News By Edition

At the 2022 National Association of Appraisers Conference and Trade Show (ACTS) in South Carolina, some of the profession’s leading experts took questions from audience members to clarify matters concerning the Uniform Standards of Professional Appraisal Practice (USPAP).

Valuation Review was in attendance to hear responses from the designated “Ask the Experts” panel presented by ACTS.

Read on to find out what the panel had to say.

Fannie Mae Single-Family Collateral Risk Management Senior Vice President Jake Williamson shares with Valuation Review thoughts from his recent blog “The Journey to a More Efficient and Fair Home Valuation Process.”

Williamson describes the future vision of valuation that will better serve homeowners, lenders, appraisers, and investors.

Read on to find out more ways for efficiency improvement in housing.

It’s been said time and time again that perhaps no other profession has had to adapt more or accept more changes as a result of COVID-19 than those in the appraisal and real estate industry.

Valuation Review sought opinions from several individuals as to what has truly been different over the past two years regarding how appraisers go about their business.

Read on to hear what the experts had to say.

Did pandemic changes truly open the door for opportunity and has the profession looked at this as a positive, or a negative regarding stability?

Valuation Review fielded answers to this question, in addition to other comments from a few appraisal veterans.

Read on to learn what the panel of appraisers told us.

Asteroom Inc. recently launched its new nationwide desktop appraisal data collection service. This service enables the new property valuation method called desktop appraisal endorsed and approved by Fannie Mae and Freddie Mac that started on March 19.

Changes have arrived at Fannie Mae. CEO Hugh Frater, Board Chair Sheila Bair, and board member Antony Jenkins all announced their resignations, which took effect May 1.

For most appraisers, the past 24 months (and beyond) has been a period many would just like to put into the category of “file and forget.”

But what can be taken away from the pandemic era is the chance to learn from all that went wrong.

Read on for more thoughts from our panel of experts.

SitusAMC released a proprietary briefing providing insights and perspectives on the talent trends impacting the real estate market. The briefing also included strategies to help companies make more informed talent decisions.

The U.S. Department of Housing and Urban Development (HUD) recently announced its support for Washington, D.C.’s “Solar for All” program. HUD said this is to ensure residents of HUD-assisted properties in the district are able to access the program without experiencing an increase in their housing costs.

A proposed rule from the Department of Housing and Urban Development (HUD) would allow the Federal Housing Administration (FHA) to consider and utilize a 40-year mortgage modification. This would offer a 10-year extension on the current standard mortgage term.

The CoreLogic Loan Performance Insights (LPI) report through January 2022 showed 3.3 percent of mortgages were delinquent by at least 30 days or more including those in foreclosure.

This represents a 2.3-percent decrease in the overall delinquency rate compared with January 2021. This remains the lowest recorded overall delinquency rate in the U.S. since at least January 1999, the LPI reported.

Read on for more information.

Due to the strong demand for affordable rental units in the U.S., JLL’s Valuation Advisory group recently formed a dedicated, specialized, affordable-housing practice.

The company also promoted Managing Directors Chip Ard and Andrea Gillman to co-lead the group.

Read on to learn more.

Freddie Mac Multifamily said it will soon go to market with the issuance of $92.8 million in social bonds supporting 1,500 units across four senior housing properties in Arizona. More than half the units are affordable for seniors with incomes at or below 50 percent of area median income according to Freddie Mac’s affordability guidelines.

Two months after launching, Realthy.io, a software platform that enables real estate brokers and agents to generate additional income through recommending relevant products and services to homeowners, continues to gain ground in the U.S. real estate market and has raised an additional $550,000 in pre-seed funding. The company was founded by a Delaware-based digital marketing firm.

At the 2022 National Association of Appraisers Conference and Trade Show (ACTS) in South Carolina, Certified General Appraiser (North Carolina and Texas) and Certified Residential Appraiser (Louisiana) Diana Jacob addressed the audience on the basics of report writing.

Appraisers were given a general overview and what pitfalls can be avoided.

Read on for more from this conference session.

For the first time, the National Settlement Services Summit (NS3) will feature collaborative workshops to help those in the title industry develop plans to attract talented employees, prevent wire fraud, improve their marketing strategy and increase diversity in their offices.

The 18^th annual NS3 is being held June 1-3 at the Omni Orlando Resort at ChampionsGate in Orlando, Fla. The Collaborative Workshops track will take place Thursday, June 2.

Read on for more information.

JLL Valuation Advisory recently hired Managing Director Tasha Gould to lead its institutional sector for its U.S. valuation advisory services.

This department focuses on providing technology-driven solutions to best serve institutional clients.

Read on for more news about the company's latest hire.

Boxwood Means Principal Randy Fuchs shares with Valuation Review his thoughts pertaining to small-cap commercial real estate prices in his article “Small-Cap CRE Prices ‘Rationally Tracking’ Fundamentals.”

Fuchs outlines the details surrounding these prices rising at an unprecedented rate.

Read on for more details.

Freddie Mac recently appointed company veteran Kevin Palmer to head its multifamily business, which went into effect May 9. He will serve as a member of the company’s senior operating committee and report to the company’s president, Mike Hutchins.

ATTOM Data Solutions has added yet another new data product to the ever-expanding ATTOM Table of Data Elements – the ATTOM Rental AVM. This new solution, built from the foundation of the company’s nationwide property database, provides rent estimates for over 72 million single-family residences nationwide.

Recent data from Black Knight’s Data and Analytics division’s Mortgage Monitor Report showed home prices and interest rates are reaching all-time highs. These numbers are causing sharp declines in home affordability.

Class Valuation released new statistics on the impact desktop and digital appraisals have made on the industry since new rules were released earlier this year. The information is featured in a white paper titled “How Appraisal Modernization is Impacting Mortgage Lending.”

The cost of a 30-year mortgage on the typical home is 19.5 percent higher than it was three months ago, according to the March Zillow Real Estate Market Report. Even so, the pace and volume of sales picked up in March, showing how many buyers are willing to meet current asking prices. 

The Federal Housing Finance Agency recently published the 2022-2024 Underserved Markets Plans for Fannie Mae and Freddie Mac under the Duty to Serve (DTS) Program. The DTS plans demonstrate a strengthened commitment to serving manufactured housing, affordable housing preservation and rural housing.

The U.S. Department of Housing and Urban Development recently convened a virtual Property Appraisal and Valuation Equity (PAVE) philanthropic roundtable discussion on innovative strategies to address appraisal bias. Leadership from The Brookings Institution and Ashoka unveiled new research on the topic of appraisal bias and announced the winners of their Economic Architecture Challenge.

More than 2 in 3 (65 percent) home offers written by Redfin agents faced competition in March, according to a Redfin report. That’s down from 66.8 percent in February, marking the first month-over-month decline since September and a sign that demand is starting to cool.

In Dustin Harris’ (“The Appraiser Coach”) blog, “Caution Where Needed,” the industry veteran addresses flexibility and change.

Harris also reminds appraisers to make sure enough credible information is available.

Read on for more.

Black Knight, Inc. recently launched CA Risk Profiler Plus, a tool designed to help mortgage lenders, appraisers and AMCs identify potential minority bias in the home valuation process.

This collateral review process can help reduce risk exposure for lenders and appraisers and support more equitable underwriting decisions.

Read on for more information.

BBG recently announced its assessment team has launched a seismic services practice group.

The seismic risk practice provides seismic risk assessment consulting to a broad range of clients including commercial lenders, Fannie Mae, Freddie Mac, HUD, institutional investors, public REITS, and various government agencies.

Read on for more details.

Nearly a third of Redfin.com users (32.3 percent) looked to move to a different metro area in the first quarter. This percentage is an all-time high, up from 31.5 percent a year ago and from 26 percent in 2019.

Reggora recently announced it has entered a strategic partnership with Clear Capital pertaining to a platform solution accelerating appraisals.

The companies said the solution significantly reduces cycle times while raising quality control.

Read on to learn more about this partnership.