Corelogic Take on Appraisal Overvaluation - Appraisers Blogs
Corelogic Take on Appraisal Overvaluation - Appraisers Blogs
Abstract
The results of this 2021 white paper: Appraisal overvaluation: Evidence of price adjustment bias in sales Comparisons.
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The results of this 2021 white paper: Appraisal overvaluation: Evidence of price adjustment bias in sales Comparisons co-authored by Frank Nothaft are pretty interesting. At first glance, I get the CoreLogic evil empire stuff, but step back and take it all in. Hereโs the abstract.
The results of this 2021 white paper: Appraisal overvaluation: Evidence of price adjustment bias in sales Comparisons co-authored by Frank Nothaft are pretty interesting. At first glance, I get the CoreLogic evil empire stuff, but step back and take it all in. Hereโs the abstract.
On July 12, 2022, the FHA announced that it is extending the initial appraisal validity period from 120 days to 180 days and the appraisal update validity period from 240 days to one year. This applies to case numbers assigned on or after June 1, 2022. This just seems like a bad idea at a time where many markets are seeing price declines.
FHA INFO 2022-71 โ July 12, 2022
In this Announcement:
FHA Implements Revised Appraisal Validity Period Guidance
Appraisal Logging Changes in FHA Connect...
On July 12, 2022, the FHA announced that it is extending the initial appraisal validity period from 120 days to 180 days and the appraisal update validity period from 240 days to one year. This applies to case numbers assigned on or after June 1, 2022. This just seems like a bad idea at a time where many markets are seeing price declines.
FHA INFO 2022-71 โ July 12, 2022
In this Announcement:
FHA Implements Revised Appraisal Validity Period Guidance
Appraisal Logging Changes in FHA Connect...
SEE the differences between the THREE versions of the 1004 reports, what I euphemistically call โflavors.โ Appraisers, recent watercooler discussions by appraisers focus on the new โdesktopโ appraisals many will be requested to do. Now that the GSEโs have โformallyโ approved non-appraiser-inspected reports for first mortgage lending (or will very soon โ not sure of the exact effective date), you may want to actually SEE the differences between the THREE versions of the 1004 repor...
SEE the differences between the THREE versions of the 1004 reports, what I euphemistically call โflavors.โ Appraisers, recent watercooler discussions by appraisers focus on the new โdesktopโ appraisals many will be requested to do. Now that the GSEโs have โformallyโ approved non-appraiser-inspected reports for first mortgage lending (or will very soon โ not sure of the exact effective date), you may want to actually SEE the differences between the THREE versions of the 1004 repor...
Gone are the days of hiring a professional appraiser to solve the appraisal problem. For decades lenders have taken on the responsibility of shaping the appraisal process and dictating the solutions to the appraisal problem. Savvy appraisers push back in a positive fashion to try and enable the lender to receive a report that not only meets USPAP, FIRREA, Fannie Mae, or HUD/FHA/VA an UAD reporting guidelines, but also provides the client with a report that is clear, concise, accurate and not mis...
Gone are the days of hiring a professional appraiser to solve the appraisal problem. For decades lenders have taken on the responsibility of shaping the appraisal process and dictating the solutions to the appraisal problem. Savvy appraisers push back in a positive fashion to try and enable the lender to receive a report that not only meets USPAP, FIRREA, Fannie Mae, or HUD/FHA/VA an UAD reporting guidelines, but also provides the client with a report that is clear, concise, accurate and not mis...
As residential property prices plateau or decline in various markets and as borrowers have financial problems with fewer financing options, there are more legal claims being filed by borrowers against appraisers and lenders in relation to appraisals for loans made in recent years. Essentially, the cases are situations of โbuyer-borrower remorse.โ Leaving aside the appraiserโs potential liability, does a mortgage lender have liability to the borrower for a negligent appraisal? An Ohio appe...
As residential property prices plateau or decline in various markets and as borrowers have financial problems with fewer financing options, there are more legal claims being filed by borrowers against appraisers and lenders in relation to appraisals for loans made in recent years. Essentially, the cases are situations of โbuyer-borrower remorse.โ Leaving aside the appraiserโs potential liability, does a mortgage lender have liability to the borrower for a negligent appraisal? An Ohio appe...
ABC TV Documentary: Our America: Lowballed Because this issue was ignored by the appraisal industry, it is open season on appraisers. Because of the lack of credibility or awareness of the diversity issue that the appraisal industry faces by the two primary appraisal industry organizations, The Appraisal Institute and The Appraisal Foundation, there is no counter that can be presented to this continuing storyline. Itโs too late to have our industry review that second report in each of these si...
ABC TV Documentary: Our America: Lowballed Because this issue was ignored by the appraisal industry, it is open season on appraisers. Because of the lack of credibility or awareness of the diversity issue that the appraisal industry faces by the two primary appraisal industry organizations, The Appraisal Institute and The Appraisal Foundation, there is no counter that can be presented to this continuing storyline. Itโs too late to have our industry review that second report in each of these si...
No one wants to be the messengerโฆ Appraisers are messengers. Why is their message so despicable? So biased? The messenger. Psychology research easily points out our tendency to dislike the bearer of bad news. Itโs also intuitive. Bad news messengers do not smile when they bring the news. Sometimes they even look guilty. We humans can be really basic. We see a correlation between the bad news, the frown, and the messenger. Appraisers are messengers. Why is their message so despicable? So bias...
No one wants to be the messengerโฆ Appraisers are messengers. Why is their message so despicable? So biased? The messenger. Psychology research easily points out our tendency to dislike the bearer of bad news. Itโs also intuitive. Bad news messengers do not smile when they bring the news. Sometimes they even look guilty. We humans can be really basic. We see a correlation between the bad news, the frown, and the messenger. Appraisers are messengers. Why is their message so despicable? So bias...
Folks, this article appeared in American Banker on September 7, 2022. In my view, after reading it, the article appears to present a balanced perspective about what appraisers have been experiencing since the FIRREA law was mandated back in 1989. It also exposes problems with getting new people into the appraisal profession. If you have been paying attention to appraisal related activities over the years, you will recognize the names of people quoted in this American Banker article. One thing t...
Folks, this article appeared in American Banker on September 7, 2022. In my view, after reading it, the article appears to present a balanced perspective about what appraisers have been experiencing since the FIRREA law was mandated back in 1989. It also exposes problems with getting new people into the appraisal profession. If you have been paying attention to appraisal related activities over the years, you will recognize the names of people quoted in this American Banker article. One thing t...
Folks, yesterday, August 11, I received the following notice about Don Machholz from a California appraiser, who requested this be circulated: With sadness, I wanted to share the news of Don Machholz passing on Tuesday, August 9 in Wikieup, AZ due to complications with COVID-19. Don was a real estate appraiser from 2003-2018 and was well known within the appraisal industry. He was active in the Real Estate Appraisers Organization (REAA) and the Nevada County and Placer County Association of Real...
Folks, yesterday, August 11, I received the following notice about Don Machholz from a California appraiser, who requested this be circulated: With sadness, I wanted to share the news of Don Machholz passing on Tuesday, August 9 in Wikieup, AZ due to complications with COVID-19. Don was a real estate appraiser from 2003-2018 and was well known within the appraisal industry. He was active in the Real Estate Appraisers Organization (REAA) and the Nevada County and Placer County Association of Real...
Appraisers cite AMCs and incomplete MLS information as major sources of delays, while agents cite...appraisers as source of delays.
The post Appraisers voice opinions on AMCs, appraisal delays appeared first on HousingWire.
Appraisers cite AMCs and incomplete MLS information as major sources of delays, while agents cite...appraisers as source of delays.
The post Appraisers voice opinions on AMCs, appraisal delays appeared first on HousingWire.