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However, a year after the GSEs announced new appraisalmodernization solutions, as they’re more widely adopted, questions arise. A look into GSE appraisalmodernization efforts The GSEs have each offered appraisal waivers on eligible loans for several years. How do the solutions work? Why do we need them?
With the massive amount of technology available to anyone who can access the internet, you might wonder why bother getting a real propertyappraisal? Isn’t that all that appraisers do? Slap a few sales in a report, and make a few guesstimate adjustments to come up with their opinion of a property’s value?
The new data set is all encompassing for every property type (residential) that were traditionally divided into 12 separate forms. The appraiser will be led through a process, defined by the scope of work. This scope of work is determined by the type of property and the characteristics of the property.
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.
property inspections), or prepare for retirement. Whatever the reason, supervisors play an essential role in the training and development of future appraisers. In this post, we outline how to become a supervisory appraiser. Yes, supervisory appraisers are allowed to supervise up to three trainees at the same time.
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.
4 Myths About Property Data Collection By McKissock Excerpts: Myth #1: PDC is the same thing as propertyappraisal As a professional appraiser, you know very well that what a property data collector does is not the same as what you do — even if your clients don’t always understand the difference.
Making small changes in your appraisal business can produce large results and make your productivity skyrocket. Now is the time to move beyond spreadsheets, modernize your company practices, and see the possibilities that come with using tools built by appraisers, for appraisers.
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. If you want to unlock the power of these appraisals, Clear Capital is here to help.
When I have free time now, I love to spin, weight train, do pilates, and take long walks. I am intrigued by Greece’s ancient art, architecture and culture, and its contribution to modern civilization. . I am a fitness enthusiast. My latest passion is pickleball. So much fun! What are your hobbies/passions/volunteering?
Each year, technology plays more of a role in valuing homes for propertyappraisals , loan originations, secondary market investments, and even portfolio monitoring. So when it comes to valuing properties in a volatile market, as we experienced in the years since the pandemic, choosing the right AVM is imperative.
. ———————————————— Appraisal/Appraiser Bias Accusations Per a recent appraisersblogs post: removal of all appraisal bias propaganda from the official whitehouse.gov website. I was trained at an assessors office.
I was first trained as a scientist, starting with my high school biology class. I have always been a professional appraiser since I started in 1975, trained at an assessor’s office to do what is in this article. I hate the word “industry” when applied to appraisers. After graduation, I worked in labs for 7 years.
A home appraisal is an opportunity to have an objective third party enter the situation – one who is not affiliated with either person – to provide an accurate representation of what the home is actually worth. A home appraiser is someone who has been both licensed and trained who physically visits the property in question.
A home appraisal is an opportunity to have an objective third party enter the situation – one who is not affiliated with either person – to provide an accurate representation of what the home is actually worth. A home appraiser is someone who has been both licensed and trained who physically visits the property in question.
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. Fair housing, are you kidding me?”.
.” To arrive at a home’s value, a qualified appraiser traditionally performs an in-person inspection to assess things like amenities and conditions, then uses this information along with an analysis of comparable nearby home sales. Waters and others are seeking legislative changes to address systemic appraisal discrimination.
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