Housing Wire

DECEMBER 11, 2020

Earlier this year, citing the extraordinary circumstances that the country is facing with the ongoing spread of the coronavirus, the Federal Housing Finance Agency directed the government-sponsored enterprises to ease their standards for both property appraisals and verification of employment.

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Housing Wire

JANUARY 14, 2021

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 flexibilities surrounding alternative verifications of employment and appraisals were originally set to expire on Jan.

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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. And Fannie Mae recently said that appraisals were no longer the default standard , which could radically change how property valuations are determined in the U.S.

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Housing Wire

JUNE 4, 2021

The winning buyer also waived appraisal and financing contingencies and dropped off cupcakes that matched the interior colors of the house, which was a nice touch because the seller is an artist and the home is unique and colorful.” . “We received about a dozen offers, which is actually a low number by today’s standards.

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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.

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Housing Wire

MARCH 23, 2023

Thursday, March 23 marks the one-year anniversary since the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) released its action plan to curb instances of bias in the housing appraisal process. Led by U.S.

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Housing Wire

APRIL 21, 2021

The Federal Housing Finance Agency (FHFA) announced on Wednesday that due to “low usage” it is no longer extending expirations on certain temporary loan origination flexibilities for Fannie Mae and Freddie Mac. The regulator is also advancing permanent changes to be made in the appraisal space.

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Empire Appraisal Group

MAY 9, 2024

New Requirements Aim to Reduce Appraisal Bias The new Reconsideration of Value policy requires lenders to provide a pathway for borrowers to request reviews of home appraisal valuations.

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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.

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Housing Wire

JUNE 2, 2023

The Biden administration also announced that it would expand the ability for homeowners to pursue reconsiderations of value (ROVs), saying that federal banking agencies “are in the process of issuing proposed guidance on how financial institutions may integrate ROV policies and controls into their current appraisal processes,” the White House said.

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Housing Wire

JANUARY 10, 2023

For those of us in housing finance, the calendar year change really does mean something. And yet the MBA Mortgage Finance Forecast for 2023 has some bright spots in it. Property Appraisal. I would be remiss not to choose appraisal as the first area that desperately needs action. Stay the course on non-negotiables.

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Housing Wire

NOVEMBER 17, 2022

The residential appraisal space has been rocked by increased federal scrutiny over the past two years, with several agencies studying whether appraisers let racial bias change their valuations. In late October, the Federal Housing Finance Agency released 47 million appraisal reports to the public for the first time.

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Housing Wire

AUGUST 22, 2022

“loanDepot relied on Lanham’s appraisal despite being informed that it was infected by discrimination and stopped answering or returning Plaintiffs calls once they challenged the appraisal on that basis,” the complaint said. Prior to the appraisal, the couple did something different this time.

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Housing Wire

MARCH 22, 2023

HUD noted that the funding precedes the one-year anniversary of the Biden administration’s Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) Action Plan, spearheaded by Secretary Fudge and White House Domestic Policy Advisor Ambassador Susan Rice.

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Housing Wire

MARCH 9, 2021

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. Under the conciliation agreement , JPMorgan will pay the homeowner, a Black woman, $50,000.

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Housing Wire

JUNE 14, 2022

The Federal Housing Finance Agency released voluminous plans last week developed by Fannie Mae and Freddie Mac to make the housing market more equitable, in part through changes to the appraisal process. According to Freddie Mac’s equitable housing finance plan, it could be the expansion of automated valuation models.

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Appraiserblogs

MAY 15, 2023

The end result of which includes OUTRIGHT FRAUD being perpetrated against banks via the repurchase letters Fannie Mae now issues on a quota based system rather than because of legitimate appraisal defects. Dear representative, waiving/eliminating property appraisal for lending purposes is wanton recklessness.

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Housing Wire

APRIL 13, 2021

Jay Garrett, a loan officer at Supreme Lending ’s McClellan Branch in Austin, said he is seeing 10 to 40 offers on houses no matter where they are in Austin, and cash offers are winning the day because sellers don’t want to have to worry about the house appraising too low for someone who needs financing. “If

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Appraiserblogs

MARCH 29, 2023

Dear representative, waiving/eliminating property appraisal for lending purposes is wanton recklessness. With falling values across many markets combined with rising mortgage rates putting even more pressure on borrowers’ wallets, this decision could potentially put. Related Posts: Dear Representative, FNMA Has Gone Rogue!

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Appraiserblogs

APRIL 9, 2023

Dear representative, waiving/eliminating property appraisal for lending purposes is wanton recklessness. Fannie Mae’s decision to waive/eliminate property appraisal for lending… No Appraisals Required. The End of Appraisers? No appraisal may be required in the future!

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Cleveland Appraisal Blog

JUNE 23, 2023

Start thinking about the financing options available, such as mortgages, loans, and grants, and the associated interest rates, repayment terms, and fees. Depending on what you are buying and local tax laws you may also wish to look into property tax loans and if possible you should hire a realtor to walk you through the buying process.

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Housing Wire

DECEMBER 14, 2021

The Federal Housing Finance Agency (FHFA) is the latest stakeholder to examine how racial bias may creep into property valuations. HUD has declined to say how complaints of appraisal bias it has received, citing pending investigations.

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Appraiserblogs

JUNE 28, 2023

Related Posts: AMC Hires a Convicted Felon as Property Data Collector The recent case of Paschal Uchendu, a convicted felon awaiting sentencing for orchestrating a $1.2 Dear representative, waiving/eliminating property appraisal for lending purposes is wanton recklessness.

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Property Appraisal Government Lending Appraisal 109

Housing Wire

DECEMBER 6, 2021

In a November interview, Melody Taylor, executive director of HUD’s Property Appraisal and Valuation Equity task force, stated that, “Due to confidentiality filings, HUD does not disclose the complaints we receive.”. HUD has also told HousingWire it does not disclose investigations that are still pending.

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Housing Wire

MARCH 5, 2021

Hybrid appraisals, desktop appraisers, and new online platforms are slowly being introduced, which could appeal to the newer labor force, Reese said. This was the first step the FHFA took in combatting the pandemic as it pertained to appraisers.

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Housing Wire

NOVEMBER 30, 2021

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. Additionally, as directed by the Biden administration, the U.S.

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Cleveland Appraisal Blog

NOVEMBER 11, 2021

” I wonder what would have happened if they had hired appraisers to appraise the homes they were buying, and relied upon a professional real property appraisers’ opinion of value when making their decisions? I regularly work for investors who hire me to appraise a home they are interested in buying.

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Birmingham Appraisal

JUNE 7, 2023

For instance, when a company acquires or sells a residential property, accountants need accurate valuation figures to ensure correct financial reporting. Assessing Property Investments Supporting Accountants in Investment Analysis Real estate investments can have a significant impact on a client’s financial portfolio.

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Housing Wire

APRIL 14, 2023

Currently, 75% of real estate agents and 97% of property appraisers in the U.S. Students whose understanding of the profession is limited to selling houses may not realize that their interests in fields like law, finance or engineering can translate into success in real estate.

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Housing Wire

JULY 29, 2021

The Property Appraisal and Valuation Equity task force will deliver a report to Biden within six months to describe the “extent, causes, and consequences of undervaluing of properties,” a HUD official told HousingWire. In that role, Rice also leads the administration’s effort to advance racial justice and equity.

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Cleveland Appraisal Blog

JANUARY 19, 2023

” Clearly, when valuing a property, appraisers must consider what the typical buyer expects a home to offer in terms of amenities and characteristics. AN EXAMPLE Earlier in the year, I appraised a property that was originally built for buyers that do not require electricity. What about financing?

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Appraisal Partners Blog

OCTOBER 20, 2019

Transactional adjustments come from differences in ownership, financing terms and conditions of sale. For example, if the seller paid $5,000 in seller concessions to the buyer of the home, we might adjust -$5,000 from the sale price of the comparable to get the real net, or normal sale price of the property.

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McKissock

MAY 14, 2023

for mortgage financing purposes or tax assessment appeal purposes) Identification/brief description of the property appraised Real property interest appraised (e.g., fee simple, leased fee, etc.) population, news articles, economic data, internet searches, etc.)

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Appraisal Hub

MARCH 27, 2024

The Role of Commercial Real Estate Appraisal A commercial real estate appraisal is a comprehensive evaluation conducted by certified appraisers to determine the value of a property. In Toronto, where the commercial property market is both dynamic and competitive, obtaining an accurate appraisal is essential.

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McKissock

DECEMBER 28, 2021

Nonetheless, it would be prudent for appraisers to refresh or develop their knowledge on appraising REO properties.”. Over the past several years, the single largest source of business for real property appraisers has been residential mortgage lending, specifically mortgage refinances.

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Appraisal Reconsideration of Value Real Estate Property Appraisal 96

Realtor

DECEMBER 4, 2019

Record the layout of the property, inspect the square footage, and determine whether or not it’s a single-family dwelling. If you’re buying commercial real estate, a property appraiser may conduct a business valuation to determine market value in much the same way. Who hires the appraiser?

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Housing Wire

FEBRUARY 7, 2022

HUD’s work co-leading the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), as well as the number of actions taken in the first year of the administration to bolster enforcement of the Fair Housing Act demonstrates our commitment to the issue,” a spokesperson said. Many have called for reductions.

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