Category: Trending

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...

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

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...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Administration / Federal Housing Finance Agency

XOME Letter in Case Appraisers Get Arrested 30

XOME Letter in Case Appraisers Get Arrested

Insiders tell me they are publishing a Dick Tracy Decoder Ring next week. Good grief. This suggests they are so desperate for appraisers to place themselves in harm’s way that a printer and a logo is all you need for protection. Do they have a legal department? To Whom it May Concern: This letter acknowledges that ____________ is an authorized vendor of Xome. Xome is an Essential Business (or its equivalent, in accordance applicable state or local order) that provides support and services on behalf of exempt financial services companies that originate mortgage loans and service mortgage loans nationwide. Xome...

Snippets / Trending

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...

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

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...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

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...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ICAP / Illinois Coalition of Appraisal Professionals

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...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Trending / VaCAP

Appraisal Inspection Procedures & Protocols 64

Appraisal Inspection Procedures & Protocols

The industry needs to discuss the coronavirus issue and how to conduct inspections. I set up an inspection a few days ago using the Procedures & Protocols form below and this is how I handled it. I called the listing agent and tactfully told him that we had to discuss this Coronavirus issue … that I had a family member with a compromised health situation and that we had to presume the virus was already within our community. Then I explained to him that I inspect a lot of homes every week and that normally involves touching a lot of...

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

Biden's Claim of Racial Bias in Appraisals Faces Criticism from Appraisers 33

Biden Claims on Racial Bias in Appraisals

Over the past week or so, Presidential Candidate Joe Biden publicly called for more regulation and oversight over appraisers to combat racial bias. He specifically cited the Brookings Institute Study ”The Devaluation of Assets in Black Neighborhoods, The Case of Residential Property”. If you are unfamiliar with this study, in a nutshell, the findings accuse appraisers of undervaluing properties in black neighborhoods. The study is an easy read and can be found here. We will warn you, much of the data used in the study carries very little weight as Census Bureau (self-reported data) and information from Zillow were used....

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

Coronavirus Will Cause Our Next Recession - A Black Swan has Appeared 25

Coronavirus Will Cause Our Next Recession

A Black Swan has Appeared – Coronavirus will cause Our Next Recession In a previous post entitled The Black Swan published in August, 2019, I wrote, “though more common now, especially in Australia, Europe, and Asia, black swans (Cygnus atratus) were once thought to be almost extinct… so rare that a sighting of one was considered to be an unexpected, improbable event. Today, The Black Swan is a metaphor for an unpredictable, unforeseen, random event, typically one with extreme consequences. Today’s best technology cannot predict their cause or emergence. The only thing we know for certain is that someday, somewhere,...

Appraisal / Appraisal News / Appraisers News / Trending

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