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How AI will transform the mortgage and appraisal industries

Housing Wire

Every business is on the brink of significant transformation driven by the potential of Artificial Intelligence (AI) and workflow automation, and the mortgage industry is no exception. HousingWire spoke with Gareth Borcherds , managing director at Ascent Software Group about how AI is speeding up processes in the mortgage industry.

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HUD, GSEs to Allow Consumers to Seek Reconsideration of Appraisal Valuations

Appraisal Buzz

Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), and government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are now allowing home appraisals to get a second look when bias is suspected in the appraisal process.

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The Home Appraisal Process: How It Can Impact Your Mortgage Payment

Realtor

-Oxford-/iStock The home appraisal process is just a formality when buying real estate, right? If you’ve applied for a mortgage, your home-to-be still has to undergo a comprehensive appraisal of its worth—and an unfavorable home appraisal can kill a real estate deal. Sorry, not yet.

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The Home Appraisal Process: How It Can Impact Your Mortgage Payment

Realtor

-Oxford-/iStock The home appraisal process is just a formality when buying real estate, right? If you’ve applied for a mortgage, your home-to-be still has to undergo a comprehensive appraisal of its worth—and an unfavorable home appraisal can kill a real estate deal. Sorry, not yet.

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Fannie Mae: Appraisals are no longer the default option

Housing Wire

For the new value acceptance plus property data option, third parties are authorized to do that collection at the property site as long as lenders verify that they have a background check, have been “professionally trained” and are competent to do that collection. This data can only be submitted through the Property Data API.

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Overcoming 2023’s biggest appraisal challenges

Housing Wire

The GSEs have looked at the demand side and tried to reduce the number of mortgages that require a full appraisal or require an appraisal that takes less time from the appraiser. HW: What are the biggest appraisal challenges you foresee in the coming year, and how can they be mitigated?

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Fannie Mae approves six vendors for controversial new valuation initiative

Housing Wire

Those options include value acceptance – formerly known as appraisal waivers – as well as “value acceptance plus property data and hybrid appraisals.” This is a standardized data collection done at the property, which brings objective, transparent data into the whole process,” he said. “I

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