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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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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Clear Capital

OCTOBER 7, 2024

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?

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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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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

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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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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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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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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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. 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.

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Housing Wire

OCTOBER 24, 2024

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.

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Appraisal Buzz

JANUARY 13, 2025

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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