Housing Wire

DECEMBER 8, 2022

Appraisal turn times have historically been a pain point in the mortgage process and in boom times, when transaction volumes soar, turn times tend to be one of the first casualties. In 2020 and 2021, for example, some markets saw appraisals take as long as three to six weeks. What’s going on? New products speeding up the process.

Technology 395

Technology Inspection Industrial Closing 395

Housing Wire

MAY 7, 2021

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. HousingWire: What’s the biggest pain point appraisers are currently facing?

Marketing 545

Marketing Closing Industrial Mortgages 545

Housing Wire

NOVEMBER 15, 2023

Michigan-based United Wholesale Mortgage (UWM) wants to court more brokers by offering no-cost appraisals on 1-0 temporary rate buydowns amid fierce competition in the industry. The escrow account is funded by either the seller, builder or lender via a lump-sum payment at closing.

Loans 427

Loans Mortgages Industrial Closing 427

Housing Wire

MAY 24, 2022

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. One mid-sized lender echoed the opinion of others that appraisals still take too long.

Lending 481

Lending Loans Inspection Mortgages 481

Housing Wire

MARCH 11, 2021

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. The COVID-19-related flexibilities surrounding alternative verifications of employment and appraisals were originally set to expire on March 31, 2021.

Lending 481

Lending Inspection Loans Finance 481

Housing Wire

APRIL 6, 2023

The Federal Housing Finance Agency (FHFA) will host the Appraisal Subcommittee (ASC) in May for its second public hearing on appraisal bias. At the first ASC hearing in January, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra took aim at the dysfunctional regulatory system that governs the appraisal industry. “I

Industrial 383

Industrial Lending Equity Banks 383

Housing Wire

MAY 23, 2023

In the past few years, appraisal bias has come to the forefront of conversations about appraisals and how they can be improved. At Tavant , they’re taking a look at the past and present of appraisals to prepare for a better future. We often hear the statistic that the average appraiser is a 57-year-old white male.

Technology 383

Technology Lending Inspection As-is 383

Housing Wire

AUGUST 24, 2022

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.

Pre-approval 383

Pre-approval Mortgages Closing Loans 383

Housing Wire

AUGUST 25, 2022

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. 3-5 is proud to present an appraisal-centered session this year.

Technology 395

Technology Industrial Development Closing 395

Housing Wire

JANUARY 24, 2022

That was the startling and totally hypothetical analogy made, based on the current structure of the Appraisal Foundation , in a scathing report released this week. Until recently … the appraisal industry seems to have escaped the type of regulation and scrutiny faced by other participants in the mortgage market,” the authors wrote.

Lending 370

Lending Industrial Finance Sales 370

Housing Wire

JULY 12, 2022

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. At $50 to $100 per inspection, according to ProxyPics, it’s certainly less expensive than sending an appraiser. Made to order.

Inspection 407

Inspection Technology Loans Mortgages 407

Housing Wire

APRIL 6, 2021

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. That’s common these days. Streamline by combining services.

Title search 539

Title search Loans Title Agents 539

Housing Wire

MAY 13, 2021

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. Indeed, time adjustments are a valuable tool that appraisers use to reflect changing prices in the local housing market.

Marketing 518

Marketing Residential Sales Closing 518

Housing Wire

AUGUST 14, 2020

For the past two weeks, HousingWire took a deep dive into the effects an accelerated market can have on appraisal turn times and the delta between appraisal ratings and market forecasts. I get it, the seller needs to move, but doing a quick closing to incentivize the seller to accept your offer is no longer a selling point.

Closing 481

Closing Lending Loan Officer Title 481

Housing Wire

DECEMBER 7, 2021

If there’s anything that lenders and borrowers have learned from the current purchase market it’s that speed and efficiency are key to a smooth closing. With desktop appraisals now a permanent option, we should expect to see some of the traditional pressure on turn times alleviated.

Marketing 475

Marketing Technology Loans Closing 475

Housing Wire

FEBRUARY 9, 2021

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. You make an offer on your dream home, and the appraiser verifies the property is worth what you offered (or more).

Earnest money deposit 454

Earnest money deposit Seller concession Loans Lending 454

Housing Wire

MAY 23, 2022

A piece of legislation introduced in the Senate in mid-May could streamline the appraisal process for VA loans. The legislation would modernize the Department of Veteran Affairs ‘ appraisal requirements by allowing desktop appraisals, and in some circumstances, waving appraisals all together.

VA loan 395

VA loan Loans Lending Finance 395

Housing Wire

APRIL 9, 2021

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. Canadian real estate technology company Voxtur Analytics Corp.

Technology 395

Technology Investor Development Loans 395

Housing Wire

DECEMBER 28, 2020

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. The Request for Input (RFI) – open to comment until Feb.

Loans 454

Loans Finance Mortgages As-is 454

Housing Wire

AUGUST 5, 2022

With tech solutions and automation dominating more and more of the mortgage experience, the appraisal process can feel a bit dated, often causing significant slowdowns. HousingWire: Why should lenders consider appraisal modernization and how can it benefit borrowers?

Inspection 406

Inspection Lending Industrial Technology 406

Housing Wire

JANUARY 10, 2022

HousingWire recently spoke with Tom Kriby, Vice President of Client Development and Partnerships at Westwood Insurance, about how insurance issues can hold up a home closing and how lenders can integrate insurance into their process to help their homebuyers avoid delays. HW: How can lenders help homebuyers avoid closing delays?

Closing 497

Closing Loans Inspection Technology 497

Housing Wire

AUGUST 23, 2022

Desktop appraisals became a permanent option for certain loans earlier this year. HousingWire recently spoke with Kenon Chen, Executive Vice President of Corporate Strategy at Clear Capital, about desktop appraisal adoption and appraisal modernization. How willing are appraisers to adopt desktop and hybrid appraisals?

Industrial 369

Industrial Technology Loans As-is 369

Housing Wire

JANUARY 12, 2021

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. Presented by: Maxwell.

Technology 444

Technology Investor Mortgages Industrial 444

Housing Wire

FEBRUARY 10, 2021

Lender Sierra Pacific Mortgage (SPM) announced Wednesday it will use CoreLogic’s collateral valuation platform in order to streamline future home appraisals. HousingWire recently spoke with CoreLogic’s Chief Appraiser Shawn Telford about re-examining traditional appraisal workflows in light of the changes brought on by COVID-19.

Loans 383

Loans Inspection Mortgages Equity 383

Housing Wire

OCTOBER 20, 2021

Less than one month after launching operations , the private holding group StoicLane – the backers of Interfirst Mortgage – has acquired control of the appraisal management company Lender’s Valuation Services (LVS). The company was founded by mortgage professionals and appraisers that “witnessed the collapse of the mortgage industry.”

Finance 370

Finance Mortgages Equity Banks 370

Housing Wire

JUNE 14, 2021

ICE Mortgage Technology will now deploy an “eVault” solution as part of its mortgage closing platform to ensure the secure storage of digital mortgages and notes, it announced late last week. ” In the past year, DocMagic has made headlines in the digital closing space. Digital mortgage platform DocMagic Inc.

Technology 395

Technology Closing Lending Mortgages 395

Housing Wire

FEBRUARY 18, 2022

Fannie Mae recently announced that it will begin to “include a desktop appraisal option in Desktop Underwriter beginning March 19, 2022. Automated Valuation Models (AVMs) are commonly used today in the mortgage industry to help support the appraiser’s concluded value. ” Amazing, right? ” Amazing, right?

Commercial 383

Commercial Renovation Technology Inspection 383

Housing Wire

APRIL 30, 2021

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. The goal of an appraisal is to ensure the price of the home matches or exceeds the home’s listing price.

Loans 417

Loans As-is Closing Marketing 417

Housing Wire

OCTOBER 3, 2022

Surprisingly, accounting inefficiencies, particularly in the areas of tracking, collecting, reconciling, and distributing appraisal fees, are costing some lenders tens of thousands of dollars, sometimes even more, every year – dollars that could be going straight to their bottom line. Leader, Marketing at CoreLogic. William Gillis, Sr.

Loans 369

Loans Branding Design As-is 369

Housing Wire

SEPTEMBER 29, 2020

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. Announced in April, this rule applies only to loans kept in a bank’s portfolio, and originally alarmed appraisers. 31 this year.

Commercial 417

Commercial Residential Equity Banks 417

Housing Wire

FEBRUARY 1, 2024

Company Name Company Website Markets Served Company HQ MMI mmi.io/ Loan Origination, Title and Closing Salt Lake City, UT Polly polly.io/ Secondary San Francisco, CA Paradatec paradatec.com/ Servicing, Secondary, Cross Markets and Origination Wilmington, DE Orion Lending orionlending.com/ Loan Origination and Servicing Orange, CA Optimal Blue www2.optimalblue.com/

Mortgages 446

Mortgages Title Loans Closing 446

Housing Wire

MAY 26, 2021

The average time to close on a mortgage has decreased for a fourth consecutive month to 51 days, according to a new study from ICE Mortgage Technology. The percentage of purchase mortgages increased to 43% of total closed loans. The percentage of purchase mortgages increased to 43% of total closed loans.

Closing 446

Closing Mortgages VA loan FHA loan 446

Housing Wire

AUGUST 31, 2022

As more aspects of the mortgage process venture into the online realm, appraisal remains a bottleneck that regularly causes significant delays and loss in profit. Reggora is facing the issues surrounding modern appraisals head-on with its industry-leading Reggora Appraisal Management Platform.

Loans 369

Loans Loan Officer Mortgages Industrial 369

Housing Wire

NOVEMBER 5, 2021

There are two significant issues in our industry right now — appraisal bias and origination volume. Both of these issues accelerate the importance of appraisal modernization. What is appraisal modernization? Panel brought to you by: The post Reducing Bias is the Gold Standard for Appraisals appeared first on HousingWire.

Loans 283

Loans Technology Development Mortgages 283

Housing Wire

JANUARY 8, 2021

Understanding what expenses are required at closing to buy a house will help you budget and save more effectively. In this article, we break down exactly what closing costs are so you’re prepared when you start shopping for a home: What are closing costs? Closing costs are the thousands of dollars associated with buying a home.

Closing costs 527

Closing costs Closing Title search Title 527

HomeLight

MARCH 29, 2024

The sales comparison approach is where the word “ comp ” comes from in the real estate industry, explains Tom Horn , a leading appraiser in Alabama with more than 34 years of experience. “We We look at other properties that have sold recently that are very similar to the property being appraised.

Sales 113

Sales Renovation Land Construction 113

Housing Wire

APRIL 26, 2022

The watchdog agency will also be working with other federal agencies to intervene in policies and regulation that could impact mortgage lenders and residential appraisers. Mortgage servicers have been a special area of focus for the CFPB under Chopra, but the agency has been scrutinizing them more closely over the past year.

Mortgages 383

Mortgages Banks Lending Residential 383