Housing Wire

MARCH 23, 2022

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.

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Appraisal Buzz

AUGUST 26, 2024

Valuations firm Veros Real Estate Solutions has introduced iVALUATION , a new platform that provides housing finance professionals with the quick insights they need to be confident in the accuracy of a property valuation. The platform is engineered to help validate property valuations.

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Appraisal Buzz

MAY 6, 2024

The rule change will enable borrowers to request a re-assessment of the appraised value of their property if they believe that the appraisal was inaccurate or biased, HUD says in a release. These disclosures must be provided at both the time of mortgage application and at the presentation of the appraisal.

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Housing Wire

JANUARY 18, 2023

The GSEs have looked at the demand side and tried to reduce the number of mortgages that require a full appraisal or require an appraisal that takes less time from the appraiser. There are several ways we can do that from how we allocate orders, set fee schedules, and handle reconsiderations of values. C) Appraisal Quality.

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Housing Wire

JULY 3, 2024

Department of Housing and Urban Development (HUD) — will be updated to accommodate the implementation of a new Reconsideration of Value (ROV) policy for appraisals. 2, 2024, applies to all FHA single-family forward and reverse mortgage programs. The new rule, which must be implemented by lenders by Sept.

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McKissock

NOVEMBER 16, 2021

To help you out, we’ve put together some practical information to strengthen your responses to a mortgage lender’s appraisal appeal, called a reconsideration of value (ROV). If the error does impact on your opinion of value, acknowledge and revise your appraisal accordingly, as you want your appraisal to be credible.

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Housing Wire

APRIL 6, 2021

How hybrid title and valuations help increase lending efficiency. Most AMCs offer a process called a Reconsideration of Value Request, or ROV, that when properly presented, encourages the appraiser to review the work based on additional appropriate data submitted,” Johnson told HousingWire in August.

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Appraisal Today

MAY 10, 2024

ROV (Reconsideration of Value) Changes – FHA and GSEs GSE Effective date is August 29, 2024 HUD Effective date is September 2, 2024 Editor’s note: This long section includes, In order: McKissock/Dave Bradley post with a good summary including links to HUD and GSE documents. For appraisers, Section II.D.2.

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Housing Wire

JANUARY 24, 2022

“Until recently … the appraisal industry seems to have escaped the type of regulation and scrutiny faced by other participants in the mortgage market,” the authors wrote. Appraisal complaints are most often made directly to the lender, when a borrower asks for a reconsideration of value.

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Housing Wire

DECEMBER 20, 2024

We offered a reconsideration of value twice to the client. To close out the conversation, the duo explore potential changes in federal regulatory policies and subsequent impacts on the mortgage industry. We ordered this appraisal from a third party, who contracted the state-licensed appraiser.

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Appraisal Buzz

DECEMBER 10, 2024

Kelker has been a leading figure in the appraisal industry renowned for his involvement in shaping valuation regulation. House and Senate staff on valuation issues. For the past 12 years, Kelker has overseen regulatory, compliance, and financial risks at SingleSource.

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Housing Wire

JANUARY 3, 2023

My hope is that many of the features and policies that have made the VA loan the safest mortgage in the U.S. When it comes to establishing market value, I think the VA appraisal at present determines this as well as any other. The VA loan is the most cost-effective, efficient, flexible and secure mortgage in the world.

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Appraisal Buzz

FEBRUARY 7, 2022

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. Prior to 2020, the most common appraisal label in the mortgage origination ecosystem was the Full Appraisal. Appraisal Labels.

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Empire Appraisal Group

MAY 9, 2024

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.

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Appraisal Buzz

JULY 17, 2024

Gottheim: We continue to focus on improving the loss mitigation experience for the entire mortgage ecosystem. We’re still in the early stages of understanding the long-term impacts on the mortgage ecosystem resulting from increases in the frequency and severity of natural disasters.

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McKissock

DECEMBER 28, 2021

Mortgage rates are expected to rise, but still remain attractive and reasonable. The PAVE Task Force is expected to issue a report with recommendations on how to reduce racial bias in home valuations sometime in early 2022,” he says. Mortgage rates also have a significant effect on housing affordability, which affects sale prices.

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Annarbor Appraisal

SEPTEMBER 6, 2020

Challenging the results of the appraisal for mortgage financing. The appraisal is for their benefit, but at the same time, the appraiser needs to complete a fair and supportable valuation. There should never be any bias in favor of any party, or value. When a sale is involved, the valuation may be lower than contracted price.

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McKissock

FEBRUARY 13, 2023

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. He is the principal expert for all matters related to residential property appraisals and valuation solutions at Veros. Sign up now.

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Appraisal Today

JULY 26, 2024

million Mortgage applications decreased 2.2 He is a certified general appraiser with more than 30 years of experience in valuation, appraisal and collateral risk management concerns. Both Solidifi and Rocket Mortgage reviewed the appraisal report but failed to correct it despite several red flags.

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McKissock

JUNE 22, 2021

Job aid: Big Box Retail Valuations. Job aid: How to Respond to a Reconsideration of Value Request. The useful and practical information within this guide is intended to enhance and strengthen your responses to a mortgage lender’s appraisal appeal, called a reconsideration of value.

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Appraisal Today

AUGUST 9, 2024

Market Value and Appraised Value: Exploring Various Appraisal Values By Jo Traut Excerpts: You’ve probably been asked about the difference between “market value and appraised value” by clients seeking a mortgage. However, from the perspective of the valuation profession, this isn’t an accurate question.

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McKissock

FEBRUARY 13, 2023

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. He is the principal expert for all matters related to residential property appraisals and valuation solutions at Veros. View Pro-Series webinars.

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Appraisal Reconsideration of Value Valuation Real Estate 52

Birmingham Appraisal

FEBRUARY 20, 2024

The lender, whether it be a bank, mortgage company, credit union, or other financial institution will provide the buyer with the funds through a mortgage to pay for the house. The appraiser must make sure that they are providing an impartial valuation so that the market value shown in the appraisal is as accurate as possible.

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Birmingham Appraisal

SEPTEMBER 15, 2022

What is a Mortgage Appraisal? A mortgage appraisal is an appraisal that is done for mortgage lending purposes. Lenders, including banks and mortgage companies, require an appraisal to justify the loan they are making. Other users might be sellers, mortgage underwriting, banks, and contractors.

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Appraisal Today

NOVEMBER 4, 2022

Reconsideration of value and Appraisers. NOTE: Please scroll down to read the other topics in this long blog post on AMCs, non-lender appraisals, liability, ROVs,unusual homes, mortgage origination stats, etc. ==. Mortgage Lending You decide. We all like free Liability advice! Appraisal Business Tips .

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Appraisal Today

APRIL 5, 2024

NOTE: Please scroll down to read the other topics in this long blog post on appraiser discrimination lawsuit, waivers, staying positive with slow business, appraiser’s economic forecast, unusual homes, mortgage origination stats, etc. Lanham, 20/20 Valuations, and loanDepot.com, U.S. District Court, Maryland.

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Housing Wire

MAY 1, 2024

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.

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Appraisal Today

APRIL 7, 2023

NOTE: Please scroll down to read the other topics in this long blog post on ROVs, non-lender appraisals, appraisal business, unusual homes, mortgage origination stats, etc. == Amazing Guitar-Shaped House in Georgia Currently off market. Mortgage applications decreased 4.1 percent from one week earlier Mortgage applications decreased 4.1

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Appraisal Today

JULY 12, 2024

NOTE: Please scroll down to read the other topics in this long blog post on Easement Liability, college degree requirement AQB, Fannie June Update, ADUs, unusual homes, mortgage origination stats, etc == = Renovated Modernist Mansion in Salt Lake City for $3.699M Excerpts: 4 bedrooms, 4 baths, 4,660 sq.ft., Mortgage applications decreased 0.2

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Appraisal Today

FEBRUARY 23, 2024

NOTE: Please scroll down to read the other topics in this long blog post on residential fee appraiser testifies at bias hearing, what happens to Fannie complaints, Why I love real estate appraising, unusual homes, mortgage origination stats, etc. == Concrete Chateau Artisan Rising From a Lake in Miami FL Is Available for $21.8M

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Appraisal Real Estate Contracts Reconsideration of Value 75

Housing Wire

MARCH 9, 2021

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.

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Housing Wire

NOVEMBER 30, 2021

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.

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Housing Wire

JULY 18, 2024

(FDIC), the Federal Reserve Board , the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC) — announced on Thursday finalized guidance that is designed to address “reconsiderations of value (ROVs) for residential real estate transactions,” according to an announcement.

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Housing Wire

JANUARY 12, 2023

We must eliminate bias in home valuations so that everyone can equally reap the benefit of wealth – and intergenerational wealth – that come along with homeownership,” HUD Secretary Marcia L. Fudge said during an event at the Brookings Institute. In addition, new cases regarding racial bias on appraisals became public over the last year.

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Appraisal Buzz

OCTOBER 4, 2021

As a black appraiser responsible for collateral risk at a mortgage bank, racial bias in appraising claws at me from every direction. As an appraiser, I knew the value came in low, so I asked to submit a reconsideration of value. The appraiser agreed with my viewpoint and increased his opinion of value by $100,000.

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Housing Wire

AUGUST 29, 2022

SW: The mortgage industry saw huge origination volume over the last two years. But I think that it’s going to help solve a lot of problems both now and in future as we move toward more modern valuation methods. SW: What’s the biggest challenge for the mortgage industry right now, and appraisal companies in particular?

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Appraisal Buzz

JANUARY 17, 2025

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.

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