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.

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.

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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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

FHFA’s RFI on appraisals is a critical inflection point

Housing Wire

The FHFA’s engagement of industry stakeholders signifies a critical inflection point for appraisal transformation. For example, appraisal turn time has swelled 65% from 2018, according to recent data published by Freddie Mac. Appraiser shortage.

Will AI solve the problem of appraisal bias?

Housing Wire

Inaccurate appraisals and valuations can impact the type of mortgage financing a potential buyer receives, whether a seller commands a fair value when selling their home, or whether a homeowner has opportunities to tap into home equity. The post Will AI solve the problem of appraisal bias?

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.

CoreLogic’s chief appraiser to speak at HW Annual

Housing Wire

Big changes are ahead in the valuation space, most recently seen with the FHFA asking for input on appraisal modernization efforts. Will hybrid appraisals become the new norm? Are the GSEs going to expand the use of appraisal waivers?

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.

Your home appraisal came in lower than your offer – Now what?

Housing Wire

In today’s booming housing market, sellers have their pick of home offers. And while this is great for sellers, it leaves buyers asking: “How can I stand out in such a competitive market?” 5 tips for buying a home in a seller’s housing market.

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.

The appraiser can’t be replaced by technology – Here’s why

Housing Wire

The public response to the recent Federal Housing Finance Agency (FHFA) Request for Information on appraisal-related issues was significant, with 164 unique written comments. ” The Value of the Human Appraiser. Fast forward 25 plus years and appraisers are busier than ever.

Global DMS transforms appraisal management software

Housing Wire

Finding an appraisal management software for real estate and commercial that works the way each individual lender does is difficult – usually resulting in time-consuming configurations, development work and training.

Building Your Appraisal Team: Advice from Top Appraisers

McKissock

Building a successful appraisal team means considering your business strategy and your corporate culture, and hiring accordingly. Some appraisers look for associates who specialize in certain areas of the appraisal business when adding someone to the team.

How to reduce appraisal turn times and improve the borrower experience

Housing Wire

As the appraisal industry struggles to meet demand, Voxtur has developed a solution to streamline the process. HousingWire: What can the industry at large do to support the work of appraisers right now? Appraisers don’t need better management of an outdated process.

How to Become an Appraiser in 3 Steps

McKissock

To become a licensed appraiser , most states require you to start out as an appraisal trainee and obtain a certain number of hours of experience before you can appraise real property on your own. How to become an appraiser. Step 3: Upgrade your appraisal license.

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.

Exposure Time Vs. Marketing Time: Helpful Info for Appraisers

McKissock

Every real estate appraiser is familiar with the terms “marketing time” and “exposure time,” but it’s not always clear why and how these are developed in everyday assignments when developing an opinion of market value. Thus, it is often inadvertently missed by appraisers.

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.

3 Top Benefits of Appraising Green Homes

McKissock

Over the last decade, energy efficiency and sustainability have been advancing in the public consciousness, and green residences have become mainstream in many markets. Here are just a few of the top benefits of appraising green homes. Green home appraisers offer a unique skill set.

Working with buyers in the nation’s hottest housing market

Housing Wire

Austin, Texas might be the hottest housing market in the country. 1 city in population growth for the last eight years and it was the hottest job market in 2019 and 2020, according to the Wall Street Journal. It is just a super tight housing market.

Nationwide Appraisal Network’s valuation solutions allow lenders to select appraisers based on performance

Housing Wire

With an increased demand for appraisals across the country, the need for efficiency during the appraisal process is greater than ever. NAN’s valuation solutions give lenders the chance to evaluate, select and manage appraisers based on their quality and performance.

What Buyers and Sellers Need To Know About the Appraisal Gap

Keeping Current Matters

That’s what’s happening in today’s housing market. Home prices are appreciating at near-historic rates, and that’s creating some challenges when it comes to home appraisals. This difference is known as ‘the appraisal gap. ’”. Why does an appraisal gap happen?

What To Expect as Appraisal Gaps Grow

Keeping Current Matters

In today’s real estate market, low inventory and high demand are driving up home prices. Shawn Telford, Chief Appraiser at CoreLogic , elaborates : “The frequency of buyers being willing to pay more than the market data supports is increasing.”.

How to Specialize in Appraising Green Homes

McKissock

There are many reasons why appraising green homes is recommended for residential real estate appraisers. Additionally, green home appraisers offer a unique skill set for which they can charge higher fees, and they get to do exciting, challenging work.

FHFA Extends Relaxed Appraisal Standards, Spring Housing Market Expected to Remain Resilient, and More Appraisal News

McKissock

FHFA extends relaxed lending and appraisal standards to the end of April. trillion American Rescue Plan will funnel billions into the housing market. Read on for the latest in appraisal news. FHFA extends relaxed lending and appraisal standards.