Author: Dave Towne

Biden Calls Out Racial Bias Among Appraisers 56

Biden Calls Out Racial Bias Among Appraisers

To counteract low appraisals in minority neighborhoods, Biden says he’ll push for training to address racial bias among appraisers… Appraisers, you might want to “take a gander” at this article in the link below, because it indicates possible/probable changes coming. I especially like the ‘extra training for appraisers’ to avoid discrimination/racial bias. Not. In other words, appraisers are at fault for lower values in certain neighborhoods which are not as highly valued as others, and so we must be indoctrinated to be more sensitive. Buckle up folks, as it’s going to be an interesting ride. Excerpt from Biden Admin and...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / NAR / National Association of Realtors

Radian Ending & Replacing Traditional Appraisals with Artificial Intelligence 14

Radian Ending Traditional Appraisals

In the news release, Radian, an AMC licensed in most US States says they will help their clients ‘transition’ away from traditional appraisals… This news release was circulated yesterday, October 29, 2020, by the Radian Group Inc. Radian Group (NYSE:RDN) will wind down its traditional appraisal business, which offers residential real estate appraisal services through a panel of independent contractor appraisers, to focus on core mortgage and real estate businesses driven by digital products and services. This news is so fresh that their very attractively designed web site and associated pages still glowingly highlight how wonderful their ‘traditional appraisals’ are… at least...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News

Verifying Property Sales Data Is Key Element in Doing Appraisals Correctly 10

Verifying MLS Shown Sales Price

Verifying property sales data is a key element and requirement in doing appraisals correctly… Verifying property sales data is a key element and requirement in doing appraisals correctly. We cannot just assume the MLS reports sale prices correctly. One aid to help do this is by using one of the ‘data download’ software providers which prefill many property data items in the report comparable grids. These companies have direct interties with the local MLS (most, not all across the US), and public data from either your jurisdiction recording or assessor office, or an amalgamation company such as Realist. Two ‘data...

Appraisal / Appraisal News / Appraisal Software / Appraisal Technology / Appraisers News / DataMaster

Appraisal Forms Redesign - What's Coming Down the Track? 3

Appraisal Forms Redesign

In 2018, the GSEs began working on ‘mortgage lending appraisal forms redesign’, a process they said would take approximately 3 years to accomplish. The effort is currently underway, however they have not announced exactly when the process will be completed, or when the new forms will take effect. Attached is a PDF of their FAQs through June 2020 which you may want to peruse, just so you become more aware of “what’s coming down the track” not too long from now. From my quick read of this FAQ document, key items include: GSE forms are not to be used for...

1004MC / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / UAD

Highest and Best Use - Dead in the Water - Appraisers Blogs 4

Highest and Best Use

Appraisers, I had a recent discussion with a review appraiser, who discussed a ‘situation’ with me. It involved Highest and Best Use (H&BU), and the appraiser’s reluctance to re-do a report so that a loan could be made. The appraiser had checked the H&BU question box on page 1 of the 1004 form as “NO”, which immediately stops the lending process. This H&BU topic is sometimes difficult for appraisers due to many variables which need to be analyzed. The twisted part of this situation (which influenced the appraiser’s H&BU reporting) is the property is in an area where some, not all,...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

FNMA Accessory Dwelling Units (ADU) Policy Updated 10

Fannie Mae’s ADU Policy Updated

On September 2, 2020, FNMA updated their policy allowing for Accessory Dwelling Units (ADU) on Single Family Residential (SFR) properties to be a Manufactured Home. This is in their Selling Guide Announcement SEL-2020-05, linked below. Key points: An accessory dwelling unit (ADU) is an additional living area that is independent of the primary property and has basic bathroom, cooking, and sleeping facilities. With this update, we clarified ADU property eligibility and comparable sales requirements in the appraisal as follows: expanded the current definition of an ADU to improve proper classification of ADUs; expanded property eligibility by allowing multi-width manufactured homes...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Carlson Family Fire Relief Fundraiser 0

Carlson Family Fire Relief Fundraiser

Folks, California Certified General appraiser John Carlson (Napa area) just experienced a total devastating loss of his home, three others, outbuildings, etc., on the family ranch, Thursday 8/20/20, due to the major wildfire in the Napa valley wine country. Fortunately, John’s office is off-site and was not torched. A family friend has set up a GoFundMe account for John and family. If you see it in your heart, please donate! On that page, there is a photo of one of the horses that survived, surrounded by the burned area. As of about 8 pm on Friday 8/21/20, about 40% of...

Appraisal / Appraisal News / Appraisers News

A 'Low' Appraisal is Now a 'Bad' Appraisal? We Do Not Massage the Data 30

A Low Appraisal is Now a Bad Appraisal

A low appraisal is now a bad appraisal. Well, that’s according to the headline. The article does not stress ‘bad.’ See the article, “A Wild Market Means More Home Appraisals are Coming in Low. Here’s What to do if a Bad Appraisal Threatens Your Deal”, in Money.com. “We” appraisers are now experiencing the same level of buyer goofiness and panic we encountered in 2006-2008, before everything melted down. Inventories are low, and buyer interest is intense. In my immediate neighborhood less than a month ago, an older vacant home came up for sale, listed in the MLS. I looked at...

Appraisal / Appraisal News / Appraisers News / Trending

Another 'Pile on Appraisers' Diatribe? Appraisal Industry & Fair Housing... 8

Another ‘Pile on Appraisers’ Diatribe?

The National Association of Realtors held their “Virtual Appraisal Summit” on Aug. 5, 2020, focusing on ‘fair housing and the appraisal industry.’ We were fortunate to have Craig Morley, President of the National Association of Appraisers, represent us appraisers, but his presentation was only scheduled for 15 minutes. I’m hoping when he sees this message, he will provide more info about his presentation and the outcome of the “Summit.” Craig’s presentation had the title: Abilities and Limitations of Appraising Real Estate Under Today’s Rules Craig Morley, Managing Partner, Accurity Valuation/Morley & McConkie, LLC I’m just hoping that this Summit was...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / NAA / NAR

Ryan Lundquist Medical Fundraiser 1

Ryan Lundquist Medical Fundraiser

Folks, well known respected appraiser, blogger, writer, speaker, mentor – Ryan Lundquist of Sacramento, CA – is presently in the hospital with ulcerative colitis. A GoFundMe account has been set up by two other appraisers to help with medical expenses, with payments going directly to his wife Jennifer. At the time of my message, the donation status is just under 50% of the goal. Let’s push it higher!! If you can help out, the link is https://gf.me/u/yiqv25 Additional details: Our friend Ryan Lundquist has suffered from colitis for several years and has had a flare-up in the past month. He...

Appraisal / Appraisal News / Appraisers News

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