Housing Wire

DECEMBER 28, 2020

26, 2021 – highlights specifically the benefits and pitfalls of hybrid appraisals, updating the Uniform Appraisal Dataset (UAD) and an increased use of appraisal waivers. The comments we receive will inform how we will modernize appraisals to improve both loan quality and the origination process.”.

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Housing Wire

AUGUST 6, 2024

The guidance also requires lenders to include “a borrower-initiated ROV process meeting certain minimum requirements, including delivery of disclosures to borrowers at loan application and upon delivery of the appraisal with instructions on how to request an ROV.”

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Housing Wire

MARCH 23, 2023

Thursday, March 23 marks the one-year anniversary since the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) released its action plan to curb instances of bias in the housing appraisal process. Led by U.S. FHFA, along with HUD, [the U.S. Department of Agriculture (USDA) and the U.S.

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Appraisal Valuation Reconsideration of Value Training 397

Appraisal Buzz

OCTOBER 28, 2024

Through the updates, FHFA and HUD are furthering the work of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) , which aimed to evaluate the causes, extent, and consequences of appraisal bias and to establish a transformative set of recommendations to root out racial and ethnic bias in home valuations.

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Appraisal Insurance Valuation Property Appraisal 409

Housing Wire

APRIL 6, 2023

The White House recently marked the one-year anniversary since the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) released its action plan to curb instances of bias in the housing appraisal process. housing market in the future.

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Housing Wire

DECEMBER 6, 2021

The new appraiser valued the home at $1.482 million – 49% more than Miller’s valuation. Besides the evidence drawn from the second appraisal, the Austin’s claim that Miller was biased because of the sales comparisons she used in valuing the home. In July, Fair Housing of Northern California filed a complaint with the U.S.

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Housing Wire

DECEMBER 14, 2021

The Federal Housing Finance Agency (FHFA) is the latest stakeholder to examine how racial bias may creep into property valuations. An area was ‘not especially-diverse’ ethnically, with a high percentage of white people,” another appraiser wrote.

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Appraisal Valuation Finance Training 459

Housing Wire

APRIL 21, 2021

In the 30-minute question-and-answer session with Kristy Fercho, MBA’s chair-elect and executive vice president and head of home lending at Wells Fargo , Calabria said his expectations are that by mid-summer, the FHFA would end the flexibilities on collateral valuations unless circumstances force another extension.

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Housing Wire

MARCH 5, 2021

It has a very uncertain future: will in-person appraisals be the norm, or will technology overtake the process completely or partially? Hybrid appraisals, desktop appraisers, and new online platforms are slowly being introduced, which could appeal to the newer labor force, Reese said.

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Housing Wire

JULY 11, 2024

That’s because aspiring appraisers allegedly rely heavily on identifying a friend or family member who is already a licensed appraiser to be their mentor. And, per the Bureau of Labor Statistics 2023 data, the property appraisers and assessors’ occupation was 94.7% White and 0.6%

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Appraisal Valuation Development Property Appraisal 429

Housing Wire

APRIL 13, 2021

Jay Garrett, a loan officer at Supreme Lending ’s McClellan Branch in Austin, said he is seeing 10 to 40 offers on houses no matter where they are in Austin, and cash offers are winning the day because sellers don’t want to have to worry about the house appraising too low for someone who needs financing. “If

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Housing Wire

MARCH 3, 2021

Considered the quality control standards for property appraisers, USPAP was adopted in 1987 by a joint group of U.S. and Canadian appraisal organizations – the same groups that eventually created the Appraisal Foundation. Soon after, the Appraisal Foundation took control of USPAP.

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Housing Wire

NOVEMBER 17, 2022

The residential appraisal space has been rocked by increased federal scrutiny over the past two years, with several agencies studying whether appraisers let racial bias change their valuations. In late October, the Federal Housing Finance Agency released 47 million appraisal reports to the public for the first time.

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Housing Wire

AUGUST 28, 2023

These organizations were intended to function as a mortgage industry firewall in the aftermath of the 2008 financial crisis, acting as middlemen between lenders and appraisers and overseeing the logistics of property appraisal processes. AMCs have a tendency to select appraisers who are willing to work for relatively low fees.

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Cleveland Appraisal Blog

NOVEMBER 11, 2021

However, I believe that they’ve put too much value in their “values” Valuation is not their expertise. My appraiser compadre and fellow blogger Ryan Lundquist, at the Sacramento Appraisal Blog, wrote an excellent piece this week on the situation with Zillow. VALUATION IS NOT EASY OR SIMPLE.

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Housing Wire

AUGUST 31, 2023

For example, Class Valuation , one of the nation’s largest AMCs, provides its data collectors with imagery technology that creates a digital twin of the property. This ensures that, even if revisions to the property data collected are needed, no one will have to return to the property for additional data.

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Housing Wire

FEBRUARY 24, 2023

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 property appraisal process to work better for every stakeholder. The use of absolute words can sometimes be discouraging to finding iterative solutions.

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Appraisal Buzz

DECEMBER 9, 2024

The goal is to make sure every adjustment is defensible, based on empirical evidence, and can withstand scrutiny from all stakeholders involved in the appraisal process. Repeat sales analysis, which involves identifying properties sold more than once during the analysis period, can also be effective.

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Appraisal Marketing Valuation Tools 358

The Robert Weiler Company

APRIL 20, 2021

Have you watched shows such as Shark Tank or The Profit and wondered how Kevin O’Leary or Marcus Lemonis calculate business valuation? That’s why we surveyed our business valuation experts, captured the 12 most frequently asked questions, and provided answers that can offer the guidance you need. So, how are businesses valued?

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Cleveland Appraisal Blog

MAY 26, 2023

Most weeks I perform appraisals for divorce or a marriage dissolution. In recent years, on several occasions, I have been hired to appraise a property after a valuation service was provided for my client by another real estate professional. But then they had to hire me to perform an appraisal. Have a great weekend!

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McKissock

MARCH 24, 2022

On March 23, 2022, the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) released a report entitled “Action Plan to Advance Property Appraisal and Valuation Equity.” Pages 5 and 6 of the report set forth 21 recommendations, termed “Agency Actions to Advance Valuation Equity.”

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Appraisal Buzz

JUNE 20, 2022

Real property appraisers 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 property appraisal is cause for concern.

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Housing Wire

JULY 2, 2024

When asked about appraisal satisfaction, 70% of respondents reported being very satisfied with their property appraisal, 23% reported being somewhat satisfied, and 6% were not at all satisfied,” the agencies stated.

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Housing Wire

MARCH 11, 2021

According to the FHFA, the extended flexibilities include: Alternative appraisals on purchase and rate term refinance loans; Alternative methods for documenting income and verifying employment before loan closing; and Expanding the use of power of attorney to assist with loan closings.

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Housing Wire

JANUARY 10, 2023

Property Appraisal. I would be remiss not to choose appraisal as the first area that desperately needs action. Automated valuation and underwriting models can and should create efficiency without increasing bias. Let’s explore three areas that exemplify the need for action-oriented behavior.

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Appraisal Buzz

JANUARY 24, 2022

I hold an SRA and AI-RRS, I am an AQB Certified USPAP Instructor, and I also provide valuation, education, and compliance services to various types of clients. In these hybrid cases, the appraiser loses control of the inspection, and has to choose to provide a valuation on something they did not see or inspect.

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Housing Wire

DECEMBER 16, 2024

The same attitude applies to the collateral risk assessment process, which can sometimes result in the need for a second property appraisal. Irwin said he strongly believes that there are ways to validate value, but the nature of the HECM program as a nonrecourse program requires that valuation is accurate.

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Housing Wire

SEPTEMBER 17, 2022

It would also permit lenders to electronically submit, track and manage single-family property appraisals. The FHA at the time said the module would allow the agency to expand its data collection and analysis capabilities. But in February, the agency pushed back the mandatory date to March 14, 2023. No new date has been announced.

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Appraiserblogs

MAY 15, 2023

Dear representative, waiving/eliminating property appraisal for lending purposes is wanton recklessness. Fannie Mae’s decision to waive/eliminate property appraisal for lending… AVMs. Home Valuations Are Being Subverted At the crossroads of it all is a campaign to weaken or eliminate valuations.

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Appraisal Hub

JULY 26, 2024

This is called property valuation. Whether buying, selling, or refinancing a property, a meticulous and professional appraisal is essential to ensure fair market value. What Is Property Valuation? When appraisers visit a house, they find out how much the owner wants to sell for.

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Appraisal Buzz

APRIL 15, 2024

Using the form structure, GSEs have been ingesting these eclectic abbreviations to develop a large database of residential valuation. Really, appraisers have always thought this way. The appraiser will be led through a process, defined by the scope of work. If typewriters are no more, it is time for forms to be retired as well.

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Appraisal Design Lending Technology 397

Housing Wire

JANUARY 14, 2022

Finally, we also see a possibility for the introduction of an even broader set of alternative appraisal products that incorporate new technology and processes to further address issues with turn times, racial bias and supply constraints. The topic of racial bias in real estate, and in appraisal, has been a hot one. Racial bias.

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Appraiserblogs

AUGUST 12, 2021

The current administration is addressing the lack of diversity in housing valuation head-on with the formation of an interagency task force on Property Appraisal and Valuation Equity (PAVE). Here are the details of the PAVE Task Force.

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Appraisal Buzz

APRIL 19, 2022

3D tour technology reveals a new efficient and accurate way to gather data by launching a national network to collect data to complete desktop appraisals. The property can be visited the same day the order is placed so that data is provided to the appraiser the next day. San Francisco, CA–Asteroom Inc.

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Appraisal Today

SEPTEMBER 27, 2024

By considering the unique aspects of water frontage, local regulations, environmental factors, and property-specific amenities, you can provide credible and comprehensive valuations that reflect the worth of these highly sought-after properties. Staying informed and adaptable will be key to navigating this dynamic environment.

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Boston Appraisal

MARCH 18, 2024

In legal disputes, the accurate valuation of real estate can be pivotal, making real estate appraisers key expert witnesses. Their assessments can delineate how such disputes affect property valuation, informing legal arguments and potential resolutions.

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Cleveland Appraisal Blog

JULY 6, 2022

The 2021-2022 edition of USPAP defines a “Personal Inspection” of a property being appraised as follows: “A physical observation performed to assist in identifying relevant property characteristics in a valuation service.” It took me hours to measure the improvements on the property.

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