News By Edition

The topic of modernizing the real estate appraisal workflow has created a fair amount of controversy, which is strange given the many benefits every other function in the home financing transaction has enjoyed, says Class Valuation in its latest white paper titled “Modernizing the Appraisal Workflow.”

The pathway to digital lending is literally littered with positive impacts, for lenders, service providers, regulators and, of course, borrowers.

Read on for more details.

Does the current state of the appraisal industry deter new people from wanting to join the profession? Veteran appraiser Tim Andersen (“The Appraiser’s Advocate”) says it is not likely the current state of the industry is the deterrent. 

Rather, the long lead time that it takes to earn a state-certification, the regulations under which appraisers operate, as well as the ubiquitous and constant threat of state sanction from state appraisal boards may be deterrents.

Read on for more of our conversation.

Recently, Valuation Review introduced its audience to a new hire. JLL Valuation Advisory welcomed structured finance specialist John Oates to its Renewable Energy Valuation team as a managing director to help build out a best-in-class infrastructure platform.

We reached out to Oates for a more in-depth look at his role and how this side of valuations will work best for appraisers.

Read on to learn more.

Gridiron Capital, LLC recently announced that one of its portfolio companies, Class Valuation, acquired Pendo Management, LLC.

This move took place prior to Class Valuation’s recent acquisition of DataMaster.

Read on for more details.

The Land Trust Alliance, a national land conservation organization, applauded the House Ways and Means Committee’s vote to advance the Charitable Conservation Easement Program Integrity Act as part of reconciliation legislation. Land Trust Alliance President and CEO Andre Bowman said, “the time has come to stop abuse that has dragged on for years.”

The many reports recently alleging racial bias in home appraisals has created a not-so favorable image of the appraisal process in the mortgage industry.

While many factors can contribute to potential bias in appraisals, Fannie Mae Single-Family Collateral Risk Management Vice President Jake Williamson, in his blog “Our Commitment to Reducing Appraisal Bias,” addresses this topic and viable solutions.

Read on for more on this matter from Fannie Mae.

Intelica Commercial Real Estate, a St. Louis-based firm known for its brokerage and property management services, has acquired a Denver company.

The company recently acquired James Real Estate Services, a commercial real estate advisory firm that has been based in Denver since 1982.

Read on for more news about this acquisition.

The Appraisal Foundation (TAF) issued a statement following the release of a research analysis from Freddie Mac on appraisal bias in which TAF President David Bunton shared his thoughts.

JLL Valuation Advisory has hired structured finance specialist John Oates to join its Renewable Energy Valuation team. Oates assumes the position of managing director.

The Federal Housing Finance Agency announced two measures to sustainably advance the affordability of homeownership for mortgage borrowers across the nation, especially those in underserved communities. Additionally, Freddie Mac and Fannie Mae will incorporate desktop appraisals into their selling guides.

ForbesBooks author Tim Pagliara, who wrote “Another Big Lie: How the Government Stole Billions from The American Dream of Home Ownership, and Got Caught!,” detailed the plight of Fannie Mae, Freddie Mac and says the government “must fill gaps for minorities, middle class to access mortgages.”

Pagliara, founder, chairman, and chief investment officer of CapWealth, an independent, SEC-registered investment advisory firm near Nashville, Tenn., reached out to Valuation Review to share his thoughts.

Read on to learn what he had to say.

The Credit Union National Association (CUNA) generally supports the Federal Housing Finance Agency’s (FHFA) enforcement of fair lending laws but urges the agency to ensure monitoring and enforcement does not generate costly new requirements or increased regulatory burden, according to a release from CUNA. CUNA submitted its comments in response to the FHFA’s policy statement on fair lending.

Black Knight, Inc. recently released its latest Originations Market Monitor report, looking at mortgage origination data through August 2021. Leveraging daily rate lock data from Black Knight’s Optimal Blue PPE, the Originations Market Monitor provides the industry’s earliest and most comprehensive view of origination activity.

Reggora, an appraisal software company, announced Envoy Mortgage has adopted its appraisal management system to help process all loans requiring an appraisal. Envoy will leverage Reggora technology to deliver a fast and efficient appraisal, supporting their customers through the homebuying journey, according to a company release.

Recently, the Federal Housing Finance Agency (FHFA) announced Fannie Mae and Freddie Mac (the Enterprises) will submit equitable housing finance plans to FHFA by the end of 2021. The Enterprises will update these plans annually.

President Joe Biden has nominated Alanna McCargo, a senior advisor for housing finance within the U.S. Department of Housing and Urban Development, to be the new head of Ginnie Mae. If confirmed, McCargo would be the first permanent leader of Ginnie Mae in almost five years since President Ted Tozer resigned in 2017.

AppraisalWorks, a provider of real estate appraisal technology, announced innovations to its flagship appraisal management technology platform. The platform is designed to streamline the real estate appraisal process, helping lenders and servicers achieve lower costs, faster turn times and greater transparency.

United Wholesale Mortgage (UWM) has launched UWM Appraisal Direct, giving clients another option when ordering appraisals on UWM loans. The program currently is in the pilot stage and was released in all 50 states on Oct. 1.

Planet Home Lending, LLC, a national lender and servicer, has hired Andrew Watson as senior vice president, Contact Center. A well-regarded mortgage servicing leader, Watson has experience in strategically elevating the call-center customer experience.

CoreLogic has completed its acquisition of Next Gear Solutions, a market leader in digital workflow platforms and solutions for the property restoration industry.

The combination of Next Gear and CoreLogic’s Claims Connect platforms, gold standard property data and analytics, and tools provides insurance carriers and contractors a compelling choice to enhance and transform the claims experience for policyholders, according to CoreLogic.

Read on for more details about this transaction.

Fortuna Credit launched a platform it said will transform the online lending marketplace and empower non-prime consumers to take control of their financial health. Operating online in all 50 states, Fortuna Credit is a multi-lender marketplace connecting consumers to financial services tailored to their unique needs.