Appraisers voice opinions on AMCs, appraisal delays

Housing Wire

If discrimination is committed by appraisers – as the news headlines would suggest – fellow appraisers and real estate agents say they rarely witness or experience it. Another issue with appraiser competency could be appraisers’ apparent lack of familiarity with valuation tools.

UWM appraisal shakeup makes small splash

Housing Wire

United Wholesale Mortgage (UWM) announced late last year that it would turn the appraisal space on its head by launching an in-house appraisal program. Even if it has not made quite the outsized impact UWM said it would, appraisers mostly like the wholesaler’s new program.

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House passes bill to modernize VA appraisals

Housing Wire

House of Representatives this week passed a bill that streamlines the appraisal process for U.S. Critics have long complained VA appraisals had to be performed in-house, which has resulted in a costly and slow process for veterans and servicemembers. The U.S.

Jim Amorin steps down as CEO of Appraisal Institute

Housing Wire

Jim Amorin, the CEO of the Appraisal Institute , on Thursday announced his resignation from the appraisal trade group. In a statement, the Appraisal Institute said Amorin’s five-year term will end effective Feb. appraisers say they are male, 1.3%

Appraisers slam FHFA appraisal blog post

Housing Wire

Research detailing overt demographic references in appraisal reports has sparked anger from appraisers, even as they express dismay at the findings. “I Petersburg, Florida-based appraiser Francois “Frank” Gregoire. “I What was the score on these appraisals?

Waters demands investigation following racist appraiser email

Housing Wire

An appraiser who wrote a racist email to a researcher has received a response — but not likely the one he wanted. In an emailed tirade, appraiser Dave LaVigne lambasted appraisal bias researcher Elizabeth Korver-Glenn for her research on appraisal bias.

FHA to “reassess” Catalyst appraisal tech solution

Housing Wire

The Federal Housing Administration on Thursday said it would pause the mandatory effective date for its electronic appraisal delivery module because it is “reassessing aspects of [its] development and implementation.”. Appraisals and Valuations appraisal modernization FHA FHA Catalyst

HUD official talks appraisal bias task force

Housing Wire

A liberal think-tank, regulators, the government-sponsored enterprises, the President of the United States, even fintech firms have all called attention to appraisal bias. Marcia Fudge with leading an inter-agency task force to root out bias in appraisals.

The hybrid appraisal is here. Who benefits?

Housing Wire

Luke Tomaszewski, an appraiser doing home inspections in the aftermath of the housing bust, was traveling as much as an hour across Chicago just to snap exterior photos of bank-owned properties. It’s a model in stark contrast to that of inspections for traditional appraisals.

Lenders see appraisal modernization as a top priority

Housing Wire

A Fannie Mae survey published in mid-May found that mortgage lenders see value in appraisal modernization, specifically in the implementation of non-traditional appraisals and inspection-based appraisal waivers. Implementing desktop appraisals would help alleviate this.

Desktop appraisal option to start in March

Housing Wire

Desktop appraisals will become an option for some agency-backed loans submitted after March 19. In addition to those specific exclusions, a desktop appraisal may not be used if Fannie Mae’s automated underwriting system, Desktop Underwriter, flags it as “ineligible.”.

Oakland homeowner alleges appraiser bias

Housing Wire

Cora Robinson, who is Black, claims that appraiser Thomas Kearney violated the Fair Housing Act by undervaluing her home by over $400,000. Robinson also names as a defendant Class Valuation , an appraisal management company.

Homepoint offers $500 credit on appraisals for primary homes

Housing Wire

Pure wholesale lender Homepoint will provide a $500 credit on appraisal costs for borrowers buying primary homes that are designated as Fannie Mae HomePath properties, the company announced on Monday. .

Appraisal Foundation: Appraisers must take course on bias

Housing Wire

Reacting to headlines pointing to racial bias in some home appraisals, the Appraisal Foundation this week said that it would require all appraisers to take a seven-hour course focused on fair housing laws and bias. Soon after, the Appraisal Foundation took control of USPAP.

FHFA extends relaxed appraisal, lending standards

Housing Wire

The Federal Housing Finance Agency (FHFA) announced on Thursday it has extended relaxed lending and appraisal standards put in place due to COVID-19 another month for both Fannie Mae and Freddie Mac. The post FHFA extends relaxed appraisal, lending standards appeared first on HousingWire.

VA now accepting desktop and exterior-only appraisals

Housing Wire

The Department of Veterans’ Affairs announced last week that it would allow desktop and exterior-only appraisals for some transactions. Lenders had better be sure that an alternative appraisal is appropriate when requesting one for a property.

Will hybrid appraisals become the new normal?

Housing Wire

The Federal Housing Finance Agency (FHFA) announced Monday it is requesting input on the appraisal policies, practices and processes of Fannie Mae and Freddie Mac, especially as it relates to the GSEs’ appraisal modernization efforts.

HW Annual to tackle the biggest changes in appraisal

Housing Wire

With recent developments from Fannie Mae and Freddie Mac to pursue a more digital appraisal process that could both speed up the process and remove any unconscious bias from it, it is important for industry professionals across the space to stay at the top of their game.

Is the appraisal process color-blind?

Housing Wire

Recently, at an event marking the 100th anniversary of the Tulsa Race Massacre , President Biden announced the launch of a new interagency task force to root out what it calls inequity in the appraisal industry. The dramatic change in value from two appraisals seems unusual.

FHFA to make desktop appraisals permanent

Housing Wire

Desktop appraisals, a temporary flexibility implemented in March 2020 to keep the mortgage industry afloat amid lockdowns and social distancing, will become permanent, the Federal Housing Finance Agency said today. How do remote valuation solutions benefit appraisers?

True Footage acquires Spark for Appraisers

Housing Wire

Seattle, Washington-based real estate valuation company True Footage announced the acquisition of Spark for Appraisers , an appraisal technology firm. Spark for Appraisers sells data infrastructure software to appraisers to produce faster and more reliable appraisals.

Appraisal coalition pledges to combat bias and discrimination

Housing Wire

The Appraisal Institute , American Society of Appraisers , American Society of Farm Managers and Rural Appraisers , and the Massachusetts Board of Real Estate Appraisers announced a concerted effort to combat unconscious bias and discrimination in a release on Friday.

Voxtur acquires appraisal software firm Anow

Housing Wire

closed on the acquisition of appraisal management software firm Appraisal Now for approximately $30.5 Appraisal Now, better known as “ Anow ,” makes an automated appraisal workflow management platform for the global appraisal market.

California couple sues appraiser for race discrimination

Housing Wire

A San Rafael, California real estate appraiser is being sued for allegedly undervaluing a home by almost 50% because the homeowners are Black. Miller of Miller & Perotti Real Estate Appraisal and AMC Links LLC , an appraisal management company headquartered in Lehi, Utah.

Federal agencies raise threshold for smaller loan exemption from appraisal requirements

Housing Wire

The Office of the Comptroller of the Currency , the Consumer Financial Protection Bureau , the Federal Reserve Board on Thursday announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will jump to $31,000 from $28,500.

Recruiting the next generation of appraisers

Housing Wire

The appraisal industry’s lack of diversity — in terms of age, gender and ethnicity — and the growing number of appraisers exiting the profession as they reach retirement age have been well-documented issues. Most appraisers are also white males (77% male, 85% white).

Susan Rice to co-chair HUD appraisal task force

Housing Wire

The interagency task force to combat inequity in appraisals, led by Housing and Urban Development Secretary Marcia Fudge, will be co-chaired by former United Nations ambassador Susan Rice. How to reduce appraisal turn times and improve the borrower experience.

FHFA extends relaxed appraisal, lending standards

Housing Wire

The Federal Housing Finance Agency (FHFA) announced on Thursday that it has again extended relaxed lending and appraisal standards for both Fannie Mae and Freddie Mac. Those alternative appraisals may become long-term solutions.

The appraisal gap is complicating deals across the country

Housing Wire

Unfortunately, the appraisal put the house’s value roughly $50,000 below than what she paid. Linda had a sizable downpayment but still needed to find a way to close the appraisal gap. She recently had a deal fall apart due to appraisal.

Proposed VA appraisal law looks to even the playing field

Housing Wire

A piece of legislation introduced in the Senate in mid-May could streamline the appraisal process for VA loans. Currently, all VA appraisals must be performed in-house. In March 2022 , the Federal Housing Finance Agency (FHFA) made hybrid appraisals a permanent fixture.

Tomo launches solution for the dreaded appraisal gap

Housing Wire

For the past two years appraisal gap clauses have been de rigueur in many markets , much to the disdain of frustrated homebuyers. On Wednesday, the firm launched Tomo Appraisal Coverage. The post Tomo launches solution for the dreaded appraisal gap appeared first on HousingWire.

Opinion: The path to modernizing the appraisal process

Housing Wire

And the appraisal process is no exception. After a summer filled with overwhelming demand and too little appraisal capacity, which increased loan costs and time to close, there is finally light appearing at the end of the tunnel. The modern appraisal movement is accelerating.

Like it or not, desktop appraisals are here to stay

Housing Wire

Desktop appraisals arrived in March of 2020, allowing the housing market to keep humming while many stayed indoors to prevent the spread of COVID-19. Allowing appraisals without a walk-through was one of several flexibilities the Federal Housing Finance Agency allowed in light of the pandemic.

The appraisal industry’s hidden hand

Housing Wire

He started contracting with home mortgage lenders to appraise the value of the property tied to a loan. “It He reentered the appraisal business through a different door. The outcome was a settlement, the Home Valuation Code of Conduct, or, as appraisers swiftly dubbed it, havoc.

Home appraisal’s ugly history and uncertain future

Housing Wire

This is Part I of a deep dive into the home appraisal industry, which has faced a growing number of claims of racial bias. Today we explore the origins of the appraisal industry and its current lack of diversity.