Housing Wire

SEPTEMBER 21, 2021

Starting March 14, 2022, the Federal Housing Administration (FHA) will require all lenders to use FHA Catalyst for appraisals. The module can also accept appraisals for Home Equity Conversion Mortgages (HECMs), the administration announced last week.

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Appraisal Today

JANUARY 20, 2023

Excerpts: Appraisers, I recently sent out a message asking appraisers to send me three data points comparing borrower-paid appraisal cost, and average AMC paid assignment fees in October, November 2021 and the same months in 2022 – for SFR assignments. An excellent way to get more appraisal business!

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Housing Wire

SEPTEMBER 17, 2022

Then, in September of 2021 , leaders at the FHA said lenders would have to make the switch to FHA Catalyst by March 14, 2022. It would also permit lenders to electronically submit, track and manage single-family property appraisals. But in February, the agency pushed back the mandatory date to March 14, 2023.

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Appraisal Today

AUGUST 18, 2023

homes are worth $1 million or more, near June 2022’s all-time high of 8.6%. Traut, McKissock Learning Excerpts: When appraisers receive appraisal assignment requests, they ask themselves if the fee is acceptable, am I competent for this assignment, can I meet the deadline, and so on. Just over 8% of U.S. Or hit the reply button.

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Housing Wire

NOVEMBER 30, 2021

These and other steps are sorely needed to bring the appraisal process in line with advances to digitize mortgages, utilizing technology to combat inconsistencies that continue to beleaguer the profession, and reduce closing slowdowns often caused by appraisal capacity issues. The modern appraisal movement is accelerating.

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Appraisal Today

JUNE 17, 2022

Excerpt: We continue to see claims alleging that the rural property appraiser failed to adequately identify or report details surrounding a water source. In one claim, the appraiser correctly noted that the property was serviced by a “private water well.” June 10, 2022. June 14, 2022. Lower inflation?

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Housing Wire

MARCH 13, 2023

“When appraisers or lenders treat homebuyers or homeowners differently because of race, they violate federal law. The couple applied for a refinance loan with loanDepot and were initially approved with a 2.25% interest rate, with a “conservative” estimated value of the house at $550,000, pending a property appraisal.

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Housing Wire

JANUARY 20, 2022

And they question the power of The Appraisal Foundation , a private, nonprofit group that has become the de facto maker of appraiser qualification standards. The report was released as the Biden administration’s task force on appraisals – Property Appraisal and Valuation Equity , or PAVE – has yet to make their own recommendations.

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Clear Capital

MARCH 4, 2022

The mortgage industry is on its way to modernizing the appraisal process. In early February, Fannie Mae and Freddie Mac, the government-sponsored entities (GSEs), incorporated desktop appraisals into their Selling Guides beginning in March 2022. How to take advantage of desktop appraisals. or its subsidiaries.

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Appraisal Today

NOVEMBER 20, 2022

FNMA indicates that their 2022 lending volume is down 47% from 2021 and is expected to drop by another 50% in 2023. So, it’s pretty safe to state that the “appraiser shortage” of yesteryear is over, and reviewers now have more time on their hands. How to Avoid and Respond to Appraisal Board Complaints. What’s happening now.

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Clear Capital

JUNE 21, 2022

When Freddie Mac published the study, “ Discovery of Racial and Ethnic Valuation Gaps In Home Purchase Appraisals ” in late 2021, its conclusion, “that Black and Latino applicants receive lower appraisal values than the contract price more often than White applicants,” sent shockwaves through the mortgage industry.

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Housing Wire

MAY 27, 2022

Likewise, a 2021 Freddie Mac study of more than 12 million appraisals dating back to 2015 found that appraisers’ opinions of value were more likely to fall below the contract price in Black and Latino census tracts. Some researchers point to appraisal methodology as a culprit.

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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. Fannie Mae also included efforts to “modernize” appraisals in its equity plans.

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Clear Capital

JANUARY 5, 2023

She is not alone in addressing bias in appraisals and housing. Last year, President Joe Biden established the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), which delivered an action report in early 2022 that described the extent, causes and consequences of misevaluation and undervaluation of properties.

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Housing Wire

FEBRUARY 7, 2022

As some independent mortgage banks have found out, a modern-day redlining allegation does not need to prove intentionality. Part of its effort to modernize its outdated technology systems, the FHA Catalyst program, hit a snag last year. FHA has had gaps in loss-mitigation oversight of servicers it approved.

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