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What Is a Reconsideration of Value for an Appraisal Report?

Kairos Appraisal Services

The good news is that a reconsideration… The post What Is a Reconsideration of Value for an Appraisal Report? The cooling housing market is forecast to continue in 2023, and buyers and sellers are proceeding with caution.

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CFPB Reminds Lenders to Have a Clear Reconsideration of Value Process

McKissock

The Consumer Financial Protection Bureau (CFPB) recently posted an article to remind financial institutions that they must have a reconsideration of value process in place, and that the process should be clear and actionable.

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How to Respond to a Reconsideration of Value Request

McKissock

No matter how meticulous you are or how good your appraisal reports are, inevitably, you’ll receive complaints about some of your appraisals. USPAP prohibits an appraiser from discussing the results of an appraisal with anyone other than the client or parties designated by the client.

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How to Respond to a Reconsideration of Value Request

Appraisal Buzz

No matter how meticulous you are or how good your appraisal reports are, inevitably, you’ll receive complaints about some of your appraisals. The post How to Respond to a Reconsideration of Value Request appeared first on Appraisal Buzz.

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Reconsideration of Value and Appraisers

Appraisal Today

Excerpts: Suggested protocols for responding to Reconsideration of Value requests. The importance of this cannot be overstated. Appraisers are still required to comply with USPAP when responding to an ROV request, including the confidential nature of assignment results.

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NAR Asks FHA To Collaborate With Other Regulators on New Reconsideration of Value Proposal

National Association of Realtors

NAR joined a group of industry and consumer groups in a response to the FHA's request for comment on its proposed revision to a mortgagee letter on reconsideration of value (ROV

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How to Respond to ROV Requests: Updated Guidance

McKissock

Appraisers have been dealing with Reconsideration of Value (ROV) requests from clients for decades. However, in the past couple of years, the industry has experienced a significant increase in the number of ROV requests as well as the sources of the requests.

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Tidewater Initiative: What VA Appraisers Need to Know

McKissock

The VA has a unique set of protocols, known as the Tidewater Initiative, that a VA appraiser must follow when he or she expects the appraised value of a property is going to be lower than its contract price. Why the information did not change the opinion of value.

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Getting Appraisers to Reconsider Value—Do’s & Don’ts

Portland Appraisal Blog

You’re a real estate agent and after a lot of back-and-forth, give-and-take, offers and counteroffers, you’ve helped your client negotiate a sweet price for their home. There has been a meeting of the minds, the contract has been signed and everyone is anticipating a smooth closing.

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Tidewater Initiative: What VA Appraisers Need to Know

McKissock

The VA has a unique set of protocols, known as the Tidewater Initiative, that a VA appraiser must follow when he or she expects the appraised value of a property is going to be lower than its contract price. Why the information did not change the opinion of value.

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HUD is developing an appraisal review process to investigate racial bias

Housing Wire

Department of Housing and Urban Development (HUD) has begun developing a process for borrowers seeking Federal Housing Administration (FHA) financing to request an appraisal review when they suspect racial bias. . “We The U.S.

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How to Respond to ROV Requests: Updated Guidance

Appraisal Buzz

Appraisers have been dealing with Reconsideration of Value (ROV) requests from clients for decades. However, in the past couple of years, the industry has experienced a significant increase in the number of ROV requests as well as the sources of the requests.

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Chief appraiser outlines the specifics of ROVs

Valuation Review

Valuation Review caught up with Clear Capital’s Chief Appraiser John Brenan to discuss the topic of Reconsideration of Value (ROV). Read on for more of our conversation

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The Loan Officer’s Guide to Appraisals Part 8:  Appraiser Bias – Not Just About Color

Riverfront Appraisals

This entire year, I’ve been blogging once a month with the purpose of assisting loan officers to better understand the appraisal process.

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HUD settles with JPMorgan over appraisal bias case

Housing Wire

The finance giant will also begin training home lending advisors and client care specialists in the reconsideration of value process and fair lending issues related to appraisals.

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Bracing for Impact: Navigating Accusations of Bias in Appraising

Appraisal Buzz

There are many biases that can be interjected into an appraisal – racial bias is just one of them and here is my experience. The complexities of the topic have me concerned in overlapping and contradictory ways. TRYING TO MAKE SENSE OF IT ALL. RECONSIDERATIONS OF VALUE.

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The Loan Officer’s Guide to Appraisals Part 6:  How are FHA Appraisals Different From Others?

Riverfront Appraisals

This post is part six of a 12-part series we’re calling The Loan Officer’s Guide to Appraisals. So far in our series, we’ve looked at final inspections, lending on unique homes, communication with the appraiser, reconsiderations of value and bracketing. […].

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The Loan Officer’s Guide to Appraisals Part 7:  How Can the Appraisal Process be Sped Up?

Riverfront Appraisals

For the past six months, I’ve been blogging with the purpose of assisting loan officers to better understand the appraisal process. So far, we’ve covered final inspections, lending on unique homes, communication with the appraiser, reconsiderations of value, bracketing and FHA appraisals.

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Overcoming 2023’s biggest appraisal challenges

Housing Wire

We saw in 2020 and 2021 some of the most extensive challenges with appraisals due to the volume we experienced as an industry, and we saw nationwide turnaround times extend out to the longest I’ve seen in a decade. Technology to support the growing needs of the appraisal department.

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A New ‘Standard’ for ROV Requests

Appraiserblogs

Appraisers have no way of controlling the apples to oranges dissimilarities. Related Posts: Requests for Reconsiderations.appraisers continue to receive requests for reconsiderations on a daily basis. White Paper: Requests for Reconsiderations The paper states that….

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The Loan Officer’s Guide to Appraisals Part 5:  What is bracketing and why do we do it?

Riverfront Appraisals

This post is part five of a 12-part series we’re calling The Loan Officer’s Guide to Appraisals. So far in our series, we’ve looked at final inspections, lending on unique homes, communication with the appraiser, and reconsiderations of value.

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Free Webinar: Components of AMC Training by Josh Walitt

Appraisal Buzz

Our free webinar, “ Components of AMC Training ” will be held on June 10th at 2 pm with Josh Walitt as the host. We sat down with the host, Josh Walitt, to discuss his upcoming webinar and what we can expect from “ Components of AMC Training ” on June 10th at 2 pm.

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Appraisal bias plan promises barrage of actions in the near term

Housing Wire

The Department of Housing and Urban Development ’s long-awaited action plan on appraisal bias outlines administrative actions the federal government will quickly take to address mis-valuations. The report was a collaboration between a bevy of federal agencies.

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How to Ease the Transition to Senior Living

Cleveland Appraisal Blog

Many transitions and adjustments will take place, including moving away from family and friends, coping with new routines, and learning to manage the daily activities of life. This may also include the creation of a living will and power of attorney documents. Hello everyone!

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Senators grill HUD official over absent GSE appraisal data

Housing Wire

The lack of appraisal data from the government sponsored enterprises took center stage at a Senate Banking Committee hearing Thursday on appraisal bias. Two of the studies the report based its conclusions on used proprietary data from Fannie Mae and Freddie Mac , Toomey pointed out.

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The appraisal industry’s governance problem

Housing Wire

Imagine if the Consumer Financial Protection Bureau ’s Board of Trustees was appointed by industry sponsors who paid a $7,500 fee. In this scenario, the majority of the board would be required to be industry creditors. Getting the appraisal done is a part of that process,” Rice said. “If

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The Housing Market Has Become Like the Pymatuning Spillway

Cleveland Appraisal Blog

If you ever get the chance to visit Pymatuning Lake in PA, which is on the boarder of Ohio and Pennsylvania, make sure to go over to the Linesville Spillway. Hundreds of Carp congregate in the spillway, battling for food. pounds of bread are fed to the carp by each visitor.

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Opinion: The path to modernizing the appraisal process

Housing Wire

Regardless of the size or complexity of a system or process, it is time to look at whether the impact it has on people is equitable. of the properties in Black neighborhoods receive appraisal values lower than the contract price versus 7.4%

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In a hot housing market, gap between purchase price and appraiser condition ratings causes headaches

Housing Wire

This week, appraisal experts said those same variables are having a profound effect on an age-old conflict of appraisal reports versus what the market believes the home is worth. However, Pilgrim said the industry’s expectations are still not within the realm of these new flexibilities.

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2022 Appraisal Outlook: Appraisers Cast Optimistic Eye On Coming Year

McKissock

The 2022 real estate appraisal term of the year will be “standardization”—of data specifications and measurement standards. Related reading: Check out our roundup of Housing Market Predictions for 2022. Jeff Hicks, MAI, president of The Dohring Group and RealWired!

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The appraisal gap is complicating deals across the country

Housing Wire

Unfortunately, the appraisal put the house’s value roughly $50,000 below than what she paid. I disputed the appraisal with three more comps along with receipts of all the upgrades over $25,000 and he still refused to adjust the value,” she said.

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What’s New in Appraisal Membership: June 2021

McKissock

McKissock’s Unlimited Learning Members enjoy 24/7 access to a wide variety of online appraisal classes, webinars, videos, podcasts, checklists, job aids, and other resources. Learn about the benefits of McKissock’s Unlimited Learning Membership.

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Practical Tips for Working With AMCs

Appraisal Today

Keep them up to date in every step of the report so that they can keep the Lender (and the Buyer/Seller/Realtor/Closing Attorneys when applicable) all in the loop on the progress of the report. Advertising Disclaimer: McKissock is one of my regular email advertisers.

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A View on Risk: Desktop Appraisals

Appraisal Buzz

The team at Fannie Mae were the first to announce requirements lockstep with their Regulator that desktop appraisals will become a normal part of the appraisal product landscape. Lenders and stakeholders allowed for some level of inspection relief with these two new appraisal products.

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Challenging a mortgage appraisal

Annarbor Appraisal

Challenging the results of the appraisal for mortgage financing. The lender obtains the appraisal to ensure that the collateral is adequate for the loan (remember the three C’s of credit, capacity, and collateral). There should never be any bias in favor of any party, or value.

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NAN’s Steve Sussman on the company’s growth strategy

Housing Wire

Sarah Wheeler: Nationwide Appraisal Network (NAN) was recognized on the Inc 5000 list for an average of 451% revenue growth over the last three years. Steve Sussman : Our recent rapid growth is really a product of years of responsible growth. SS: It was a little bit of both.

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Opinion: The pros and cons of VA modernization bill

Housing Wire

But, we might also pull from wisdom of the ages: “If it ain’t broke, don’t fix it.”. Veterans are certainly familiar with the saying as many of the techniques, tactics, and procedures (TTP) for warfare have changed little over the years.

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Is Your Home Appraisal Accurate and Fair? How To Find Out

Realtor

Getty Images Paul Austin and Tenisha Tate-Austin spent three years renovating their home in Marin, CA, so when they had their home appraised in 2020, they had high hopes it would be valued at a high price. Purge your home of personal items. Step 1: Ask for a review of the report.

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New Homebuyer’s Guide To Appraisals

Birmingham Appraisal

I would like to do my part by informing and educating you on the appraisal part of the transaction. The appraisal must show that the home that is being purchased, and that will be the collateral for the loan, is worth the amount of money that is being loaned.