Housing Wire

APRIL 13, 2021

Jay Garrett, a loan officer at Supreme Lending ’s McClellan Branch in Austin, said he is seeing 10 to 40 offers on houses no matter where they are in Austin, and cash offers are winning the day because sellers don’t want to have to worry about the house appraising too low for someone who needs financing.

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Housing Market Buyers Marketing Real Estate Agent 531

Housing Wire

AUGUST 7, 2023

Real estate still relies on a “system” unable to integrate production across the silos of media, brokerage, lending, insurance and trading. Lenders began to define the “trust model” of standards, contracts and shared services necessary to achieve cross industry interoperability.

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Real Estate Supply Chain Architecture Brokerage 329

Housing Wire

JULY 12, 2022

Dubbed “Lock & Shop,” the product, rolled out in mid-June, has two terms: the 75-day lock, which gives borrowers 45 days to shop and 30 days to close the contract; or the 90-day lock, giving customers 60 days to find a home and 30 days to complete the contract. . The product also allows a one-time float down if rates decline.

Mortgage 364

Mortgage Contracts Valuation Marketing 364

Appraisal Buzz

JUNE 7, 2021

Certain states require AMC staff to receive training to ensure they understand valuation independence regulations as well as other statutory requirements. Josh : I am a compliance and valuation consultant based in Colorado. Can’t make the time? Register to receive the full recording in your inbox as soon as it’s over!

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Training Reconsideration of Value Valuation Clients 366

Housing Wire

JUNE 11, 2021

An appraisal is a valuation of a property by a third party. If the appraised value ends up matching or is higher than the contract price, the transaction can continue as planned. Should the appraisal come in lower than the contract price, the closing process may be impacted. The buyer typically covers the cost of the appraisal.

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Inspection Appraisal Appraisal Process Buyers 420

Clear Capital

JULY 26, 2022

Automated valuation models (AVMs) are a cost-and-time-efficient solution for valuing lower-risk properties in home equity lending, portfolio valuation, pre-valuation decisions, and more. Simply put, you want to know if you’re working with a marketing-grade or lending-grade AVM.

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Valuation Lending Tools Real Estate 69

Housing Wire

SEPTEMBER 7, 2023

For most real estate agents, working with a reliable lending partner is essential to a smooth and successful transaction. Finding reliable lending partners takes time and some trial and error, but once established is often the lifeblood of LOs. Bank Home Mortgage and Planet Home Lending declined to comment.

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Buyers Agents Loan Officers Real Estate 375

McKissock

MARCH 2, 2021

Here are five excellent resources offered by McKissock Learning—including a Pro-Series webinar on Wednesday, March 17, 2021, “ The Market Value Doesn’t Support the Contract Price, Now What? ”. Webinar: The Market Value Doesn’t Support the Contract Price, Now What? Sign up now. Blog post: 9 Ways to Handle Appraisal Pressure.

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Appraisal Contracts Market Value Clients 103

Birmingham Appraisal

AUGUST 23, 2023

Understanding the Roles: Agents and Appraisers: Real estate agents bring their expertise in marketing and negotiations, while appraisers provide impartial and accurate property valuations. Navigating Complex Properties: In cases of unique or complex properties, agents and appraisers collaborate to ensure accurate valuations.

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Agents Appraisal Valuation Appraisal Process 85

Town & Country Residential Appraisals

JULY 24, 2023

Think of it as a comprehensive quality check for property valuation. Here are some reasons one might want to contract an appraiser to review another appraisers report: Quality Assurance : Appraisal reviews help identify errors, inconsistencies, or omissions in the original appraisal report.

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Appraisal Valuation Legal Contracts 56

Clear Capital

JUNE 21, 2022

When Freddie Mac published the study, “ Discovery of Racial and Ethnic Valuation Gaps In Home Purchase Appraisals ” in late 2021, its conclusion, “that Black and Latino applicants receive lower appraisal values than the contract price more often than White applicants,” sent shockwaves through the mortgage industry. Valuation Equity.

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Valuation Technology Lending Real Estate 69

Appraisal Buzz

MAY 17, 2021

This left the appraiser wide-open to being a target of “a series of errors” that affected the credibility of the valuation results. Almost daily, there is some story on social media about being “turned in” to the state by a disgruntled agent, buyer, or seller for appraising a property below the contract price. We analyze and report.

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Appraisal Clients Real Estate Sellers 418

McKissock

JANUARY 6, 2023

There are appraisal jobs available in the lending sector, such as staff appraisers, review appraisers, fee panel managers, and with experience and time on the job, chief appraiser and valuation compliance officer jobs can be found. They all handle land and building acquisitions and dispositions, as well as condemnation valuations.

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Appraisal Training Lending Land Management 74

Housing Wire

APRIL 6, 2021

How hybrid title and valuations help increase lending efficiency. For example, one client had a home under contract for $983,000 and the list/appraised value was just $900,000, the LO said. She recently had a deal fall apart due to appraisal. Streamline by combining services. Presented by: Altisource. million and sell for $2.03

Appraisal 538

Appraisal Reconsideration of Value Real Estate Agent Sellers 538

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. There is just not much out there to buy.

Housing Market 368

Housing Market Marketing Reconsideration of Value Contracts 368

Housing Wire

FEBRUARY 12, 2021

The contract that they drafted has terms on them. UWM, which works with over 11,000 mortgage brokers, went public last month at a valuation of $16.1 “They’ve got contractual obligations just like everyone else has,” Scott Glovsky, the plaintiffs’ attorney, told HousingWire in December. They’re required to comply.”.

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Mortgage Brokerage Law Contracts 253

Simonson Real Estate

JULY 10, 2020

The appraiser’s role is to provide arm’s length, third-party, neutral, and impartial opinions about the value of real property and provide assistance to those who own, manage, sell, invest in, or lend money on real estate. Examples: A building owner has a single lease or multiple leases with tenants.

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Appraisal Process Appraisal Market Value Tenants 148

Appraisal Today

MARCH 15, 2024

Unlike the standardized expectations of urban and suburban properties, rural properties often present unique characteristics that require a nuanced approach to valuation. It is not hard to learn the valuation factors. In previous downturns, such as during the 2008 recession, there were many foreclosures due to bad lending.

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Appraisal Inspection Modernization Business 69

Birmingham Appraisal

FEBRUARY 20, 2024

It’s important to understand that collaboration does not mean that both parties must work together so that the deal closes at the contract price no matter what. The lender then obtains an appraisal to make sure that the property they are lending on, which is the collateral for the loan, is worth what they are paying for it.

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Agents Appraisal Real Estate Agent Bracketing 89

Birmingham Appraisal

FEBRUARY 8, 2023

Not really, and today I’m going to explain the differences between several different types of appraisals that could mean the difference between a home appraising for contract price or not. For the record, I will state that the goal of every appraisal is to estimate the market value of a home, usually for lending purposes.

Realtors 80

Realtors Appraisal Market Value Real Estate Agent 80

Annarbor Appraisal

SEPTEMBER 6, 2020

The appraisal is for their benefit, but at the same time, the appraiser needs to complete a fair and supportable valuation. When a sale is involved, the valuation may be lower than contracted price. Sometimes there are sales that were showing as under contract as of the effective date of the appraisal that had closed.

Mortgage Appraisal 78

Mortgage Appraisal Appraisal Mortgage Reconsideration of Value 78

Appraisal Today

SEPTEMBER 15, 2023

This typically happens when an appraiser turns in an appraisal with an appraised value opinion lower than the sale contract price. Richard Hagar, SRA, has a good book on Dave Towne’s comments (and many other client issues): For more info click here == Private money lending – no UAD, computer “reviews”, low fees, etc.

Appraisal 82

Appraisal Real Estate Agent Contracts Real Estate 82

Simonson Real Estate

DECEMBER 6, 2022

Having worked with many different lending institutions completing new construction and planned renovation assignments, think of this article as a “best practices” reference to be shared with new lenders, credit analyst team members and borrowers navigating the commercial appraisal process for the first time.

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Appraisal Process Real Estate Appraisal Renovations 78

Padove Appraisal Service

JANUARY 11, 2019

The mortgage industry has repeatedly attempted to eliminate the requirement for a home appraisal in the lending process. Most attempts to remove the appraisal requirement have included use of an automated valuation model (AVM). In short, any reliable valuation of a home requires the expertise of a local appraiser.

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Appraisal Inspection Buyers Valuation 78

Appraisal Today

FEBRUARY 9, 2024

His law practice is dedicated to valuation issues. Back in the day, this protected the lender from lending more than the home/property is worth. MORTGAGE LENDING IS VERY, VERY CYCLICAL. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 6.80

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Appraisal Contracts Insurance Construction 80

Appraisal Today

APRIL 19, 2024

For too long, appraisers have faced sweeping claims that their valuations are biased against certain groups, despite appraisers’ ethical standards, rigorous training, and lack of financial stake in transactions. In his private practice, Durbin focuses on complex residential valuation challenges. He has been around for a long time.

Appraisal 68

Appraisal Contracts Valuation Design 68

Town & Country Residential Appraisals

SEPTEMBER 26, 2022

Most people know that appraisals need to be completed for lending purposes. But did you know there are a number of other reasons you should be contracting an appraiser to perform a professional valuation on your property? We would be more than happy to help you with all of your real estate valuation needs.

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Appraisal Renovations Real Estate Valuation 50

D Fritz Appraisals

MARCH 16, 2021

Be Prepared for an Appraisal for a Positive Impact on Your Home’s Valuation. It takes the home itself, the neighbourhood and the available historical data into account to determine the most accurate valuation. Things like cracked tiles, broken fixtures or an outdated countertop can add up to thousands less in your home valuation.

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Appraisal HOA Easement Valuation 126

Housing Wire

MAY 2, 2024

Ben Hunsaker, a Beach Point Capital Management portfolio manager who is focused on securitized credit, said that during the past year, nonqualified mortgage (non-QM) AAA bond spreads have actually contracted from 155 to 135, while agency mortgage-backed securities (MBS) spreads have widened from about 118 to 134 over the same period.

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Marketing Mortgage Investors Sellers 365

Appraisal Today

APRIL 14, 2023

Our opinions are sought for work as varied as bankruptcy, estate, charitable contributions, pre-listing, before-and-after valuation, among other reasons. If our business revolves around mortgage lending, we are used to dealing with clients who have a certain level of sophistication. Worth reading.

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Appraisal Bracketing Contracts Valuation 52

Appraisal Today

APRIL 12, 2024

Retrospective appraisals, drive-by (exterior inspection) appraisals, and valuations from plans and specifications, are all valuation assignments where an appraiser develops an appraisal opinion without personally inspecting the property. But if for lending, it might be rejected on review by GSE computers or humans.

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Appraisal Construction Contracts Architecture 77

Appraisal Today

MAY 26, 2023

Some appraisers feel that lenders should not provide them with the purchase and sale contract. Then that contract does not serve to color, cloud, or otherwise bias a value opinion. Appraisers analyze the purchase and sale contract to amass and verify data to have detailed data to use in the analytics of future assignments.

Easement 52

Easement Contracts Appraisal Inspection 52

Appraisal Today

SEPTEMBER 29, 2023

Some appraisers, a true minority, have been able to transition to private, non-mortgage-lending appraisal work, but that’s not as easy as some advocate. And many appraisers who only know how to do mortgage lending assignments are reluctant to market themselves outside that confined space. The GSEs started keeping track in 71.

Insurance 79

Insurance Appraisal Contracts Mortgage 79

Appraisal Today

AUGUST 5, 2022

Excerpts from the Summary: On August 1, 2022, the Veterans Affairs released Circular 26-22-13 announcing new procedures for alternative valuation methods, effective immediately. Fannie: Learn how valuation modernization is changing collateral underwriting – Video, 1 hour, 23 minutes. VA Approves Desktops and Exterior-Only Appraisals.

Appraisal 59

Appraisal Valuation Contracts Modernization 59

Appraisal Today

FEBRUARY 24, 2023

AMCs had taken over the mortgage-lending work. Under-Valuations Unrelated to Racial Bias Exploring Alternative Explanations for Appraisal Under-Valuation A critique of FHFA, Brookings, and Freddie Mac reports on Racial Bias. They also fail to note the size of these under-valuations. Or hit the reply button.

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Appraisal Architecture Valuation Business 52

Appraisal Today

MAY 10, 2024

This is the statement in the HUD/FHA ML-2024-07: “This included guidance to improve the established process by which FHA program participants may request an ROV if the initial valuation is lower than expected.” In more recent downturns, such as during the 2008 recession, many foreclosures were due to bad lending. Was it the borrower?

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Reconsideration of Value Appraisal Real Estate Insurance 73

Housing Wire

DECEMBER 20, 2021

According to the Federal Housing Administration, their share of lending to Black borrowers is around 17%, compared to 6% for the rest of the mortgage market. These contracts lack protections that accompany mortgages, such as forbearance plans and foreclosure procedures. “We Wilen, for example, has an outstanding balance as of Sept.

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Mortgage Government Contracts Insurance 323