I have three AppraisalPort polls to discuss that are all related to a possible future shortage of appraisers. First, we asked, “With few new people currently entering the appraisal profession, do you foresee a shortage of appraisers at some point?” This was a popular poll with a total of 5,698 responses. The top answer with nearly 47% of the vote was, “Yes, in the next few years.” An additional… Continue reading
In the August edition of the AppraisalPort newsletter, I reported on some of the general information covered at the National AI Connect Conference in Indianapolis, July 23-25, 2013. This was a great conference, covering a wide range of topics. This month, I want to pass on some information covered in one of the breakout sessions for residential appraisers.
The session was titled, “Residential Chief Policy Roundtable” and included… Continue reading
The latest FNC Residential Price Index™ (RPI) shows continued growth of home prices in August as the U.S. housing recovery remains well underway. The index moved 0.6% higher from the previous the month, making August the 18th consecutive month of rising home prices. According to the FNC RPI, August home prices have climbed to the levels attained in December 2009.
Improving housing market fundamentals, particularly the rapid declines in… Continue reading
In the June 2013 issue of the AppraisalPort Newsletter, we covered the first set of UCDP hard stops that Fannie Mae and Freddie Mac issued. On Aug. 27, 2013, both agencies issued joint releases regarding updates to the UCDP Portal, specifically referring to the next wave of Uniform Appraisal Dataset (UAD) edits that will convert from a “warning status” to “fatal error” that will cause a “hard stop” on the… Continue reading
The latest FNC Residential Price Index™ (RPI) shows that U.S. home prices continue to climb higher, rising 0.7% in July. The index is reaching a three-year high as the housing recovery continues. The rapid declines in foreclosure sales and new foreclosure filings have diminished the impact of distressed properties on home prices. Meanwhile, steadily rising home prices and an expectation of continued recovery have stimulated housing turnover by prospective buyers… Continue reading
Oxford, Miss. (Sept. 12, 2013) – With foreclosure sales in rapid decline nationwide and in high demand in many fast-rising markets, a report released this week by mortgage technology company FNC indicates that housing demand by trade-up buyers is rising as the home equity available to these prospective buyers is improving.
According to FNC’s Foreclosure Market Report, the foreclosure market has rapidly improved in recent months with foreclosure… Continue reading
The latest FNC Residential Price Index™ (RPI) shows that the U.S. housing recovery continues to take hold with home prices nationwide rising a modest 0.6% in June. The index is reaching a two-year high after rising 16 straight months. The 16-month rising streak has lifted home prices by 7.6% since February 2012 — the month in which the housing market bottomed out.
According to the… Continue reading
In today’s episode of FNC Morning View, hosts Bill Rayburn and Bob Dorsey discussed some issues involved with winding down the GSEs and starting a private secondary mortgage market. They talked about some of the things that must be brought to the marketplace to attract private capital: Bill said transparency at the loan level; quantification of bondholders’ risks; process standardization and third-party independence are necessary. Bob added that well-defined… Continue reading
Freddie Mac has recently proposed to institute a number of proprietary rules to be associated with the UCDP submission process. These rules all involve the use of the Freddie Mac AVM, Home Value Estimator (HVE). Since all AVM models are imperfect estimators of value, the use of the HVE model will result in some warnings being delivered in error and also the failure to issue some warnings when they should… Continue reading
When the Home Valuation Code of Conduct (HVCC) was instituted, many lenders began outsourcing their appraisal procurement and other collateral valuation process to AMCs as they felt it was easier to stay in compliance using a third party. Putting it simply, HVCC was intended to increase oversight and eliminate improper pressure and relationships between lenders and appraisers. Since the advent of the HVCC, now replaced by the very similar Appraiser… Continue reading