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Erik Morin reflects on his return to the reverse mortgage appraisal space

Housing Wire

Atlas is now approved with “most” reverse mortgage wholesale lenders, which includes approvals for those originating proprietary reverse mortgages that are designed for much higher-value homes. That trust was founded, Morin added.

Appraisal 445
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Implementation deadline for appraisal review policy pushed to Oct. 31

Housing Wire

A policy designed for lenders to review and respond to borrower-initiated reconsideration of value (ROV) requests for appraisals — originally scheduled to be implemented between Aug. 29 and Sept. 2 — has been pushed back to Oct.

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From Forms to Reports: A Look at the UAD Overhaul

Appraisal Buzz

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. Most appraisers have diversity in their business channels.

Appraisal 397
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The New UAD: “Don’t Borrow Trouble.”

Appraisal Buzz

Fannie Mae and Freddie Mac are not designing the software for the future, but they have provided the specification for the Uniform Appraisal Data set (UAD) they want to receive. It is up to appraisal software companies to develop solutions to provide this specific data set.

Appraisal 363
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The Appraisal World is changing, as is UAD and the URAR

Appraisal Buzz

There has been a lot of talk about the Uniform Appraisal Dataset (UAD) and Uniform Residential Appraisal Report (URAR) redesign initiative, and how it will make life easier for appraisers. The mortgage appraisal forms we use today were designed in 2005 using technology and mortgage processes in place at the time.

Appraisal 195
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Lenders mandated to use FHA Catalyst for appraisals

Housing Wire

According to the administration, this gave mortgagees and their designated technology service providers time to make “necessary adjustments to their systems and processes, including onboarding activities.”. Last year, the module was introduced as a pilot with no set deadline for lenders to transition.

Appraisal 476
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VA hikes appraisal fees, turn-times in select markets

Housing Wire

“These changes may not be permanent, and VA will continue to assess the market’s demand for appraisal services and will adjust appraisal fees and timeliness requirements accordingly.”. The VA designated markets as high-demand based on increased demand for appraisal services and a shortage of appraisers.

Appraisal 482