Sat.May 21, 2022 - Fri.May 27, 2022

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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. However, they have several more pressing priorities when it comes to what they’re investing in. Out of 200 senior mortgage executives surveyed, who represent 188 lending institutions, 94% think that appraisal modernization efforts will simplify the origination process.

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Fastest market ever & price deceleration

Sacramento Appraisal Blog

The housing market has been changing these past couple of months. As I’ve been saying, it isn’t cold, but the temperature is surely different. Anyway, let’s talk about two things to watch in months ahead – price deceleration and days on market. Any thoughts? This post feels a bit nerdy or heady, but this stuff […].

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Trainees Become Appraisers at Accurity Consolidated

Appraisal Buzz

HOUSTON, TX (May 25, 2022) – Before opening its doors in January of 2020, Accurity Consolidated laid out very specific goals to create a large wave of revival in the appraisal industry. Educating new appraisers to freshen the industry with speed and innovation was near the top of the company’s to-do list, and Accurity is proud to announce talented appraisers in training have been reaching certification at a rapid pace – ready to do their part in the movement unfolding in the realm of real estate

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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 284
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Purchase mortgage rates average 5.10% continuing two-week slide

Housing Wire

Purchase mortgage rates this week averaged 5.10% continuing a decline from last week amid a housing market slowdown, according to the latest Freddie Mac PMMS. A year ago at this time, 30-year fixed rate purchase rates were at 2.95%. The government-sponsored enterprise index accounts solely for purchase mortgages reported by lenders during the past three days.

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Does Your Property Need to Be Jacked Up?

Cleveland Appraisal Blog

Does your home need to be jacked up? Perhaps a better way of asking is, does your house need a lift? Occasionally, when performing appraisal inspections/observations, I see homes that suffer from serious settlement issues. Sometimes, it’s the foundation. Other times it may be the driveway or a patio that has settled. In this post, I thought I would share some of the ways I have seen settlement problems be repaired.

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Bias: Personal or Analytic?

George Dell

Bias and prejudice are always relevant topics. Recently these have received more attention. In asking the questions we present in the Analogue Blog, we find that three concepts/actions produce the greatest response, to create divisiveness and deepening anger in an argument. The three concepts of ignorant argument: 1) use the word “bias,” badly; 2) state […].

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VA removes pre-approval process for some loans?

Housing Wire

The Department of Veterans Affairs last week announced it is streamlining the loan approval process for borrowers with a VA-appointed fiduciary and for veteran borrowers who apply for a joint loan. Effective immediately, lenders no longer must send such loan applications to the VA for guaranty approval prior to closing, which should speed up the loan closing process.

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New Single-Family Home Size Trends

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. According to first quarter 2022 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area inched down to 2,310 square feet. Average (mean) square footage for new.

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Who Moved My Appraisal Cheese?

Appraisal Buzz

If you have ever read or heard about the book titled “Who Moved My Cheese,” you may know the story about the four characters in the book and what the cheese refers to. The cheese is a metaphor for what you want in life or business. The characters all love cheese but are caught in a maze. When the cheese disappears, the four characters are faced with adapting to change.

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A Push to Artificially Raise Property Values

Appraiserblogs

Now the effort is AGAIN to have ‘us’ artificially raise property values. But the push this times seems to be “only for certain people. A new press release from Class Valuation, one of the largest US based AMCs, scampered across my office threshold on 5/17/22. You can read it here in this link: Class Valuation Appoints EVP Of Valuation Modernization – NMP But if you don’t want to muddle your brain cells very much, here are the highlights: A new CV Executive Vice President has been hired to “focus

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Sandra Thompson confirmed as FHFA director

Housing Wire

The Federal Housing Finance Agency (FHFA), which oversees the bulk of the mortgage market, now has a U.S. Senate-confirmed director: Sandra Thompson. The Senate today confirmed Thompson’s nomination to head the FHFA by a 49 to 46 vote. Thompson, a longtime regulator, has been leading the agency on a temporary basis for nearly a year. Before Biden appointed her acting director of FHFA in June 2021, Thompson led the housing mission and goals division.

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Remodeling in 2021: Kitchens Edge Baths for Top Spot

Eyes on Housing

As National Home Remodeling Month draws to close, Eye on Housing reports on the most common projects undertaken by NAHB Remodelers during the previous calendar year—in this case, 2021. The results come from a special question included in the first quarter 2022 survey for the NAHB/Westlake Royal Remodeling Market Index (RMI). At the top of the list, 81 percent of.

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What Makes Green Home Appraisals Unique?

Appraisal Buzz

A “green” or “high performance” home refers to a residence that has less of a net impact on the environment than its traditional alternative. If you’re interested in becoming a green home appraiser , you may be wondering, “What makes these types of assignments unique?” There are many things that make green home appraisals different from typical residential appraisals.

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Federal Agency in Charge of Appraisers

Appraiserblogs

Having a federal agency in charge of appraisers will be a NIGHTMARE. Leave it to the states as it is now. ALL appraisers should be SWAMPING their state representatives with calls & emails in OPPOSITION to newly introduced H.R. Bill entitled: Fair Appraisal and Inequity Reform Act of 2022. DO IT NOW. **Remind them all that the job of a Professional Real Estate Appraiser is to PROTECT THE PUBLIC TRUST.

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Opinion: why innovation in a builder matters to homebuyers

Housing Wire

The real estate industry is in the stages of a seismic shift to fully digital experiences. A new generation of digitally native homebuyers and sellers are expecting online experiences , in every type of transaction, and more convenient and seamless ways to find, tour, purchase, and sell homes on their own terms. As a result, there are a growing number of tech-driven companies racing to meet the growing demand.

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Condo Construction Market Showing Gains?

Eyes on Housing

According to NAHB analysis of quarterly Census data, the count of multifamily, for-sale housing starts increased during the first quarter of 2022. At 11,000 units started, this was the best quarter for condo construction since the third quarter of 2008. As a result, the market share of rental units of multifamily construction starts decreased to 91% during the first quarter.

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Pending Home Sales Decrease Nearly 4 Percent in April 2022

Appraisal Buzz

Pending home sales slipped in April, as contract activity decreased for the sixth consecutive month, the National Association of Realtors reports. Only the Midwest region saw signings increase month-over-month, while the other three major regions reported declines. Each of the four regions registered a drop in year-over-year contract activity. The Pending Home Sales Index (PHSI) slid 3.9% to 99.3 in April.

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Leverage Digital Form Data to Supercharge Your Business Testing

GoForrmz

Digital form data goes beyond completing a form You’re ready to start running some tests in your business - great! Everyone should be running tests to improve workflows, productivity, conversion rates, and even safety protocols. But how do you know what to test first? The options are limitless, after all. This is where data extracted from digital forms comes in.

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CFPB wants lenders to disclose reason for denial of credit

Housing Wire

All lenders must explain their rationale when denying credit to loan applicants, the Consumer Financial Protection Bureau affirmed Thursday, after looking into whether companies claiming exemption because they rely on “complex algorithms” were in violation of federal anti-discrimination law. The requirement also applies to mortgage lenders, legal experts say.

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Missing Middle Construction Still Missing

Eyes on Housing

The missing middle construction sector includes development of medium-density housing, including townhouses, duplexes and other small multifamily properties. While townhouse construction has trended higher in recent quarters, the multifamily segment of the missing middle (apartments in 2 to 4 unit properties) has disappointed. For 2021, there were only 12,000 starts of such residences.

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CFPB Opens New Office to Spur Competition and Innovation

Appraisal Buzz

The Consumer Finance Protection Bureau (CFPB) announced the creation of a new office, thus forth called “the Office of Competition and Innovation,” to “spur innovation in financial services by promoting competition and stumbling blocks for new market entrants.” The creation of the new office coincides with the closure of the Office of Innovation, which focused … The post CFPB Opens New Office to Spur Competition and Innovation appeared first on DSNews.

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[Register Now] Webinar: Improving Quality Management with GoFormz & Procore

GoForrmz

From pre-delivery inspections to warranty claims, learn how the GoFormz and Procore integration can rapidly improve quality management Owners are often seeking ways to deliver a seamless experience for building managers and residents while ensuring that quality is a top priority. Challenges arise when information received is not accurate or visible, causing assessment delays and increased risk for missed deficiencies.

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Florida-based LO accused of falsifying documents

Housing Wire

A Florida-based loan officer faces more than 30 years in federal prison if convicted on charges alleging she falsified divorce papers and child support payment information to help unqualified borrowers secure a loan, according to a Department of Justice indictment. Evelisse Hernandez is charged with four counts of bank fraud and four counts of aggravated identity theft.

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Employment Situation in April: State-Level Analysis

Eyes on Housing

Nonfarm payroll employment increased in 41 states and the District of Columbia in April compared to the previous month while eight states lost jobs. North Dakota remained unchanged. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 428,000 in April, following a gain of 428,000 jobs in March. On a month-over-month basis, employment data was.

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New FHFA Rule Brings Greater Transparency to GSEs

Appraisal Buzz

Introduction of new Final Rule will introduce public disclosure requirements to the Enterprise Regulatory Capital Framework, and foster risk management practices. The post New FHFA Rule Brings Greater Transparency to GSEs appeared first on DSNews. The post New FHFA Rule Brings Greater Transparency to GSEs appeared first on Appraisal Buzz.

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7 Tips for Building Strong Appraiser-Client Relationships

McKissock

Top earners in the appraisal profession are those who consistently bring in new clients. Are you looking to earn more referrals and repeat business? Start by fostering good relationships with your appraisal customers. Taking the time and effort to build strong appraiser-client relationships is a great way to establish a good reputation and distinguish yourself from the competition so that you can easily generate new business via client referrals and word-of-mouth.

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Freddie Mac automates pre-closing income verification

Housing Wire

Freddie Mac will now automatically verify borrower employment 10 days ahead of closing, which it says is more efficient than obtaining that information through oral or written verification. The option will be available starting June 1. To verify the borrower’s employment, Freddie Mac’s asset and income modeler will draw data from bank accounts for direct deposit, with the borrower’s approval, or from payroll data provided by third-party service providers.

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Should You Invest in Short Sale Homes?

Mashvisor

Homeowners list their properties as short sale homes when their values drop below the amount of mortgage owed and they can’t pay it back.

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7 Tips for Building Strong Appraiser-Client Relationships

Appraisal Buzz

Top earners in the appraisal profession are those who consistently bring in new clients. Are you looking to earn more referrals and repeat business? Start by fostering good relationships with your appraisal customers. Taking the time and effort to build strong appraiser-client relationships is a great way to establish a good reputation and distinguish yourself from the competition so that you can easily generate new business via client referrals and word-of-mouth.

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What Makes Green Home Appraisals Unique?

McKissock

A “green” or “high performance” home refers to a residence that has less of a net impact on the environment than its traditional alternative. If you’re interested in becoming a green home appraiser , you may be wondering, “What makes these types of assignments unique?” There are many things that make green home appraisals different from typical residential appraisals.

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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. The legislation would modernize the Department of Veteran Affairs ‘ appraisal requirements by allowing desktop appraisals, and in some circumstances, waving appraisals all together. Currently, all VA appraisals must be performed in-house.

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Will US Housing Prices Drop in 2022?

Mashvisor

Many investors are wondering when housing prices will drop, but few can know for sure what the future holds. Table of Contents How Has the US Housing Market Changed Lately?

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CFPB Warns Mortgage Industry About Legal Responsibilities in Disclosure

Appraisal Buzz

Federal anti-discrimination laws in banking are supposed to protect consumers from credit companies from denying an application for credit or taking other adverse actions without just cause or a clear explanation on why the action was taken. Companies have long used advanced computational methods as part of their credit decision making process, but as technology evolves, … The post CFPB Warns Mortgage Industry About Legal Responsibilities in Disclosure appeared first on DSNews.

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