Category: HUD

Dear ASC: Details... Why They Matter. 14

Dear ASC: Details… Why They Matter

DETAILS… NO MATTER HOW SMALL OR BIG NEED TO BE PRESENTED. If not, you failed. ASC, today you failed us all. Over the past several days, the Real Estate Appraisal Industry has been the subject of scrutiny with the release of the PAVE Report that the Interagency Task Force developed on Property Appraisal And Valuation Equity set forth by the Biden Administration. On March 23, 2022, there was a public meeting to unveil the Pave Task Force report on Racial Bias in the Real Estate Appraisal Profession. You can watch the press conference below as well as read the entire...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

VA Unofficially Says NOPE to ANSI Measuring Protocol 16

VA Unofficially Says NOPE to ANSI

The other agencies, Freddie Mac, HUD/FHA, USDA, ONAP, VA have NOT (yet) adopted this ANSI measuring protocol. Appraisers, an appraiser I know sent an email to the VA asking if VA was going to require appraisers to adhere to the ANSI Z765-2021 Measuring Standard as of April 1, 2022. The appraiser received an ‘unofficial’ response back from a person within the VA connected to processing appraisals, which said: “The short answer is, no.” I say this is ‘unofficial’ because to-date, I have seen nothing “official” from VA about this topic. Only officials from within VA know whether or not they...

American National Standards Institute / ANSI / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

HUD Dismisses Claims Alleging Racism Against Black & Minority People 72

HUD Dismisses Claims Alleging Racism

…white America (government) keeps trying to ‘fix’ Black People who are not broken in the first place! We’ve all heard of redlining. No one doubts it existed and MAY still exist, among private lenders. It’s hard to accept major national banking corps would risk it but it IS possible. Having said that, there is ZERO percentage or benefit for any appraiser to engage in it. None. Another appraiser in Los Angeles, who is a great researcher, posted addresses of the properties involved in half a dozen complaints alleging racism by appraisers and so-called ‘white washing’ of the houses producing subsequent...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Federal Housing Administration

Dear HUD... the Word Extortion Comes to Mind. What's Your End Game? 7

DEAR HUD… What’s Your End Game?

Dear HUD, recently, within the past year or so, you have been on a crusade to prove discrimination and racism in the appraisal process. Your actions haven’t gone unnoticed by many within the appraisal profession as well as outside it. It’s become clear that you are the go to organization for complaints. Ok. Please read this in its entirety and see my thoughts at the end before making a judgement. The reason I am writing you this letter is for a couple of reasons. First and foremost, I am writing this letter to ask you what your TRUE intentions are...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Secret HUD Meeting on Valuation Bias... Input of Appraisers Is Unwanted 11

Secret HUD Meeting on ‘Appraiser Bias’

The exclusion of the appraisal profession from events looking at valuation bias sends the message – intentional or not – that the input of appraisers is unwanted by those seeking to address issues relating to valuation bias… This was in a news release put out on Aug. 2, 2021 by the American Society of Appraisers which reveals the ‘secrecy’ behind the government’s efforts to attempt to continually help smear real estate appraisers: “RESTON, Va., Aug. 2, 2021 /PRNewswire/ –The Department of Housing and Urban Development (HUD) held a virtual event today looking at bias issues surrounding the home valuation process....

American Society of Appraisers / Appraisal / Appraisal Organizations / Appraisers News / ASA / CFPB

FHA Appraisal - Commonly Noted Deficiencies 3

Commonly Noted Deficiencies

Completing Today’s FHA Appraisal – Commonly Noted Deficiencies The last one ‘sold out’ quickly. Register today if you want to take this training: August 12, 2021 | 10:00 AM – 12:00 PM (Mountain) This training covers FHA appraisal requirements, including FHA appraisal protocol and policy as outlined in FHA’s Single Family Housing Policy Handbook 4000.1, the Appraisal Report and Data Delivery Guide (ARDDG), and relevant Mortgagee Letters. The training addresses common deficiencies noted in appraisal reviews performed by HUD staff appraisers for FHA forward mortgages, Home Equity Conversion Mortgages (HECM) and Real Estate Owned (REO) properties to determine areas of...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

Alleged Systemic Racism in Appraisal Myth 37

Alleged Systemic Racism in Appraisal Myth

In virtually every single case of alleged racism to hit the media recently, admitted staged events were in play. One could argue staging was necessary to identify if a valuation difference resulted from perceptions of what race the occupants are. Fair enough. Provided that the staging itself does not alter the value scenarios. Provided that the results are being honestly reported. I’m skeptical. I’ve researched each case as far as can reasonably be done from the information provided. The American Guild of Appraisers has also offered (repeatedly) to conduct thorough reviews of each and every appraisal involved in the reported...

AGA / AMC / American National Standards Institute / ANSI / Appraisal / Appraisal Management Companies

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…

AI / American Society of Appraisers / American Society of Farm Managers and Rural Appraisers / Appraisal / Appraisal Institute / Appraisal News

USRES AMC incompetence 20

AMC Incompetence in Appraisal Management

I’m told USRES routinely sends orders to out of state appraisers for orders in areas they don’t work in. Is this indicative of the Home Point Financial “We care” motto? ATTN: Executive Leadership Gentlemen, see attached copy of an Alabama appraisal order placed by your AMC, USRES. Among our many other efforts on behalf of appraisers and promoting appraisal quality, we periodically communicate directly with lenders that use AMCs. We do this to make sure they are aware of any substandard practices or services that may be offered in their name. This particular issue is not an isolated instance. Though...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Forward and Reverse FHA Condo Mortgages - Zoning and Solar Photovoltaic 2

FHA Forward & Reverse Mortgages

FHA appraisers, you may begin seeing more appraisal assignments for both FHA ‘Forward’ and ‘Reverse’ mortgages on condos, starting in October 2019. “Forward” is the slang term for a standard mortgage with a set term, paid off during that term. HUD/FHA has changed the eligibility requirements for condo properties to allow senior (seasoned) citizens to apply for a reverse mortgage if that is their primary residence. The change takes effect in October. The change also affects standard ‘forward’ mortgages on condos, making it easier for condo projects to quality for FHA guaranteed mortgages. FHA clamped down on these in 2008,...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

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