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The Department of Housing and Urban Development ’s long-awaited action plan on appraisal bias outlines administrative actions the federal government will quickly take to address mis-valuations. One challenge in assessing the scope of appraisal bias is rooted in the informal process of challenging an appraised value.
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. That means development can start this year, so the industry is ready to roll out the new forms in 2024.
Let’s take some time to reintroduce Desktop Appraisals and explore the risks that are presented when a Desktop Appraisal is requested of an appraiser as part of the mortgage application process. Inspection relief was successful as lenders and appraisers developed appropriate processes. Appraisal Labels.
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.
The implication that if the VALUE is too low, then there must be “material deficiencies” present, is deeply troubling! 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. The GSE’s have similar policies.
James and Jeff will cover current VA appraisal topics including desktop appraisals, reconsiderations of value, and the ways that the VA is monitoring appraisal quality. This includes the development and enhancement of automated appraisal-scoring tools and analytic products. Sign up now. View upcoming Pro-Series webinars.
James and Jeff will cover current VA appraisal topics including desktop appraisals, reconsiderations of value, and the ways that the VA is monitoring appraisal quality. Invest in your professional development with one-hour, non-credit webinars presented by experts. View Pro-Series webinars.
The Purpose and Components of a Comparative Market Analysis (CMA) The CMA is a tool that real estate agents use to develop a list price for the house they are selling. The final CMA report presents findings and recommendations to clients, allowing them to make well-informed decisions in their real estate transactions.
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.
The defendant appraiser valued their home at $472,000; a second appraiser later valued it at $750,000 after the couple “whitewashed” the residence and had a white friend stand-in for them. Significant developments have occurred in the case. The second development in the case is that on March 22, 2024, the attorneys for Drs.
By staying honest and true to your values, others are more likely to trust and collaborate with you or recommend you and your business. Expertise Professionals strive for proficiency in their field, continually enhancing their knowledge through education, webinars and personal development efforts.
Excerpts: Suggested protocols for responding to Reconsideration of Value requests. Click here to listen to Tim Andersen, MAI’s podcast, “Reconsiderations of Value: Satan’s Own Seed, Right?” What Is a Reconciled Value? Excerpts: What does the appraiser do with the three different values that may be developed?
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. We are not going to try to second-guess what the appraiser is saying, but we have a very robust system in place for reconsideration of value requests and disputes.
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. Successfully delivered more than $1.4
They are editorials (as they present his view on a certain item) or press releases (announcing something for purposes of an advocacy agenda and not necessarily for information purposes so one can fairly evaluate the issue’s pros and cons). Then, I’ll advocate my position and give the reasons why. That’s healthy. Is it safe?
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