3-27-20 Newz: Fannie Update/Resources – 1004 for drivebys, forms changes, inspection, etc.

NOTE: This information is changing on a daily, and often hourly, basis. The amount of information is almost overwhelming. What you read today may change tomorrow. Most of the info below is summary with more details in the monthly newsletter next week. Also, lots more on personal COVID-19 such as data availability, safety, etc. I am spending 10+ hours per day trying to keep track of it so I can let you know.

Per Fannie, this is a “fluid event”. There are many questions about health and safety for the appraiser and the borrower (and their contacts if infected) when doing interior inspections.

There is lots of appraisal misinformation online. It is not a good source unless it includes a link to the correct information or the source that can be located online. I only use email chat groups that I have used for many years, such as National Appraisers Forum To read more, click here

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3-20-20 COVID-19 and Appraisers. What are lenders doing? – FREE Webinar – Interior inspections?

There are many, many issues which seems to be changing on a daily basis. I wrote this yesterday. There have already been changes I am sure. I am including links to relevant information below

The big refi boom is causing lots of desperate lenders and AMCs trying to find appraisers.

You don’t need more info on keeping safe as it is available all over. What I discuss today is shift from interior inspections to drivebys, forms, what lenders are saying, what real estate agents are doing, the market changes (maybe), liability, etc.

What are lenders and AMCs doing?

Some direct lenders, such as Citibank, are sending out emails about what they recommend. On the other side AMCs are acting like nothing has happened and sending out email blast low fee appraisal request. FYI, it is a lot easier for one lender to change. AMCs work for many lenders.

Info on what Citibank is recommending from VaCAP:

Many are fearful exterior only appraisals will be the end of the traditional appraisal as we know it. Right or wrong, exterior only appraisals are a possibility that may be acceptable in certain situations. VaCAP does not believe it will end traditional appraisals with interior inspections. The profession has been down this road before. It will not fly long term, especially if the market turns downward.

Some lenders are establishing COVID-19 protocols to follow and some have remained quiet on the subject. There are rumors that one lender has instructed appraisers not to inquire as the health of the occupants of the home due to privacy laws. Others like Citibank have developed their own protocol on how appraisers should handle COVID-19 concerns. There is great flexibility to the appraiser. See Citibank’s protocol below:

Worth reading. To read more, click here

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3-13-20 Coronavirus & Inspections – AVMs & Wonder Bread – Toilet Race

Appraiser’s (Changing) Role

Q&A with Mark Verrett, Chief Innovation Officer at Accurity Valuation

Excerpts: WRE: How can appraisers adapt to meet the profession demands?

Verrett: I think there are several ways to adapt to these challenges. The first is to work toward diversifying your practice away from 100 percent mortgage business niches. Our firm is a leader in green valuation, rural valuation, valuation consulting and litigation support and we help our offices diversify into those spaces. However, this solution isn’t for everyone….

To directly take on the challenges facing appraiser relevancy in the mortgage space, significant change is required. Appraisers need to unite to create a like-minded national voice that is not rejecting proposed changes for the profession, but rather working with stakeholders (regulators, lenders, clients, etc.) in conceptualizing, testing, tweaking, and ultimately modernizing the appraisal process on the mortgage side.

The appraisal community has a tough assignment in their role in this modernization. To be useful in the discussion, we need to challenge ourselves to be creative and open-minded, yet diligent in maintaining or, even better, improving the quality of the valuation being produced. I think it is extremely important for appraisers to listen and understand the needs of their clients and to creatively develop solutions that meet those needs.

Worth reading with some good ideas. To read more, click here

My comment: Accurity has franchisees and some very savvy appraiser officers and directors.

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3-6-20 Newz: Refi Mania – Corelogic AMC – Coronavirus & Housing Market

CoreLogic attributes its 4Q growth from shift to an AMC

Excerpt: Organic growth trends accelerated during the quarter boosted by market share and pricing gains. One example of accelerated momentum on the organic growth front relates to our new collateral valuation services model.

As you know, we successfully completed our AMC transformation last December. Our new service model has attracted significant market interest and we’ve recently secured major new contracts with two of the top 10 US mortgage originators. These wins together with a host of other new contracts for our reimagined service model are expected to generate strong double-digit underlying AMC revenue growth with higher margins in 2020.

To read more, click here

NOTE: Long article. Search for amc (21 references)

My comment: More staff appraisers? google corelogic AMC for more info.

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Giant Roadside Curiosities

Just For Fun and Escape!!

Excerpts: American highways have something for everyone. Lots of litter. License plates galore. And, if you take the right route, a dinosaur car wash, or a supper club in the biggest fish you’ve ever seen.

To read more, click here

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