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Appraisal bias not a ‘new’ problem, DEI officer says
Posted Date: Monday, December 13, 2021
Valuation Review sat down with CBC Mortgage Agency Diversity, Equity & Inclusion Officer Tai Christensen to discuss a variety of aspects surrounding appraisal bias/disparity.
Christensen also gave insight as to why minority applicants are likely to receive an appraisal value lower than the contract price.
Read on for more of our conversation.
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Education, travel continues for appraisers
Posted Date: Monday, December 13, 2021
After a year of virtual gatherings, appraisers were able to go back on the road again to listen to and share ideas about improving the profession, as well as maintaining a thriving business.
Valuation Review attended the 2021 Appraisal Summit in Las Vegas recently, and caught up with event organizers Heather Sullivan (CoreLogic) and Teresa Walker (National Association of Appraisers) to get their thoughts.
Read on for more from this conference session.
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JLL exec outlines EPC due diligence
Posted Date: Monday, December 6, 2021
Earlier, Valuation Review reported JLL Valuation Advisory hiring of Dennis Firestone as senior vice president/premier client accounts in its Environmental and Property Condition (EPC) team.
In a follow up conversation, Firestone gives specifics on what his EPC team does as it relates to commercial real estate transactions.
Read on to learn more from our conversation.
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Veteran appraiser: Realtors are professionals too
Posted Date: Monday, December 6, 2021
Dustin Harris, “The Appraiser Coach,” in a recent blog entry discusses appraisers crossing paths with other professionals in the business.
These people include, specifically, real estate agents, and those individuals not being happy with appraisers.
Read on to learn more.
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Agencies increase appraisal threshold on high-priced mortgages
Posted Date: Monday, December 13, 2021
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced the 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500. The threshold amount will be effective Jan. 1, 2022.
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Accurate Group announces acquisition
Posted Date: Wednesday, December 8, 2021
Accurate Group recently announced the acquisition of eMerge Property Solutions, a market leader in supplying broker price opinions and other alternative valuation solutions.
Accurate said the acquisition of eMerge enhances and deepens its nationwide broker network and will allow the company to further leverage its property inspection technology.
Read on for more details.
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Commercial firm announces acquisitions
Posted Date: Wednesday, December 8, 2021
BBG recently announced it acquired Tampa-based appraisal firm Trigg, Catlett & Associates.
Terms of the deal were not disclosed.
Read on for more details about this acquisition.
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TAF awards grant to AI
Posted Date: Monday, December 6, 2021
The Appraisal Foundation’s Board of Trustees awarded a Pathway to Success Grant to the Appraisal Institute for the development of a Practical Applications of Real Estate Appraisal program. The competitive grant application was reviewed, scored, and recommended for approval by a team representing foundation trustees, sponsoring organizations, and the Appraiser Qualifications Board.
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Lender closes condominium project loan
Posted Date: Monday, December 6, 2021
Bloomfield Capital announced the closing of a $4 million mezzanine construction loan on a condominium development in Portland (Maine) burgeoning Munjoy Hill neighborhood. The completed four-story property will feature 45 units over a below grade garage.
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SitusAMC subsidiary launches risk management, insurance programs
Posted Date: Wednesday, December 8, 2021
Securent, a newly formed provider of comprehensive risk management and insurance programs for mortgage and mortgage-backed securities stakeholders, launched its insurance operations. A subsidiary of SitusAMC, Securent’s loan defect insurance protects primary and secondary mortgage participants against risk associated with defects introduced in the loan manufacturing process.
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CoreLogic: August delinquency rates decline
Posted Date: Wednesday, December 8, 2021
The CoreLogic Loan Performance Insights Report showed that nationally, 4 percent of mortgages in August were delinquent by at least 30 days or more including those in foreclosure.
This represents a 2.6-percentage point decrease in the overall delinquency rate compared with August 2020.
Read on to learn more.
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Homebuyer bidding war rate drops to 2021 low
Posted Date: Monday, December 6, 2021
In September, 59 percent of home offers written by Redfin agents faced competition, a record low for 2021, according to a recent Redfin report. That’s down from a revised rate of 60.8 percent in August and a peak of 74.3 percent in April. September marked the fifth-straight month of declines.
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Home asking prices hit all-time high, pending sales slow
Posted Date: Wednesday, November 3, 2021
Asking prices of homes increased to an all-time high of 12 percent, according to a Redfin report. However, pending sales were up just 4 percent, the smallest year-over-year increase since June 2020.
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Single women have low confidence in homeownership prospects
Posted Date: Wednesday, November 10, 2021
In a consumer research survey conducted by Freddie Mac, it was found the homeownership goals of single female heads of households (SFHOHs) were disrupted by the pandemic. Many have had their work situation altered, and of those who dropped out of the workforce, 75 percent have yet to return.
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Guaranty Home Mortgage selects AI-cloud for document automation
Posted Date: Wednesday, December 8, 2021
Paradatec, a provider of AI-based document classification and data extraction technology for mortgage loan processing, announced Guaranty Home Mortgage Corp. has selected Paradatec’s AI-Cloud for document processing and indexing.
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Supply chain shortage: An update looking toward 2022
Posted Date: Monday, December 27, 2021
Metro-West Appraisal Company Senior Vice President of Compliance Greg Stephens recently hosted a webinar that outlined some specifics regarding supply chain shortages.
These shortages, which have been impacting the real estate industry for months, reveal rising material prices adding tens of thousands of dollars to the cost of a new home.
Read on for more insight from Stephens.
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CoreLogic: HPI shows record October growth
Posted Date: Monday, December 27, 2021
CoreLogic recently released its Home Price Index (HPI) and HPI Forecast for October 2021.
The numbers showed the highest recorded percentage in the history of the HPI.
Read on to learn more.
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Senate confirms Ginnie Mae president
Posted Date: Monday, December 27, 2021
The U.S. Senate confirmed Senior Advisor for Housing Finance at the U.S. Department of Housing and Urban Development (HUD) Alanna McCargo as president of Ginnie Mae. Prior to joining the Biden administration, McCargo served as vice president for the Housing Finance Policy Center at the Urban Institute.
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SFAR switches to CoreLogic for tech assistance
Posted Date: Monday, December 27, 2021
Santa Fe Association of Realtors (SFAR) has selected CoreLogic as its next multiple listing technology provider. SFAR serves real estate professionals throughout New Mexico’s Santa Fe, Los Alamos and Rio Arriba counties.
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Embrace Home Loans enters partnership
Posted Date: Monday, December 27, 2021
Embrace Home Loans entered an advertising agreement with Keller Williams Core in Long Island, New York, to help its real estate agents better attract and serve local homebuyers. The Core offices in Long Island include Garden City, Woodbury, Franklin Square and Ozone Park.
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Appraisers make their lists, checking it twice
Posted Date: Wednesday, December 22, 2021
Once again, the holiday tradition finds Valuation Review asking appraisers what their ideal gift from Santa Claus is this year.
We certainly found a variety of items both underneath the tree and inside the stocking.
Read on to find out what appraisers are hoping to unwrap this year.
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Appraisal Logistics’ client list increases
Posted Date: Wednesday, December 22, 2021
Appraisal Logistics recently announced that an internal review showed the company added more than 30 new lender clients in 2021. This represents significant growth for the company during a year that challenged many in its space.
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FHFA announces conforming loan limits for 2022
Posted Date: Wednesday, December 22, 2021
The Federal Housing Finance Agency announced the conforming loan limits (CLL) for mortgages acquired by Fannie Mae and Freddie Mac in 2022. In most of the U.S., the 2022 CLL for one-unit properties will be $647,200, an increase of $98,950 from $548,250 in 2021.
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Fannie Mae announces new finance leadership structure
Posted Date: Wednesday, December 22, 2021
Fannie Mae recently announced the appointment of Chryssa Halley to executive vice president and chief financial officer (CFO). In this role, Halley reports to the Fannie Mae president and is responsible for Fannie Mae’s financial management and economic and strategic research functions.
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Combatting appraisal bias is a shared responsibility
Posted Date: Monday, December 20, 2021
Valuation Review concludes its coverage of the “Addressing Bias in Real Estate & Promoting Fair Housing” session conducted at the 2021 Appraisal Summit conference from Las Vegas.
Certified Residential Appraiser Melissa Bond and the Appraisal Subcommittee Executive Director Jim Park shared their thoughts and perspectives on what is a highly talked about subject.
Read on to learn more.
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Bipartisan bill to provide relief to middle class
Posted Date: Monday, December 20, 2021
Reps. Ron Kind (D-WI) and Vern Buchanan (R-FL) have introduced bipartisan legislation, the Middle-Class Mortgage Insurance Premium Act of 2021, to expand eligibility for and make permanent a deduction for mortgage insurance (MI) premium payments.
In 2006, Congress enacted legislation allowing a deduction for MI premium payments, and although this provision has been extended due to its importance to middle-class homeowners, it currently remains temporary.
Read on to learn more.
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ClearValue, ValueScape Analytics partner
Posted Date: Monday, December 20, 2021
ClearValue Consulting, a provider of enterprise-class vendor management technology for the mortgage industry, announced a partnership with ValueScape Analytics. This partnership allows artificial intelligence technology usage to enhance ClearValue Consulting’s CLARITY appraisal review engine.
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New home purchase mortgage applications increased
Posted Date: Monday, December 20, 2021
The Mortgage Bankers Association’s Builder Application Survey showed mortgage applications for new home purchases decreased in October 2021 compared with last year but increased compared with September 2021. Not including any adjustment for typical seasonal patterns, the applications decreased 15.2 percent year-over-year, and increased 6 percent month-over-month.
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Investors bought record share of homes in third quarter
Posted Date: Monday, December 20, 2021
Real estate investors bought a record 18.2 percent of the homes during the third quarter of 2021, up from a revised rate of 16.1 percent in the second quarter and 11.2 percent a year earlier, according to a Redfin report. Investors bought a record 90,215 homes in the third quarter, up 10.1 percent from the second quarter.
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LoanLogics announces acquisition
Posted Date: Wednesday, December 15, 2021
LoanLogics, a digital mortgage solutions provider, has acquired LoanBeam, a provider of income calculation and verification technology endorsed by government-sponsored entities Fannie Mae and Freddie Mac.
Terms of the private transaction were not disclosed.
Read on to learn company reaction.
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JLL’s EPC team expands with specialist
Posted Date: Wednesday, December 15, 2021
JLL’s Valuation Advisory group announced Javier Seda-Romero has joined its Environmental and Property Condition team.
He will serve as a project management director specializing in property condition assessments.
Read on for more details.
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Freddie Mac touts mortgage relief for those affected by Kentucky tornadoes
Posted Date: Wednesday, December 15, 2021
Freddie Mac reminded homeowners and mortgage servicers of its immediate disaster-relief options for those affected by tornadoes in Kentucky and the surrounding areas. Mortgage servicers may immediately leverage Freddie Mac’s short-term forbearance programs to provide homeowners mortgage relief for up to 12 months without incurring late fees or penalties.
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Apprise grows West Coast appraisal team
Posted Date: Wednesday, December 15, 2021
Apprise by Walker & Dunlop expanded its reach in the West Coast region with the addition of Managing Director Aaron DeCollibus, Senior Director Nikolas Rieser, and Associate Director Jared Nelson. DeCollibus and Nelson are based in Seattle, while Rieser is based in Phoenix.
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Solidifi launches appraiser trainee mentorship, scholarship program
Posted Date: Wednesday, December 15, 2021
Solidifi launched its Appraiser Trainee Mentorship and Scholarship Program. As part of the program, the company will be joining the Appraiser Diversity Initiative as an advisor sponsor and in-kind sponsor that will provide scholarships and mentoring for new entrants to the appraisal profession.
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AI: Winterizing home is advisable now
Posted Date: Wednesday, December 15, 2021
The Appraisal Institute (AI) advised homeowners that it’s beneficial to winterize their properties sooner, rather than later. AI President Rodman Schley outlined some specifics concerning what boxes to check.
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NAR: Pending home sales rose in October
Posted Date: Monday, December 13, 2021
Pending home sales increased in October, rebounding after a decline the previous month, according to the National Association of Realtors.
Contract activity rose month-over-month in each of the four major U.S. regions.
Read on to learn more.
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An easier path for AMCs
Posted Date: Monday, December 13, 2021
Connexions, the appraisal management software platform that provides automation, reporting, data analytics, and integration to real estate valuations, is making it easier for AMCs. This simpler management for AMCs is due to the new Connexions tool, Inside Track.
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New software released for experienced landlords, property managers
Posted Date: Monday, December 13, 2021
Rentec Direct, a property management software solution, released its redesigned software platform for landlords and property managers. The company said the updated software features streamlined, modern design improvements that enhance overall user experience and promote a seamless workflow for real estate professionals.
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