News By Edition

As is tradition, Valuation Review brings you an exclusive interview with the new Appraisal Institute (AI) president.

We caught up with Pledger (Jody) Bishop, III, and discussed many topics and how AI can be better in 2022.

Read on for more of our conversation.

Valuation Review reached out to a few people in the appraisal profession for their thoughts on things appraisers might face in 2022.

Legislation is always intriguing for the industry as various state proposals can have quite a significant impact on appraisers moving forward.

Read on to find out what these valuation veterans had to say.

At the 2021 Appraisal Summit conference in Las Vegas, Valuation Review attended the “Addressing Bias in Real Estate & Promoting Fair Housing” session.

Industry veterans offered specific definitions for clarity, as well as what programs are available for the industry to tackle this problem.

Read on for complete details and insight.

Appraisers will be required to use the Square Footage-Method for Calculating: ANSI Z765-2021 (American National Standards Institute) Measuring Standard for measuring, calculating, and reporting gross living area (GLA) and non-GLA areas of subject properties for appraisals requiring interior and exterior inspections. The effective date for loans sold to Fannie Mae will be April 1, 2022, or later.

A federal lawsuit was recently filed in the U.S. District Court for the Northern District of California alleging an appraiser and an appraisal management company showed racial bias in the appraisal of a Marin County property owned by a Black couple seeking a mortgage refinance.

Franklin, Greenswag, Channon & Capilla, LLC attorneys Craig Capilla and Ryan Endsley shared their thoughts on this case with Valuation Review.

Read on for more details.

The housing market may not reach the incredible heights of 2021, but Zillow economists predict it will be anything but slow next year.

One can expect the strong sellers’ market to persist, the Sun Belt to maintain its top spot as the most in-demand region, and flexible work options to continue to shape housing decisions in new ways in 2022, according to a Zillow report.

Read on to learn more.

HouseCanary, Inc., known for its real estate valuation technology, recently released a white paper with the results of a study entitled “Reducing Racial Bias in Home Appraisals Using Automated Valuation Technology.”

Based on a thorough assessment of its automated valuation technology, HouseCanary’s study resulted in many key findings.

Read on to learn more.

Earlier, Valuation Review brought to the readers’ attention an acquisition pertaining to Voxtur Analytics Corp., the technology company creating a more transparent and accessible real estate lending ecosystem.

Further to the news releases issued on Nov. 24, 2021, and Dec. 21, 2021, Voxtur officially announced it has completed the acquisition of Benutech, Inc.

Read on for the final transaction details.

Home prices nationwide, including distressed sales, increased year over year by 18.1 percent in November 2021 compared with November 2020, according to the CoreLogic Home Price Index analysis.

On a month-over-month basis, home prices increased by 1.3 percent in November 2021 compared with October 2021.

Read on for more numbers.

As another new year comes across the calendar, it’s time for another full list of intended resolutions.

According to Zillow, at the top of the list for many will be making their home more functional with renovations adding the most value when it comes time to sell.

Read on to learn more.

The Mortgage Bankers Association’s (MBA) 2021 third quarter report on commercial/multifamily delinquencies showed a decline in these rates for every major capital source since the onset of the pandemic. MBA stated the quarterly analysis focused on delinquency rates for five of the largest investor groups.

Franklin County, Fla., saw the largest year-over-year increase in second-home mortgage rate locks, up 11.5 percent year-over-year, according to a report from Pacaso, a real estate platform that helps people buy and co-own a luxury second home.

To begin 2022 with helpful advice and words of wisdom from Dustin Harris, “The Appraiser Coach,” Valuation Review shares key points from his blog.

Appraisers should never sacrifice quality in the name of efficiency, Harris says.

Read on for more insight.

S&P Dow Jones Indices (S&P DJI) released the latest results for the S&P CoreLogic Case-Shiller Indices.

The data released for October 2021 showed that home prices continue to increase across the U.S.

Read on to learn more from the CoreLogic report.

As Pledger (Jody) Bishop III begins his one-year term as president of the Appraisal Institute (Jan. 1), AI also announced its leadership team for 2022. Bishop’s one-year term as president will be followed by one year as immediate past president in 2023.

Numerated has acquired Fincura Inc., adding spreading automation and financial analysis to Numerated’s Digital Loan Origination System. The strategic acquisition expands Numerated’s underwriting capabilities for business loans that require deep financial analysis.

Beeline, a digital start-up mortgage lender, has completed a Series A round of financing for an undisclosed amount. The capital will be invested in automation and artificial intelligence to provide user experiences for borrowers.

Valuation Review recently attended the 2021 Appraisal Summit conference in Las Vegas and caught up with Appraisal Subcommittee (ASC) Appraisal Policy Manager Jenny Tidwell.

The ASC executive shared thoughts on what states require of AMCs, and what is being talked about for the future.

Read on to learn more.

Valuation Review concludes its conversation with 2022 Appraisal Institute President Pledger (Jody) Bishop, III.

The organization’s new leader, who took office Jan. 1, talked about additional goals for the appraiser over the next 12 months, as well as appraisal methodology being evaluated, including lender appraisal guidelines and the roles and processes of appraisal management companies.  

Read on for the conclusion to this feature.

JLL recently announced that Brian Testorf has joined the firm as a vice president in the Valuation Advisory group’s Hotels & Hospitality practice.

Testorf will report directly to Managing Director Charlotte Kang.

Read on for more details.

Greystone recently provided a $29,121,000 HUD-insured loan to refinance a 185-unit multifamily property in Lompoc, Calif. The transaction was originated by Eric Rosenstock, managing director, and Jesse Yodice, vice president, of Greystone, on behalf of Kailani Village.

Active military and veteran home buyers recently received good news from the Federal Housing Finance Agency (FHFA). The FHFA announced the new 2022 conforming loan limit of $647,200, which is an increase of 18.26 percent.

The Mortgage Bankers Association announced 19 members for the 2022 Affordable Rental Housing Advisory Council. CPC Mortgage Co. Vice President Michael Staton and CBRE Managing Director Sarah Garland will serve a second term as co-chairs.

The CoreLogic Loan Performance Insights (LPI) Report showed that nationally, 3.9 percent of mortgages in September were delinquent by at least 30 days or more including those in foreclosure.

This represents a 2.4-percentage point decrease in the overall delinquency rate compared with September 2020, according to the company’s latest LPI analysis.

Read on for more from the report.

Deephaven Mortgage recently announced an alliance with Incenter Appraisal Management. The partnership will give non-agency/non-QM brokers a new competitive advantage by offering remote appraisal services for Deephaven’s loans.

ClearPath Lending, a VA home loan origination firm, has provided more than 50,000 mortgage loans. These were guaranteed by the Department of Veterans Affairs or insured by the Federal Housing Administration since the company was founded in 2012.