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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. . Several states are considering, or have passed, legislation requiring appraisers to take several hours of bias and fair lending training for each license renewal cycle.

Appraisal 393
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A loan officer’s ultimate guide to appraisal modernization

Housing Wire

However, a year after the GSEs announced new appraisal modernization solutions, as they’re more widely adopted, questions arise. A look into GSE appraisal modernization efforts The GSEs have each offered appraisal waivers on eligible loans for several years. A trained and vetted third party can perform the data collection.

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Will AI solve the problem of appraisal bias?

Housing Wire

Accurately establishing a home’s value is not just an important factor in real estate transactions and mortgage lending, it is integral to household wealth creation, as homeownership continues to be one of the primary pathways for Americans to build wealth. This type of bias impacts the value of all homes in that area.

Appraisal 473
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Appraising Historical Homes

Appraisal Today

Historical Properties and Their Unique Appraisal Approaches Excerpts: Appraising historical properties involves a complex interplay of factors, making it a specialized field within real estate valuation. However, these restrictions may also limit modifications, potentially affecting the property’s market appeal. Worth reading.

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Are Home Buyers Regretting Their Purchase?

Cleveland Appraisal Blog

Satellite imagery is a fantastic tool that can help see what is around a property. Additionally, smells cannot be detected with online tools. I’ve appraised many thousands of homes over the years. They are trained to catch things that most people might miss. HOME VALUES AND OVER-PAYING.

Buyers 243
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Why Agents Should Share Their CMA With The Appraiser

Birmingham Appraisal

Appraiser and Agent Collaboration is a Good Thing The importance of collaboration between real estate agents and appraisers can be a touchy subject. On one hand, the real estate agent’s main goal is to advocate for their client while the appraiser must be an impartial and non-biased third party.

Agents 89
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How reverse mortgages could improve financial stability for older homeowners

Housing Wire

Also, an independent appraisal during the loan process locks in the property’s market value at the time the reverse mortgage loan is funded. In fact, many financial researchers and scholars have identified it as a strategic tool that should be considered part of a holistic financial strategy for retirement.

Mortgage 392