February, 2022

Freddie Mac rolls out direct deposit income verification

Housing Wire

Potential homebuyers seeking Freddie Mac -backed mortgages will no longer have to hunt for paper pay stubs to verify their income. Freddie Mac announced on Wednesday that it will roll out an automated process that allows mortgage lenders to assess a prospective homebuyer’s direct deposit income.

The Digital Transformation of Appraisal Data

Appraisal Buzz

“We tend to overestimate the effect of a technology in the short term and underestimate the effect in the long term.” This is the little-known Law of Amara that describes how we perceive the impact of new technology on our lives.

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The anatomy of doom & gloom real estate articles

Sacramento Appraisal Blog

The market is going to crash. This time it’s going to be even worse. Have you been seeing more doom and gloom housing headlines? I sure have. This week I’ve had quite a few articles emailed to me. What do you think of this one? What do stats actually show? What do I say to […].

How to Move and Start a Home Business – Yes, at the Same Time

Cleveland Appraisal Blog

Hello everyone! Home businesses are becoming more common these days. This week, I welcome back guest blogger June Duncan, who wrote this article for the Cleveland Appraisal Blog. I hope you enjoy her great tips on moving and starting a home business!

1004MC or 1004 ANSI?

George Dell

The 1004MC “market conditions” appraisal addendum was created by Fannie Mae and Freddie Mac to require a form-based market analysis. This added to the traditional practice to collect a handful of ‘comps’ to opine and foretell market price. There are problems and unintended consequences.

A Contract is Born

The Appraiser Coach

What makes a contract a contract? Is it the legal prose, the professional typesetting, or the date across the top? I’m no lawyer, but my mentor once told me that. Read More.

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A View on Risk: Desktop Appraisals

Appraisal Buzz

It appears the FHFA is making good on their promise. Fannie Mae announced on January 19, 2022 that they will be accepting desktop appraisals for eligible loan transactions.

Housing market tears & price pressure

Sacramento Appraisal Blog

Do you smell that? It’s price growth. The market is rising, which is normal for January. But this year it feels extra aggressive. Let’s talk about it. Scroll quickly or digest slowly.

What Kind of Appraisal Support Do You Want?

Cleveland Appraisal Blog

Several years ago, before the pandemic, I signed up for the Cleveland Half Marathon. Well, the pandemic struck the spring of the marathon. I was given the option to postpone my run for a couple of years. So, I did.

Why Universal Standards?

George Dell

Some form of Universal Valuation Standards (UVS)© appears to be one way to resolve the multiple issues we see today. Our most recent series focused on the obsolescence of the traditional appraisal process.

Baby Steps

The Appraiser Coach

Every Sunday evening at 8 pm I get a notification on my phone that says “Don’t forget your big 3!” What are the big 3? The big 3 are weekly. Read More.

Ukraine conflict could lead to lower mortgage rates in short-term

Housing Wire

Stocks fell Thursday as Russian troops launched a full-scale attack in Ukraine, and at least in the short-term, the turmoil could lower mortgage rates in the U.S. During large-scale disruptions, investors often flee to safer options, such as U.S. Treasury notes, bonds and mortgage-backed securities.

Number of Pending Sales and Newly Listed Homes Rose, Redfin Observes

Appraisal Buzz

The number of newly listed homes for sale during the four weeks ending February 20 was down just 2% year over year, according to a new report from Redfin. That’s the smallest decline since mid-November. More new listings were met with hearty demand.

Home prices & mortgage rates are soaring

Sacramento Appraisal Blog

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

Gains for Single-Family Home Size

Eyes on Housing

An expected impact of the virus crisis is a need for more residential space, as people use homes for more purposes including work. Recent data confirms this impact on the market continues to occur.

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Time for UVS (Universal Valuation Standards)?

George Dell

Appraisers have standards. AVMs have no standards. Other valuation types are “waivered” or exempt. Appraisers have licenses. AVMs have no licenses. Other valuation types are “waivered” or exempt.

A Year in Review

The Appraiser Coach

With the end of the year upon us, it’s important to look back on where we’ve been. During that process, however, it is also important to take the time to. Read More.

FHA inches closer to offering a 40-year loan modification 

Housing Wire

The Federal Housing Administration (FHA) is working to expand the COVID-19 loss mitigation program to include the option of a 40-year loan modification with a partial claim, an acknowledgement that some borrowers exiting forbearance are still facing financial challenges.

Renters Struggling to Stay Afloat

Appraisal Buzz

Households are resorting to non-traditional sources of income to meet financial obligations during the pandemic in a time when many fell behind on their payments. The post Renters Struggling to Stay Afloat appeared first on DSNews.

Choosing comps in a lopsided market

Sacramento Appraisal Blog

How do we choose comps in such a lopsided market? I had a great question about this recently, so I wanted to share some thoughts. Anything to add? I’d love to hear your take in the comments.

Led by Lumber and Paint, Building Materials Prices Jump in January

Eyes on Housing

The prices of goods used in residential construction ex-energy climbed 3.6% in January (not seasonally adjusted), according to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics. The index was led higher by a 25.4% jump in softwood lumber prices and 9.0%

Valuation Regulation — A Simple Universal Solution?

George Dell

This post starts the last in our series on the “five frictions” of valuation reform. The question we ask : Is there a simple single solution to our convoluted regulation of a simple product?

17 Realtors® Go Back in Time: First Year Real Estate Advice

Raleigh Realty

One of the first questions new Realtors have for me is always 'how much money will I make in my first year?' and in order to answer that question, you need to understand how Real Estate Agents make money.

Why did existing home sales beat expectations?

Housing Wire

The National Association of Realtors reported that existing home sales for January came in as a big beat at 6.5 million. This is well above my peak sales ranges for 2022, as the sales trend forecast was between 5.74 million and 6.16 million.

Renters Resorting to Irregular Sources of Income

Appraisal Buzz

Data from Harvard and the U.S. Census Bureau found 17% of renters were behind on their rent from August 2020 to March 2021. . The post Renters Resorting to Irregular Sources of Income appeared first on theMReport.com.

To Desktop or Not to Desktop, That is The Question

DW Slater Company

FannieMae and Freddie Mac both announced early this year the implementation of the use of Desktop Appraisals beginning in March. There has been much discussion and questions regarding these products so I thought I would share some information and thoughts on the topic.

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Lumber Prices in 2020 and 2021 Set Record Highs Even When Adjusted for Inflation

Eyes on Housing

Most analyses of lumber price trends and levels fail to account for inflation because the price data for softwood lumber used in framing applications is generally quoted using the Random Lengths Framing Lumber Composite Price or lumber futures prices–neither of which is inflation-adjusted.

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Class Valuation acquires Metro-West, Valuation Link

Valuation Review

Class Valuation has acquired Metro-West and its subsidiary, Valuation Link. Metro-West is the largest independent residential appraisal firm in the nation. Read on for more details regarding this acquisition

7 Tips: Negotiating Repairs After a Home Inspection

Raleigh Realty

Negotiating Repairs After a Home Inspection What fixes are mandatory after a home inspection? Is the seller not willing to negotiate repairs?

Santander Bank to stop originating mortgages in the United States

Housing Wire

Amid higher rates, lower volumes, and fiercer competition , Santander Bank decided it will stop originating residential mortgages and home equity loans in the United States.

Number of New Home Purchase Mortgage Applications Declined by 12.5% in January

Appraisal Buzz

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for January 2022 shows mortgage applications for new home purchases decreased 12.5% compared from a year ago. Compared to December 2021, applications increased by 10%.

February Newsletter-Hay, Cold, & Valentines

DW Slater Company

This picture was taken at a ranch in North Texas. February is the border between winter and spring.” ? Terri Guillemets. As we near the end of the shortest month of the year, we hope that February has been a good month for you.

Townhouse Construction Surged in 2021

Eyes on Housing

According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction jumped 28.1% in 2021.

Condo Appraisal Protocol Changed

Appraiserblogs

Fannie Mae’s sweeping new national condominium regulations… Appraisers, Fannie Mae has changed inspection and reporting requirements for Condominiums, effective January 1, 2022. The article titled “How can appraisers evaluate aging condos without docs?”