July, 2022

article thumbnail

U.S. House passes remote online notarization bill

Housing Wire

The U.S. House of Representatives passed a bill late Wednesday creating federal minimum standards, which would allow notaries nationwide to perform remote online notarizations. The legislation passed the House with a vote of 336-90. A key to advancing the universal adoption of fully electronic mortgages is the creation of remote online notarization (RON) standards across all 50 states.

Law 521
article thumbnail

Buyers take power from sellers. It’s their turn.

Sacramento Appraisal Blog

Finally. Buyers are gaining power. And sellers are losing it. I have some new visuals to show what the market is doing right now. These are for Sacramento, but I suspect many areas look similar. UPCOMING (PUBLIC) SPEAKING GIGS: 7/20/2022 Beer & Stats at Out of Bounds (sign up (for real estate agents)) 7/26/2022 Navigating […].

Sellers 468
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Do Appraisal Gap Clauses Impact Appraisals?

Cleveland Appraisal Blog

I recently gave a presentation and was asked if appraisal gap clauses impact the way appraisers are developing their opinion of value? In other words, do appraisal gap clauses cause appraisers to be more “conservative”? An appraisal gap clause can be written into a contract. It states that the buyer will still purchase the home at the contract price, even if the appraised value is lower than the contract price by a certain amount.

Appraisal 397
article thumbnail

Accurity Consolidated Sets Impressive Goals, Shatters Records

Appraisal Buzz

HOUSTON, TX (July 6, 2022) – Accurity Consolidated is once again turning heads and taking its place as the highlight of appraisal industry conversations. The company’s innovative team of appraisers continue to set impressive goals and break records that are simply unheard of among the competition. Since launching in 2020, Accurity has made it a mission to push the boundaries of what appraisal teams can accomplish through industry-leading turn times and service levels provided to clients.

Appraisal 397
article thumbnail

Smart Inspections

The Appraiser Coach

I was recently contacted by an individual with a question. This woman said that she has been using an iPad for years to do her mobile inspections, but had heard. Read More.

article thumbnail

Housing Demand Flattens as 1st-Time Buyers Retreat

Eyes on Housing

The share of adults planning a home purchase within a year stood at 13% in the second quarter of 2022, unchanged from the previous quarter, but lower than a year earlier (17%). The leveled reading suggests that, after shrinking for the past three quarters, the pool of potential home buyers may have stabilized. Part of the reason housing demand has.

Buyers 186

More Trending

article thumbnail

A sharp change in the housing market

Sacramento Appraisal Blog

A quick change in rates has led to a quick change in the housing market. We didn’t see much difference right away in the stats, but we are finally getting some good numbers now. Let me show you what I mean. UPCOMING (PUBLIC) SPEAKING GIGS: 7/15/2022 Lunch & Learn Big Market Update (sign up here)) […].

article thumbnail

Is A Cubicasa Scan an Inspection?

Cleveland Appraisal Blog

In one Facebook group the other day, (yes, I’m back on Facebook ) one member mentioned they feel that a person who scans a property to provide an appraiser with a floor plan should be licensed. What do you think? In this article, I thought I would share my thoughts on this and whether scanning a property with Cubicasa is considered to be an appraisal inspection.

article thumbnail

Dennis Hermonstyne Jr. Leads Compliance Programs at Freddie Mac

Appraisal Buzz

Dennis Hermonstyne Jr. is joining Freddie Mac as senior vice president and chief compliance officer (CCO) as of September 19. He brings over 20 years of experience managing compliance programs for national banks and international financial services companies to Freddie Mac. Hermonstyne will be a member of the company’s senior operating committee and report directly to CEO Michael DeVito and work closely with chief risk officer Anil Hinduja.

Appraisal 370
article thumbnail

Less Isn’t Always More

The Appraiser Coach

I’ve been asked how much should be filled out on site during a mobile appraisal. I know there’s a lot of ways out there to do this; there are almost. Read More.

Appraisal 370
article thumbnail

Existing Home Sales Fall for the Fifth Straight Month

Eyes on Housing

As rising mortgage rates and higher home prices weighed on housing affordability, existing home sales declined for five consecutive months, according to the National Association of Realtors (NAR). The trend in home price appreciation continued albeit at a slower rate as supply finally showed sign of improvement. The median existing home prices in June continued to surpass $400,000, the highest.

Realtors 185
article thumbnail

Sprout Mortgage to shutter

Housing Wire

Non-QM lender Sprout Mortgage is shutting down operations, multiple workers said on Wednesday. The company informed workers of the shut down in a conference call on Wednesday, a former staffer said. Sprout had already instituted several rounds of job cuts in the months leading up to the shutdown, the ex-employee said. The closure of Long Island-based Sprout, headed by industry veteran Michael Strauss, represents the second non-QM mortgage lender to close in recent weeks amid historic volatility.

Mortgage 490
article thumbnail

Is the housing market getting back to normal?

Sacramento Appraisal Blog

“The housing market is getting back to normal.” I hear that quite a bit, but is it true? Well, yes and no. Let me explain. UPCOMING (PUBLIC) SPEAKING GIGS: 7/15/2022 Lunch & Learn Market Update (sign up (for real estate agents)) 7/20/2022 Beer & Stats at Out of Bounds (sign up (for real estate agents)) 7/26/2022 […].

article thumbnail

Why Appraisers Adjust So Little For Size Differences

JMV Lending

If a 2,000 square foot house sells for $800,000, the price per square foot is $400. So, if a nearby house is 2,200 square feet, it should be worth an additional $80,000 (200 sq ft x $400), right? Nope. Not even close. I blogged several years ago about Why Appraisers Don’t Like “Cost Per Square […]. The post Why Appraisers Adjust So Little For Size Differences appeared first on JVM Lending.

Appraisal 158
article thumbnail

Non-QM Wholesale Lender Emporium TPO Using OptifNow for CRM, Marketing Automation

Appraisal Buzz

Emporium TPO , a non-QM wholesale lender headed by mortgage banking veterans Steve Nadon and Daniel Goodwin, is now using OptifiNow as its CRM and marketing automation and CRM platform. Emporium TPO chose OptifiNow because of its extensive experience with wholesale mortgage lending and the level of support they provide their clients. The lender has goals to grow quickly by hiring the right people and using technology that is functional but cost-effective.

Marketing 369
article thumbnail

Appraisers Should Closely Watch Probe of Departed Brookings Boss

Appraiserblogs

The chief of the Brookings Institution, a retired four-star general, resigned last month under investigation of lobbying on behalf of a foreign government and then covering it up. If the allegations are true, it means the think tank, under the general’s watch, was secretly taking illicit cash from at least one outside interest group at a time it was engaged in research that irreparably damaged the reputation of the nation’s real estate appraisers.

Appraisal 157
article thumbnail

Remodeling Market Declines Year-over-Year

Eyes on Housing

The NAHB/Westlake Royal Remodeling Market Index (RMI) for the second quarter of 2022 posted a reading of 77, declining 10 points from the second quarter of 2021. This is the largest year-over-year decrease since the survey was redesigned in Q1 2020. The RMI is based on a survey that asks remodelers to rate various aspects of the residential remodeling market.

Marketing 181
article thumbnail

What does another good job report mean for a recession?

Housing Wire

What does it mean to get a positive job report with all the talk about a recession, which ramped up starting in January 2022? Let’s look at the U.S. jobs and economic numbers as five of my six recession red flags are up today. The June data shows that we added another 372,000 jobs as we get closer to the employment numbers before COVID-19. We did have 74,000 negative revisions to the previous reports, however, the internals of this jobs report is the most interesting aspect.

article thumbnail

Spiking housing supply & fewer buyers

Sacramento Appraisal Blog

Finally. We’ve seen a massive change with housing inventory. But is it because sellers are rushing to list their homes? Nope. That’s not the culprit. Let’s talk about supply and some things on my mind about today’s market. UPCOMING (PUBLIC) SPEAKING GIGS: 7/26/22 Navigating the Shift (sign up here (for real estate community)) 8/11/22 Realtist […].

Buyers 391
article thumbnail

7 Major Home Inspection Issues {2022}

Raleigh Realty

Major Home Inspection Issues and How to Handle Repairs If your home inspection turns up any of these 7 major issues it could be time to negotiate some mandatory fixes with the seller before you proceed with purchasing the home. After a home inspection, issues are going to arise. If you are a first-time home buyer try not to freak out because this is why you hired a home inspector, to find the issues with the home This gives the buyers an opportunity to negotiate some reasonable requests before

article thumbnail

Class Valuation Completes Verification Process for Freddie Mac’s ACE+ PDR Solution

Appraisal Buzz

Class Valuation reports that it has completed the verification process for Freddie Mac’s new ACE+ PDR (automated collateral valuation plus property data report) solution. These data collection orders will be completed through Property Fingerprint , Class Valuation’s 3D Scanning technology, the company says in a release. Property Fingerprint’s data collection and reporting process are not only built to support programs like ACE+ PDR, but also support desktop and hybrid appraisal processes.

Valuation 370
article thumbnail

Marin County Home Prices by City – July 2022

Realvals

The following map shows the Marin County home prices by city for July 2022. Insights are below. Marin County home prices continue to increase towards the end of July 2022, for the most part, despite the higher interest rates, time of year, and other macroeconomic factors. Some areas are starting to show signs of stabilization, especially in the higher-end markets.

Marketing 148
article thumbnail

June Inflation Reading the Highest since 1981

Eyes on Housing

Consumer prices reached a new 40-year high in June as shelter, energy and food prices continued to surge at the fastest pace in decades. This marked the fourth straight month for inflation above an 8% rate and was the largest year-over-year gain since November 1981. Both energy and shelter index recorded their largest annual gains since April 1980 and February.

177
177
article thumbnail

Will mortgage lending get tighter in the next recession?

Housing Wire

As recession talk becomes more prevalent, some people are concerned that mortgage credit lending will get much tighter. This typically happens in a recession, however, the notion that credit lending in America will collapse as it did from 2005 to 2008 couldn’t be more incorrect, as we haven’t had a credit boom in the period between 2008-2022. One of the biggest reasons home sales crashed from their peak in 2005 was that the credit available to facilitate that boom in lending simply collaps

Lending 473
article thumbnail

[Video] Key Takeaways From Our Q2 Office Hours

GoForrmz

Our first ever GoFormz Office Hours highlights key updates, upcoming improvements, and new educational resources. We had a lot to cover in our first ever GoFormz Office Hours , a quarterly webinar hosted by our Senior Director of Product, Kelsey Griswold, and our Director of Customer Success, Alicia Bryan. In today’s webinar we highlighted a variety of powerful new and upcoming updates and resources, including: Our new File Attachment field: Users can now seamlessly attach external files to thei

article thumbnail

West Virginia Appraisal Board Scheme

Appraiserblogs

The Doomed Quest to Reform a corrupt West Virginia Licensing Board “Board members earn money working for a law firm that files lawsuits against appraisers,” said one West Virginia appraiser… Readers of DC Comics will be familiar with Bizarro World, a cube-shaped planet that is home to a weirdly inverted version of reality. The planet is governed by the Bizarro Code, whose ungrammatical main tenet is, “Us do opposite of all Earthly things!

Appraisal 147
article thumbnail

Consumers Continue Expressing Pessimism with Housing Market, Fannie Mae Reports

Appraisal Buzz

Fannie Mae ’s Home Purchase Sentiment Index (HPSI) shows a decrease of 3.4 points in June to 64.8, its second-lowest reading in a decade. Surveyed consumers continue to express pessimism about homebuying conditions, with only 20% of respondents reporting it’s a good time to buy a home, while the percentage of consumers who believe it’s a “Good Time to Sell” fell from 76% to 68% this month.

article thumbnail

5 Valuation Methods for Investment in Real Estate

McKissock

How do you determine the investment value of a property? Well, it’s an art. It’s not like valuing a house in which you are going to live. That would be the homeowner value. When estimating a property’s investment value, there are a variety of real estate valuation methods you can use. In this article, we’ll walk through several techniques and discuss the advantages and disadvantages of each.

Valuation 130
article thumbnail

Lumber Price Decline, Record-Setting Volatility Highlight June PPI Report

Eyes on Housing

The prices of goods used in residential construction climbed 1.5% in June (not seasonally adjusted) even as softwood lumber prices fell 23%, according to the latest Producer Price Index (PPI) report. Prices have surged 41.7% since January 2020. Building materials (i.e., goods inputs to residential construction, less energy) prices have increased 4.8%, year-to-date, and are 12.2% higher than they were.

article thumbnail

Housing inventory nationwide rises for the first time in years

Housing Wire

Fast-rising home prices and interest rates coupled with a slipping economy helped to cool the nation’s housing market in June leading to a nearly 2% increase in the number of homes on the market. That marks the first month since July 2019 (pre-pandemic) that housing inventory increased year over year. The home-inventory bump dovetails with other data indicating the nation’s housing market lost some steam this past month, according to a June housing-market report from Seattle-based Redfin.

Inventory 453
article thumbnail

Darlene Umina Qualifies for 2022 Lamacchia Realty President’s Club

Lamacchia Realty

Darlene Umina has officially qualified for the 2022 President’s club by surpassing $16,000,000 in sales volume! Previously, as a team, Darlene qualified for the President’s Club in 2017 , 2018 , 2019 , 2020 , and 2021 as well as President’s Club ELITE in 2021 ! Additionally, Darlene’s team won the award for M ost Transactions and Highest Vol ume company-wide for 2021.

Realty 74
article thumbnail

Desktops Are Being Done WRONG!

Appraiserblogs

Appraisers, back in April, I was notified by someone “close to the action” of appraisal report submittals to the GSE’s, that many Desktops are being submitted back to lenders TOTALLY WRONG by the assigned appraisers! These reports are being captured and evaluated in the current Desktop observation and testing phase of the UCDP evaluations. Lenders use the UCDP as an initial report Quality Control check so that any problems can be identified, and sent back to the appraiser for correction, before

Appraisal 145
article thumbnail

MBA: Mortgage Applications Decline for Second Straight Week

Appraisal Buzz

Mortgage applications has decreased 1.7% on a seasonally adjusted basis from one week earlier, according to Market Composite Index data from the Mortgage Bankers Association ’s (MBA) Weekly Mortgage Applications Survey for the week ending July 8, 2022. On an unadjusted basis, the index decreased 13% compared with the previous week. This week’s results include an adjustment for the observance of Independence Day.

Mortgage 368
article thumbnail

Don’t Fall For These 6 Real Estate Scams

McKissock

Getting involved in real estate can be both rewarding and lucrative. Whether you’re a novice home flipper, a licensed professional or fall somewhere in the middle, real estate done right can be financially life-changing. If you’re looking to rent a property or potentially buy a home, there are countless resources and websites to use to narrow down your search.