Appraisers voice opinions on AMCs, appraisal delays

Housing Wire

If discrimination is committed by appraisers – as the news headlines would suggest – fellow appraisers and real estate agents say they rarely witness or experience it. Another issue with appraiser competency could be appraisers’ apparent lack of familiarity with valuation tools.

Advice for Buyers & Sellers in Today’s Market

Ryan Lundquist

The housing market has shifted, and today I have some practical advice for buyers and sellers. This is coming from hundreds of conversations every month as well as stats I'm pulling. Some new memes too. Enjoy if you wish. UPCOMING (PUBLIC) SPEAKING GIGS: 8/11/22 Realtist Lunch & Learn (sign up here (open to anyone)) 8/15/22 YouTube

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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.

House passes bill to modernize VA appraisals

Housing Wire

House of Representatives this week passed a bill that streamlines the appraisal process for U.S. Critics have long complained VA appraisals had to be performed in-house, which has resulted in a costly and slow process for veterans and servicemembers. The U.S.

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.

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. .

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.

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.

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.

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.

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.”.

Homepoint offers $500 credit on appraisals for primary homes

Housing Wire

Pure wholesale lender Homepoint will provide a $500 credit on appraisal costs for borrowers buying primary homes that are designated as Fannie Mae HomePath properties, the company announced on Monday. .

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.

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.

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.

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.

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.

Tomo launches solution for the dreaded appraisal gap

Housing Wire

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. Tomo, however, is not immune to the volatility in the markets.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

How will appraisal technology evolve in 2022?

Housing Wire

With the recent news about desktop appraisals, appraisal technology is top of mind for many. HousingWire recently spoke with Reggora co-founder and CTO Will Denslow about the role of technology in appraisal innovation. How will this affect appraisal technology moving forward?

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.