Housing Wire

JANUARY 18, 2023

From an appraiser shortage to turn-time challenges amid record-breaking volumes, the past few years have been a whirlwind for the appraisal industry. HousingWire recently sat down with Jaro Managing Director Gareth Borcherds to learn what steps housing professionals can take to speed up appraisals.

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Appraisal Reconsideration of Value Appraisal Process Technology 362

Housing Wire

JULY 1, 2024

Adding to this challenging financial reality, the “ COVID ” vintage of loans has led to brutal repurchase costs for lenders, significantly driven by appraisal defects. Data from the most recent ACES Mortgage QC Industry Trends Report shows a year-over-year increase in appraisal-related defects.

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Appraisal Reconsideration of Value Technology Tools 373

Housing Wire

MARCH 23, 2023

Thursday, March 23 marks the one-year anniversary since the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) released its action plan to curb instances of bias in the housing appraisal process. Led by U.S.

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Housing Wire

FEBRUARY 24, 2023

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 appraisal process to work better for every stakeholder. Or “perfect is the enemy of done”? And we absolutely should not compromise on that end result.

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Appraisal Process Appraisal Reconsideration of Value Valuation 318

Housing Wire

MAY 20, 2024

Department of Housing and Urban Development (HUD) on Monday published a new version of its Single Family Housing Handbook 4000.1, Without additional action by the lender, case numbers in FHAC without an appraisal logged in the system are automatically canceled after six months.

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Appraisal Buzz

MAY 6, 2024

Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), and government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are now allowing home appraisals to get a second look when bias is suspected in the appraisal process.

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Cleveland Appraisal Blog

MARCH 30, 2021

Within the past couple of weeks, I have appraised several properties for purchases, where my opinion of the market value of these homes was significantly below the contract price. When an appraiser’s opinion of value is below the contract price, that’s when the carping begins. They just look at the number. .

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Housing Market Marketing Reconsideration of Value Contracts 367

Appraisal Buzz

SEPTEMBER 6, 2022

Appraisers have been dealing with Reconsideration of Value (ROV) requests from clients for decades. This appears to be due, in large part, to the unprecedented upward price trending in virtually all real estate markets around the country and the challenges appraisers face when developing opinions of.

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Housing Wire

DECEMBER 20, 2024

Department of Housing and Urban Development (HUD) and the principle of appraisal independence for lenders. ” Its not the appraiser or Solidifi , the third-party appraisal company. And appraisal independence here is crystal clear. The appraisal came in lower than it did previously.

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Appraisal Today

MAY 10, 2024

ROV (Reconsideration of Value) Changes – FHA and GSEs GSE Effective date is August 29, 2024 HUD Effective date is September 2, 2024 Editor’s note: This long section includes, In order: McKissock/Dave Bradley post with a good summary including links to HUD and GSE documents. For appraisers, Section II.D.2.

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Empire Appraisal Group

MAY 9, 2024

New Requirements Aim to Reduce Appraisal Bias The new Reconsideration of Value policy requires lenders to provide a pathway for borrowers to request reviews of home appraisal valuations. Also, underwriters should be trained to identify and remedy appraisal deficiencies, including racial and ethnic bias.

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McKissock

DECEMBER 28, 2021

Appraisers recently contacted by McKissock tend to agree that the profession will go generally well in 2022, with no major changes to the real estate market and no events on the horizon that could seriously upset appraisers’ business. Desktop appraisals, with information provided by third-party hirelings, may increase.

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Cleveland Appraisal Blog

SEPTEMBER 10, 2022

She’s an avid personal development enthusiast and an expert in the field of health and fitness. You can also listen right here at Cleveland Appraisal Blog! . I am a member of the National Association of Appraisers. Exploring Life & Business with Jamie Owen of Aspen Appraisal Services – VoyageOhio Magazine.

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Appraiserblogs

MAY 3, 2024

Up until recently, there has never been a standardized policy for mortgage loan related Reconsideration of Value (ROV) requests after an appraisal has been submitted. However, these policies are in keeping with the new initiatives surrounding alleged and often unproved appraisal bias and discrimination claims.

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Reconsideration of Value Appraisal Mortgage Development 109

McKissock

FEBRUARY 13, 2023

McKissock Learning is hosting a FREE one-hour, non-credit Pro-Series webinar titled “Current Topics with the VA,” featuring a discussion with James Heaslet, Chief Appraiser for the Department of Veterans Affairs and Jeffrey Hogan, Vice-President at Veros Real Estate Solutions. Sign up now.

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Appraisal Reconsideration of Value Valuation Real Estate 85

Appraisal Buzz

JULY 17, 2024

These duties include front-end collateral policy design, loan quality control activities for both credit and collateral, condo standards, property valuations designation and modernization, appraisal bias oversight, real estate liquidation options, and Single-Family operational risk management. 04) policies.

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Birmingham Appraisal

FEBRUARY 20, 2024

Appraiser and Agent Collaboration is a Good Thing The importance of collaboration between real estate agents and appraisers can be a touchy subject. On one hand, the real estate agent’s main goal is to advocate for their client while the appraiser must be an impartial and non-biased third party.

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Birmingham Appraisal

SEPTEMBER 15, 2022

What New Homebuyers Need To Know About Appraisals. In this new homebuyer’s guide to appraisals, I’ll help you understand the process during your first home purchase. I would like to do my part by informing and educating you on the appraisal part of the transaction. What is a Mortgage Appraisal?

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Appraisal Today

JULY 26, 2024

Appraisal Insights With Freddie Mac by Scott Reuter, Freddie Mac One of the goals at Freddie Mac is to help lead the way toward a more transparent and equitable housing finance process. Market Conditions Analysis Market conditions analysis is the backbone of an appraisal. It’s a necessary step in developing credible reports.

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Appraisal Today

AUGUST 9, 2024

Market Value and Appraised Value: Exploring Various Appraisal Values By Jo Traut Excerpts: You’ve probably been asked about the difference between “market value and appraised value” by clients seeking a mortgage. We don’t provide an appraised value of a property.

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Appraisal Today

APRIL 5, 2024

Why an Organized Workfile is Your Best Defense By Craig Capilla Excerpts: We all know that the Uniform Standards of Professional Appraisal Practice (USPAP) set the baseline for what must be included in a workfile. Still, all too many appraisers seek only to meet that minimum standard and little more. Newer appraisers are lucky.

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McKissock

FEBRUARY 13, 2023

McKissock Learning is hosting a FREE one-hour, non-credit Pro-Series webinar titled “Current Topics with the VA,” featuring a discussion with James Heaslet, Chief Appraiser for the Department of Veterans Affairs and Jeffrey Hogan, Vice-President at Veros Real Estate Solutions. View Pro-Series webinars.

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Appraisal Reconsideration of Value Valuation Real Estate 52

Appraisal Today

JULY 12, 2024

Valuing Appraiser Professionalism: A Blueprint for Survival By Jo Traut, McKissock Learning Excerpts: Having spent nearly three decades in the field of real estate appraisal, I’ve witnessed firsthand the evolution of our profession, particularly with respect to technological advancements.

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Housing Wire

MAY 1, 2024

Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) announced a new policy on Wednesday that will enable mortgage borrowers to “request a re-assessment of the appraised value of their property if they believe that the appraisal was inaccurate or biased,” according to an announcement from HUD.

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Reconsideration of Value Appraisal Valuation Realtors 421

Appraisal Today

FEBRUARY 23, 2024

I quit making dollar adjustments on form appraisals many years ago, but I always do market conditions adjustments when needed. I appraise a lot of 2-4 units and regularly go to other neighborhoods for comps. I do a lot of estate appraisals, which are not current value. Isn’t appraising boring? baths, 12,770 sq.ft.,

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Appraisal Real Estate Contracts Reconsideration of Value 68

Housing Wire

MARCH 9, 2021

The Department of Housing and Urban Development (HUD) has announced that JPMorgan Chase has come to an agreement with a Black homeowner who claimed the bank’s mortgage division – relying on a valuation done by an appraiser – valued her home at an amount lower than its actual worth because of her race.

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Housing Wire

JANUARY 12, 2023

Department of Housing and Urban Development (HUD) has begun developing a process for borrowers seeking Federal Housing Administration (FHA) financing to request an appraisal review when they suspect racial bias. . “We In addition, new cases regarding racial bias on appraisals became public over the last year.

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Housing Wire

NOVEMBER 30, 2021

And the appraisal process is no exception. After a summer filled with overwhelming demand and too little appraisal capacity, which increased loan costs and time to close, there is finally light appearing at the end of the tunnel. The appraisal gap for properties in Latino neighborhoods can be even worse, going as high as 9.4%.

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Appraisal Process Modernization Appraisal Valuation 432

Appraisal Today

SEPTEMBER 9, 2022

Excerpts: Suggested protocols for responding to Reconsideration of Value requests. Appraisers are still required to comply with USPAP when responding to an ROV request, including the confidential nature of assignment results. My comments : ROVs are a PITA for many appraisers. Reconsideration of Appraised Value.

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Housing Wire

AUGUST 29, 2022

Nationwide Appraisal Network (NAN) was the top-ranking appraisal management company on the 2022 Inc 5000 list at No. We sat down with Steve Sussman, NAN’s chief business development officer, to find out how the company is growing so fast and what they see for the future. What do you attribute that growth to?

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Housing Wire

JULY 18, 2024

(FDIC), the Federal Reserve Board , the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC) — announced on Thursday finalized guidance that is designed to address “reconsiderations of value (ROVs) for residential real estate transactions,” according to an announcement.

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Appraisal Today

MAY 24, 2024

8 Common Violations Made by Appraisers By Dan Bradley When it comes to appraisal non-compliance with USPAP, certain violations are, unfortunately, somewhat common… I have compiled this list based on many years of personal experience as a reviewer and a state regulator, as well as feedback I have received from other states’ enforcement agencies.

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Appraisal Buzz

JANUARY 17, 2025

Department of Housing and Urban Development (HUD) has made significant progress in eliminating housing discrimination, increasing rental assistance for thousands of Americans, reducing housing costs, and increasing the supply of affordable homes under the direction of Secretary Marcia L.

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Housing Wire

JUNE 2, 2023

Today, I’m proud to announce we are developing a rule that will require that financial institutions ensure that their appraisal algorithms are not biased, for example, that they do not produce lower valuations for homes owned by people of color,” Harris said Thursday in a call with reporters.

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Housing Wire

OCTOBER 24, 2024

Department of Housing and Urban Development (HUD) administers a network of 1,500 Housing Counseling Agencies (HCAs), serving approximately 1 million clients each year. Handling a below-contract appraisal and request for reconsideration of value (ROV).

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Training Mortgage Reconsideration of Value Architecture 365

Housing Wire

DECEMBER 23, 2024

In October, the Department of Justice (DOJ) made headlines when they sued Rocket Mortgage for housing discrimination in the form of exhibiting alleged appraisal bias. Linking the nations largest home lender to the actions of an independent appraiser may have been an effective way to garner national attention, but it raises many concerns.

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Housing Wire

MARCH 24, 2022

The lack of appraisal data from the government sponsored enterprises took center stage at a Senate Banking Committee hearing Thursday on appraisal bias. Tina Smith, both Democrats, also piled on to support making appraisal data public. Capitol building in Washington, D.C. Pennsylvania Sen. Who could release that data?”.

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Appraisal Reconsideration of Value Valuation Government 491