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.

UWM launches AMC-free appraisal program

Housing Wire

United Wholesale Mortgage (UWM) announced today that it will no longer require its brokers to use appraisal management companies to complete appraisals. Appraisers say AMCs cut into their pay and introduce inefficiency into the appraisal process.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

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.

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.

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.

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.

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.

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.

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.

Sizing up claims of appraisers’ racial bias

Housing Wire

This is Part II of HousingWire’s deep dive into the appraisal profession, and the wave of racial bias claims that has rocked it. In Part I, we looked at the origins of the profession, its present demographic makeup and leadership, and the many struggles of appraisers.

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.

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.

How appraisers value homes in a hot housing market

Housing Wire

Sheridan’s listing appraised at the contract price, and the deal went through without a hitch. The challenge is that the sales data you’re looking at is dated,” said Shawn Telford, chief appraiser at CoreLogic.

Appraisal bill would combat legacy of redlining

Housing Wire

Legislation in Congress would try to solve for inconsistencies in appraisal underwriting, a lack of diversity in the profession, and the legacy of property valuation discrimination. The post Appraisal bill would combat legacy of redlining appeared first on HousingWire.

What to do about the appraiser shortage

Housing Wire

What a two-year stretch it has been for appraisers. The appraisal workforce was already in decline in 2019. These factors combined to throw the appraisal industry in flux. Both said the human appraiser is still the future of the industry.

Navigating appraisal challenges in today’s housing market

Housing Wire

The booming real estate market has created a high demand for appraisal services. This is good news for lenders, but it puts a tremendous amount of pressure on appraisers who have to be diligent in their work, while also meeting closing dates.

Appraisal bias: Education is the first step

Housing Wire

This is accomplished through obtaining an appraisal. . President Joe Biden recently addressed the appraisal bias topic in comments made as part of the centennial commemoration of events in Tulsa, Oklahoma, asking for an “interagency effort to address inequity in home appraisals.”

HUD settles with JPMorgan over appraisal bias case

Housing Wire

The finance giant will also begin training home lending advisors and client care specialists in the reconsideration of value process and fair lending issues related to appraisals. Appraisers are independent contractors who are not employed by the bank,” the spokesperson said.

Fannie Mae extends relaxed appraisal, lending standards

Housing Wire

Mortgage giant Fannie Mae extended its relaxed lending and appraisal standards put in place due to COVID-19 into the new year. The flexibilities surrounding verbal verification of employment and appraisals were originally set to expire on Dec.

FHFA’s RFI on appraisals is a critical inflection point

Housing Wire

The FHFA’s engagement of industry stakeholders signifies a critical inflection point for appraisal transformation. For example, appraisal turn time has swelled 65% from 2018, according to recent data published by Freddie Mac. Appraiser shortage.

Will AI solve the problem of appraisal bias?

Housing Wire

Inaccurate appraisals and valuations can impact the type of mortgage financing a potential buyer receives, whether a seller commands a fair value when selling their home, or whether a homeowner has opportunities to tap into home equity. The post Will AI solve the problem of appraisal bias?

What is a home appraisal gap?

Housing Wire

When you go to buy a home , your mortgage lender will almost always order a home appraisal. Scenario 1: Your home appraises at your full offer price. Many times, the home appraisal goes off without a hitch. Scenario 2: Your home appraisal comes in low.

CoreLogic’s chief appraiser to speak at HW Annual

Housing Wire

Big changes are ahead in the valuation space, most recently seen with the FHFA asking for input on appraisal modernization efforts. Will hybrid appraisals become the new norm? Are the GSEs going to expand the use of appraisal waivers?

FHA announces launch of new appraisal technology solution

Housing Wire

The Federal Housing Administration has announced an upcoming release of its FHA Catalyst: Electronic Appraisal Delivery module on the FHA Catalyst platform. The post FHA announces launch of new appraisal technology solution appeared first on HousingWire.

UWM will partially refund borrowers for late appraisals

Housing Wire

United Wholesale Mortgage ( UWM ) unveiled a new policy this week, telling brokers that appraisals will be completed within 10 business days or they’ll refund 50% of the appraisal cost back to the customer.

Reggora gets Series B funding, eyes 2-day appraisals

Housing Wire

Appraisal software company Reggora today announced the completion of a $30 million Series B funding round, led by returning investor Spark Capital. “The appraisal industry is ready for innovation, and we are excited to be at the forefront of those efforts,” Zitin said.

Your home appraisal came in lower than your offer – Now what?

Housing Wire

But what happens when the seller accepts that high offer and the home appraisal comes in far lower? . What is an appraisal gap? Before purchasing a house, a buyer’s lender will hire an appraiser to appraise a home. Why did the appraisal come in too low?

In a hot housing market, gap between purchase price and appraiser condition ratings causes headaches

Housing Wire

Last week, HousingWire reported surging mortgage volume and record low interest rates are putting excess pressure on appraisal turn times. To consider an ROV, appraisers are most often willing to review and consider comps that are more recent, more proximate and more similar,” Johnson said.

Sierra Pacific to use CoreLogic’s appraisal platform

Housing Wire

Lender Sierra Pacific Mortgage (SPM) announced Wednesday it will use CoreLogic’s collateral valuation platform in order to streamline future home appraisals. By having a centralized appraisal review process in place, we have been able to reduce the underwriting time on each loan.

The appraiser can’t be replaced by technology – Here’s why

Housing Wire

The public response to the recent Federal Housing Finance Agency (FHFA) Request for Information on appraisal-related issues was significant, with 164 unique written comments. ” The Value of the Human Appraiser. Fast forward 25 plus years and appraisers are busier than ever.

Global DMS transforms appraisal management software

Housing Wire

Finding an appraisal management software for real estate and commercial that works the way each individual lender does is difficult – usually resulting in time-consuming configurations, development work and training.

Appraisal Inspection Vs. Home Inspection: Your Role as an Appraiser

McKissock

Appraisers often balk at assignments that require a more detailed inspection of the subject property (e.g., FHA appraisal assignments ) because they don’t want to be considered a “home inspector.” You were hired to complete an appraisal.

Building Your Appraisal Team: Advice from Top Appraisers

McKissock

Building a successful appraisal team means considering your business strategy and your corporate culture, and hiring accordingly. Some appraisers look for associates who specialize in certain areas of the appraisal business when adding someone to the team.

Automation comes to appraisal management

Inman

Whether they're assigning work to commercial appraisal firms or individual appraisers, lenders can now automate more of the process, eliminating manual tasks and gaining increased transparency with real-time monitoring, status-driven alerts and a detailed audit history.