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.

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.

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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 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.

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.

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.

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.

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.

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.

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.

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.

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.

Home Appraiser: What Do Appraisers Look At During An Appraisal

Maximum Exposure Real Estate

What Is The Home Appraiser Appraising? What do appraisers look for? A visit from a home appraiser is an inevitable part of selling your home. The post Home Appraiser: What Do Appraisers Look At During An Appraisal appeared first on Massachusetts Real Estate Exposure.

The risks and benefits of non-traditional appraisal methods

Housing Wire

Last year’s record-high origination volumes impacted every aspect of the mortgage cycle, and appraisals were no exception. In light of that, HousingWire recently sat down with ValueLink SVP of Operations Aqil Ahmed to discuss today’s appraisal landscape.

Bifurcated Appraisal: An Enhanced Desktop Appraisal

McKissock

There are many articles, blogs, and opinion papers that either support or reject bifurcated and hybrid appraisals, which contributes to a great deal of confusion. Here at McKissock Learning, we do not support any position regarding bifurcated and hybrid appraisals.

How Much Do Real Estate Appraisers Make?

McKissock

If you’re thinking about starting or advancing your appraisal career, you probably want to know: How much do real estate appraisers make? One of the largest factors impacting potential income for appraisers is license level. So, how much do real estate appraisers make?

Appraisal Institute names Rodman Schley president

Housing Wire

Rodman Schley was selected to become the next president of the Appraisal Institute (AI) beginning Jan. 1, succeeding appraiser Jefferson Sherman, according to the trade organization. The post Appraisal Institute names Rodman Schley president appeared first on HousingWire.

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.

5 Resources to Save Time and Grow Your Appraisal Business

McKissock

Whether your goal is to work fewer hours and improve your work-life balance or increase productivity and scale your business, there are many technology tools available to help you complete more appraisals in less time. Upcoming webinar: Tame the Chaos with Appraisal Technology that Scales.

Why Career Satisfaction Is So High Among Appraisers

McKissock

Career satisfaction among real estate appraisers is significantly higher than the national average. Why are appraisers generally happy in their careers? Are some appraisers happier than others? Appraiser career satisfaction.

Is Now a Good Time to Upgrade Your Appraisal License?

McKissock

Is it time to take the next step in your appraisal career? If you’re thinking about upgrading your appraisal license, why wait? On average, certified residential appraisers earn $2,500 more annually than licensed appraisers. Certified general appraisers (a.k.a.

What’s the Average Real Estate Appraiser Salary?

McKissock

If you’re considering a career in appraisal, you probably want to know: What’s the average real estate appraiser salary? Here’s a look at the average real estate appraiser salary, plus tips on how you can maximize your income as an appraiser.

FREE Webinar: The Appraisal Foundation 2021 Q2 Update

McKissock

On Wednesday, April 7, 2021, McKissock Learning is hosting a FREE one-hour, non-credit Pro-Series webinar titled “The Appraisal Foundation 2021 Q2 Update.” Participate in this Q&A session with Lisa Desmarais, Vice President, Appraisal Issues with The Appraisal Foundation (TAF).

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.

What Types of Appraisals Are in High Demand Due to COVID-19?

McKissock

Last month (March 2021) we asked appraisers across the U.S., “What type of appraisal has seen the MOST growth in demand in your local area due to COVID-19?” Desktop appraisals are also in higher demand, as well as a few other types of appraisals.

3 Things Top Earners in Appraisal Have in Common

McKissock

What skills are correlated with financial success in the real estate appraisal industry? In a recent survey , we asked appraisers to self-evaluate their expertise across categories as expert, growing, novice or failing. We found that top earners in appraisal excel in a few key areas.

What Appraisers Look for During a Real Estate Appraisal

RISMedia

The home appraisal process can be a stressful time, whether you're buying or selling a property. It's the job of the appraiser to find the fair market value of the home. But if you know what appraisers look for, you […].

How Does the VA Appraisal Panel Operate?

McKissock

The VA uses state-licensed or state-certified appraisers to provide opinions of value for the homes on which it guarantees the mortgages. In order to complete a VA appraisal , you must be on the VA panel. Here’s an overview of how the VA appraisal panel operates. Appraisal fees.

How to Become a Luxury Real Estate Appraiser

McKissock

Are you interested in learning how to become a luxury real estate appraiser ? There are many reasons to consider specializing in this profitable appraisal niche. Here are helpful tips on how to become a luxury real estate appraiser.

What New Appraisal Specialty Do You Wish to Break Into?

McKissock

Developing an appraisal specialty is a great way to grow your business and stay competitive in the industry. Last month we asked our appraisal community, “What new appraisal specialty or niche would you like to break into?” Review appraisal (23%). Luxury appraisal (9%).

4 Potential Benefits of Hybrid and Bifurcated Appraisals

McKissock

A major selling point for completing hybrid or bifurcated appraisals is that the appraiser will save a good deal of time by not inspecting the property, not taking photos of comparable sales, and not sitting in traffic. Benefits of hybrid and bifurcated appraisals.

FREE Webinar: Fannie Mae Q1 2021 Appraisal Update

McKissock

On Wednesday, March 24, 2021, McKissock Learning is hosting a FREE one-hour, non-credit Pro-Series webinar titled “Fannie Mae Q1 2021 Appraisal Update.” Here at McKissock Learning, we strive to help real estate appraisers stay in the loop on changes impacting the appraisal profession.

Pressure to Hit the Purchase Price: 5 Resources for Appraisers

McKissock

As an experienced appraiser, you’ve likely encountered pressure to hit the purchase price or develop your appraisal based on a predetermined value. Blog post: 9 Ways to Handle Appraisal Pressure. There are no simple and easy ways to deal with appraisal pressure.