The UAD and Appraisers – Past, Present, and Future

30 minute video

Speakers: Sean Murphy and Danny Wiley of Freddie Mac

Excerpt: They offer some insightful looks into the process and delve into the specifics that appraisers need to know.

What are some of the key updates for 2021? What can appraisers expect with these changes in the UAD? How will these changes impact the appraisal industry? These questions and much more will be answered between Sean, Danny, and Joan (moderator) as they dive into more about the UAD and Freddie Mac.


If it does not display, to watch the video, click here

My comments: Danny Wiley is an excellent speaker (starts after the first speaker). Worth listening to. Wiley is Freddie Mac’s Senior Director of valuation for Single-Family Credit Risk Management. Sean Murphy is the Credit Policy Risk Analytics Manager. Danny has been around for a long time, starting as a fee appraiser. He knows what is happening and what it means for you.>

Appraisal Business Tips 

Humor for Appraisers

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NOTE: Please scroll down to read the other topics in this long blog post on unusual homes,bias, appraiser shortage mortgage origination stats, etc.


Tips for finding an appraiser in this crazy market

By Ryan Lundquist


Excerpt: The problem: Appraisers have been dealing with record refinance volume and strong purchase volume – even in the midst of more appraisal waivers happening. Seriously, there has been an avalanche of work and not enough hours in the day to finish it. Unfortunately, finding an appraiser to do a job quickly is about as easy as finding a contractor.

Four considerations:

1) Expectations: Everyone wants speed, but the appraisal is one of the slower parts. Sure, some appraisers could be more efficient, but keep in mind there is an incredible volume of work right now, AND the system has also helped create this problem. Appraisers are being asked to write longer reports than ever, and the scrutiny after the appraisal is delivered is unreal. In short, it’s important to have reasonable expectations about appraisers being busy and that today’s reports simply take longer. I’d recommend ordering the appraisal sooner too, rather than waiting until the last minute.

To read more, click here

My comment: Written for lenders and borrowers. For appraisers, it has some good tips on getting higher fees and handling too many requests. Plus explanations about why there is an appraiser shortage. You can forward the post to some of your clients.

It definitely affects non-lender work, where competition always significantly declines when lender work is strong. I took my first appraisal in a year on March 5, the day I was fully vaccinated. Clients read about an appraiser shortage and are grateful to find an appraiser. I have been raising my fees. I accepted an appraisal Tuesday that was a referral from a very busy appraiser in a nearby town.


Is Market Value Itself Biased?


Personal (human) bias may be of two types:

Conscious bias, where the person is clear about attitudes and feelings. The National Center for Cultural Competence states that it may come out as physical or verbal means, or less obvious means such as exclusion. The person does not deny the prejudice and may take pride in it. In appraisal, conscious, declared bias is not likely, as it would likely be a self-revealing breach of ethical requirements.

Unconscious, or implicit bias, is not in the person’s awareness. It may be in direct contradiction of stated beliefs and values. It is considered the most dangerous, because it can escape notice, while affect decision-making and personal relationships. Denial of bias is automatic and internally driven. In appraisal, implicit bias might enter through either data selection, or in choice of algorithm (model parameters).

To read more, click here


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Waterfront Triangular Home in Connecticut

Excerpt: “It’s really very small. It’s only 1,149 square feet, and it’s basically three rooms: a living room, a kitchen, and a bedroom with a bath and a half,” explains the listing agent Carol Mancini. “It isn’t your typical summer family beach home. It’s not a place you’re going to come from New York and drive in with four kids because it’s not step-out-onto-the-sand, and it’s not very spacious.”

Because of the home’s size and distinctive shape, Mancini isn’t marketing the property as a traditional vacation getaway. She’s targeted buyers in search of a place to retreat and think, a mind space.

To see more photos and read more, click here

My comment: I Want It!!


10 Famous Homes from Movies and TV Shows You Can Stay in Right Now

Thinking About an Unusual Great Escape… Someday??

Excerpt: Have you ever dreamed that the beautiful homes featured in your favorite movies and TV shows could be yours? Well, thanks to Airbnb, they can be. At least for a night or three. After all, most of the houses you see on the big and small screen are people’s real-life homes—and a few of them will allow you to step inside and stay awhile—for the right price.

Here is one (photo above)

The “Italian” villa where Ari and his wife retired (or tried to) in Entourage Los Angeles, California 2 guests, $474 per night

Others are Breaking Bad, Avengers Tony Stark, Murder She Wrote Jessica Fletcher, The Godfather, etc. Something for everyone ;>

To read more, click here

My comment: Thanks to reader Joe Lynch for this Very Fun Link!! Wide range of rental prices. Some are not very expensive, and others are very expensive.


House Approves Real Estate Valuation Fairness Legislation

Excerpt: The House Financial Services Committee on April 20 approved HR 2553, the Real Estate Valuation Fairness and Improvement Act, legislation that would establish an interagency task force to analyze federal collateral underwriting standards and guidance, and provide resources for promoting diversity within the valuation profession. The bill now moves to a full House vote, but no date has been set.

Introduced by Reps. Emanuel Cleaver, D-Mo., and Ritchie Torres, D-N.Y., the Real Estate Valuation Fairness and Improvement Act would form a task force consisting of stakeholders who would identify best practices and help develop more consistent policies and procedures for the agencies and entities regulating residential and commercial real estate valuations. Items under review could include appraisals; automated valuation models; the procedures for managing reconsideration of value by consumers; and common collateral underwriting challenges, such as energy-efficient housing and inactive markets.

To read more, click here

My comments: On June 19,2019 I attended the live House Financial Services Committee’s Subcommittee on Housing, Community Development and Insurance meeting (What’s Your Home Worth? A Review of the Appraisal Industry). The meeting “blindsighted” the appraiser representatives with results from a recent report on appraisal bias. They did not know about the report. To watch the recorded meeting click here

To read the Brookings Institute report, “The devaluation of assets in Black neighborhoods” click here. “The case of residential property” by Andre M. Perry, Jonathan Rothwell, and David Harshbarger, Tuesday, November 27, 2018″ .


HOW TO USE THE NUMBERS BELOW. Appraisals are ordered after the loan application. These numbers tell you the future for the next few weeks. For more information on how they are compiled, go to Note: I publish a graph of this data every month in my paid monthly newsletter, Appraisal Today. For more information or get a FREE sample issue go to or send an email to . Or call 800-839-0227, MTW 7AM to noon, Pacific time.

Mortgage applications increased 8.6 percent from one week earlier,

WASHINGTON, D.C. (April 21, 2021) – Mortgage applications increased 8.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 16, 2021.

The Market Composite Index, a measure of mortgage loan application volume, increased 8.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 9 percent compared with the previous week. The Refinance Index increased 10 percent from the previous week and was 23 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 6 percent from one week earlier. The unadjusted Purchase Index increased 7 percent compared with the previous week and was 57 percent higher than the same week one year ago.

“Mortgage rates dropped to their lowest levels in around two months, prompting a small resurgence in refinance activity after six weeks of declines. Borrowers acted on the decrease in rates for most loan types, with both conventional and government refinance applications showing gains,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “The spring housing market also saw a boost from lower rates, with purchase applications – driven by a jump in conventional applications – increasing over 5 percent. MBA expects the purchase market to remain strong, with the recovering job market and supportive demographics fueling housing demand in the months ahead.”   

Added Kan, “The average loan size for purchase applications increased after a few weeks of declines, as fewer homes available for sale make for a competitive buying market that is accelerating home-price growth.”

The refinance share of mortgage activity increased to 60.0 percent of total applications from 59.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 3.6 percent of total applications.

The FHA share of total applications increased to 11.3 percent from 10.8 percent the week prior. The VA share of total applications decreased to 11.5 percent from 12.1 percent the week prior. The USDA share of total applications remained unchanged from 0.4 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.20 percent from 3.27 percent, with points increasing to 0.36 from 0.33 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $548,250) decreased to 3.34 percent from 3.35 percent, with points decreasing to 0.29 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.15 percent from 3.24 percent, with points decreasing to 0.31 from 0.40 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 2.65 percent from 2.67 percent, with points decreasing to 0.41 from 0.44 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs increased to 2.67 percent from 2.60 percent, with points increasing to 0.52 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.


Ann O’Rourke, MAI, SRA, MBA

Appraiser and Publisher Appraisal Today

1826 Clement Ave. Suite 203 Alameda, CA 94501

Phone 510-865-8041


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