DECEMBER 28, 2021

“While 2022 is expected to continue to be a good year for the housing market, it will not be as exceptional as 2021,” predicts Jo Traut, appraisal curriculum and content specialist at McKissock Learning. Nonetheless, it would be prudent for appraisers to refresh or develop their knowledge on appraising REO properties.”.

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Appraisal Today

DECEMBER 8, 2023

The first question to talk about is this: “Does the real estate appraiser have any ethical, moral, or legal responsibility to protect the consumer/mortgagor2, 3, 4 when appraising a property for a mortgagee/client?”… ”… Question 2: does the lending industry owe the appraiser a living?

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Housing Wire

MARCH 13, 2023

The lawsuit alleges that an appraiser with 20/20 Valuations lowered the valuation of a home because the owners, Nathan Connolly and Shani Motta, were Black — and were also denied the owners’ mortgage refinancing application with loanDepot based on the lower appraisal, which violated the FHA and ECOA.

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Appraisal Today

AUGUST 23, 2024

Fact-checking vs appraisal review Types of appraisal review reports Why are appraisal reviews needed? Who requests a property appraisal review? Who can review a property appraisal? The client base for appraisal reviews is vast and diverse, encompassing a wide range of sectors and needs.

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Empire Appraisal Group

AUGUST 12, 2021

The agencies involved in residential lending—Fannie Mae, Freddie Mac, the Department of Veterans Affairs, and the Federal Housing Administration—have slightly varying definitions of gross living area, but all agree on these facts: Gross living area is the finished, above-grade residential area. appeared first on Empire Appraisal Group.

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McKissock

DECEMBER 3, 2021

During the last several weeks, the task force has held online “listening sessions” to solicit feedback from appraisers, lenders, and other stakeholders in the residential mortgage lending industry. The task force itself does not have the authority to pass laws or promulgate regulations.

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Appraiserblogs

JUNE 22, 2021

In the past year, the appraisal industry has been under attack from various academics who claim “racial bias” on the part of real property appraisers providing appraisal services to lenders who provide home mortgages. On January 4, 2021, the… The post Racial Bias in Real Estate: Is it the Appraisers’ Fault?

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Clear Capital

JUNE 21, 2022

When Freddie Mac published the study, “ Discovery of Racial and Ethnic Valuation Gaps In Home Purchase Appraisals ” in late 2021, its conclusion, “that Black and Latino applicants receive lower appraisal values than the contract price more often than White applicants,” sent shockwaves through the mortgage industry.

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Assurance Financial

NOVEMBER 28, 2023

Property search: You search for a property to purchase within the pre-approved loan amount. Property appraisal: The lender hires an appraiser to determine the value of the property to ensure it is worth the amount being borrowed. Your PMI costs add a little to your mortgage payment each month.

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Housing Wire

AUGUST 22, 2022

As millions of homeowners did during the pandemic, Connolly and Mott applied to refinance their existing mortgage debt in mid-2021 at loanDepot to take advantage of the historic low interest rates. The lawsuit also follows another lawsuit filed by a Black couple in California that accuses an appraiser of valuing the house lower by $500,000.

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Appraisal Today

NOVEMBER 20, 2022

FNMA indicates that their 2022 lending volume is down 47% from 2021 and is expected to drop by another 50% in 2023. So, it’s pretty safe to state that the “appraiser shortage” of yesteryear is over, and reviewers now have more time on their hands. Failure to analyze the sales history of the subject property.

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Appraisal Buzz

JUNE 28, 2024

million homebuyers and renters: Since 2021, FHA has served more than 2.9 Removed barriers to homeownership: FHA increased access to homeownership for borrowers with student loan debt, those seeking to purchase manufactured homes or properties with Accessory Dwelling Units, and households with a strong history of on-time rental payments.

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Housing Wire

JUNE 14, 2022

The Federal Housing Finance Agency released voluminous plans last week developed by Fannie Mae and Freddie Mac to make the housing market more equitable, in part through changes to the appraisal process. Non-traditional appraisals to the rescue. Both GSEs argue that these approaches advance equity.

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Housing Wire

FEBRUARY 7, 2022

A spokesperson for HUD said the agency could not discuss investigations or strategy of fair lending enforcement, but said that fair lending is a priority of the Biden-Harris Administration and HUD. In August, HUD Secretary Marcia Fudge signed an agreement with the Federal Housing Finance Agency to strengthen fair lending enforcement.

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Housing Wire

AUGUST 22, 2024

Donald Trump and reverse mortgages Former President Trump’s four-year term from 2017 to 2021 brought a number of developments to the HECM program. The following year, HUD introduced a collateral risk assessment, which sometimes results in the requirement of a second property appraisal.

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