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.”.

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?

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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.

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.

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?

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.

“I don’t want to say we’re archaic”: Appraisal Institute president vows reform

Housing Wire

The residential real estate appraisal industry is staring at a fork in the road. The latest reminder is a report released Wednesday from the Appraisal Subcommittee , a part of the federal government in charge of monitoring appraiser standards. appraisers say they are male, 1.3%

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.

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.

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.

VA hikes appraisal fees, turn-times in select markets

Housing Wire

The Department of Veterans Affairs will raise appraisal fees and lengthen allowable turnaround times in select markets across the country in response to high demand for appraisals. Conventional buyers who need an appraisal done quickly can pay a premium. .

FHFA takes a swing at racial bias in appraisal

Housing Wire

Appraisers are not supposed to base their analysis on protected classes, and in the Uniform Residential Appraisal Report, appraisers attest that “race and the racial composition of the neighborhood are not appraisal factors.”

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.

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.

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).

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.

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.

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.

Clear Capital launches appraisal tool to speed photo review

Housing Wire

Appraisal management company Clear Capital , in the latest effort to revamp the appraisal process, hopes to automate property photo reviews to ensure data and photo consistency with its photo review product , ClearPhoto. Permanent desktop appraisals are a win for everyone – here’s why.

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.

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 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.

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.

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.

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.

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.

Freddie Mac finds appraisals in minority areas fall short

Housing Wire

Appraisals in Black and Latino neighborhoods are more likely to fall short of the contracted sale price, a Freddie Mac study of 12 million appraisals found. In Black census tracts, 13% of home appraisals failed to reach the contracted sales price.

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.

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.

Are remote appraisals here to stay?

Housing Wire

Appraisers have experienced many challenges in the last couple of years. From juggling high volume demand for appraisals in the middle of a pandemic, appraisers had to radically change their processes. Others don’t provide appraisers with accurate enough data.

Permanent desktop appraisals are a win for everyone – here’s why

Housing Wire

The FHFA recently announced that desktop appraisals will become permanent. This change will give lenders a wider variety of appraisal options for each loan type, leading to greater agility and flexibility while they balance cost, turn time and the quality of loans.

Appraisers give HUD an earful during bias roundtable

Housing Wire

As federal efforts to rid the appraisal profession of bias move forward, appraisers still have some burning questions. Hundreds of appraisers and representatives from appraisal management companies showed up.

Obstacles to tech adoption & the question of appraisal bias

Housing Wire

During a panel on residential appraisals, experts posed technology as a way to make appraisals more efficient and less subjective, as regulators take steps to understand and counteract bias. But tech adoption in appraisal might face an uphill climb.

How do remote valuation solutions benefit appraisers?

Housing Wire

From having to manage high volumes to finding innovative ways to appraise homes while maintaining distance, it’s no secret appraisers faced challenges during the beginning of the coronavirus pandemic. RemoteVal, by Incenter, replicates the process an appraisal already does.

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.”

Here are 7 trends to watch in the 2022 appraisal market

Housing Wire

The tides of the mortgage industry are changing as we head into 2022, and just like the sand under the waves, we can expect the appraisal landscape to shift along with it. Appraisers, like many other service providers, must adapt to market changes to accommodate their clients’ needs.