Housing Wire

DECEMBER 14, 2023

The letter states that the CHLA believes this shift could have “profound negative impact on the ability of home buyers to pay for or finance those commissions and on loan appraisal loan to value (LTV) calculations and requirements.” Under current regulations, VA buyers are not allowed to pay for buyer’s representation.

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Lending Mortgage Government Finance 404

Housing Wire

MARCH 15, 2024

At this early stage, it’s unclear how such commissions would be paid since buyers could pay their agents out of their pockets or negotiate commissions as a seller concession in the closing costs. Thus, LOs will have to find ways to connect to listing agents or directly with buyers, who will need more guidance during the home-buying process.

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Buyers Agents Mortgage Real Estate Agent 504

Housing Wire

JUNE 28, 2021

He started contracting with home mortgage lenders to appraise the value of the property tied to a loan. “It He reentered the appraisal business through a different door. He reentered the appraisal business through a different door. It fit well. I have always been good with numbers, and I enjoy looking at houses,” he said.

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Appraisal Valuation Business Contracts 406

Housing Wire

MARCH 8, 2023

Dubbed the “ Same Day Mortgage ,” the program is aimed at giving a competitive edge to first-time buyers who are competing against the all-cash buyers who make up 28% of home purchases, the lender said. Loans that require appraisal are still 100% eligible for Same Day Mortgage, the company noted. “If

Appraisal 365

Appraisal Mortgage Buyers Government 365

Housing Wire

MARCH 21, 2022

United Wholesale Mortgage (UWM) announced late last year that it would turn the appraisal space on its head by launching an in-house appraisal program. Even if it has not made quite the outsized impact UWM said it would, appraisers mostly like the wholesaler’s new program. New blood in the appraisal space.

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Appraisal Appraisal Process Client Relationships Valuation 413

Housing Wire

FEBRUARY 12, 2024

If they view you as someone who doesn’t know what they’re talking about, or someone who just wants to get a commission check, you’re not likely to get their business, or if you do, it’s unlikely to result in any future or referral business. Do they need to tap into their equity to pay off other debts?

Mortgage 420

Mortgage Clients Business Marketing 420

Housing Wire

MARCH 21, 2024

The CFPB earlier this month stated that closing costs — including costs of title insurance, origination fees and credit report and appraisal fees — “all too often are full of junk fees.” Borrowers are not generally aware of this cost, but the impact is clear,” said the CHLA.

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Insurance Legal Finance Mortgage 423

Housing Wire

JANUARY 22, 2024

If the homeowner breaks the agreement or decides to terminate it early, they must pay the firm 6% of the appraised value of the home. In the end, the court agreed with the state’s Real Estate Commission, finding that MV Realty had violated state license laws and rules. The story was first reported by WTVD Channel 11.

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Realty Real Estate Brokerage Law 397

Appraiserblogs

APRIL 9, 2024

Based on the local market appraisal fee, Valuation Connect values the “appraisal expertise” component of a hybrid appraisal at 18% of what the consumer pays for an appraisal. This firm hasn’t awarded us work in about two years, and they only hire us when they are in a jam, and we require the local market rate.

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Valuation Inspection Appraisal Real Estate 119

Appraisal Buzz

APRIL 1, 2024

This article is featured in the 2023 edition of the Appraisal Buzz Magazine. Some other features we have in our magazine include funny Buzztoon comics, as well as crazy stories from appraisers and readers like you! If you want to make sure you are receiving the print version of the Appraisal Buzz magazine in your mailbox, sign up HERE.

Appraisal 370

Appraisal Development Modernization Marketing 370

Housing Wire

FEBRUARY 15, 2024

Amid mounting affordability pressure on homebuyers, DPAs have become a saving grace for many borrowers who don’t have the savings or other resources to pay a lump-sum down payment. They made good money, but with student loans and car payments, they didn’t have the money for the down payment and closing costs,” Saller said.

Mortgage 449

Mortgage Buyers Loan Officers Sellers 449

Housing Wire

FEBRUARY 20, 2024

Appraisal modernization is vital. Gareth Borcherds , managing director Ascent Software Group outlines the three categories to be aware of, how appraisal modernization can help scale new initiatives and more in this executive conversation. Reduction in reliance on full appraisals. Higher quality appraisals.

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Modernization Tools Appraisal Technology 376

Housing Wire

OCTOBER 30, 2023

Borrowers must have a minimum credit score of 600 to qualify for the down payment assistance, which can be as much as 5% of the home purchase price or appraised value, whichever is less. In most cases, the product is essentially a conventional 3% down mortgage in which the lender pays 2% and the borrower puts just 1% down.

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Lending Retail Finance Insurance 473

Cleveland Appraisal Blog

MAY 27, 2021

Who needs an appraiser when one has cash? There is a lot of information that an appraisal can provide, which can be helpful to lenders and homeowners. However, anyone can hire an appraiser to appraise a home. Let’s talk about some ways that an appraisal can help. The buyers paid cash. MULTIPLE BIDS.

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Market Value Appraisal Buyers Marketing 418

Cleveland Appraisal Blog

JULY 20, 2022

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. But not always.

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Appraisal Market Value Contracts Buyers 397

Housing Wire

OCTOBER 3, 2022

Surprisingly, accounting inefficiencies, particularly in the areas of tracking, collecting, reconciling, and distributing appraisal fees, are costing some lenders tens of thousands of dollars, sometimes even more, every year – dollars that could be going straight to their bottom line. Leader, Marketing at CoreLogic.

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Appraisal Valuation Design Business 281

Housing Wire

JUNE 28, 2023

At a high level, RefiNow would likely be a better refinance option for borrowers with higher DTIs and income up to 100% of the applicable area median income (AMI) limit who have limited funds to pay for upfront appraisal costs,” the document states.

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Finance Insurance Government Mortgage 338

Housing Wire

NOVEMBER 7, 2023

FHA loans are a popular option for first-time homebuyers or those who don’t have a lot of cash saved for a down payment, because the loans require a minimum of 3.5% The Department of Veterans Affairs (VA) rules prohibit VA borrowers from paying real estate commissions. Potter added: “Government lending would come to a halt.

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Agents Sellers Buyers Finance 452

Housing Wire

APRIL 16, 2024

For example, Realfinity pays LOs 1.4% For example, Realfinity pays LOs 1.4% He’s among the very few LOs in New Jersey who practices dual licensing, and it sometimes provokes a strong response from the agent on the opposite side of the table. ”I according to the company. In these cases, he generally takes the customary 2.5%

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Real Estate Agent Loan Officers Real Estate Agents 418

Appraisal Buzz

APRIL 19, 2024

FormFree has enhanced its Passport Wallet solution by adding a new user interface that makes it easier for consumers to understand their ability to pay and match with lenders. Passport Wallet is changing the way high-intent consumers who are ready for a mortgage loan find the perfect-match lender who’s motivated to finance them.”

Finance 195

Finance Appraisal Mortgage Marketing 195

Housing Wire

MARCH 9, 2021

The Department of Housing and Urban Development (HUD) has announced that JPMorgan Chase has come to an agreement with a Black homeowner who claimed the bank’s mortgage division – relying on a valuation done by an appraiser – valued her home at an amount lower than its actual worth because of her race.

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Reconsideration of Value Appraisal Valuation Appraisal Process 458

Housing Wire

MAY 7, 2021

The booming real estate market has created a high demand for appraisal services. This is good news for lenders, but it puts a tremendous amount of pressure on appraisers who have to be diligent in their work, while also meeting closing dates. HousingWire: What’s the biggest pain point appraisers are currently facing?

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Housing Market Appraisal Appraisal Process Marketing 545

Housing Wire

AUGUST 30, 2022

4, Angel Hernandez, vice president of industry and regulatory affairs at Stavvy , will lead this panel through what you need to know when it comes to fair housing policies, appraisal bias and more. HousingWire: What are the biggest trends in fair housing and other government regulations that you’ll be paying attention to in 2023? .

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Government Realtors Lending Finance 375

The Appraiser Coach

OCTOBER 24, 2023

Imagine you are doing an appraisal for a single family home on three acres and, upon analysis, you realize there is more value in subdividing the lot. But as an appraiser, you were instructed to complete the appraisal “as is.” You like what they pay and you like working for them, so you may feel a temptation to cater to them.

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Clients Appraisal Business Realtors 195

Housing Wire

AUGUST 29, 2022

Nationwide Appraisal Network (NAN) was the top-ranking appraisal management company on the 2022 Inc 5000 list at No. 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. We take a data-driven approach to appraiser selection.

Modernization 370

Modernization Appraisal Valuation Technology 370

Housing Wire

JUNE 17, 2022

Amanda Hill: Lenders see appraisal modernization as a top priority by Maria Volkova. They had a young executive team who valued fresh ideas and were not afraid to train inexperienced novices like me. This creates a tough environment for lenders who will need to pivot to be as efficient and attract as many borrowers as possible.

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Modernization Inventory Tools Lending 308

Housing Wire

SEPTEMBER 23, 2021

Appraisers have experienced many challenges in the last couple of years. From juggling high volume demand for appraisals in the middle of a pandemic, appraisers had to radically change their processes. Remote inspections have the power to make homeowners and appraisers more comfortable. Introducing RemoteVal.

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Appraisal Inspection Technology Tools 335

Housing Wire

NOVEMBER 18, 2021

While having core systems in place is important, no matter how good a lender’s process is, if there’s an issue with the appraisal, everything could be compromised. While having core systems in place is important, no matter how good a lender’s process is, if there’s an issue with the appraisal, everything could be compromised.

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Appraisal Appraisal Process Modernization Technology 389

Appraisal Buzz

AUGUST 16, 2021

Like many busy appraisers, I can spend a lot of time in my own little world just trying to keep my head above water. Lately, though, I’ve been trying to carve out some extra time to find out about what other appraisers are saying and doing in this unusual market. Herein lies the appraisal gap. What were they paying for?

Market Value 448

Market Value Buyers Appraisal Sellers 448

Cleveland Appraisal Blog

NOVEMBER 3, 2022

Most appraisers are experiencing a significant slowdown in mortgage lending work due to rapidly increasing mortgage rates which are slowing down the housing market. Mortgage lending work is only one type of business where appraisals are needed. Mortgage lending work is only one type of business where appraisals are needed.

Business 393

Business Appraisal Real Estate Agent Clients 393

Housing Wire

NOVEMBER 19, 2021

The Department of Veterans Affairs will raise appraisal fees and lengthen allowable turnaround times in select markets across the country in response to high demand for appraisals. The VA designated markets as high-demand based on increased demand for appraisal services and a shortage of appraisers.

Appraisal 458

Appraisal Marketing Finance Business 458

Cleveland Appraisal Blog

AUGUST 6, 2021

Do you know of anyone who purchased a home within the past year? It reflects the results of a survey made by bankrate.com , which reflects the percentage of those who regret their home purchase, and the reasons why. In the survey, Baby Boomers had the lowest percentage of regrets, compared to Millennials, who had the highest.

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Buyers Property Taxes Inspection Market Value 243

Housing Wire

OCTOBER 25, 2023

However, Blefari said that those are just ranges, and he cited appraisal fees being waived or points on the mortgage as reasons why commission fees could change. Ketchmark then posed an example where a seller agrees to pay their agent 3% in commissions and the seller’s agent finds a buyer who wants to pay $300,000 for his home.

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Sellers Realtors Agents Buyers 403

Housing Wire

MARCH 8, 2024

Biden’s plan also included a $10,000 tax credit for first-time homebuyers and people who sell their “starter home,” and a pilot program that waives the requirement for lender’s title insurance on certain refinance transactions. These costs increased by 21.8% from 2021 to 2022, reaching nearly $6,000, per the CFPB post.

Mortgage 444

Mortgage Legal Insurance Finance 444

Housing Wire

FEBRUARY 8, 2022

Desktop appraisals arrived in March of 2020, allowing the housing market to keep humming while many stayed indoors to prevent the spread of COVID-19. Allowing appraisals without a walk-through was one of several flexibilities the Federal Housing Finance Agency allowed in light of the pandemic.

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Appraisal Appraisal Process Valuation Renovations 366

Cleveland Appraisal Blog

JULY 28, 2022

This week, I welcome back guest writer June Duncan who shares some tips for those planning on moving out of state. Visit the Cleveland Appraisal Blog for expert advice and assistance. Pay a visit to your new hometown. In recent years, with the advent of remote work, many are moving to different states. Create a moving budget.

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Appraisal Real Estate Business Transportation 342

The Appraiser Coach

JULY 11, 2023

There are those who may argue whether or not it’s my business what my employees are doing while on the clock. I’m not paying them to do those things; I’m paying them to contribute to my business and participate in an effective and efficient work environment.

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Business Appraisal Inspection Advertising 195