Appraisal Today

APRIL 5, 2024

Why an Organized Workfile is Your Best Defense By Craig Capilla Excerpts: We all know that the Uniform Standards of Professional Appraisal Practice (USPAP) set the baseline for what must be included in a workfile. Still, all too many appraisers seek only to meet that minimum standard and little more. Newer appraisers are lucky.

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Housing Wire

JANUARY 12, 2023

Department of Housing and Urban Development (HUD) has begun developing a process for borrowers seeking Federal Housing Administration (FHA) financing to request an appraisal review when they suspect racial bias. . “We In addition, new cases regarding racial bias on appraisals became public over the last year.

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Reconsideration of Value Development Appraisal Valuation 382

Housing Wire

MARCH 23, 2022

The Department of Housing and Urban Development ’s long-awaited action plan on appraisal bias outlines administrative actions the federal government will quickly take to address mis-valuations. But the report fails to offer a clear plan to release appraisal data from the government sponsored enterprises.

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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. Also, underwriters should be trained to identify and remedy appraisal deficiencies, including racial and ethnic bias.

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Housing Wire

MARCH 9, 2021

The Department of Housing and Urban Development (HUD) has announced that JPMorgan Chase has come to an agreement with a Black homeowner who claimed the bank’s mortgage division – relying on a valuation done by an appraiser – valued her home at an amount lower than its actual worth because of her race.

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Housing Wire

JUNE 2, 2023

Today, I’m proud to announce we are developing a rule that will require that financial institutions ensure that their appraisal algorithms are not biased, for example, that they do not produce lower valuations for homes owned by people of color,” Harris said Thursday in a call with reporters.

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McKissock

DECEMBER 28, 2021

Appraisers recently contacted by McKissock tend to agree that the profession will go generally well in 2022, with no major changes to the real estate market and no events on the horizon that could seriously upset appraisers’ business. Desktop appraisals, with information provided by third-party hirelings, may increase.

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Appraisal Reconsideration of Value Real Estate Property Appraisal 96

Cleveland Appraisal Blog

MARCH 30, 2021

Within the past couple of weeks, I have appraised several properties for purchases, where my opinion of the market value of these homes was significantly below the contract price. When an appraiser’s opinion of value is below the contract price, that’s when the carping begins. They just look at the number. .

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Housing Market Marketing Reconsideration of Value Contracts 367

Housing Wire

MAY 1, 2024

Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) announced a new policy on Wednesday that will enable mortgage borrowers to “request a re-assessment of the appraised value of their property if they believe that the appraisal was inaccurate or biased,” according to an announcement from HUD.

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Reconsideration of Value Appraisal Valuation Realtors 440

Housing Wire

NOVEMBER 30, 2021

And the appraisal process is no exception. 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. The appraisal gap for properties in Latino neighborhoods can be even worse, going as high as 9.4%.

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Housing Wire

MARCH 24, 2022

The lack of appraisal data from the government sponsored enterprises took center stage at a Senate Banking Committee hearing Thursday on appraisal bias. Tina Smith, both Democrats, also piled on to support making appraisal data public. Fannie Mae and Freddie Mac referred requests to comment to the Federal Housing Finance Agency.

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