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FHA borrowers hit first, hardest by sinking economy

Housing Wire

In recent months, the canary has been chirping with far less exuberance as inflation (now above 7% annualized ), rising mortg a ge rates , declining home values and the potential of faster-rising unemployment spurred on by a potential recession in the coming year all grip the FHA sector. FHA Commissioner Julia Gordon.

Insurance 496
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ROV (Reconsideration of Value) Changes – FHA and GSEs

Appraisal Today

New FHA ROV Policy By Dave Towne, May 3, 2024 Excerpts: Up until recently, there has never been a standardized policy for mortgage loan related Reconsideration of Value (ROV) requests after an appraisal has been submitted. These requirements also recognize the importance of the Borrower having the knowledge and opportunity to request an ROV.”

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Appraisal Institute Counters Flawed Appraiser Bias Narrative

Appraisal Today

Appraisal Institute Counters Flawed Appraiser Bias Narrative Excerpts: In reality, appraisers have a great story to tell, but we have a long way to go to refocus the terribly flawed “appraiser bias” narrative onto facts and science. In fact, appraisers’ discipline protects homebuyers and the industry from irrational biases.

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NAR Member Survey on Appraisal Data Collectors

Appraisal Today

NAR Member Survey on Data Collectors Excerpts: In May 2023, NAR surveyed its members pertaining to data collectors in the appraisal process. Fifty-one percent of respondents expressed safety concerns with the data collection process. I was surprised at how negative they were. Here are a few of the many survey results.

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Data Collectors: Appraisers vs. Uber Drivers

Appraisal Today

Fannie Mae will end up creating more instability for the trillions in the bond market – investors will have to process millions of valuations with the physical attributes of the home collected by unlicensed, uninsured, and unprepared individuals getting paid $10-$25 per inspection. This is the future of GSE using appraisers.

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FHA: Cosmetic vs. MPR Repairs

Appraisal Today

Cosmetic repairs Examples MPR repairs Examples Conditions that require inspection Examples To read more, click here My comments: If you do FHA appraisals, read this blog post. Is Washington DC’s Most Expensive Home Excerpts: Completed in 1881, the 23,600-square-foot mansion is divided among commercial spaces on the first two floors.

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Expectations for 2023 in Seattle/King County Real Estate

Will Springer Realtor

Sellers, meantime, could put nearly any home on the market and expect a reaction of irrational exuberance from financially sound consumers submitting high-priced offers without buyer-favorable contingencies. In its place, rising everything – home prices, mortgage rates and inflation (Why are eggs so expensive? What’s next?