Chuck Norris eats 7% mortgage rates for breakfast

Sacramento Appraisal Blog

The post Chuck Norris eats 7% mortgage rates for breakfast first appeared on Sacramento Appraisal Blog | Real Estate Appraiser. Housing trends are changing by the week, and it’s time to start believing the Fed when they talk about resetting the housing market.

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Mortgage Fraud in the Appraisal Industry

Appraisal Buzz

In today’s Buzzcast, we dive into mortgage fraud within the industry. How exactly are appraisers seeing fraud in the current market? Become an Appraisal Buzz Premium Member and comment below or email comments@appraisalbuzz.com.

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House passes bill to modernize VA appraisals

Housing Wire

House of Representatives this week passed a bill that streamlines the appraisal process for U.S. Department of Veterans Affairs mortgage loans. Mike Bost of Illinois, should make veterans more competitive homebuyers, the Mortgage Bankers Association said. The U.S.

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Modernizing Appraisals: Collaborative Valuation

Appraisal Buzz

This article was originally published in the Fall 2021 Appraisal Buzz Magazine here. Our profession has been abuzz the last year or two with regards to the GSEs being mandated to modernize the appraisal profession. From there it is assigned to the appraiser, and the team.

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Appraisers: Pay Attention to Policy

Appraisal Buzz

Local, State, and Federal policy can play a significant role in an appraiser’s business – it is important to stay informed about what is happening around us. Most appraisers have been busier than ever over the past year and may be struggling to keep up with deadlines.

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The Role of Appraisal Review in the Risk System – Appraisal Revisions

Appraisal Buzz

This is part three of a three part series on appraisal review – Read parts one and two. When interacting with executive managers, I am often posed with the following question “How do you know when you are looking at a “good” appraisal?” Appraisers know there are multiple story lines to be told in an appraisal, story lines driven by facts and story lines driven by judgment and expertise as practicing professionals. The Recent History of Appraisal Revisions.

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Five Common Issues Found in Appraisal Reports

Appraisal Buzz

Appraisals for mortgage finance transactions are subject to many levels of scrutiny and review. Post submission of an appraisal report ordered by an AMC for lending purposes, a quality control check of the report will be completed.

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Appraiser-Controlled Desktop and Remote Valuations

Appraisal Buzz

Now that the GSEs have approved desktop valuations for purchase, appraisers need a way to collect trustworthy, verifiable data while also submitting floor plans on reports! Learn about all of the features in RemoteVal – a free inspection app for appraisers.

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UWM appraisal shakeup makes small splash

Housing Wire

United Wholesale Mortgage (UWM) announced late last year that it would turn the appraisal space on its head by launching an in-house appraisal program. Even if it has not made quite the outsized impact UWM said it would, appraisers mostly like the wholesaler’s new program.

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The Mortgage Industry and Secondary Markets

Appraisal Buzz

We sat down with Rob and Joan Trice, Founder of Allterra Group, LLC, to discuss secondary markets and the mortgage industry. What do capital markets and appraisers think about the appraisal waiver? Today’s Buzzcast interview is with Rob Chrisman, owner of The Chrisman Report.

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Who Moved My Appraisal Cheese?

Appraisal Buzz

As an appraiser, I cannot help but make the connection between the characters in the book and appraisers. Complainers like Hem and Haw are abundant in the appraisal world. They are the most vocal amongst us appraisers. Appraisers that are willing to swim upstream and are willing to adapt to change are the survivors of our industry. Most of the appraisers that identify with Scurry and Sniff, that’s who! Mortgage applications have dropped.

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Incenter Appraisal Management Offers RemoteValTM Remote/Desktop Appraisals on a Self-Serve Basis

Appraisal Buzz

Appraisers Can Complete Virtual Inspections Independently, Be Their Own Bosses, and Prepare for a Digital Future. Appraisers will now be able to register for full access to RemoteVal for both desktop and hybrid assignments at remoteval.net. About Incenter Appraisal Management.

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Role Play: Appraisers and their Intended Uses

Appraisal Buzz

Tell someone that you’re a professional fee appraiser and most folks won’t have any idea what that really means. In truth, human appraisers fill two vitally important roles today, (1) we collect information and (2) we analyze it so it can be presented to our clients.

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An Opportunity to Change the Appraisal Industry

Appraisal Buzz

Fannie and Freddie are slowly rolling back some of the COVID-era regulations that have facilitated getting appraisals done during the pandemic. This would mean using technology backed by an experienced, licensed appraiser to solve a real problem and make turn times much faster.

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Things to Love (and Hate) About Appraising

Appraisal Buzz

Is there a career with more inherent paradoxes than real estate appraising? Every appraisal decision we come to requires lots of verified data – but also our intuition and opinions. To be a real estate appraiser is to live with these strange contradictions every day. This is my favorite thing about being an appraiser. Heck, I love to measure any property, and I’m forever grateful to the appraisal profession for introducing me to laser measuring devices.

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The hybrid appraisal is here. Who benefits?

Housing Wire

Luke Tomaszewski, an appraiser doing home inspections in the aftermath of the housing bust, was traveling as much as an hour across Chicago just to snap exterior photos of bank-owned properties. It’s a model in stark contrast to that of inspections for traditional appraisals.

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Lenders see appraisal modernization as a top priority

Housing Wire

A Fannie Mae survey published in mid-May found that mortgage lenders see value in appraisal modernization, specifically in the implementation of non-traditional appraisals and inspection-based appraisal waivers. Implementing desktop appraisals would help alleviate this.

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Settling on a New Normal for Appraisals in 2022

Appraisal Buzz

There’s too little supply and too high a demand, a predicament that’s disrupted the housing and appraisal industries. Beginning in January 2020, 7% of purchase transactions had a contract price above the appraisal value. Looking to a New Normal for the Appraisal Industry.

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Appraisers slam FHFA appraisal blog post

Housing Wire

Research detailing overt demographic references in appraisal reports has sparked anger from appraisers, even as they express dismay at the findings. “I Petersburg, Florida-based appraiser Francois “Frank” Gregoire. “I What was the score on these appraisals?

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Cybersecurity Concerns Appraisers Should Know

Appraisal Buzz

This includes sectors like home appraisals, which might not put a lot of focus on cybersecurity. What cybersecurity concerns should home appraisers be aware of? Why is this such a big deal for appraisals? Protecting Yourself and Your Appraisal Business.

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The New Appraisal Buzz Forum is Here

Appraisal Buzz

Appraisers are paid for their opinion. Their opinions are one of the most important parts of the mortgage industry. Because of that, we’ve modified the Appraisal Buzz website to give appraisers a playground for open discussion.

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VA now accepting desktop and exterior-only appraisals

Housing Wire

The Department of Veterans’ Affairs announced last week that it would allow desktop and exterior-only appraisals for some transactions. Lenders had better be sure that an alternative appraisal is appropriate when requesting one for a property.

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Oakland homeowner alleges appraiser bias

Housing Wire

Cora Robinson, who is Black, claims that appraiser Thomas Kearney violated the Fair Housing Act by undervaluing her home by over $400,000. Robinson also names as a defendant Class Valuation , an appraisal management company.

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How Tech is Working on the Solution to the Appraiser Shortage 

Appraisal Buzz

The shortage of appraisers within the industry has been well publicized recently and no doubt plenty of you reading this article have experienced the impact of this shortage first hand. According to the Appraiser Institute , more than 10,000 appraisers have left the industry since 2013.

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Bracing for Impact: Navigating Accusations of Bias in Appraising

Appraisal Buzz

This article was originally published in the Fall 2021 Appraisal Buzz Magazine here. As a black appraiser responsible for collateral risk at a mortgage bank, racial bias in appraising claws at me from every direction.

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FHFA extends relaxed appraisal, lending standards

Housing Wire

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 post FHFA extends relaxed appraisal, lending standards appeared first on HousingWire.

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FHFA to make desktop appraisals permanent

Housing Wire

Desktop appraisals, a temporary flexibility implemented in March 2020 to keep the mortgage industry afloat amid lockdowns and social distancing, will become permanent, the Federal Housing Finance Agency said today. How do remote valuation solutions benefit appraisers?

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The Fall 2022 Appraisal Buzz Magazine is Here!

Appraisal Buzz

The latest edition of Appraisal Buzz Magazine is here! We have articles to help appraisers, AMCs, and lenders grow in every aspect of their business. The Appraiser Town Hall Panel covers a variety of topics. Want to steer clear of a complaint with your Appraisal Board?

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Appraisal firm, loanDepot sued by Black couple for bias

Housing Wire

A Maryland couple is suing appraisal firm 20/20 Valuations , its appraiser and mortgage lender loanDepot after their home was appraised at a far lower value than it was a few months later when they removed indications that a Black family lived there.

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Home prices & mortgage rates are soaring

Sacramento Appraisal Blog

And what are rising mortgage rates going to do to the housing market? There are lots of big questions in life. Are you playing Wordle? Did you like the Super Bowl halftime show? Let’s talk about this. Okay, really quick. Yes, I play Wordle almost every day.

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All Risk, No Reward? For Appraisers, a Question Worth Asking

Appraisal Buzz

We live in unprecedented times regarding appraiser scrutiny. Fannie Mae and Freddie Mac review appraisals using Collateral Underwriter and Automated Collateral Evaluation. State boards field complaints about appraisals, often when appraised value is below sales contract price.

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Proposed VA appraisal law looks to even the playing field

Housing Wire

A piece of legislation introduced in the Senate in mid-May could streamline the appraisal process for VA loans. Currently, all VA appraisals must be performed in-house. In March 2022 , the Federal Housing Finance Agency (FHFA) made hybrid appraisals a permanent fixture.

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CFPB’s Chopra has answers on appraisals, mortgage servicers, credit scoring

Housing Wire

Chopra said the CFPB would still be watching mortgage servicers, as it has repeatedly promised, to make sure they are not “cutting corners.” In warnings to the sector, the CFPB has told mortgage servicers it will not be giving them lenient treatment.

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Deephaven Mortgage and Incenter Appraisal Management Join Forces to Give Non-QM Brokers a Competitive Edge

Appraisal Buzz

December 16, 2021 — Deephaven Mortgage today announced an alliance with Incenter Appraisal Management to give Non-Agency/Non-QM brokers a new competitive advantage by offering remote appraisal services for Deephaven’s loans. About Incenter Appraisal Management.

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California couple sues appraiser for race discrimination

Housing Wire

A San Rafael, California real estate appraiser is being sued for allegedly undervaluing a home by almost 50% because the homeowners are Black. Miller of Miller & Perotti Real Estate Appraisal and AMC Links LLC , an appraisal management company headquartered in Lehi, Utah.

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Appraisal coalition pledges to combat bias and discrimination

Housing Wire

The Appraisal Institute , American Society of Appraisers , American Society of Farm Managers and Rural Appraisers , and the Massachusetts Board of Real Estate Appraisers announced a concerted effort to combat unconscious bias and discrimination in a release on Friday.

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Desktop appraisal option to start in March

Housing Wire

Desktop appraisals will become an option for some agency-backed loans submitted after March 19. In addition to those specific exclusions, a desktop appraisal may not be used if Fannie Mae’s automated underwriting system, Desktop Underwriter, flags it as “ineligible.”.

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Appraiser Miller Wins

Appraisers Blog

Appraiser Miller wins important claim in racial discrimination lawsuit. Judge ruled Plaintiffs did not rely on Miller’s appraisal. The post Appraiser Miller Wins appeared on Appraisers Blogs. The other claims continue but this was an important claim.

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ASC Blaming Appraisers

Appraiserblogs

The Appraisal Subcommittee, because they were directed to do so, has produced a report, which frankly and explicitly lays the blame for low market values of homes in ‘communities of color’ directly at the feet of independent appraisers involved with mortgage lending.

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Tomo launches solution for the dreaded appraisal gap

Housing Wire

For the past two years appraisal gap clauses have been de rigueur in many markets , much to the disdain of frustrated homebuyers. Mortgage startup Tomo feels, however, that it has a solution. On Wednesday, the firm launched Tomo Appraisal Coverage.

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