Veros acquires appraisal management company Valligent

Housing Wire

The parent company of appraisal software firm Veros Real Estate Solutions has acquired California-based appraisal management company Valligent Technologies. Hybrid appraisals rely on third-party data collection, while desktop appraisals require photos and a floor plan.

The hybrid appraisal is here. Who benefits?

Housing Wire

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. It’s a model in stark contrast to that of inspections for traditional appraisals.

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UWM appraisal shakeup makes small splash

Housing Wire

United Wholesale Mortgage (UWM) announced late last year that it would turn the appraisal space on its head by launching an in-house appraisal program. Even if it has not made quite the outsized impact UWM said it would, appraisers mostly like the wholesaler’s new program.

VA now accepting desktop and exterior-only appraisals

Housing Wire

The Department of Veterans’ Affairs announced last week that it would allow desktop and exterior-only appraisals for some transactions. Lenders had better be sure that an alternative appraisal is appropriate when requesting one for a property.

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. .

How appraisers value homes in a hot housing market

Housing Wire

As anyone involved in the residential real-estate market knows, bidding wars – and contract prices exceeding the list price – are the norm today in many markets around the nation. Sheridan’s listing appraised at the contract price, and the deal went through without a hitch.

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.

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.”.

True Footage acquires Spark for Appraisers

Housing Wire

Seattle, Washington-based real estate valuation company True Footage announced the acquisition of Spark for Appraisers , an appraisal technology firm. Spark for Appraisers sells data infrastructure software to appraisers to produce faster and more reliable appraisals.

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?

Proposed VA appraisal law looks to even the playing field

Housing Wire

A piece of legislation introduced in the Senate in mid-May could streamline the appraisal process for VA loans. Currently, all VA appraisals must be performed in-house. In March 2022 , the Federal Housing Finance Agency (FHFA) made hybrid appraisals a permanent fixture.

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.

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.

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.

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.

Like it or not, desktop appraisals are here to stay

Housing Wire

Desktop appraisals arrived in March of 2020, allowing the housing market to keep humming while many stayed indoors to prevent the spread of COVID-19. Use of desktop or exterior-only appraisals peaked in April 2020, reaching a share as high as 17% in some places.

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.

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.

The appraisal industry’s governance problem

Housing Wire

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. Our analysis finds that the appraisal industry has operated in a relatively closed, self-regulated framework.”.

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.

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 But DeZarn was an independent contractor business of one, and he lost his clients in 2008 when the housing market imploded. Before the recession, I was doing appraisals for $500.

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.

Best Facebook Groups for Real Estate Appraisers

McKissock

Engaging in online forums and social media groups for real estate appraisers can be a great way to keep up-to-date on industry news , ask questions, connect with other appraisers, and even get referrals. What’s the best Facebook Group for real estate appraisers?

Why is now the time for lenders to modernize their appraisal processes

Housing Wire

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?

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.

One of the largest appraisal management companies just got acquired

Housing Wire

Arcapita Group Holdings , a Bahraini investment firm, has acquired a controlling stake in large independent appraisal management company Nationwide Property and Appraisal Services for an undisclosed price. The appraisal industry has been a focus of the Biden administration.

CFPB is the latest agency to criticize the Appraisal Foundation

Housing Wire

A collection of federal agencies, including the Consumer Financial Protection Bureau (CFPB), the department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA), took the Appraisal Foundation to task for its weak anti-bias guidance.

2022 Appraisal Outlook: Appraisers Cast Optimistic Eye On Coming Year

McKissock

Appraisers recently contacted by McKissock tend to agree that the profession will go generally well in 2022, with no major changes to the real estate market and no events on the horizon that could seriously upset appraisers’ business. Housing market trends for 2022.

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.

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.

Appraisal bias: Education is the first step

Housing Wire

Understanding the market value of collateral is a key fundamental component of safe and sound lending. This is accomplished through obtaining an appraisal. . Bias has no place in an appraisal, and the industry is focused on engaging and acting.

7 Excellent Real Estate Appraisal Podcasts Every Appraiser Should Listen To

McKissock

How do you stay up-to-date on the latest appraisal news and trends? They’re also entertaining and super convenient since you can stream them during your morning commute or while you’re driving to appraisal appointments. Voice of Appraisal. The Appraiser Coach.

What permanent desktop appraisals mean for the industry

Housing Wire

The appraisal industry was no exception, creating hybrid or remote models to conduct an appraisal and home inspection without physically entering the home as COVID-19 cases rose. Why desktop appraisals and why now? Appraisers really did a tremendous job.

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. A homebuyer’s guide to a competitive housing market. Scenario 1: Your home appraises at your full offer price. Many times, the home appraisal goes off without a hitch.

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.