Property Requirements - Appraisers Blogs https://appraisersblogs.com/tag/property-requirements/ Appraisal News and Tips for Real Estate Appraisers Thu, 02 Jan 2025 21:31:12 +0000 en-US hourly 1 https://wordpress.org/?v=7.1 https://i0.wp.com/appraisersblogs.com/wp-content/uploads/2015/04/ABfavicon.png?fit=32%2C32&ssl=1 Property Requirements - Appraisers Blogs https://appraisersblogs.com/tag/property-requirements/ 32 32 52046035 Lack of Fee Transparency: Exposing the AMC Exploitation https://appraisersblogs.com/lack-of-fee-transparency-exposing-the-amc-exploitation/ https://appraisersblogs.com/lack-of-fee-transparency-exposing-the-amc-exploitation/#comments Wed, 31 Jul 2024 12:30:07 +0000 https://appraisersblogs.com/?p=31182 By keeping the borrower in the dark about the true cost of the appraisal, the AMCs are able to charge exorbitant prices and pocket the difference (as shown in Figures 1 through 10), exploiting the consumer’s lack of knowledge.  Thank you for the opportunity to comment on the Consumer Financial Protection Bureau’s Request for Information on Fees Imposed in Residential Mortgage Transactions. The growth of Appraisal Management Companies (AMCs) in the wake of the 2008 financial crisis was driven by a well-intentioned but ultimately misguided belief that they could help “ensure the integrity and independence” of property valuations. The reasoning...

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]]> https://appraisersblogs.com/lack-of-fee-transparency-exposing-the-amc-exploitation/feed/ 71 31182 Uncovering Flaws in FHA Appraisal & Loan Review Process https://appraisersblogs.com/uncovering-flaws-in-fha-appraisal-n-loan-review-process/ https://appraisersblogs.com/uncovering-flaws-in-fha-appraisal-n-loan-review-process/#comments Mon, 15 Jul 2024 12:30:32 +0000 https://appraisersblogs.com/?p=31044 The story of this single mother’s harrowing experience with a defective home purchase and HUD’s negligent oversight exposes deep flaws in the FHA appraisal and loan review process. After sacrificing for years to rebuild her credit and earn the right to become a homeowner, this borrower found her dream home in the country – or so she thought. During the home inspection, several issues were flagged. The seller, an investor who had purchased the home in an estate sale, was unaware of the septic system’s location. The seller agreed to have the tanks pumped so the location could be determined....

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  • Scope Creep & the Imploding of Rules ...the imploding rules then implemented, and the scope creep that evolved because the cart was leading the horse, has severely…
  • The Appraisal Problem Gone are the days of hiring a professional appraiser to solve the appraisal problem. For decades lenders have taken on…
  • AMC Reviews of Appraisals Only the lender's Underwriter should be able to request changes to the report and the lender should be the one…

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]]> https://appraisersblogs.com/uncovering-flaws-in-fha-appraisal-n-loan-review-process/feed/ 44 31044 The VA Required to Encourage Hybrids – Senate Passes HR 7735 https://appraisersblogs.com/the-va-required-2-encourage-hybrid-appraisals-senate-passes-hr-7735 https://appraisersblogs.com/the-va-required-2-encourage-hybrid-appraisals-senate-passes-hr-7735#comments Wed, 21 Dec 2022 13:30:10 +0000 https://appraisersblogs.com/?p=28148 The VA will now be required to encourage hybrid appraisals.  If you are a VA Appraiser, here’s a bit of news you need to keep tabs on. Senate Passes VA Appraisal Modernization Measure – theMReport.com The U.S. Senate has announced the passage of HR 7735, the Improving Access to the VA Home Loan Benefit Act of 2022. Under the terms of HR 7735, sponsored by Sen. Dan Sullivan and Rep. Mike Bost, the VA will be required to: Issue certification requirements for appraisers; Execute minimum property requirements; Review the process for selecting and reviewing comparable sales; Implement quality control processes; Establish...

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]]> https://appraisersblogs.com/the-va-required-2-encourage-hybrid-appraisals-senate-passes-hr-7735/feed/ 18 28148 Proposal to Eliminate the VA Fee Panel https://appraisersblogs.com/proposal-2-eliminate-the-va-fee-panel-n-push-4-desktops-n-waivers https://appraisersblogs.com/proposal-2-eliminate-the-va-fee-panel-n-push-4-desktops-n-waivers#comments Fri, 20 May 2022 12:30:18 +0000 https://appraisersblogs.com/?p=26871 VA Fee Panel – The Appraisal Institute does not believe that a move to a lender select program, such as those found in the conventional or FHA mortgage markets, would  improve timeliness, nor would it be in the best interests of veterans. On May 18, the Subcommittee on Economic Opportunity held a legislative hearing on the Discussion Draft of H.R. 7735, Improving Access to the VA Home Loan Act of 2022. The bill is sponsored by Representative Mike Bost, R-Illinois, the ranking member of the House Veterans Affairs Committee, and Senator Dan Sullivan, R-Alaska, a member of the Senate Veterans...

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]]> https://appraisersblogs.com/proposal-2-eliminate-the-va-fee-panel-n-push-4-desktops-n-waivers/feed/ 26 26871 FHA 4000.1 Handbook FAQ https://appraisersblogs.com/appraisal/fha-4000-1-handbook-faq/ https://appraisersblogs.com/appraisal/fha-4000-1-handbook-faq/#comments Thu, 24 Sep 2015 12:30:54 +0000 https://appraisersblogs.com/?p=9061 FAQ PDF Document In June 2015, the Denver HOC conducted a webinar (or perhaps live class) training on the ‘then upcoming’ new FHA 4000.1 Handbook. Questions were submitted, and the answers were compiled into a FAQ PDF document (posted at the end of this article). Many of the questions were submitted by underwriters or other non-appraisers, but some were from appraisers. You will have to read through the 8.5 page FAQ PDF attachment to find appraisal related info. However, the one question and answer below may help alleviate the fears of some appraisers: Q. Does the appraiser have to note...

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]]> https://appraisersblogs.com/appraisal/fha-4000-1-handbook-faq/feed/ 8 9061 FHA Appraiser & Property Requirements Webinar https://appraisersblogs.com/appraisal/fha-appraiser-property-requirements-webinar/ https://appraisersblogs.com/appraisal/fha-appraiser-property-requirements-webinar/#comments Fri, 11 Sep 2015 12:30:13 +0000 https://appraisersblogs.com/?p=8929 Free FHA webinar for appraisers on the FHA Appraiser Roster, the appraiser and appraisal-related policy changes contained in the Single Family Housing Policy Handbook (SF Handbook; HUD Handbook 4000.1) impact how to perform and complete an appraisal for an FHA-insured property. Attend this webinar for an overview of these changes, centered on the core concepts of “Observe, Analyze, and Report”. During this webinar session, FHA subject matter experts will provide an overview of the structure, format, and changes contained in the SF Handbook’s Appraiser and Property Requirements section, effective for case numbers assigned on or after September 14, 2015. Additionally,...

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