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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. The extension announced by FHA and HUD aligns with extensions also announced on Tuesday by the GSEs.
Last week, HousingWire reported surging mortgage volume and record low interest rates are putting excess pressure on appraisal turn times. This week, appraisal experts said those same variables are having a profound effect on an age-old conflict of appraisal reports versus what the market believes the home is worth.
New Requirements Aim to Reduce Appraisal Bias The new Reconsideration of Value policy requires lenders to provide a pathway for borrowers to request reviews of home appraisal valuations.
“While 2022 is expected to continue to be a good year for the housing market, it will not be as exceptional as 2021,” predicts Jo Traut, appraisal curriculum and content specialist at McKissock Learning. Mortgage rates are expected to rise, but still remain attractive and reasonable. Major unknowns in the coming year.
McKissock Learning is hosting a FREE one-hour, non-credit Pro-Series webinar titled “Current Topics with the VA,” featuring a discussion with James Heaslet, Chief Appraiser for the Department of Veterans Affairs and Jeffrey Hogan, Vice-President at Veros Real Estate Solutions. Sign up now.
Market Value and AppraisedValue: Exploring Various AppraisalValues By Jo Traut Excerpts: You’ve probably been asked about the difference between “market value and appraisedvalue” by clients seeking a mortgage. We don’t provide an appraisedvalue of a property.
McKissock Learning is hosting a FREE one-hour, non-credit Pro-Series webinar titled “Current Topics with the VA,” featuring a discussion with James Heaslet, Chief Appraiser for the Department of Veterans Affairs and Jeffrey Hogan, Vice-President at Veros Real Estate Solutions. View Pro-Series webinars.
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 appraisedvalue of their property if they believe that the appraisal was inaccurate or biased,” according to an announcement from HUD.
Appraisal Business Tips Humor for Appraisers Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!! At the center lies this crucial inquiry: Are only essential requirements included in the Real PropertyAppraiser Qualification Criteria?
The Department of Housing and Urban Development (HUD) has announced that JPMorgan Chase has come to an agreement with a Black homeowner who claimed the bank’s mortgage division – relying on a valuation done by an appraiser – valued her home at an amount lower than its actual worth because of her race.
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. Reconsideration of Value (ROV) process.
Reduced mortgage insurance premiums , delivering real savings to American homebuyers and helping more families attain the dream of homeownership through FHA-insured financing. Below are some highlights of the Administrations historic housing agenda, where over the past four years, HUD has: Helped more than 2.3 million borrowers of color.
Through the President’s PAVE Task Force, the Biden-Harris Administration is taking bold action to address appraisal bias – and renewing our commitment to doing everything in our power to root it out, once and for all.”
5 Properties With ADUs or In-Law Suites Open Letter to Government Efficiency Commission on HUDs Appraiser Complaints The R word in real estate – Recession Going In-Depth on a Delicate Issue: The Invisible Fence of Racial Discrimination Mortgage applications increased 11.2 Mortgage applications increased 11.2
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