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FHA exec clarifies HECM appraisal bias
Posted Date: Wednesday, October 17, 2018
The Federal Housing Administration (FHA) recently announced it will require second appraisals for properties it suspects have inflated values when under consideration for a Home Equity Conversion Mortgage (HECM).
FHA claims its studies have found that appraisal bias and appraisal over-inflations exist. Valuation Review reached out to FHA’s Deputy Assistant Secretary for Single Family Housing Gisele Roget for how the announcement will affect appraisers.
Read on to find out what we were told.
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ASB provides answers to your USPAP questions
Posted Date: Wednesday, September 26, 2018
The Appraisal Standards Board of The Appraisal Foundation (TAF) develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP) on behalf of appraisers and users of appraisal services.
The USPAP Q&A is a form of guidance issued by the ASB to respond to questions raised by appraisers, enforcement officials, users of appraisal services and the public. TAF website brings to light several issues appraisers seek clarification on.
Read on to find the answers to questions TAF recently highlighted for the Valuation Review audience.
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Complex residential assignments similar to algebra
Posted Date: Monday, September 24, 2018
Valuation Review attended the 2018 Appraisal Institute conference in Nashville to hear real estate appraiser Frank Molinari.
He addressed the audience on complex assignments and finding one’s business niche.
Read on to find out more of what Molinari told the conference attendees.
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Class Appraisal welcomes new CTO
Posted Date: Wednesday, October 24, 2018
Class Appraisal announced that Gary Ferguson, a technology veteran with more than 25 years of software engineering experience, has joined the firm as chief technology officer. The technology executive takes this leading role as the company moves into furthering technology development. Read on to learn more.
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Expert: Performing non-USPAP evaluations is important
Posted Date: Wednesday, October 10, 2018
George Mann of Mann Appraisals, LLC in South Carolina and former chief appraiser at Fifth Third Bank, has been trying since 1994 to get appraisers to have laws like the one Tennessee passed.
This law would allow appraisers to do non-USPAP evaluations. Valuation Review reached out to Mann for his expertise on this matter.
Read on to find out what insights he shared.
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Freddie Mac: Working hard to listen to appraisers
Posted Date: Monday, October 8, 2018
Freddie Mac Chief Appraiser and Single-Family Valuation Director Scott Reuter has been making the rounds at various valuation shows, including this year’s Appraisal Institute conference in Nashville, Tenn.
Reuter is outlining recent policy changes and industry news coming out of Freddie Mac.
Read on to find out more information he shared with appraisers.
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NCUA proposes appraisal rule
Posted Date: Monday, October 8, 2018
The National Credit Union Administration (NCUA) Board proposed an appraisal rule that would increase the threshold for required appraisals in non-residential real estate transactions from $250,000 to $1 million.
Read on to learn more about what this proposal means for the appraisal profession as outlined by the NCUA.
Also,hear what Valuation Review was told by Appraisal Institute President James L. Murrett regarding this matter.
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Company studies values on wireless properties
Posted Date: Wednesday, October 3, 2018
Valbridge Property Advisors recently completed a market study in Boston.
The study determined the impact on residential property values as a result of the presence of a wireless communication tower.
Read on to learn more of what this commercial appraisal company discovered.
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LRES promotes staffer to key executive position
Posted Date: Wednesday, October 3, 2018
LRES has promoted one of its key staff members to a new position. Read on to learn the identity of this employee and what this move by LRES will mean for the residential and commercial mortgage company and the industry moving forward.
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BBG acquisition creates one of Texas’ largest CRE valuation firms
Posted Date: Wednesday, October 10, 2018
BBG announces another major addition.
The commercial appraisal company continues to strengthen its presence in the Southwestern region with the acquisition of HCP Advisors, an Austin, Texas-based commercial real estate valuation and advisory firm.
Read on to learn more.
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Home inspection alternatives for rural appraisal areas
Posted Date: Wednesday, October 10, 2018
For certain home purchase transactions in rural high-needs areas, Fannie Mae may offer to waive the appraisal in exchange for a mandatory home property inspection. Read on to learn the details of Fannie’s proposition.
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California law eases intended user restrictions
Posted Date: Monday, October 15, 2018
California Gov. Jerry Brown signed Senate Bill 70 into law Sept. 29.
This legislation allows the state’s appraisers to name intended users other than a client in a restricted appraisal report.
Read on to learn more about this legislation affecting appraisers and hear what the Appraisal Institute had to say on this matter.
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Veros forecasts real estate appreciation
Posted Date: Monday, July 30, 2018
Veros Real Estate Solutions released its second quarter 2018 VeroFORECAST, which predicts that over the next 12 months residential market values will appreciate at a national average of 4.4 percent. Read on to learn more from this report.
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Accurate Group enhances program with NotaryCam
Posted Date: Wednesday, July 18, 2018
NotaryCam announced that it has partnered with Accurate Group to provide remote online notarization services for NotaryWorks. Read on to learn more.
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Agencies respond with more FAQs about appraisals, evaluations-Part II
Posted Date: Monday, October 29, 2018
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation published answers to frequently asked questions (FAQs).
These questions concerned appraisals and evaluations for real estate transactions that are covered by the interagency appraisal rules.
Read Part II of this story to learn more about the first update to their FAQs since 2005.
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Webinar: Panel addresses profitable appraisal report
Posted Date: Monday, October 29, 2018
With technology and regulation expectations creating more red flags and pushback for appraisers, it becomes crucial to find ways to increase that bottom line leading to repeat business.
Valuation Review hosted a webinar titled “Enhance Reports to Drive Your Profitability” featuring panelists Dustin Harris, also known as “The Appraiser Coach,” and Rick Langdon, chief staff appraiser from Wells Fargo Bank.
Read on for a brief summary of what our experts discussed with the audience and find out how you can obtain your copy of the program.
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ARMCO report shows risks with lender downsizing
Posted Date: Monday, October 29, 2018
ACES Risk Management announced the release of the quarterly ARMCO Mortgage QC Trends Report. The latest report provides loan quality findings for mortgages reviewed by ACES Audit Technology during the first quarter of 2018. Read on to learn more.
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Pavaso releases new eClosing tools
Posted Date: Monday, October 29, 2018
Pavaso unveiled a new suite of eClosing tools for mortgage lenders that includes remote online notary and SMART Note capabilities. Read on to learn more about these new tools available to the valuation profession.
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Geospatial data brings confidence
Posted Date: Wednesday, October 24, 2018
Earlier, Valuation Review introduced readers to the integration of geospatial and appraisal data validation into the parcel identification process by CoreLogic.
We then reached out to Kirk Randlett, a member of the Tax Reporting and Payments Solutions Group at CoreLogic to understand how this new technology can be utilized in the valuation industry.
We continue our conversation with Randlett in Part II of this story.
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BBG welcomes director
Posted Date: Wednesday, October 24, 2018
BBG announced the appointment of a new company director.
The newest executive will have responsibilities in the Columbus, Ohio, market.
Read on for more details.
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Freddie: Technology gives lenders the ‘edge’
Posted Date: Wednesday, October 24, 2018
Freddie Mac recently announced multiple enhancements to its Loan Advisor toolset, creating an efficient solution for lenders looking to improve the quality and the speed of the mortgage origination experience and gain a competitive edge. Read on to learn more.
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AIC supports efforts on equity based lending
Posted Date: Wednesday, October 24, 2018
The Appraisal Institute of Canada welcomes the Office of the Superintendent of Financial Institutions’ plan to reduce mortgage finance underwriting that over-relies on the equity of a property, without due consideration to the borrower’s capacity to pay. Read on to learn more.
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FHA policy ‘least burdensome’ for all in appraisal process-Part II
Posted Date: Monday, October 22, 2018
The Federal Housing Administration (FHA) recently announced it will require second appraisals for properties it suspects has inflated values when under consideration for a Home Equity Conversion Mortgage (HECM).
Admittedly, FHA claims appraisal bias and appraisal over-inflations exist. What should appraisers be concerned about as this policy moves forward?
Valuation Review continues its conversation with FHA’s Deputy Assistant Secretary for Single Family Housing Gisele Roget for more answers and insight about this policy. Read Part II of this story to learn more.
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Report: Appraiser, owner opinions stable for summer’s end
Posted Date: Monday, October 22, 2018
For the second consecutive month, home value perceptions remained steady with owners barely overvaluing their home.
This was according to a national level, according to the Quicken Loans National Home Price Perception Index.
Read on for more revealing numbers from this report.
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McKissock to provide education for NY appraisers
Posted Date: Monday, October 22, 2018
McKissock Learning announced the company will offer all online, state-approved qualifying education courses for aspiring appraisers and appraisers interested in upgrading their license to complete their New York education requirements. Read on to learn more.
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Norcom Mortgage, Pavaso combining efforts
Posted Date: Monday, October 22, 2018
Pavaso announced that Norcom Mortgage will use its all-in-one digital mortgage closing platform, making Norcom the first Connecticut-based lender to offer electronic mortgage closings to its customers. Read on to learn more.
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Appraiser, AMC relationship critical, exec says-Part II
Posted Date: Wednesday, October 17, 2018
What don’t appraisers really know about appraisal management companies (AMCs) and their roles in the appraisal process, and more importantly, what actual fees they are taking for assignments? What other areas of misconception exist?
Valuation Review continues its conversation with two executives from an AMC for clarification on the facts, and what are truly fictitious notions.
Read Part II of this story to find out more.
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IRR welcomes back founding member
Posted Date: Wednesday, October 17, 2018
Integra Realty Resources announced one of its original founding members has rejoined the company.
He will serve as its national practice leader of the Integra Litigation Practice Group.
Read on to find out who is returning to the company and what his experience means for the commercial company going forward.
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WFG names a senior VP
Posted Date: Wednesday, October 17, 2018
WFG National Title announced that Matt Slonaker is joining the company as senior vice president of national business development. Read on to find out more about Slonaker and what he will bring to this position.
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Industry vet to lead company’s tech expansion
Posted Date: Wednesday, October 17, 2018
The StoneHill Group announced that Steven Arnold will join the company as their strategic initiatives program manager. Read on to learn more.
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Mortgage Network opens new branch
Posted Date: Wednesday, October 17, 2018
Mortgage Network Inc. has opened a new branch in Newport News, Va., its first in the state. Read on to learn more.
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OnCourse book promotes lifelong learning in industry
Posted Date: Monday, October 15, 2018
OnCourse Learning has a new book titled “How to Use Lifelong Learning for a Lifetime of Success.” The free eBook details insights from real estate, home inspection and financial services.
Valuation Review spoke with OnCourse Learning e-Learning Vice President Robert Watters who shared some insights about the book, and how it can help those looking to expand upon their businesses.
Read on to find out what we were told.
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Owner estimate providing homeowners more control
Posted Date: Monday, October 15, 2018
Redfin announced the launch of the Redfin Owner Estimate, a tool for homeowners to create an estimate for their home’s value that is based on their own knowledge about their property. Read on to learn more.
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Firm acquires IT companies
Posted Date: Monday, October 15, 2018
Richey May announced it has acquired two IT consulting firms that will enable the company to offer a more robust spectrum of IT consulting services for its financial services clients. Read on to find out who these companies are and what functions they will serve.
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Freddie appraiser discusses modernization initiative-Part II
Posted Date: Wednesday, October 10, 2018
Freddie Mac Chief Appraiser and Single-Family Valuation Director Scott Reuter has been making the rounds at various valuation shows, including this year’s Appraisal Institute conference in Nashville, Tenn.
Reuter continues to outline recent policy changes and industry news coming out of Freddie Mac.
Read Part II of this story to find out what additional information Reuter is sharing with appraisers.
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Vantage Point Title, Pavaso partner
Posted Date: Wednesday, October 10, 2018
Pavaso announced that Vantage Point Title has selected its platform to enable its title agents to conduct digital closings on behalf of homebuyers. Read on to learn more.
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AI breaks down more state legislation on evaluations-Part II
Posted Date: Monday, October 8, 2018
At the 2018 Appraisal Institute (AI) conference in Nashville, Tenn., AI State/Industry Affairs (Washington) Manager Scott DiBiasio discussed state plans regarding evaluations.
DiBiasio spoke to how each state defines an evaluation providing guidance for appraisers.
Read Part II of this story to view more state breakdowns pertaining to evaluation requirements.
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Evaluations put spotlight on USPAP compliance
Posted Date: Monday, October 8, 2018
The issue of state regulations on appraisers’ ability to perform evaluations has grown more prominent in recent years, particularly regarding compliance with the Uniform Standards of Professional Appraisal Practice (USPAP). In its latest Exposure Drafts, the Appraisal Standards Board (ASB) has proposed revisions to minimum reporting components. Read on for details of the proposals and how to register to live stream an ASB public meeting next week.
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FHA requiring second appraisal for reverse mortgages
Posted Date: Monday, October 8, 2018
The Federal Housing Administration (FHA) announced that it will begin requiring lenders originating new Home Equity Conversion Mortgages, commonly referred to as reverse mortgages, to provide a second property appraisal under certain circumstances. Read on for more details and come back next week for full reaction from the industry and FHA Commissioner Brian Montgomery to the announcement.
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Voice of the Appraiser survey winners announced
Posted Date: Monday, October 8, 2018
The 2018 Voice of the Appraiser survey reached many individuals from all across the country who participated in our eighth annual special report. Three appraisers have been selected as winners of subscriptions to Valuation Review. Read on to find out who this year’s winners are.
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Houston valuations rise a year after Hurricane Harvey
Posted Date: Monday, October 8, 2018
Houston’s real estate values are trending upward as the region’s economy mounts a recovery from the devastation of Hurricane Harvey and a decline in the energy industry, according to Deal Sikes, a leading Houston-based valuation firm. Read on to learn more.
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