Appraisal deciding residents’ fate hinges on semantics
Residents of a California mobile home park looking to save their homes and the park’s owners looking to sell faced off before city council members April 14. The debate centered on the appraisal of the resident’s property, ultimately hinging on two words in the city’s ordinance. Keep reading to see what phrase the two sides went to battle over.
New toolkit to educate consumers on homebuying, appraisal process
The Consumer Financial Protection Bureau recently released a new toolkit designed to help consumers better understand the homebuying process as they’re shopping for a mortgage. Lenders will be required to distribute the toolkit to help potential homebuyers recognize the cost and purpose of various real estate settlement services, including the appraisal. Keep reading to see what the CFPB stressed homebuyers should know about the appraisal process.
Out with the old, in with the new American home
The American housing market is always in a state of change. Luckily for appraisers, housing trends tend to be less about revolutionary redesigns and more about the steady evolution of form and function. Nonetheless, understanding the subtle year-to-year changes in housing preferences is an important part of being a valuation expert. Keep reading to see what new-home trends one industry expert said are on the horizon.
Appraisal at center of mobile home debate
Residents of a California mobile home park are hoping that a last-minute appraisal review will increase the compensation they’ll receive in the event they’re evicted from their homes. The appraiser who conducted the review found that the original appraisal was “flawed and does not provide reasonable estimates of in-place market value,” and that “it also appears that most of the shortcomings have resulted in an undervaluation of homes.” Keep reading for the details.
FHA details new appraisal delivery portal
The Federal Housing Administration released a mortgagee letter March 26 that outlines FHA’s new Electronic Appraisal Delivery portal. The portal is designed to make appraisal submission more efficient and promote higher quality appraisals by flagging potential errors up front. Keep reading to find out what the new portal means for appraisers.
The appraisal issue triggering higher CU risk scores
There is one appraisal issue that has jumped out front and center in the infancy of Fannie Mae’s Collateral Underwriter. It is being cited as the main cause of higher risk scores. Keep reading to find out what is leading to more reports being flagged than anything else, and what one industry expert says you can do to prevent it.