This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Rapidly accelerating home prices come with a variety of challenges for lenders and real estate agents, including one of the biggest pain points right now — the appraisal gap. If they get a higher offer that has financing, then when appraisal comes back, the buyer is going to renegotiate the sales price to be closer to appraised value.”.
However, a year after the GSEs announced new appraisal modernization solutions, as they’re more widely adopted, questions arise. And as a loanofficer (LO), why should I care? A look into GSE appraisal modernization efforts The GSEs have each offered appraisal waivers on eligible loans for several years.
Ask an appraiser about their education and licensing. Federal law mandates state certification for most appraisers. The two basic licenses are Certified Residential Real PropertyAppraiser and Certified General Real PropertyAppraiser. Evaluate the appraiser’s experience. Call today!
The only appraisal that use to be done, and that most people are familiar with, was a full appraisal by a licensed or certified person who would physically inspect the property and then write up the report and deliver it to the lender. The bank’s AVM is not the same as a traditional appraisal.
A Maryland couple is suing appraisal firm 20/20 Valuations , its appraiser and mortgage lender loanDepot after their home was appraised at a far lower value than it was a few months later when they removed indications that a Black family lived there.
The condition of the property has a direct impact on loan approval and interest rates, making it crucial to determine its overall state. An accurate appraisal report provides mortgage lenders with informed valuation insights, guiding them in the loan approval process.
The lawsuit alleges that an appraiser with 20/20 Valuations lowered the valuation of a home because the owners, Nathan Connolly and Shani Motta, were Black — and were also denied the owners’ mortgage refinancing application with loanDepot based on the lower appraisal, which violated the FHA and ECOA.
HUD’s work co-leading the Interagency Task Force on PropertyAppraisal and Valuation Equity (PAVE), as well as the number of actions taken in the first year of the administration to bolster enforcement of the Fair Housing Act demonstrates our commitment to the issue,” a spokesperson said. Premium product.
We organize all of the trending information in your field so you don't have to. Join 9,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content