Category: Appraisal

COVID-19 Issues Addressed & Interior Inspections Liabilities 29

COVID-19 & Interior Inspections Liabilities

Pay attention to Phil Crawford’s comments on interior inspections and the liability that goes with them… Fannie and Freddie have come out with updated guidelines for appraisals. There is much confusion on what is and what is not required. The below matrix simplified what is allowed by Fannie Mae. Additional questions and answers can be found on Lender Letter LL-2020-04. The unknown to the appraiser is the ownership of the loan. Appraisers must rely on the lender or amc for that determination. VaCAP wants to remind each and every one of you that regardless of what an amc or lender...

The Greatest Recession - The Hesitance to Accept Modified Appraisals 18

The Greatest Recession

The Greatest Recession is now spreading across the US. The investor’s hesitance to accept modified appraisals without interior inspections will prevent the real estate market from leading this country out of “The Greatest Recession” now spreading across the US… Appraisers provide an essential financial service according to the verbiage I’ve read from The Department of Homeland Security and various sources. We are exempt from “stay at home” orders. The State of Colorado has defined appraisal services and appraisers as providing an essential financial and professional service. Colorado says that appraisers are exempt from stay at home orders. An abundance of...

COVID-19 Legal & Risk Issues for Appraisers - Appraisers Blogs 5

COVID-19 Legal & Risk Issues for Appraisers

Free video webinar: “Legal and Risk Issues 2.0 for Real Estate Appraisers Stemming from the COVID-19 Crisis.” Scheduled for April 10, 2020 at 9:30 a.m. Pacific. For those who cannot watch live, a video recording and the presentation materials will be made available here shortly after the webinar. In this second Valuation Legal webinar for appraisers relating to COVID-19, I will be joined by attorney Claudia Gaglione of Gaglione, Dolan & Kaplan LLP. She is the national claims counsel for the appraiser professional liability insurance program managed by LIA Administrators & Insurance Services. We have worked together on appraiser liability...

Desktop Appraisal Not the Same as Hybrids - Suggestion for Doing Them 7

Desktop Appraisal Not the Same as Hybrids

A modified desktop appraisal is NOT anything like hybrid/bifurcated reports promoted by some AMCs and lenders… Appraisers, I have a correspondence relationship with an appraiser within one of the ‘agencies’ who this past week issued new guidance for “modified” reports, including desktops. I’m not allowed to say who, or which agency, but I have actually met the person at a conference, and the individual has been in this industry about 99 years, give or take a few – no…lots! The person provided this suggestion for those of you who are beginning to do the new desktop appraisal, regardless of which...

Homeowner Enabled Appraisal Inspection Tool, Social Distancing Protocols 28

Homeowners Providing Interior Home Data

Clear Capital is launching a new homeowner-enabled appraisal inspection tool the week of March 30… Over the past few weeks, I have seen in forums many appraisers talking about having homeowners provide home interior details (photos, videos, etc.), which can be used in appraisal reports. Well, guess what? American Ingenuity at work, which will be available soon. From the HousingWire article titled “Clear Capital launches new remote inspection tool“: “Real estate technology company Clear Capital has launched a new homeowner-enabled appraisal inspection tool, which adheres with encouraged social distancing protocols in light of the coronavirus. OwnerInsight is a tool that...

Exterior Appraisals & Temporary Appraisal Guidelines During COVID-19 16

COVID-19 Temporary Appraisal Guidelines

Fannie and Freddie are giving preference to desktop appraisals over exterior appraisals, which quite frankly, is completely backwards from what most appraisers believe to be a more reliable appraisal. HUD and the Veterans Administration, on the other hand prefer exterior appraisals…

Property Sellers Who Are Dishonest 4

Property Sellers Who Are Dishonest

Property appraising can be a treacherous minefield of disinformation if you happen across the wrong type of seller. In most instances, the role we play should be straightforward. We’re a link in the chain, a functional part of the house buying process which is essential and relatively straightforward. We enter a property, value that property and facilitate lending based on our valuation. However, an issue can arise when the property seller wants to mask certain problems or prevent a lower, but accurate, valuation of their house. They can look to deceive and cover-up issues that may arise, meaning we must...

Temporary Appraisal Requirement Flexibilities - FHFA Allowing Alternatives 18

Temporary Appraisal Requirement Flexibilities

Temporary Guidance From Fannie Mae… FNMA has issued temporary guidance on appraisal requirements, including allowing desktop & exterior-only appraisals… Folks, due to the ongoing COVID-19 national emergency, the GSE regulator FHFA and both GSE’s have issued new (temporary) guidance on Monday, March 23, 2020. These remain in effect through May 17, 2020, but could be extended due to the on-going situation. NOTE: I have seen nothing yet from FHA or VA. Appraisers (and AMCs) CANNOT modify assignments or reports without specific authorization from the lender client. Appraisers CAN choose to do, or not do, assignments under the inspection guidelines, and per directives...

Appraisers Are Considered an Essential Business 36

Appraisers Considered an Essential Business

Under the order, “essential businesses” cover a wide variety of workers…Appraisers are considered an essential business… Illinois Governor Issues Stay-at-Home Order. Illinois Gov. J.B. Pritzker today issued a “stay at home” order for the entire state starting Saturday March 21, 2020, at 5 p.m. through April 7. The order encourages all “essential businesses and operations” to remain open. Appraisers are considered an essential business The order encourages all “essential businesses and operations” to remain open, but directs them to enforce six-foot social distancing for both employees and customers. Under the order, “essential businesses” cover a wide variety of workers, including...

COVID-19 Pandemic and Exterior Appraisals - Appraisers Blogs 64

COVID-19 Pandemic & Exterior Appraisals

Everyone, not just appraisers is getting bombarded with information on COVID-19. So much of the information differs, it is hard to know what is real, hype or hysteria. So much has been shared within the appraisal groups on social media that there are more conversations about COVID-19 then appraisals. VaCAP is a volunteer organization of appraiser professionals. We are not medical professionals and are just as confused as most of you. Each and every one of us is different. We have different levels of health and different people living in our homes; some may have compromised immune systems, some maybe...

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