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.

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.

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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.

Federal regulators finalize appraisal and capital liquidity rules

Housing Wire

These include one that temporarily defers appraisal and evaluation requirements for up to 120 days after the closing of certain residential and commercial real estate transactions, the release said.

12 Types of Expert Witness Assignments for Appraisers

McKissock

There are many types of litigation where real estate appraisers can be helpful in providing evidence to the court. Many of these will require engaging the appraiser to perform an appraisal specifically for the case. Appraiser negligence.

Refinance Appraisal vs Purchase Appraisal: Is There a Difference?

HomeLight

Now you’re confused because you need a refinance appraisal, but you just got a purchase appraisal before being approved for a mortgage — is there a difference between a refinance appraisal vs. purchase appraisal? What do appraisers look for?

3 Tennessee Appraisal License Classes Now Available Online

McKissock

In July 2020, the Tennessee Real Estate Appraiser Commission approved three qualifying education courses to be completed online. Basic Appraisal Principles, Basic Appraisal Procedures, and the 15-hour National USPAP Course no longer have to be completed in a live classroom.

Do You Need a College Degree to Become an Appraiser?

McKissock

Consider becoming a real estate appraiser. ” and “How much money can you make as an appraiser?” What are the requirements to become an appraiser? To become a licensed real estate appraiser, you must pass the National Uniform Licensing and Certification Exam.

Appraising the Weird Stuff: Observations from a Seasoned Florida Appraiser

McKissock

During that time, we’ve offered several courses on appraising “oddball” or “complex” properties. Despite the rise of AVMs in recent years, these types of assignments continue to require competent, boots-on-the-ground residential appraisers.

What’s New in Appraisal Membership: October 2020

McKissock

McKissock’s Unlimited Learning Members enjoy 24/7 access to a wide variety of online appraisal classes, webinars, videos, podcasts, checklists, job aids, and other resources. Appraisal Review: What a Bank Reviewer Wishes You Knew. The Appraisal Foundation Q4 2020 Update.

Cosmetic vs. MPR Repairs: Guidance for FHA Appraisers

McKissock

the intended users for an FHA appraisal report are FHA and the mortgagee. FHA appraisals are not a guarantee that the property is free from defects. The appraisal establishes the value of the property for mortgage insurance purposes only. Need to renew your appraisal license?

FREE Webinar: The Appraisal Foundation 2020 Q4 Update

McKissock

On Wednesday, October 21, 2020, McKissock Learning is hosting a FREE one-hour, non-credit Pro-Series webinar titled “The Appraisal Foundation 2020 Q4 Update.” Participate in this Q&A session with Lisa Desmarais, Vice President, Appraisal Issues with The Appraisal Foundation (TAF).

7 Key Considerations for Using a Restricted Appraisal Report

McKissock

In any real estate appraisal assignment, you must use one of the two written report options outlined in USPAP: Appraisal Report or Restricted Appraisal Report. Before you take on a Restricted Appraisal Report, here are some important things to consider.

Appraiser groups team up to tackle unconscious bias in home valuations

Inman

Four organizations have pledged to develop training programs for members to confront and combat unconscious bias as it pertains to performing appraisals.

How Are Appraisal Complaints Enforced?

McKissock

Disciplinary complaints against appraisers have become more frequent over the last several years. Of course, not all appraisal complaints result in disciplinary action. Example: How one state handles appraisal complaints. Looking to upgrade your appraisal license?

How to Get on the FHA Appraiser Roster

McKissock

In order to do appraisals for FHA loans (including reverse mortgages and REO properties), you must be listed on the FHA appraiser roster. Whether you’re a new applicant or a former FHA roster appraiser, we hope you find the following information helpful.

The One Business Skill Every Appraiser Needs to Master

McKissock

We recently asked our appraisal community, “What ONE business skill does every appraiser need to master?” ” According to real-life appraisers, several business skills are important. What ONE business skill does every appraiser need to master?

8 Common Violations Made by Appraisers

McKissock

When it comes to appraisal violations , certain minor violations are very common. I have compiled these based on many years of personal experience in appraisal regulation, as well as feedback I have received from other states’ enforcement agencies. That’s something that a lot of boards have cited as a prevalent deficiency or shortcoming in appraisal reports. Failure to disclose appraisal assistance. Appraisal report does not meet USPAP requirements.

How to Handle the Weird Stuff: Appraisal Methods from an Experienced Florida Appraiser

McKissock

In the past two blog posts in this series, I discussed the pros and cons of complex appraisal assignments and why today’s residential appraiser may want to consider specializing in “odd” or “atypical” assignments. FREE GUIDE : Upgrade your appraisal career with luxury home appraisals.

What’s New in Appraisal Membership: September 2020

McKissock

McKissock’s Unlimited Learning Members enjoy 24/7 access to a wide variety of online appraisal classes, webinars, videos, podcasts, checklists, job aids, and other resources. Cyber-security & Identity Theft Prevention Techniques for Appraisers.

Pros and Cons of Complex Property Appraisal: Insights from a Florida Appraiser

McKissock

In my previous blog post , I observed that specializing in complex property appraisal can be very profitable for the residential appraiser—in Florida and all across the U.S. Interested in complex property appraisal? More examples of complex property appraisal assignments.

FREE Webinar: Fannie Mae Q3 2020 Appraisal Update

McKissock

On Wednesday, September 23, 2020, McKissock Learning is hosting a FREE one-hour, non-credit Pro-Series webinar titled “Fannie Mae Q3 2020 Appraisal Update.” Here at McKissock Learning, we strive to help real estate appraisers stay in the loop on changes impacting the appraisal profession.

What to Do When Your Appraisal Is Under Review

McKissock

Residential appraisers will often—if not just about always—have their work reviewed by another appraiser. Usually, this is a routine procedure that the original appraiser barely notices. I correspond with appraisers across the county on a daily basis,” he reports. “It

Appraiser organizations team up to combat bias

Realty Biz

Acknowledging that bias exists is but one small step,” said Lorrie Beaumont, president of the American Society of Appraisers International, in a statement. Home appraisals are important because they’re meant to serve as an unbiased, professional opinion of a home’s value.

Which Appraisal Clients Make Up the Majority of Your Client Base?

McKissock

What types of clients do property appraisers serve? To help answer these questions, we recently asked our real estate appraisal community, “What type of appraisal client makes up the majority of your client base?” “I am a staff appraiser with a lender.

Avoid Appraisal Disciplinary Action with These Do’s and Don’ts

McKissock

As a professional appraiser, you don’t want to have a disciplinary complaint filed against you, and you certainly don’t want to be the subject of a complaint that results in disciplinary action. Do familiarize yourself with your state’s appraisal laws and rules/regulations.

6 Special Purpose Property Tips for Commercial Appraisal Reviewers

McKissock

As a commercial appraisal reviewer , before you accept a review assignment of a special purpose property, you should become very knowledgeable in understanding the “business component” of these types of properties.

The Most Challenging Part of the Appraisal Process

McKissock

Previously, we asked our real estate appraisal community, “What’s your favorite part of the appraisal process ?” This time, we asked appraisers, “What part of the appraisal process do you find the most challenging?

4 Retirement Resources for Appraisers (Free for Members)

McKissock

Here at McKissock, our Unlimited Learning Members enjoy 24/7 access to a wide array of online resources for real estate appraisers. Did you know that 42% of appraisers indicate they’ll retire in the next 10 years?

What If the Appraisal Comes In Low? 3 Stories About What Buyers Did

HomeLight

You’ve made an offer on your dream house, the inspection didn’t raise any serious issues, so now you only have to get the home appraised and wrap up your home loan, and you can start planning your move. How exactly could an appraisal derail your home purchase?

Appraisal Institute Honors 17 National Award Winners

RIS Media

21 with the Appraisal Institute’s Lifetime Achievement Award, and James L. and César Servando Cantú Martínez, MAI, SRA, AI-GRS, of Monterrey, Mexico, were recognized with the Outstanding Service Award during the Appraisal Institute Awards Ceremony, which took place virtually. Seven individuals also were announced as winners of the annual President’s Award from the Appraisal Institute. The Appraisal Journal announced awards to Adabayo A. Source: The Appraisal Institute.

House Appraisal Tips: What Home Buyers and Sellers Should Know

Realty Biz

What to Know About House Appraisals. A house appraisal can be concerning whether you are buying or selling a home. The licensed appraiser will check the property to work out the fair market value. Will the appraiser assess the home to be worth what is expected?

Buyers: Here’s Your Negotiation Strategy for When the Appraisal on a House Comes in Low

HomeLight

But after the appraisal, the tides have turned — the price initially seemed right, but the appraiser doesn’t feel the same way. Do you know how to negotiate with a seller after a low appraisal? A low appraisal presents an opportunity for you to negotiate with the seller.

High demand for appraisals is delaying the underwriting process

Realty Biz

Home appraisers are struggling to keep up with a sudden surge in home buying and refinancing. As a result, turnaround times for appraisals are increasing, causing delays in the underwriting process, HousingWire reported this week. Home Sales US Real Estate appraisals Home appraisers

What Does Racism Have to Do With Real Estate Appraisals?

HomeLight

In August 2020, a couple in Jacksonville, Florida, ordered an appraisal on their house so they could take advantage of low refinancing rates. And what was the difference between the first and second appraisal? Real estate appraisals and racism.