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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 document states that the plaintiffs undervalued a homeowner’s property based on her race in an appraisal made in 2021 in Denver. ” On Monday, the U.S.
Certain states require AMC staff to receive training to ensure they understand valuation independence regulations as well as other statutory requirements. Our free webinar, “ Components of AMC Training ” will be held on June 10th at 2 pm with Josh Walitt as the host. Can’t make the time?
loanDepot has settled a lawsuit filed by a Maryland couple accusing the firm of appraisal bias, ending a case that gained national attention two years ago. California-based loanDepot will pay an undisclosed amount and commit to improving its mortgage appraisal practices. But the company hasn’t admitted any fault.
Julie discusses her career journey to her current role at FHFA, and provides insights into the recent policy changes regarding Reconsideration of Value (ROV). Julie highlights the benefits of these policies for appraisers and lenders, and details new communication requirements about the ROV process.
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.
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.
That was the startling and totally hypothetical analogy made, based on the current structure of the Appraisal Foundation , in a scathing report released this week. Until recently … the appraisal industry seems to have escaped the type of regulation and scrutiny faced by other participants in the mortgage market,” the authors wrote.
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.
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.
We’re excited to share some important updates regarding the Reconsideration of Value (ROV) process. As you may know, Fannie Mae, Freddie Mac (the GSEs), and HUD have recently announced a standardized approach for handling ROVs initiated by borrowers during the appraisal process. What is a borrower-initiated ROV?
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.
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.
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.
ValuingAppraiser 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.
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 appraisedvalue of their property if they believe that the appraisal was inaccurate or biased,” according to an announcement from HUD.
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%.
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.
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 AppraisedValue.
Nationwide Appraisal Network (NAN) was the top-ranking appraisal management company on the 2022 Inc 5000 list at No. Sarah Wheeler: Nationwide Appraisal Network (NAN) was recognized on the Inc 5000 list for an average of 451% revenue growth over the last three years. We take a data-driven approach to appraiser selection.
Trained counselors can bring much-needed clarity to a complex process, even when customers are dealing with a highly competent realtor or loan officer. Handling a below-contract appraisal and request for reconsideration of value (ROV). Anticipating issues regarding rate lock and/or mortgage contingency expirations.
Introduction In residential real estate appraisal, accuracy, credibility, objectivity, and reliability are paramount. Appraisers, to meet client demands and comply with USPAP, must gather, analyze, and interpret a wide variety of data sources to produce well-supported and objective opinions of property value.
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