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I hear these phrases quite often when it comes to product and software development, but I think they apply very well to solving complex problems like transforming the property appraisalprocess to work better for every stakeholder. housing cannot be accomplished with a focus on appraisal alone.
The lender/appraiser ecosystem over time has adapted processes and technologies to achieve appraisal development and reporting that meets regulatory, agency, and investor requirements, as well as meeting the needs of individualized lender risk appetites. Appraisers rely on standards of practice and processes.
Communicating quickly with the lender is an issue with the appraisalprocess. It will be an investor looking to buy and do a [vacation rental] because of its proximity to the airport,” she says. The review and analysis of the lender-selected sales are completely irrelevant to the report and opinion of value.
Excerpts: Suggested protocols for responding to Reconsideration of Value requests. Click here to listen to Tim Andersen, MAI’s podcast, “Reconsiderations of Value: Satan’s Own Seed, Right?” My comments : ROVs are a PITA for many appraisers. Those investors are buying in bulk. By Greg Stephens, SRA, AI-RRS.
The changes are meant to streamline the appraisalprocess by removing a layer of oversight. The announcement marks a significant change regarding appraisal reviews. Department of Housing and Urban Development (HUD).
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