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However, a year after the GSEs announced new appraisalmodernization solutions, as they’re more widely adopted, questions arise. A look into GSE appraisalmodernization efforts The GSEs have each offered appraisal waivers on eligible loans for several years. How do the solutions work? Why do we need them?
The AUS is built upon FHA’s Catalyst technology platform – a modernization initiative the company says will build trust through “reliable and accurate data, facilitating modern systems for the FHA program participant community.” It is modernization of the entire process.
Real estate valuation technology company Clear Capital rolled out two application programming interfaces (APIs) that aim to make adopting and deploying modern valuation solutions easier, ultimately closing loans faster. The two desktop appraisal solutions were developed to meet new desktop appraisal guidelines in April. .
The Federal Housing Finance Agency (FHFA) announced Monday it is requesting input on the appraisal policies, practices and processes of Fannie Mae and Freddie Mac, especially as it relates to the GSEs’ appraisalmodernization efforts. The Request for Input (RFI) – open to comment until Feb.
Starting March 14, 2022, the Federal Housing Administration (FHA) will require all lenders to use FHA Catalyst for appraisals. The module can also accept appraisals for Home Equity Conversion Mortgages (HECMs), the administration announced last week. Now the administration is mandating the use of the platform starting next year.
The Federal Housing Administration on Thursday said it would pause the mandatory effective date for its electronic appraisal delivery module because it is “reassessing aspects of [its] development and implementation.”. FHA will provide further updates on its plans for electronic appraisal delivery as they become available.”.
Jim Amorin, the CEO of the Appraisal Institute , on Thursday announced his resignation from the appraisal trade group. In a statement, the Appraisal Institute said Amorin’s five-year term will end effective Feb. The racial gap itself in appraised values increased by 75% during that period. as Hispanic.
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 propertyappraisal process to work better for every stakeholder. Another common theme is reducing the amount of subjectivity within the appraisal forms and data standard.
With the massive amount of technology available to anyone who can access the internet, you might wonder why bother getting a real propertyappraisal? Isn’t that all that appraisers do? Slap a few sales in a report, and make a few guesstimate adjustments to come up with their opinion of a property’s value?
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. Fannie Mae also included efforts to “modernize” appraisals in its equity plans.
The regulator is also advancing permanent changes to be made in the appraisal space. ” While some flexibilities are meeting their end, the FHFA said it will extend alternative appraisals on purchase and rate-term refinance loans out another month until May 31, 2021.
Real propertyappraisers have had quite a bit dumped on them in the past couple of years. The uncertainty, turmoil, and government interest in oversight and intervention caused by allegations of racial and ethnic bias in real propertyappraisal is cause for concern. There is a bright spot, however.
Velox Valuations, a leading national real estate appraisal firm, has announced the launch of two new franchise territories, further expanding its innovative, technology-driven business model across the United States. This approach ensures precise, consistent, and accountable appraisals.
PropertyAppraisal. I would be remiss not to choose appraisal as the first area that desperately needs action. And yet, 2023 could prove to be one of the greatest turning points for appraisal in decades. Let’s explore three areas that exemplify the need for action-oriented behavior.
What does it mean for appraisers? By considering the unique aspects of water frontage, local regulations, environmental factors, and property-specific amenities, you can provide credible and comprehensive valuations that reflect the worth of these highly sought-after properties. The best I have read on this topic.
I know most of my readers are interested in appraisal and real estate-related topics. FINISHED SQUARE FOOTAGE On more than one occasion some who have read my appraisal reports felt that my opinion of value was too high. I recently appraised a home for a divorce. So, here’s one for you… Zillow data! Is this misleading?
This post from Aspen Appraisal Services will provide all of the information you need to start planning your home renovation. Flooring updates and modern landscaping can upgrade the home’s aesthetics, increasing its overall value. Over the years, I have enjoyed different guest bloggers writing for the Cleveland Appraisal Blog.
By now, most appraisers are aware that Fannie Mae and Freddie Mac (GSEs) have embarked on a complete overhaul of the Uniform Appraisal Dataset (UAD). These codes, or language, make sense to appraisers but confuse uninitiated readers of our reports. It all starts with the standard appraisal forms used in the mortgage process.
Community features and neighbourhood amenities are topping the modern buyer’s wish list. With increasing real estate prices, property owners are demanding more. Beyond the conveniences of a house, these community features should also be considered when assessing a property’s value. Fritz Appraisals Inc.
Newz: DEI and Appraisers, New GSE Market Analysis Deadline Feb. 4 January 31, 2025 Whats in This Newsletter (In Order, Scroll Down) LIA AD: Weather Impact What is the Cost Approach to Real Estate Appraisal? However, that does not preclude an appraiser from also using the cost approach to substantiate their findings.
As an experienced appraiser, there are many reasons you may decide to take on a trainee. property inspections), or prepare for retirement. Whatever the reason, supervisors play an essential role in the training and development of future appraisers. In this post, we outline how to become a supervisory appraiser.
How To Appraise Rural Properties Excerpts: Appraising residential properties in rural areas can be both challenging and rewarding. Unlike the standardized expectations of urban and suburban properties, rural properties often present unique characteristics that require a nuanced approach to valuation.
Plus, what will it take to modernize the appraisal process? Read on for this week’s appraisal news and insights. Opinion: The path to modernizing the appraisal process. Want regular appraisal news updates and insights into all facets of the industry? Read the full opinion piece.
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. I quit residential lender appraising in 2005.
Key Highlights Real estate investment properties require accurate appraisals to determine their market value and potential return on investment. The appraisal process involves various valuation methods such as the sales comparison approach, income approach, and cost approach.
7 Must-Have Apps for Appraisers By: McKissock Excerpts: 1. Dragon is very well-liked among appraisal professionals, making it number one on our list of must-have apps for appraisers. Genius Scan This app gets a lot of love from appraisers. Dragon has been around a long time and is popular with commercial appraisers.
Understanding Real Estate Appraisals in New Albany In real estate transactions, a real estate appraisal is very important. A qualified professional appraiser gives an unbiased estimate of the property’s market value. Understanding real estate appraisals is crucial in a changing market like New Albany, OH.
On March 23, 2022, the Interagency Task Force on PropertyAppraisal and Valuation Equity (PAVE) released a report entitled “Action Plan to Advance PropertyAppraisal and Valuation Equity.” The 58-page report is available here , while an Executive Summary of the report is also available. Not to be outdone, the U.S.
Mixed-use developments, which integrate residential, commercial, and sometimes industrial components within a single project, represent a modern approach to urban planning. However, appraising such complex properties presents unique challenges and opportunities for real estate professionals.
Regardless of whether you happen to be the buyer, owner, or seller of a property, it’s important to understand the significance of appraisals and how they affect the inherent value of the property in question. What Is an Appraisal and When Do I Need One? When selling a property to anyone other than a cash-only buyer.
Major Home Renovations & Home Appraisals: What You Should Know Are you planning house renovations and want to know the best home improvement investments? Fritz Appraisals Inc. 3 – The Value of Maintaining Your Property – Renovations that keep your home in a condition where it retains its market value.
A Look at Why Your Home May Not Appraise for The Expected Value When it comes to selling or refinancing your home, one of the crucial steps is the appraisal process. Appraisals determine the market value of your property, which affects your ability to secure a loan or make a profitable sale.
Enhanced program designed to accelerate adoption of modernappraisal solutions by lenders. Clear Capital ® , a national real estate valuation technology company, has announced the launch of Desktop Appraisal and Desktop Data Collection , two products designed to further modernize and increase certainty in the appraisal process.
The mortgage industry is on its way to modernizing the appraisal process. In early February, Fannie Mae and Freddie Mac, the government-sponsored entities (GSEs), incorporated desktop appraisals into their Selling Guides beginning in March 2022. What is a desktop appraisal? Desktop appraisal meaning and definition.
Here at McKissock, our Unlimited Learning Members enjoy 24/7 access to a wide variety of online resources for real estate appraisers. These include top-rated appraisal job aids, checklists, classes, webinars, and more. This infographic showcases the 10 most common ceiling types found in historic and modern homes.
Whether your goal is to work fewer hours and improve your work-life balance or increase productivity and scale your business, there are many technology tools available to help you complete more appraisals in less time. Upcoming webinar: Tame the Chaos with Appraisal Technology that Scales.
As part of their appraisalmodernization efforts, Fannie Mae and Freddie Mac (the GSEs) have issued test forms for Hybrid and Desktop appraisal assignments. The forms will be made available to the major appraisal report software providers. URAR Hybrid and Desktop Appraisal Forms – Overview.
However, before applying for a mortgage refinance, you need to get approved for refinancing through refinancing appraisal. Therefore, you need to prepare your home to get a higher appraisal. This article highlights three ways to prepare your home for a refinance appraisal. As a result, you may get a low appraisal rate.
A selection of contemporary and MCM style furnishings and décor, including a lucite coffee table, lucite and glass dining table and a dinette set; glass and chrome etagere, Paoletti modern bedroom set, Roger Rougier furniture, John Stewart dining room chairs, Maitland Smith tessellated desk and chair and upholstered Baker sectional.
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%.
We recently appraised a 27,000 square foot commercial cannabis facility in the Coachella Valley, Riverside County. The appraisal reflects the building’s potential in various operational capacities within the cannabis industry. The post Appraisal of a Commercial Cannabis Use Building in Coachella Valley appeared first on.
Doing These Eight Things Will Help Increase Your Home’s Appraised Value. Looking for ways to increase the appraised value of your home? While these three factors are out of your control, there are still many things you can do to impress appraisers and list your house for top dollar. It’s often free!
Excerpt: We continue to see claims alleging that the rural propertyappraiser failed to adequately identify or report details surrounding a water source. In one claim, the appraiser correctly noted that the property was serviced by a “private water well.” Appraisers – check the water source! How many offers.
Top Ten Reasons Why It Is Great to be an Appraiser! Appraisal Business Tips Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!! To read more, click here My comments: It has been a while since appraisers made negative concession adjustments.
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