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Tag Archives: appraisal
Last month, the Appraisal Institute released “Guide Note 12: Analyzing Market Trends,” a resource designed to give AI members an analytical framework for studying market trends while developing a market value opinion on a property. The Guide Note is particularly concerned with challenges faced by appraisers when market conditions are rapidly changing, as demonstrated by recent boom and bust cycles of the U.S. housing market. In slower markets like today’s… Continue reading
Kathy reports that the forum’s attendees (all very committed to pursuing and prosecuting mortgage fraud) included prosecutors, the New York State Banking Department’s criminal investigators, and representatives from government agencies and several divisions of law enforcement.
In her speech, Kathy discussed… Continue reading
Coester Appraisals‘ new smartphone app, available for free later this year, is part of the company’s strategic plan to bring new technology to the appraisal process.
Coester’s plan, according to company president John Coester, will help blend traditional manual appraisal practices with forward-thinking technology.
“I’ve always thought that most people in the appraisal business take (appraising) as ‘doing appraisals’ and not as a real business,” he told me… Continue reading
Coester Appraisal Group, a Rockville, Md.-based appraisal management company, has announced plans to offer the appraisal industry’s first smart-phone application. The application, which is currently in beta testing, will connect Coester Appraisal Group with staff, contracted appraisers and its lender and broker clients.
According to the company, the new application is in HTML5 format, which is designed to make it compatible with multiple operating systems… Continue reading
A study released by mortgage technology company FNC, Inc. indicates the importance of an accurate appraisal in representing the true value of residential property—something often misrepresented in a privately negotiated sales price.
“When fundamental market inefficiencies – high transaction costs, low information transparency and low liquidity, combined with substantial asset heterogeneity – commonly underlie real estate transactions, it’s easy to understand why privately-negotiated prices can often misrepresent a property’s true… Continue reading
First a little background…
FNC’s data and analytic products are fueled by our National Collateral Database™ (NCD), a robust collection of property information shared with us by our lender clients and appraiser customers. The foundation of the NCD is comprised of addresses of properties nationwide, gathered from the county assessors in almost every U.S. county. FNC products depend on the value of collateral, also known as parcels or properties… Continue reading
Nearly 40% of Realtors surveyed by the National Association of Realtors blame low appraisals for cancellations or delays of pending sales. But a new FNC research report, supported by real-time appraisal data, shows that more than 60% of these appraisals exceeded pre-closing contract prices. On average, appraisal value was 1.7% higher than contract price.
This information seems to confirm that residential real estate appraisers are taking great care to study… Continue reading
The original March 2008 agreements between the Attorney General of New York, the Office of Federal Housing Enterprise Oversight (now the Federal Housing Finance Agency) and Fannie Mae and Freddie Mac that established the Home Valuation Code of Conduct will expire in November 2010 (originally July 2010). After that, Fannie Mae and Freddie Mac are no longer obligated to maintain the HVCC.
In addition, the Dodd-Frank Wall Street Reform… Continue reading