Appraisal Institute Government Relations - COVID-19 Update

Industry Resources - Covid-19

North Carolina Appraisal Board Updates


Limiting Liability Suggested Language for COVID-19
From Claudia Gaglione, National Claims Counsel.
 

BULLETIN to Freddie Mac Sellers / Selling Guidance Related to COVID-19
This bulletin includes temporary guidance related to property valuation requirements and more.
 

Fannie  Mae Modified Instructions for Scope of Work, Statement of Assumptions  and Limiting Conditions, and Certification for Desktop Appraisals
Released March 23, 2020. For Desktop Appraisals using COVID-19 temporary  flexibilities and reported on Fannie Mae form 1004, 1073, 1025, 1004C,  or 2090.
 

Fannie  Mae Modified Instructions for Scope of Work, Statement of Assumptions  and Limiting Conditions, and Certification for Appraisers with  Exterior-Only Inspection
Released March 23, 2020. For Exterior-Only Appraisals using COVID-19  temporary flexibilities and reported on Fannie Mae form 2055, 1075,  2095, 1004C, or 1025.
 

The Appraisal Foundation - Coronavirus & Appraisers Q&A
Answers to questions regarding Coronavirus and Appraisers.
 

The Appraisal Foundation - USPAP 2020-21 Q&A
Issued March 17, 2020. Form of guidance issued by the Appraisal Standards Board in regards to USPAP standards.
 

The Appraisal Institute Professional Practice Coronavirus Update
Guidance from the Appraisal Institute.
 

Valuation Legal - Free Webinar (Slides Only)
Legal and Risk Issues for Appraisers Stemming from the COVID-19 Crisis           


Valuation Legal Webinar: “Legal and Risk Issues for Appraisers Stemming from the COVID-19 Crisis”      


Session Law 2020-4 - House Bill 1043 - An act to provide aid to North Carolinians in response to the Coronavirus Disease 2019 (COVID-19) Crisis


 Session Law 2020-3 - Senate Bill 704 - An act to provide aid to North Carolinians in response to the Coronavirus Disease 2019 (COVID-19) Crisis 

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Industry News

Week of May 12 - 18, 2020

 

Post-COVID-19 Appraisals And The Burden Of Proof In Bankruptcy Cases

JD Surpa

In the aftermath of the 9/11 attacks, the Appraisal Institute issued guidance to its MAI appraisers regarding the new challenges and limitations on  rendering an opinion of real estate value in the wake of a disaster when  markets are unstable or chaotic[1]…


How the Pandemic Is Changing Appraisals

Realtor Magazine 

Despite the fact that some lenders, including Fannie Mae and Freddie Mac, are now allowing exterior-only inspection appraisals or desktop appraisals as safety measures related to COVID-19, Read found that nearly all of the 35 agents she spoke to have used traditional appraisals in multiple transactions since the pandemic took hold in the U.S…

 

Business as (Un)usual: Addressing Appraisals in the COVID-19 Crisis

Appraisal Buzz

We sat down with the host, Greg Stephens [SRA, AI-RRS]… I have also been active in appraisal organization leadership starting with the Society of Real Estate Appraisers, American Society of Appraisers, and am a designated member of the Appraisal Institute…


Post-COVID-19 Appraisals And The Burden Of Proof In Bankruptcy Cases

The National Law Review

The Appraisal Institute, whose credential “MAI”  (Member of the Appraisal Institute) is regarded as the gold standard in American  courts, defines market value as “the most probable price, as of a  specified date, in cash” …


Landscaping Can Have Major Impact on Property Values: Appraisal Institute

PR Newswire, State News Service, MorningStar, Markets Insider, TicherTech.com

(This article was included in an additional 115 outlets.)

The Appraisal Institute, the nation's largest professional association of real estate appraisers, today advised homeowners that improving their  property's landscaping can result in a significant return on investment  when selling the home…

 

AI: Appraisers can help navigate conservation easements

Valuation Review 

Governmental and judicial entities’ expanded oversight of the real estate appraisal process makes it imperative that those involved in valuing  easement-encumbered properties demonstrate their competence to the  Internal Revenue Service and the courts, according to a book published  by the Appraisal Institute (AI) under a licensing agreement with the Land Trust Alliance…


ASB, Fannie Mae adds updates

Valuation Review

The Appraisal Standards Board (ASB), through The Appraisal Foundation (TAF), issued new guidance for appraisers on limited appraisals and calculation engagements, plus clarity surrounding appraisal reports and restricted appraisal reports, TAF announced in a release…


Week of May 5 - 11, 2020

 

CompStak Enters Affinity Agreement With Appraisal Institute to Provide Industry-Leading CRE Comparable Data to AI Professionals

Appraisal Buzz

CompStak, the leading provider of commercial real estate comparable data and analysis, has joined with the Appraisal Institute (AI), the nation’s largest professional association of real estate appraisers, to provide AI members and affiliates (“AI Professionals”) with benefits and discounts across its proprietary data platforms…


Appraising in a pandemic - by Maria Hopkins

New England Real Estate Journal

(This article was written by Maria Hopkins, SRA.)

When I think of those on the front lines taking care of COVID patients  and risking their lives every day, it makes the problems we face as appraisers almost inconsequential. Nevertheless, we are facing  real issues attempting to do our jobs and keeping ourselves and others  safe...


Coronavirus to Drive More "Outside-the-Box" Appraisals in U.S. RMBS

Fitch Ratings

Traditional 'full' pre-close home appraisals, viewed to be best  practice, are becoming less common in the mortgage origination process  as homes are more difficult to access during the coronavirus outbreak,  according to Fitch Ratings…


Oregon May election: Polk County assessor race pits two veterans for top job

Statesman Journal (Salem, Ore.)

Associate of Arts degree, Chemeketa Community College; 800-plus hours of appraisal courses from the Appraisal Institute, International Association of Assessing Officers, Department of Revenue, Lincoln Institute, McKissock Learning…


Federal Banking Agencies Issue Interim Final Rule to Defer Appraisals and Evaluations for Real Estate Transactions Affected by COVID-19

JD Surpa

Under Title XI, federally related transactions must be subject to appraisal requirements, to be determined by each Federal financial institutions  regulatory agency (i.e., the OCC, the Board, the FDIC, and the National  Credit Union Administration) for  its respective jurisdiction…


Fannie Mae and a New, Fifth Test for Highest and Best Use

Appraisal Buzz

Fannie Mae seems to have a problem with excess land. Perhaps more accurately, Fannie Mae seems to have a problem with appraisals that involve excess land, and the appraiser’s characterization of Highest and Best Use…


HVS CPACE Strategy for Avoiding Loan Loss Reserves and Preserving Equity Capital

Hotel Resource

Kathy Conroy, MAI is a Senior Managing Director of HVS  Miami and is also the firm's Practice Leader of Shared Ownership  Consulting. She has been an active participant in the hotel and shared  ownership industry for more than 30 years…


Property Value Braces for Another Drop

The Weekly Journal (San Juan, PR)

“We should expect values to drop, at least, just as it happened with  Maria, that weeks later, property values fell between 10 percent and 12  percent. The only way to analyze this is with a similar situation, and  the only reference we have is Hurricane María,"  said Migdoel Rodríguez [MAI, SRA], who has been an appraiser since 1994…

 

CFPB announces valuation changes

Valuation Review

The Consumer Financial Protection Bureau (CFPB) took steps to make it  easier for consumers with urgent financial needs to obtain access to  mortgage credit more quickly in the middle of the COVID-19 pandemic.  Valuation rule changes applicable to appraisers also were included, according to a press release from the CFPB…


Week of April 28 - May 4, 2020

 

What You Need to Know About Appraising MH Advantage Homes

Appraisal Buzz

According to Fannie Mae, in a December 2018 Appraisal Buzz  article, “MH Advantage® is an innovative new homeownership option that  pairs affordable financing with specially designated manufactured  housing designed with characteristics typical of site-built  homes, including: distinctive roof treatments, lower profile  foundations, garage, carports, porches, or dormers, and upgraded  interior/exterior features and materials…


Appraiser Jerome Haims dead after suffering stroke

Real Estate Weekly

For more than 50 years, Jerome Haims was a respected leader in  the New York City real estate community… Jerry was a long-time member of  the Real Estate Board of New York, and achieved the MAI, SRA and SREA professional designations from the Appraisal Institute…


Appraiser’s perspective 

New England Real Estate Journal

(This article was written by Bill Pastuszek, MAI.)

Digesting the news and views, and trying to make sense of the data and of those trying to make sense of the data.  Appraisers ask and get asked a lot of questions. Here are some…


SunPower by esaSolar Has Joined the Pearl Contractor Advantage Program

EIN PResswire

This is a step in the right direction to continue to increase consumer  confidence in the long-term investment they are making. By partnering  with an organization that is officially recognized by both the National  Association of Realtors and the National Appraisal Institute, we can feel confident our customers will see fair assessments in added home value for the investment they are making…


Senior Housing Faces Stiff Winds But Only in the Short Term

GlobeSt.com

Transactional activity has slowed and rent deferrals or loan forgiveness  requests are increasing, according to the report, which the real estate  services company presented at the Appraisal Institute last week…


Coronavirus is changing home appraisals — and some borrowers don’t need them at all

Bankrate, MSN Money 

Pennsylvania and Vermont have barred appraisers from going inside houses, says Bill Garber, director of government and external relations at the Appraisal Institute, a trade association. In some cases, Garber says, homeowners are firing up Zoom to give appraisers virtual tours of their homes…


Senior Housing Faces Stiff Winds But Only in the Short Term

GlobeSt.com

Transactional activity has slowed and rent deferrals or loan forgiveness  requests are increasing, according to the report, which the real estate  services company presented at the Appraisal Institute last week…

 

Appraisers Can Help Courts, IRS Navigate Conservation Easements, New  Book Says

PressReleasePoint, State News Service, Real Estate Rama 

Governmental and judicial entities’ expanded oversight of the real estate appraisal process makes it imperative that those involved in valuing  easement-encumbered properties demonstrate their competence to the  Internal Revenue Service and the courts,  according to a book published today by the Appraisal Institute under a licensing agreement with the Land Trust Alliance…


The Challenges with Appraising Multiple-Unit Properties

Appraisal Buzz

Appraising multiple-unit properties is usually more complicated than appraising single-family homes. Two-, three-, or four-unit buildings are sometimes  subject to confusion when it comes to arranging a loan for purchase or  refinancing…


Top 10 U.S. housing markets that could be hardest hit by coronavirus

Bankrate

Even before the coronavirus pandemic struck, New Jersey’s housing market was struggling, says Jeffrey Otteau [MAI, AI-GRS] of Otteau Group, an appraisal firm in Matawan, New Jersey. The state’s housing market still hasn’t fully recovered from the last global financial crisis…


Real Estate Industry Alerts Tracker - April 2020 Issue #4

JD Surpa

Last week, the Federal Reserve, the Office of the Comptroller of the  Currency and the Federal Deposit Insurance Corporation issued an interim  final rule that provides a 120-day deferral of appraisal and evaluation requirements for all transactions secured by commercial or residential real estate during the COVID-19 pandemic…


How appraisers are adapting during COVID-19

Inman

There are so many things in our everyday lives that we take for granted,  most of which have been abruptly affected by COVID-19. The workforce of  the nation has had to make some huge and sometimes unorthodox changes  and adaptations. Appraisers are no  exception…


Week of April 21 - 27, 2020

 

NCUA, NAFCU offer further guidance on real estate appraisal relief

National Association of Federally-Insured Credit Unions

The NCUA’s final rule raised the real estate appraisal threshold  from $250,000 to $400,000 and, in addition to providing parity with  banks, the rule will ensure that credit unions are not unfairly  disadvantaged in the marketplace…


Appraisers Tackle Valuing Properties in Coronavirus-Disrupted  Economy

CoStar

Ron DeVries [MAI, SRA], senior managing director of Integra  Realty Resources in Chicago, said his firm relies on what its 500  employees in 50 offices are hearing and entering into databases to keep  current. Both [Grant] Griffin [MAI, SRA] and  DeVries participated in an Appraisal Institute member video late last week on the valuation impacts of the pandemic and shared their insights with CoStar News…


How an Appraiser Can Help With Home Renovation Decisions

Cape Gazette (Lewes, Del.)

According to the Appraisal Institute—a national, professional association of real estate appraisers—homeowners should choose wisely when it comes to  renovations in order to maximize return. The right upgrades can pay  dividends when it comes time to sell your home, helping your home sell  more quickly and for the greatest possible price…

 

Lenders and appraisers forge new bond amid coronavirus crisis

HousingWire 

“Most stay-at-home orders identify appraisers as essential workers,” said Bill Garber, director of government and external relations at the Appraisal Institute. “Appraisers are able to do their work for the lenders in need of their services.”…


Fannie Mae and Freddie Mac: Getting From Here to There

DS News (Dallas)

Seller-servicer guidelines for appraisals changed immediately with the conservatorship, said Bill Garber, Director of Government and External Relations for the Appraisal Institute. Previously, the same entity could make the loan and appraise the property. Under the new rules, a separate third party had to be used or there had to be a solid separation of the appraisal and lending processes if done with the same company…


30-Year CRE Veteran, Gene Williams, Joins Kidder Mathews

Commercial Property Executive, Connect Media (Los Angeles)

[Gene] Williams holds the MAI designation from the Appraisal Institute and has served as the past president of the Northern California  Chapter. He is also a Certified Commercial Investment Member (CCIM)  designee…


How an Appraiser Can Help With Home Renovation Decisions

Cape Gazette (Lewes, Del.)

According to the Appraisal Institute—a national, professional association of real estate appraisers—homeowners should choose wisely when it comes to  renovations in order to maximize return. The right upgrades can pay  dividends when it comes time to sell your home, helping your home sell  more quickly and for the greatest possible price…


Banks can now postpone some appraisals until 120 days after a mortgage closes

HousingWire

Banks can now delay getting an appraisal on a property for as many as 120 days after a mortgage closes…


Week of April 14 - 20, 2020

 

How to value a property in the time of Covid-19

The Real Deal

Government-sponsored enterprises Fannie Mae and Freddie Mac were the  first to suspend requirements regarding appraisals by issuing guidance  allowing exterior-only and desktop appraisals to replace interior appraisals for certain home loans…


Glancing Back for April 20

Journal Gazette & Times-Courier (Mattoon, Ill.)

Mark Letscher [MAI] lost the appraisal job for the  former Buck Grove Indian Trails golf course. He got the course instead.  Letscher and Jane Prigge officially purchased the course this week from  First Midwest Bank in Danville…


In a win for CUs, NCUA adds more reg relief

National Association of Federally-Insured Credit Unions

The NCUA Board during its meeting yesterday approved some rules to provide credit unions with regulatory relief related to appraisals and ensuring credit unions remain operational and liquid amid the coronavirus pandemic…


Regulatory Guidance for Banks, Lenders, and Licensed Mortgage Originators Regarding Coronavirus 

JD Surpa

Regulatory agencies have eased appraisal and evaluation  requirements for the purpose of providing liquidity to property owners  during the COVID-19 crisis.  On April 14, the FDIC, OCC and Federal  Reserve issued an interim final rule allowing regulated  financial institutions to defer obtaining appraisals or evaluations for up to 120 days after the closing of certain residential and commercial real estate loans…


Home inspectors and appraisers are relying more on technology

Builder

“While the valuation profession doesn’t recognize the term ‘virtual appraisal,’ appraisers certainly can perform residential appraisals without entering the property,” says Jefferson L. Sherman [MAI, AI-GRS], principal of Sherman Valuation & Review, in Willoughby Hills, Ohio, and president of the Appraisal Institute, headquartered in Chicago. “Their ability to  do so depends in part on the assignment’s scope of work and investor  requirements.”…


Postponing Your Appraisal Until After Closing? New Emergency Rules Make It Possible For Certain Borrowers.

Forbes

Three federal banking regulators came together this week to announce a  temporary suspension of appraisals for credit-worthy borrowers while the  country prepares for the economic impact of COVID-19…


Appraisers Must Adapt to iBuyer Models: Valuation Magazine

Real Estate Rama

While the volume of home sales involving iBuyers is still fairly limited, the number of markets they reach is growing


Rule Change Lets Regulators Delay Appraisals On Some CRE Deals

Bisnow

Appraisal Institute Director of Government and External Relations  Bill Garber explains that the language "acquisitions, construction and  development," refers to a specific loan type. That type, an ACD, is  sometimes quite risky, and is generally used  to acquire and develop land for subdivisions…

 

Agencies Issue Final Rule on Temp Deferment of RE Appraisals; Senate Adjourns Without More Funding for PPP

CUtoday.info, ABA Banking Journal 

Three federal banking agencies have issued an interim final rule to temporarily defer real estate-related appraisals and evaluations under the agencies' interagency appraisal regulations…


Banks will soon be able to postpone some appraisals until 120 days after a mortgage closes

HousingWire

Citing the need to “extend financing to creditworthy households and  businesses quickly in the wake of the national emergency declared in  connection with COVID-19,” a trio of federal banking regulators  announced Tuesday evening that banks will soon be able to  delay getting an appraisal on a property for as many as 120 days after a mortgage closes…


Federal Banking Agencies to Defer Appraisals and Evaluations for Real Estate Transactions Affected by COVID-19

PressReleasePoint, Publicnow

The federal banking agencies today issued an interim final rule to temporarily defer real estate-related appraisals and evaluations under the agencies’ interagency  appraisal regulations. The Federal Reserve Board, the Federal Deposit  Insurance Corporation, and the Office of the Comptroller of the Currency  are providing this temporary relief to allow regulated  institutions to extend financing to creditworthy households and  businesses quickly in the wake of the national emergency declared in  connection with COVID-19…


Coping with Covid

Appraisal Buzz

Some appraisers are wondering how other appraisers are  handling the changes due to the current health crisis. We sat down with  Ryan Lundquist, virtually (to assuage your concerns about social  distancing).  Ryan is a certified residential appraiser in the Sacramento area…


Understanding UAD Quality Ratings

Appraisal Buzz

Ever since Fannie Mae and Freddie Mac (the GSEs) created the Uniform Appraisal Dataset (UAD) several years ago, real estate appraisers must rate building quality on a standardized scale from Q1 (best) to Q6 (worst). If you are performing appraisals for the intended use of secondary market mortgage  lending, it’s essential to have a clear understanding of the UAD quality  ratings, since you will be required to use them in your report forms…


Week ahead: NCUA mulls further coronavirus aid for credit unions

Credit Union Journal

Real estate appraisal relief will also be addressed. Last year  the credit union regulator voted to approve a proposed rule that would  increase the threshold required for residential real estate from  $250,000 to $400,000…


The Impact of COVID-19 on Hotels 

Hotel News Resource 

(This article also mentions Suzanne R. Mellen, MAI; and Tanya Pierson, MAI.)

Anne R. Lloyd-Jones, MAI, CRE, is Senior Managing Director  of the New York office and a Director of Consulting & Valuation at  HVS, the premier global hospitality consulting firm. Since joining HVS  in 1982, Anne has provided consulting and appraisal services for over 5,000 hotels…


Week of April 7 - 13, 2020

 

Kubert Appraisal Group, P.C. partners with Valcre

Lincoln Star Journal (Lincoln, Neb.)

“We are excited to partner our company with the Valcre platform of services,” said Thomas Kubert, MAI, CCIM. “Our clients will benefit from  the experience and professionalism of this partnership as we continue to  provide a full suite of commercial appraisal services to the local market while leveraging the best in class appraisal technology provided by Valcre.”…


5 things to know on coronavirus

National Association of Federally-Insured Credit Unions

Real estate appraisals is one area that has received relief from  regulators during the coronavirus pandemic. The Federal Housing Finance  Agency (FHFA) previously announced flexibilities to satisfy appraisal requirements, as leveraging these alternatives will help "reduce the need for appraisers to inspect the interior of a home for eligible mortgages." Fannie Mae and Freddie Mac have guidance available on the issue…


Walker & Dunlop Expands Multifamily Appraisal Business with Northeast Managing Director

Yahoo! Finance, Markets Insider, Ticker Tech, Morningstar, The Oklahoman (Oklahoma City, Okla.)

(This article was included in an additional 58 outlets.)

Walker & Dunlop, Inc. announced today that it has expanded its multifamily appraisal business, Apprise, with the addition of Managing Director, Corey Gustafson, MAI…


NTCAR Reschedules Hall of Fame Reception

D Magazine (Dallas)

Butler is co-founder and former executive chair of commercial real  estate firm Butler Burgher Group …She has actively played volunteer  leadership roles for the Texas Women’s Foundation, Habitat for Humanity,  Volunteers for America Classic, and Governor Greg  Abbott’s Small Business Forum for Women. She’s also a member of the  National Multifamily Housing Council, the Appraisal Institute…


Homebound Buyers Ask: Is a Picture Worth $1 Million?

The New York Times

Some lenders will accept “drive-by” or “desktop” appraisals that  don’t require a physical inspection, but there is limited data on how  far home values have fallen since the outbreak. The state is also  permitting some forms of virtual notarization to  prove that key documents were signed, but it remains unclear whether  many banks will accept these standards…


COVID-19 and its Effect on the Income Approach

Industry Today

(This article was written by Kent Hileman, MAI.)

The recent COVID-19 pandemic has influenced every person’s life in the  World. Some experts believe the unemployment rate could hit as high as  25-35% by summer in the United States, unheard of numbers…

 

3 Tips On Preparing To Sell Your Home

GazetteXtra (Janesville, Wis.)

The Appraisal Institute suggests decluttering before appraisers visit, and the same approach can be taken with open houses. Like appraisers, buyers see cluttered homes as less valuable, and such homes give the impression that they are not well maintained…


Dear Monty column: Four suggestions to protest your tax assessment

Vvdailypress.com (Victorville, Calif.)

Hire an MAI or SRA appraiser or possibly even a condemnation appraiser.  This type of reviewer likely has a superior level of training that may,  or may not, influence the assessor. An assessor may defer to a better  explanation from a higher  level…


Which Home Renovations Generate the Highest ROI?

Appraisal Buzz

Homeowners often want to know what will give them the biggest bang for  their buck in terms of home renovations and improvement projects. We  recently asked our appraisal community, “Which renovations generate the highest ROI in your market?” Most real estate appraisers agree that kitchen renovations provide the best return on investment…


Coughlin leading 2020 Upstate Chapter of the Appraisal Institute

New York Real Estate Journal

(This article also includes Richard Coughlin, MAI.)

Coughlin, a director of Integra Realty Resources  has experience in the  appraisal of a wide variety of real estate properties.  Other officers  include Stephen Ferrara, SRA as vice president; Shawn Riley as treasurer and Thomas LaBelle, MAI, AI-GRS as secretary.  New directors are Christopher Harland,  MAI; Willam Beyerbach, MAI, SRA; and Thomas Humbert. The new directors join the current board members Mark Grant; MAI; Jason Graves, MAI; Kate Frank, MAI; and Denise Rhoads…

 

Fannie Mae updates letter

Valuation Review

Earlier, Fannie Mae composed a lender letter regarding the impact of COVID-19 on appraisers. Recently, Fannie Mae made some updates to this document…


Week of March 31 - April 6, 2020

 

Chief’s Appraisal: Your property tax value and economic uncertainty

Odessa (Texas) American 

Appraisers must register with the Texas Department of Licensing and Regulation, receive certification as a registered professional appraiser, and maintain that certification with continuing education. Courses are offered by the Appraisal Institute, the International Association of Assessing Officers, the Texas Association of Appraisal Districts, and the Texas Association of Assessing Officers…


8 Quick Tips for Appraising Marijuana Properties

Appraisal Buzz

Do you ever face the task of appraising marijuana properties in  your market? All of a sudden, land that is ripe for marijuana growing is  looking pretty attractive, and buyers all over the U.S. are already  scooping up big plots of land—some even making  moves before the laws change in a specific area…


How COVID-19 could impact property values, according to appraisers

Dallas Business Journal

However, an exemption was made last week, according to John Scarborough [SRA], 2019 North Texas Chapter president of the Appraisal Institute…


How to Buy a House During Quarantine — With the Help of Online Appraisals, eClosings, and More

Money

More appraisers are turning to computer algorithms to value properties instead of sending appraisers to inspect homes in person, says Skylar Olsen,  director of economic research at Zillow. That’s partly because Freddie  Mac and Fannie Mae, the government-backed mortgage giants, recently  directed mortgage lenders to reduce the need for appraisers to inspect the interior of a home for eligible mortgages…


“Total confusion”  on whether appraisals, walk-throughs, virtual showings are allowed

The Real Deal

Last week, a coalition of five real estate and professional appraisals organizations sent a letter to state and local governments asking that they declare appraisals an essential service, in an effort to clarify the issue in states where it remains unclear…


New York state reverses prohibition on in-person showings, appraisals

HousingWire

New York state announced Wednesday that it will allow those in real  estate to resume providing some services, such as in-person showings, appraisals and inspections, something that had been forbidden by New York’s stay-at-home order on March 22…

 

The Many Benefits of Appraising Luxury Homes

Appraisal Buzz

Appraising luxury homes gives you the opportunity to take on appraisal assignments that are interesting, exciting, and challenging. It also  gives you the chance to work with architects, custom luxury home  builders, real estate agents, and even CEOs of major corporations…


Grow Your Appraisal Business

Appraisal Buzz

I am a third-generation appraiser. I started working for my dad when I was right out of high school and worked for him for 10 years. My father has been an appraiser since the 1970s and started at the company my Grandfather started. My father is an awesome appraiser, a fantastic teacher and mentor, and I have to give him a ton of credit for where I am today…

 

Pandemic is rewriting the playbook for mortgage origination – Servicing is next

HousingWire

Fannie Mae and Freddie Mac took quick action recently by relaxing their standards for property appraisals, which will ease concerns over appraiser safety  and travel restrictions. The GSEs also acknowledged the difficulty of  verifying employment amid coronavirus-related office closures by  authorizing the use of verification alternatives  including paystubs and asset data…


COVID-19 National and State Relief Efforts Focus on Single Family Mortgage Loans

JD Surpa

The FHFA has directed Fannie Mae and Freddie Mac to allow borrowers flexibility in meeting appraisal and employment verification requirements for mortgage loans. Fannie Mae and Freddie Mac will utilize appraisal alternatives to reduce the need for an appraiser to enter a home to inspect it…


FHA, VA join Fannie, Freddie in relaxing some standards

HousingWire

The FHA and VA both announced late Friday that would allow for appraisal and income verification alternatives as appraising homes and verifying employment are more difficult right now than they were just a few weeks ago…


In the age of coronavirus, Houston real estate appraisers are keeping their distance

Houston Chronicle 

For Ed Woodruff [SRA, AI-RRS], the call was routine.  Before a lender gave a homeowner a new mortgage that would allow her to  take advantage of historically low interest rates it asked him to offer  his expert opinion on the value of the house…


Week of March 24 - 30, 2020

 

Getting Familiar with Drive-By and Desktop Appraisals

Appraisal Buzz

Bob: I started as a field appraiser over 40 years ago. During  that time, I have been involved and employed on practically all sides of  the valuation industry. Currently providing consulting services since  leaving Fannie Mae in 2015 where I was Director,  Property Valuation & Eligibility. I am a Former SRA and Appraisal Institute instructor…


Real Estate Groups Ask Governors, Mayors for Appraisal 'Stay at Home' Exemptions

PR Newswire, Pittsburgh Post-Gazette, Markets Insider, Morningstar, Idaho State Journal

(This article was included in an additional 90 outlets.)

The Appraisal Institute, the National Association of Realtors, the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers, and the Massachusetts Board of Real Estate Appraisers told the National Governors Association, the National  Association of Counties, the U.S. Conference of Mayors and the National  League of Cities that "We are concerned about ramifications and  unintended consequences if appraisal services are not deemed to be essential services."… 


Are appraisals an essential service?

HousingWire

According to the Appraisal Institute, a global professional association of real estate appraisers, appraisers need to be considered an essential  service nationwide. At least 17 states, 26 counties and 10 cities have  issued stay-at-home type orders, with more joining the list every day…


Appraisers ask to be considered "essential services" workers

Mortgage Professional America

The Appraisal Institute, the National Association of Realtors, the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers, and the Massachusetts Board of Real Estate Appraisers believe their will be unintended consequences if their members cannot operate…


Appraisal experts foresee a strong 2020 for the appraisal industry - by Thomas Sweeney and David Widmann

New England Real Estate Journal

Appraisal experts foresee a strong 2020 for the appraisal industry. The profession continues to evolve, and so does the demand for different types of appraisals. Demand in general remains high, and an appraiser who anticipates trends, and stays front of mind, can do well in the long term…


Local real estate industry begins to feel virus impacts

The Bakersfield (Calif.) Californian

Home inspections are also being handled differently because of the pandemic, local appraiser Gary Crabtree [SRA] said. Lenders still want the inspections, he said, but they advise appraisers to wear masks and gloves. There's also new flexibility  to cancel inspection appointments if anyone in the property is sick.  "Otherwise," he said, "it's business as usual."…

 

COVID-19 prompts Fannie Mae, Freddie Mac to adopt alternative appraisal methods

Talk Business & Politics

The Federal Housing Finance Agency (FHFA) on Monday (March 23) directed  Fannie Mae and Freddie Mac to ease their standards for both property appraisals and verification of employment. The agency said the  reason for the decision is the “extraordinary circumstances” the country  is facing during the COVID-19 (coronavirus) pandemic…


Appraisals, MBS, eviction suspension among FHFA's relief efforts

National Association of Federally-Insured Credit Unions

The Federal Housing Finance Agency continues to pursue ways to support  liquidity in the housing market during the coronavirus pandemic.  Yesterday, the agency announced changes to allow the  government-sponsored enterprises (GSEs) to enter into additional dollar  roll transactions, provide alternative flexibilities to satisfy appraisal and employment verification requirements, and suspend evictions for renters unable to pay rent due to the coronavirus…


FHFA tells GSEs to grant flexibilities for appraisal requirements, employment verification

Scotsman Guide, State News Service, Targeted News Service

The FHFA announced that it has directed Fannie Mae and Freddie Mac to provide “alternative flexibilities” for satisfying appraisal requirements and employment verification requirements through May 17…


It’s time to ditch the phrase “That’s the way it’s always been done”

HousingWire

The difficult part in all of this is the basic fact that the purchase  and sale of real estate is largely an interactive industry. Inspectors  need to physically inspect, appraisers need to see it for themselves (although the drive-by appraisals that happened just a decade or so ago could certainly come back)…


Will an FHFA quick-fix on appraisals become the new normal?

Mortgage Professional America

“This is something that's been kind of a long time coming when it comes to the appraisals,” observed Brian Coester, CEO of Real Estate Connection in Rockville, Maryland…


Appraiser Life in the Age of the Coronavirus

Appraisal Buzz

Everyone would agree that appraisers should not put themselves in  a risky or unsafe situation when completing an assignment. It is easy  to recognize these kinds of scenarios when you open the basement door  and see an old, rickety set of basement steps.  In those kinds of circumstances, you can decide what is safe or not  quickly, and work out what to do…


COVID-19 Relief: Industry Collaborates on Advocacy Efforts, Regulatory Changes

RISMedia

To continue to facilitate real estate transactions, FHFA added flexibility to mortgage requirements, specifically appraisals and employment verifications. In the announcement, also on March 23, FHFA authorized Fannie Mae and Freddie Mac to implement “appraisal alternatives,” to avoid in-person interaction; as well as continue  employment verifications via  email from the employer, if unable to verbally verify, or via a bank  statement that shows a recent payroll deposit, or a recent year-to-date  pay stub…


Quick Take: COVID-19 webinars, Soy Scholarship and land values

Farm Progress (Irving, Texas)

Klein teams up with University of Illinois ag economist Gary Schnitkey to poll observations from farmland appraisers and real estate brokers. The survey for their most recent report was conducted in December…


Fannie Mae on Impact of COVID-19

Appraisal Buzz

Fannie Mae and Freddie Mac have been working together on these temporary  flexibilities to enable mortgage lending to continue while appraisers and others take necessary measures to avoid the spread of COVID-19…


Fannie Mae, Freddie Mac relax appraisal, employment verification standards in wake of coronavirus

HousingWire 

Citing the extraordinary circumstances that the country is facing with  the ongoing spread of the coronavirus, the Federal Housing Finance  Agency announced Monday that it is directing Fannie Mae and Freddie Mac  to ease their standards for both property appraisals and verification of employment…


FHFA Directs GSEs to Ease Appraisal and Employment Verifications

National Mortgage Professional Magazine 

To allow for homes to be bought, sold and refinanced as the nation deals  with the challenges of the Coronavirus, the GSEs will leverage appraisal alternatives to reduce the need for appraisers to inspect the interior of a home for eligible mortgages…

 

AI opposes Biden’s call for more appraisal standards

Valuation Review 

Responding to presidential candidate Joe Biden’s call to “establish a national standard for housing appraisals,” the Appraisal Institute (AI) said in a letter that a new standard is “unnecessary because one already exists,” according to a post on the AI website…


Week of March 17 - 23, 2020

 

Grow Your Appraisal Business – Interview with Marty Haldane

Appraisal Buzz

If you want to grow your business into a multi-million dollar business or be able to add 5-10 more appraisers to your team, this is what you need to learn to drive more appraisals from private customers and new lenders…


Bank Tells Appraisers Don’t Enter Homes for Loan Inspections

Bloomberg

First Republic Bank is prohibiting property appraisers from entering homes for mortgage-related inspections as a measure of safety against the coronavirus…


Housing market professionals say business is booming amid coronavirus pandemic

WHSV-TV 3 ABC (Harrisonburg, Va.)

"They can be as low as one to two percent lower than what they initially  had when they bought their house, so people are taking advantage of  those lower interest rates because their payments are going down," Melissa Simmons [SRA], a real estate appraiser, said.


Mortgage technology firms adapt practices to keep the system moving

National Mortgage News 

For example, SharperLending updated its Verisite property inspection  product to allow homeowners to take their own interior photos. They can  then send those photos and the descriptions to the appraiser for the report…

 

Protecting Your Appraisal Reports From Covid-19

Appraisal Buzz

Appraisers are finding themselves in a fascinating time. The  stock market has suffered a tremendous setback and daily life is  beginning to resemble something out of a dystopian novel.  All of this  is happening while appraisers are being flooded with orders…

 

Bryan Reynolds on the New ANSI Square Footage Standard

Appraisal Buzz

Standards are in everything we do – from our job duties, to the cars we drive, and into how our homes are built. Appraisers all follow the same USPAP compliance standards when appraising a home, but sometimes these standards aren’t always so black and white – there can be ten different ways that one appraiser does things while another may only do one…


Week of March 10 - 16, 2020

 

Coles board set to examine concerns about new version of waste program

Journal-Gazette Times-Courier (Mattoon, Ill.)

Appraiser Bob Becker [MAI, SRA], who conducted the reassessment, has defended the approach, saying it was done by a "commonly used" method…

 

Hire an Appraiser to Help Choose Home Renovations: Appraisal Institute

STL News (Wildwood, Mo.), States News Service, TickerTech.com, PR Newswire, Markets Insider

(This article was included in an additional 123 outlets.)

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today encouraged homeowners to choose their renovations wisely to maximize potential return on investment…


Umatilla County still a seller's market

The Bulletin (Bend, Ore.)

A recent analysis of housing trends in west Umatilla County and north Morrow County by appraiser Doug Barak [SRA] shows that home values in those  areas have gone up each year for the past 10 years, but Hermiston-based  real estate agents say that hasn’t stopped people from snapping up  homes, sometimes making offers within hours of  a “for sale” sign going up…


Promoting Your Appraisal Business on Social Media

Appraisal Buzz

Social media, whether we approve of it or not, is beginning to evolve  the marketing game. From giant corporate restaurants to your local  mechanic, there is almost always a Facebook page or a Twitter account  dedicated to its success. Why not for your local appraisal business?...


BBG's Litigation Support Expertise Plays Key Role In Jury Awarding $750,000 To NJ Dealership In Land Condemnation Case

PR Newswire, Yahoo! Finance, TickerTech.com, MorningStar, Pittsburgh Post-Gazette

(This article was included in an additional 64 outlets.)

(This article also mentions Louis Yorey, MAI.)

BBG Managing Director Louis S. Izenberg, MAI, SRA,  who led and testified for the engagement, is a highly recognized  authority on real estate litigation matters regarding, property tax  appeals, condemnation and civil litigation matters…


Ed Montanari backs Mike Twitty’s reelection bid

Florida Politics (Tampa Bay, Fla.)

St. Petersburg City Council Chair Ed Montanari is endorsing Mike Twitty [MAI] for reelection to Pinellas County Property Appraiser…


AI book: Residential appraisers play key role in real estate

Valuation Review

Residential real estate appraisers need education, knowledge and  experience to perform their valuation assignments competently, according  to a book published by the Appraisal Institute (AI), which was reported on the AI website…

North Carolina Chapter of the Appraisal Institute (NCAI)

To learn more click the link below.