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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 post Clear Capital launches APIs to make adopting modern valuations solutions easier appeared first on HousingWire.
The government agency also said it plans to retire all temporary selling flexibilities on May 31, 2021. ” 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.
Korver-Glenn and Howell said that dating back to 2013, homes in white neighborhoods have been appraised as being worth $371,000 more, on average, than homes in white neighborhoods. The racial gap itself in appraised values increased by 75% during that period. The Appraisal Institute has acknowledged that it needs to modernize.
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.
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.
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. Fannie Mae also included efforts to “modernize” appraisals in its equity plans.
Understanding the depth, quality of the water, and type of shoreline is crucial, as these elements directly influence the property’s usability, aesthetics, and long-term stability. The importance of these factors cannot be overstated, and they deserve careful consideration in every waterfront propertyappraisal.
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.” Define metrics that can help to identify and measure patterns of mis-valuation in the property valuation process.
Unlike automated estimators, appraisals are conducted by licensed professionals using valuation models to provide an objective view. Appraisals are crucial for buyers, sellers, lenders, and government agencies in real estate transactions. Schedule Your Appraisal If you need a propertyappraised, Amerimac is here to help.
These and other steps are sorely needed to bring the appraisal process in line with advances to digitize mortgages, utilizing technology to combat inconsistencies that continue to beleaguer the profession, and reduce closing slowdowns often caused by appraisal capacity issues. The modernappraisal movement is accelerating.
Defining rural properties – USDA and GSEs Challenges of appraising rural propertiesAppraising rural properties presents unique challenges due to their diverse characteristics and market dynamics. Is the GSE’s “AppraisalModernization” Really Just Mass Appraisal? By Dallas T.
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. How to take advantage of desktop appraisals.
. ———————————————— Appraisal/Appraiser Bias Accusations Per a recent appraisersblogs post: removal of all appraisal bias propaganda from the official whitehouse.gov website.
Be sure to put in a comment requesting it. == The Future of PropertyAppraisal: Unveiling the UAD Redesign and New URAR By: McKissock August 15, 2023 At the recent Valuation Expo conference in Las Vegas, Heather Sullivan (Aloft), Ken Defeo (Fannie Mae), and Sean Murphy (Freddie Mac) provided a peek at some of the upcoming changes.
That means lenders can’t rely on an appraisal if they knew, or should have known, that the appraisal was discriminatory.” Statements of interest are amicus briefs filed by the government in civil cases as part of federal civil rights enforcement.
The residential real estate appraisal industry is staring at a fork in the road. The latest reminder is a report released Wednesday from the Appraisal Subcommittee , a part of the federal government in charge of monitoring appraiser standards. There are the allegations of appraisal bias.
government made bold steps to support homeownership through the GI Bill. Before that, the government addressed these issues through housing programs started under the New Deal. The task force also proposed a set of policy changes to advance racial equity in the appraisal process. Troubling research. Technological advances.
Fannie Mae’s study , while finding that homes owned by white borrowers were more often overvalued than homes owned by Black borrowers, furthered the discussion around AppraisalModernization, including the use of AVMs in property valuations. Upcoming changes to AVM compliance and regulation .
As some independent mortgage banks have found out, a modern-day redlining allegation does not need to prove intentionality. Part of its effort to modernize its outdated technology systems, the FHA Catalyst program, hit a snag last year. FHA has had gaps in loss-mitigation oversight of servicers it approved.
Assessor, The R Word, HUD Appraiser Complaints March 14, 2025 Whats in This Newsletter (In Order, Scroll Down) LIA AD: Navigating value revisions in appraisals Why Is the Square Footage in Public Records Different from the Appraisal? Working RE is published for appraisers on both sides of the political aisle.)
Removed barriers to homeownership: FHA increased access to homeownership for borrowers with student loan debt, those seeking to purchase manufactured homes or properties with Accessory Dwelling Units, and households with a strong history of on-time rental payments.
Practically, experts who spoke with HousingWire contend that documents like this one often have little influence on governing decisions. But it would also maintain current budget authority for technology modernization efforts. But Project 2025 could serve as a “menu” as incoming officials develop the policies they seek to implement.
From modern images of Santa Claus and Uncle Sam, Nast also popularized the donkey to represent the Democratic party and the elephant for the Republican party. In fact, it recently released $85 million in funding to 21 state and local governments to have them remove barriers to the construction of affordable housing.
While these orders have far-reaching effects and are highly controversial for many, one of the immediate effects that appraisers have noted is that the PropertyAppraisal and Valuation Equity (PAVE) task force appears to have been disbanded. Added Kan, Purchase activity had a tougher week, with declines across all loan types.
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