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DOJ sues Rocket, appraisal companies over alleged discrimination

Housing Wire

Another regulator has sued Rocket Mortgage for allegedly discriminating against a Black homeowner by undervaluing her home during an appraisal in Colorado three years ago. The homeowner applied for a mortgage refinance at Rocket in January 2021. And the Detroit-based lender believes it’s a “massive overreach.”

Appraisal 511
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How AI will transform the mortgage and appraisal industries

Housing Wire

Every business is on the brink of significant transformation driven by the potential of Artificial Intelligence (AI) and workflow automation, and the mortgage industry is no exception. HousingWire spoke with Gareth Borcherds , managing director at Ascent Software Group about how AI is speeding up processes in the mortgage industry.

Appraisal 448
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The appraisal revolution: How Opteon is transforming the lending landscape

Housing Wire

The efficiency and reliability of property appraisals are the linchpin to the success of a steady flow of mortgage transactions. Opteon, a leader in the appraisal and property valuation industry, utilizes their tech-enabled service fulfillment to streamline and enhance the appraisal process.

Lending 467
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Webinar Thursday | Revolutionizing Appraisals: The Road to Modernization

Appraisal Buzz

Plus, check out our exclusive interview with the webinar hosts below: Appraisal Buzz: What is your background in the industry? Kimberly Angellone: I have a strong foundation in using technology to improve appraisal products and services, backed by over 16 years of experience in the mortgage and real estate appraisal field.

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Fannie Mae: Appraisals are no longer the default option

Housing Wire

For the new value acceptance plus property data option, third parties are authorized to do that collection at the property site as long as lenders verify that they have a background check, have been “professionally trained” and are competent to do that collection. This data can only be submitted through the Property Data API.

Appraisal 482
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Overcoming 2023’s biggest appraisal challenges

Housing Wire

The GSEs have looked at the demand side and tried to reduce the number of mortgages that require a full appraisal or require an appraisal that takes less time from the appraiser. HW: What are the biggest appraisal challenges you foresee in the coming year, and how can they be mitigated?

Appraisal 397
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The hybrid appraisal is here. Who benefits?

Housing Wire

It’s a model in stark contrast to that of inspections for traditional appraisals. It may also be viewed as revolutionary for an industry in which the most significant change to the appraisal process in the past few decades was the advent of appraisal management companies as an intermediary between lenders and appraisers.

Appraisal 435