NAR and Representation of Appraisers
NAR and Representation of Appraisers
As Real Estate Appraisers, we are encountering an assault on our profession from the GSEās with the hybrid appraisal reports, the rollout of the new desktop product and with appraisal waivers. These junk reports and the waivers continue to undermine the public trust in our industry and leave the appraisers exposed to great risk and the consumers left holding the bag if their mortgage goes south. This impacts not just us, but the Real Estate profession as a whole, because if the public loses trust in the industry, we will all lose, not just the appraisers. As appraisers, we need...
Related Posts:- Are You a Hybrid Appraiser? We wonāt take appraiser trainees, but weāll take real estate trainees... Thatās the million dollar question. Big banking is countingā¦
- Appraisal Waivers vs. Public Trust If the ASC grants the request for appraisal waivers, the precedent will have been set for other banks to follow...ā¦
- NAR Bifurcation Position Is a Good Thing I reread last weekās post in Appraiserville: āNAR Real Property Valuation Committee Issues Position On Bifurcationā and felt I leftā¦
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As Real Estate Appraisers, we are encountering an assault on our profession from the GSEās with the hybrid appraisal reports, the rollout of the new desktop product and with appraisal waivers. These junk reports and the waivers continue to undermine the public trust in our industry and leave the appraisers exposed to great risk and the consumers left holding the bag if their mortgage goes south. This impacts not just us, but the Real Estate profession as a whole, because if the public loses tr...
As Real Estate Appraisers, we are encountering an assault on our profession from the GSEās with the hybrid appraisal reports, the rollout of the new desktop product and with appraisal waivers. These junk reports and the waivers continue to undermine the public trust in our industry and leave the appraisers exposed to great risk and the consumers left holding the bag if their mortgage goes south. This impacts not just us, but the Real Estate profession as a whole, because if the public loses tr...
NAR Appraisal Survey 2022 Excerpts from NAR Report (link below): In May 2022, NAR Research conducted a survey of all 9,700 appraiser members and 50,000 randomly-selected non-appraiser members. 54% of appraisers report that appraisal management companies (AMCs) have been among the greatest challenges in their businesses in the past year; 30% cite expanding regulations. The typical appraiser reports a 40-mile radius in which they conduct appraisals. 68% report practicing within a radius of 20ā5...
NAR Appraisal Survey 2022 Excerpts from NAR Report (link below): In May 2022, NAR Research conducted a survey of all 9,700 appraiser members and 50,000 randomly-selected non-appraiser members. 54% of appraisers report that appraisal management companies (AMCs) have been among the greatest challenges in their businesses in the past year; 30% cite expanding regulations. The typical appraiser reports a 40-mile radius in which they conduct appraisals. 68% report practicing within a radius of 20ā5...
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. Hereās 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. Hereās the abstract.
SEE the differences between the THREE versions of the 1004 reports, what I euphemistically call āflavors.ā Appraisers, recent watercooler discussions by appraisers focus on the new ādesktopā appraisals many will be requested to do. Now that the GSEās have āformallyā approved non-appraiser-inspected reports for first mortgage lending (or will very soon ā 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 āflavors.ā Appraisers, recent watercooler discussions by appraisers focus on the new ādesktopā appraisals many will be requested to do. Now that the GSEās have āformallyā approved non-appraiser-inspected reports for first mortgage lending (or will very soon ā 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...
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 ā 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 ā July 12, 2022
In this Announcement:
FHA Implements Revised Appraisal Validity Period Guidance
Appraisal Logging Changes in FHA Connect...
NAR Research conducted a survey of all 9,700 appraiser members and 50,000 randomly-selected non-appraiser members to determine the level of impact of appraisals on the current market and member business in terms of cost, turn-around times, and other challenges and to measure member experiences with bias and discrimination in the appraisal process. Highlights of the NAR Appraisal Survey The typical respondent has 15 years of experience in real estate. The typical appraiser is significantly more ...
NAR Research conducted a survey of all 9,700 appraiser members and 50,000 randomly-selected non-appraiser members to determine the level of impact of appraisals on the current market and member business in terms of cost, turn-around times, and other challenges and to measure member experiences with bias and discrimination in the appraisal process. Highlights of the NAR Appraisal Survey The typical respondent has 15 years of experience in real estate. The typical appraiser is significantly more ...
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.
Appraisers, on Tuesday 5/24/22, an AMC sent a message to their appraiser panel appraisers asking them if theyād like to āhelp their lender clientsā by doing Property Data Reports (PDR). Letās decipher what this is all about. Freddie Mac has decided, that as of Sunday, July 17, 2022, they must have a PDR (Property Data Report) completed āby someoneā in order for the loan applicant to qualify for an appraisal waiver in conjunction with a mortgage loan. In other words, actual qualified...
Appraisers, on Tuesday 5/24/22, an AMC sent a message to their appraiser panel appraisers asking them if theyād like to āhelp their lender clientsā by doing Property Data Reports (PDR). Letās decipher what this is all about. Freddie Mac has decided, that as of Sunday, July 17, 2022, they must have a PDR (Property Data Report) completed āby someoneā in order for the loan applicant to qualify for an appraisal waiver in conjunction with a mortgage loan. In other words, actual qualified...
The RemoteVal solution leverages the technology that homeowners and agents have with them already ā their Apple or Android smartphones. It eliminates the need to send third-party property data collectors to a home or to bring special devices into a home.
The post Incenter Appraisal Managementās RemoteVal solution keeps appraisers in full control of the inspection appeared first on HousingWire.
The RemoteVal solution leverages the technology that homeowners and agents have with them already ā their Apple or Android smartphones. It eliminates the need to send third-party property data collectors to a home or to bring special devices into a home.
The post Incenter Appraisal Managementās RemoteVal solution keeps appraisers in full control of the inspection appeared first on HousingWire.